Amica home insurance review: Dividend policy option lets you earn up to 20% back on premiums
Amica home insurance comes with affordable rates, a unique dividend policy option, and stellar claims and customer satisfaction ratings.
By
Jennifer GimbelJennifer GimbelSenior Managing Editor & Home Insurance ExpertJennifer Gimbel is a senior managing editor and home insurance expert at Policygenius, where she oversees our homeowners insurance coverage. Previously, she was the managing editor at Finder.com and a content strategist at Babble.com.
Edited by
Colin LalleyColin LalleyContent Director, Home & Auto InsuranceColin Lalley is the content director for home and auto insurance at Policygenius, where he leads our property & casualty editorial teams. His insights have been featured in Inc. Magazine, Betterment, Chime, Credit Seasame, Zola, and the Council for Disability Awareness.
Our proprietary ratings methodology takes multiple factors into account, including customer satisfaction, cost, financial strength, and policy offerings. See the “Ratings methodology” section for more details.
4.6
AM Best rating
AM Best is a global credit rating agency that scores the financial strength of insurance companies on a scale from A++ (Superior) to D (Poor).
A++
Cost
Using a mix of internal and external rate data, we grade the cost of each insurance company's premiums on a scale from least expensive ($) to most expensive ($$$$$).
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The bottom line
Amica home insurance is a solid choice for homeowners looking for affordable rates and a slew of coverage add-ons to ensure your home and personal belongings are fully protected.
It also offers a unique home insurance dividend policy to help homeowners save money in the long run. Each year, the company pays back a portion of your home insurance premiums in the form of a dividend payment. You can get up to 20% back on your insurance costs, depending on Amica’s financial performance that year.
Even better, Amica earned the highest ranking over other top insurers in both J.D. Power’s 2022 claims and customer satisfaction surveys, a superior A+ rating from AM Best, and 20% fewer complaints with the National Association of Insurance Commissioners than other companies of its size in 2021.
Unique dividend policy option to earn up to 20% back on insurance premiums each year
Earned #1 ranking in J.D. Power’s claims and customer satisfaction surveys
Available everywhere except Hawaii and Alaska
Cons
Dividend policy isn’t available in high-risk states like Florida and California
Basic coverages offered
Amica home insurance policies include these six standard coverages to protect your home, belongings, and personal liability:
Dwelling coverage: Pays to repair or rebuild the structure of your home after a covered loss.
Other structures coverage: Pays to repair or rebuild other structures on your property not connected to your home, including detached garages, storage sheds, and fencing.
Personal property coverage: Pays to repair or replace your personal belongings after a covered loss, including furniture, clothing, tech gadgets, and other stuff you own.
Loss of use coverage: Pays for hotel stays, restaurant bills, pet boarding fees, and other temporary living expenses after a covered loss if you need to live elsewhere while your home is being rebuilt.
Personal liability coverage: Pays for legal and medical expenses if someone is injured or their belongings are damaged while at your home and you’re found legally responsible.
Medical payments coverage: Pays for small-dollar medical bills if someone is injured while at your home — regardless of who is at fault.
Additional coverages offered
The following coverages are either included or can be added to your Amica homeowners insurance policy for an additional cost:
Extended replacement cost for your home: Extends your dwelling coverage limit up to 30% in the event rebuild costs exceed your policy limit after a covered loss.
Replacement cost for personal property: Pays to replace your personal belongings with new items, regardless of depreciation or wear and tear.
Water damage: Protects your home and belongings from water backup damage caused by a sump pump overflowing or clogged sewer.
Computers and smart devices: Covers your personal computers and smart devices against damage from power surges, water damage, and heat warping.
Valuable items: Additional protection for high-value items like fine art or jewelry.
Increased liability and medical payment limits: Increases your limits up to $500,000 for personal liability claims, and up to $5,000 for medical payments to others claims.
Loss assessment plan: If you live in a condo or gated community, this covers you for the portion of damage to common areas you’re responsible for.
Flood insurance: Amica offers flood insurance coverage through the National Flood Insurance Program (NFIP), a government program run by the Federal Emergency Management Agency (FEMA).
Personal umbrella insurance: Provides additional liability protection for expensive medical or legal bills you’re found legally responsible.
Condo insurance: Purchased as a supplement to your condo association’s master policy, condo insurance covers your personal belongings, the interior structure of your condo unit, and personal liability.
Renters insurance: Includes coverage for the personal belongings in your rental home or apartment against fire, vandalism, theft, windstorms, and water damage, as well as personal liability and loss of use coverage.
Home repair assistance program: Offers access to licensed, insured, and financially stable contractors within hours in an emergency to help speed up the claims process.
