So i came across an article from bankrate.com and they listed a company called amica as the number one home insurance for 2021. i was a little bit curious because it's been a while since i've seen that name pop up on the charts and i figured i'd dive a little bit in.
Deep for you guys to find out why they think that amica is the best insurance for 2021 and some things that you should probably know before you decide to go with them i personally dove in and started to look at amica insurance i've actually done reviews on them in the past i think it was 2017.
When i started to do the top five insurance companies they were in the top five according to this article they've actually been the overall best insurance company for home insurance for the last 15 years and 2021 is no exception now i don't quite fully understand how and why they're at the top because.
When i dove in i saw some things that i didn't necessarily like and then i delve a little bit further to find those answers so i'm going to dive right in and show exactly what i came up with one of the clear-cut reasons that i think that amica is so powerful is because they're.
What's called a dividend company they're essentially owned by their customers which is not very common anymore a lot of the companies out there are stockholders and shareholders where the company is working for profits towards that don't get me wrong amica is working.
Towards profit but at the end of the day when you get a dividend and there's profit left over you're going to get a piece of your policy back if you look back at some of their articles you'll notice that they said an average person who had paid a thousand dollars in premium.
And they did really good as a company may get 200 of that back now that's something that allstate and i believe state farm tried to do similar to that and even liberty mutual started to do something where they were giving kickbacks so the kickback was a little bit different because those companies.
Weren't the dividend designed plans and so this one is mainly designed to give more back which in turn causes the the customers not to want to file claims essentially they're going to if they need to but when they get into those conversations like is this worth it.
And am i collectively adding to the company or are we taking away from their profitability a lot of customers are more responsible it's almost like today you look at the bitcoins and all of that and the markets are going up and down they're volatile right now and they're.
Jumping all around and people are investing and when you get into that investing mode you're gonna find an insurance company that lets you invest it makes you feel powerful that alone i think is one of the major pieces that has propelled them to be a very successful.
Company year after year now that's not the only thing that they've done really well they've also incorporated a lot of discounts that are tied around mixing those policies so not only do those dividends carry across your home they carry across your auto and life.
Insurance they have multiple products but those are the three main things that people look towards and when you look at their earnings for 2019 they show mainly those pieces as the profitability and they're actually doing great their profitability has gone up year over year.
I believe about three to four percent over the last previous year so they have about 45 billion dollars worth of business in force now some of those numbers are probably six to eight months old just because their data takes time to process for them to release that information.
In the most powerful part of it and the thing that i also think is uh equal to the dividends so you have a company that is paying money back to customers that aren't having these claims where if you look at the other companies like progressive and aaa and state farm you have to join some.
Sort of a program like a tracking device or a ride share or some sort of like system that will give you that discount to show that you're not one of the bad drivers so it's almost like you're showing the comparison between the two if you were to set them side by side it's going to clearly show that amica's.
Better don't get me wrong this is not much different than if you went into best buy and you saw two tvs sitting next to each other the one that's 1800 versus the one that's 700 they both look amazing but the 1800 one is smoother it's nicer it's brighter but if you took that tv away.
That cheaper tv is gonna show great you're gonna buy it until you realize that there's that other tv to compare with and i think that's the part that amica's really focused on is showing people that they need to compare that possibility to the other ones so here's the part.
Where you guys chime in let me know below i got a feeling that i already know the answer but for the sake of it tell me in the comments below just if we ended the video here there's a lot more that you got to watch but if we ended the video right now just saying those two pieces which company.
Would you lean towards the one that's going to give you 150 60 back or the one that's going to make you do some sort of test drive or some sort of system to get a discount to save more money now that's a little bit unfair because these guys over here are doing great and.
They may even have a cheaper price so they might actually be less expensive and you get a discount on top of it notice how it shifted the way that people want you to see different companies this is something that i train to agents as well it's kind of the perception focus is depending how you word things.
They're going to show themselves in better light well amica is really really focused on customer service and that's the other part of it that's making them powerful now that piece i think is actually going to die because that part of it is something that everybody is saying now.