Ratings methodology
Price
4.3/5
Amica scores well on our price rating scale thanks to its average annual home insurance rate of $1,756 — 8% cheaper than the national average. It also offers eight discounts, including a multi-line discount when you bundle your home insurance with another Amica insurance policy to save up to 30%.
Customer experience
4.4/5
Amica does well on our customer experience rating scale. It takes the #1 spot in J.D. Power’s 2022 overall customer satisfaction and claims satisfaction surveys. Amica also had around 75% fewer complaints for a company of its size in 2021 in the National Association of Insurance Commissioners (NAIC) National Complaint Index Report. Where it falls short is in J.D. Power’s digital experience survey, where it scored slightly below-average marks.
Coverage options
4.1/5
Amica scores above average on our coverage options rating scale. It offers a slew of coverage add-ons on par with others in the industry, including extended replacement cost coverage for your home, replacement cost coverage for your personal belongings, water damage protection, and flood insurance. But where Amica stands out is for its home insurance dividend policy that pays back anywhere from 5% to 20% of your annual insurance premiums depending on the financial performance of the company.
Financial strength
4.3/5
Amica earns a respectable financial strength rating due to its superior A+ rating with AM Best — the second-highest score possible. This proves Amica is in a strong position financially to pay out claims in the wake of a disaster.
Amica’s home insurance dividend policy
Amica also offers two different choices of policies: A traditional policy and a dividend policy. Both types of policies come with the same coverages and add-ons, though a dividend policy gives you a way to save money in the long run.
Here’s how it works.
A dividend policy returns a portion of the money you’ve already paid toward your insurance policy, known as a dividend payment. Dividend payments average anywhere from 5% to 20% of your annual insurance premium. It all depends on how well the company performs that year in terms of premiums written and claims paid out.
However, Amica home insurance dividend policies are not available in California, Florida, Missouri, or North Carolina.
How much does Amica home insurance cost?
The average cost of home insurance with Amica is $1,756 per year for a policy with $300,000 in dwelling coverage. This makes Amica 8% cheaper than the national average.
This rate is based on our analysis of 2022 sample home insurance quotes from across the country provided by Quadrant Information Services. Actual rates will vary based on location, policy limits, coverages, claims history, and other factors.
Compare home insurance quotes with top insurers in minutes
You can save on the cost of Amica home insurance if you qualify for any of these discounts:
Loyalty: If you’ve insured your home with the same insurer for at least two consecutive years. The more time you’ve spent with the same company, the more you’ll save.
Claim-free: If you’ve had no claims in the last three years.
E-discount: If you sign up to get policy information and bills electronically.
Multi-line: If you bundle your home insurance with an auto, condo, renters, life, or umbrella policy through Amica, you can save up to 30%.
Auto-pay: If you pay your premiums using automatic payments.
New or remodeled home: If your home is a new build or remodeled home.
Automatic detection devices: If you have a temperature monitoring, water leak, or gas detection system installed.
Amica home insurance state availability
Amica offers home insurance policies in all states and Washington, D.C. except Alaska and Hawaii.
What to expect with Amica home insurance
How to get a quote: You can get an Amica home insurance quote online in certain states. Otherwise, you’ll need to get a quote by calling 800-242-6422.
Customer service options: You can get in touch with an Amica customer service rep by calling 800-242-6422, using the live chat feature on its website, or logging in to your online account.
How to file a claim: You can file an Amica home insurance claim by logging in to your online account.
How to cancel your policy: You can cancel your Amica home insurance policy by calling 800-242-6422.
Amica vs. other home insurance companies
Compare Amica home insurance to other popular insurers in the industry:
Amica offers home insurance in Florida, though you can’t get a quote online. Instead, you’ll need to call a customer service representative at 800-242-6422 to start the quote process.
Is Amica home insurance expensive?
In general, Amica home insurance is not expensive — its average monthly rate of $146 is 8% cheaper than the national average. However, how much you pay for home insurance with Amica will vary greatly depending on your home, dwelling coverage limit, where you live, claims history, and other factors.
Who is Amica owned by?
As a mutual insurance company, Amica is owned by its policyholders. This is why it's able to offer special home insurance dividend policies to pass on profits from premiums and investments in the form of dividend payments to policyholders.
Jennifer Gimbel is a senior managing editor and home insurance expert at Policygenius, where she oversees our homeowners insurance coverage. Previously, she was the managing editor at Finder.com and a content strategist at Babble.com.
Colin Lalley is the content director for home and auto insurance at Policygenius, where he leads our property & casualty editorial teams. His insights have been featured in Inc. Magazine, Betterment, Chime, Credit Seasame, Zola, and the Council for Disability Awareness.