State farm has the best customer service progressive has the best customer service allstate has the best customer service safeco citizens amica all of these companies claim that they have the best customer service because it's something that's subjective.
Every company thinks that they have the best even the ones that are ranked really low think that they're doing amazing because if they don't plan it or prepare for it or think that they're doing it great then they're not really going to focus on it at all well here's the part that.
Amica excels over them yes i think that their customer service claim is slowly going to fall to the wayside now the jd power is still going to rate them great year over year over year but having all these awards and everything if you're not going to show them and flaunt them to a point where.
Customers want to see that and that's where it's going to pass off is because most customers today don't care about those awards they know that some companies pay to be in them they don't pay to win but they've got to show some sort of connection in order to be rated in those so the jd.
Power is powerful and it's very unique and i love it i think it's very accurate but there is a cost to being part of that with our generation today they don't care so much about that they care more about what that company is doing for the world how are they connected they want to feel.
Connected to a company that's giving back well that's where amica excels they are giving back 4.2 million in 2019 and i'm assuming it's grown since then to the community they have funds they have organizations that they provide financing for well not only that but they also do a.
Match so if it's a qualified company they'll match employee donations 150 percent whoa whoa i don't think you got that amica will take the money that their employees choose to donate and pay.
That amount and 50 more to that donation that's amazing you see a lot of companies like farmers does a really good job at promoting showing that people go out and help other people and naturally farmers is large enough where they have some amazing people there.
Some of those guys want to donate all their time if they can they want to focus on helping the world well at the end of the day there's only so much that farmers as a company without losing money can put into that amica has gone well beyond and over what any company that i've seen do.
And they're matching that plus some that not only has created something that people that can get into not just today's age but the millennials and the ones below that in the new age and so there's something that they're giving back to the community.
Which has created kind of a cycle not only that but the employees are also involved and when you get the employees involved that changes everything having the right employee in the right place makes all the difference because now they want to learn now they want to be.
Part of the company that's giving matches plus some with their donations they're focused on the same things that you're focused on so you've got an environment where they want to grow and that's where they're winning they're winning because of the knowledge and the growth that their service team.
Has it's powerful by the way i had to stop here because a lot of people in the comments are probably already typing oh my gosh this guy's promoted i have no affiliation with them actually they're a competitor so at the end of the day these videos are for you guys anything that you're.
Searching if i notice it i'm gonna make a video on it i'm not gonna cheat or lie to the system to just give you guys what i think you should hear now i'm going to give you the data that i found so this is the data that i'm coming back with in my opinions on where i think that they've done really well.
So i figured you know what i might as well do a quote with them to find out what makes them tick and here's where they started to lack a little bit in these articles that i was reading they were talking about how they're the new age tech and they've got some technology that's really great but at the end of.
The day their quoting system sucks i felt like i was back in 2000 and i just grabbed my mom's computer and i'm typing on this old 2000 windows xp system it just is lacking there was no actual way for me to get any enjoyment out of filling out a quote on their website.
Not that you're gonna get enjoyment with it it's just an old-looking system it's dull it's faded i feel like it's just been drugged through the mud price really what kicked in and made me a little bit excited and a little bit frustrated because what happened was i got through the quote it did make some recommendations i enjoyed that part of.
It and it came back about 96 dollars a month for their basic one now actually they did three different levels of it so they came at a standard policy which i didn't even look at it was ninety six dollars they came in at a recommended at eighty seven dollars so lower and.
Then i had actually went in and customized it to be closer to my company i'm with citizens insurance i've been happy with them for the last six years and i paid just under 1200 a year well they came back a little bit over 1200 a year once i added some of the features i have and this is.
One of the other reasons i didn't like what they had to offer they're doing the good better best situation where they give you three options and usually you're going to pick the middle that's the common well this one throws you a little bit of a curveball because.
It actually showed me a lower rate in the middle so it made me want to investigate a little bit further and click on it well in turn i realized that none of these coverages were close to what i carried today so when i matched them all up they were about 50 to 100.
Higher than what i pay and to wrap it up that's a little bit of the last piece so we're going to go over some of the discounts but before we do that the other part that i noticed even on the bank rate website they talked about how their discounts weren't as good as other companies part of that is probably because they're.
The dividend company where they're giving the money back honestly i probably would rather have the money back than all the additional benefits but i can tell you the citizens policy i have now oddly enough is called the same thing they're both called platinums my citizens has way more coverage.
Probably stuff i don't necessarily need but there's a lot of upgrades like the water backup theirs gives 5000 i believe mine gives 10 000. so right there and then that's a big difference between the two i'd rather have the ten thousand than the five thousand and save a hundred dollars.
Because if i have one claim or if i remove the water backup i'm probably going to save another hundred dollars which erases the dividends the other part which i should have dived in a little bit further and i apologize is i know citizens in my state which is michigan.
Only goes back three years for claims where other companies and i assume amica would probably go five years if you know the answer to that definitely leave that in the comments below so everyone can see that but as far as i would guess i'm assuming a five-year plan so before i dive into their discount.
Section i wanted to mention one other thing that i thought they worded extremely well they have something called a home business coverage the wording on that alone makes me want to go with them most people are doing some sort of hustle some sort of side gig some sort of work at home thing even from their jobs.
And having a home business coverage makes me feel safe and makes me feel like you know what these guys are okay with it they understand that i'm trying to make money i'm trying to save money i want to invest and get dividends i want to be taken care of and having that home business coverage.
Just the wording alone is worth it and then you click on it it goes into depth there's some pretty good coverages that they offer in there i personally would probably add that on just because i have a lot of home-based stuff and it makes me feel a little bit better about my policy.
Versus just the name of it with other companies which is usually called something like business edition or endorsement of something and it's not really worded the best that part makes me feel comfortable because i feel like i'm kind of lying to my insurance and sneaking.
Things under the rug which i'm at the end of the day i wonder if i'm getting covered correctly with the type of wording that other companies go towards okay we made it to the discount section and if you guys could do me a favor definitely give this video a thumbs up this one actually took me quite a bit.
Longer than an average video i had to dive in pretty deep to get a lot of this data so i'm actually pulling up and i'm just going to go through some of the discounts and just skim over the ones that i think that are important but i'll list the ones that they have on their website so they give a loyalty.
Discount that's if you've been insured for at least two years so the more time is insured the more you save that's a pretty cool discount that's something a lot of companies don't necessarily do they give a loyalty discount for three years past.
Not two years past so having that extra two year the extra year ahead makes you feel a little bit more appreciated multi-line they're giving up to 30 percent that's pretty big most companies usually are 15 to 25 percent so they're giving a little bit more back there they do claims free if you've had.
No claims in the past three years auto pay that's what everybody does e-discounts if you e-policy and all that everyone does that as well uh alarm systems if you have an alarm system in your home everyone does that new remodeled credit that's something that's not common across the board.
But i think a lot of companies have incorporated that and then auto automatic detection device it can track if the water leaks in your house an alarm goes off or if you have some sort of connection or security system like that then they're going to give you a little bit of a kickback or a discount for that.
Ultimately for home insurance amica is by far a company that i could stand behind for the cost of it an extra hundred dollars on top of what i pay today keep in mind i might get a hundred dollars back so they might be even it's probably not enough to make me switch from my citizens policy.
Which has more endorsements attached to it there's more extra pieces i personally know what they all mean so for the regular person who doesn't want to get heavy into the what specifically am i being covered for and that's where an agent comes into.
Play amica is going to be a great fit i would still get a second opinion that checks four or five or more different companies just to get the comparison and that person can take the data that amica shows and compare it against all of the stuff you may not understand.
That's what they're there for they're there to help you understand what exactly you're purchasing in that policy all right guys i hope this was helpful don't forget to hit that thumbs up button subscribe if you want more detailed videos like this.
And let me know below if there's another company that you want me to look into is there two companies that you're debating between and you're not sure which one's the best option comment below i will see you guys in the next one