Openly home insurance review: Customizable coverage for high-value homes

Openly insures homes up to $5 million with its impressive lineup of customizable policy add-ons that come with high coverage limits — and affordable rates to boot.

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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.

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Openly

Openly logo

Policygenius rating

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.
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4.6

AM Best rating

A.M. 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

Openly insurance is ideal for homeowners with high-value homes looking for a policy they can customize to fit their unique needs. It offers a slew of valuable coverage add-ons, including guaranteed replacement cost coverage for your home, scheduled and blanket personal property protection, earthquake coverage, and loss assessment protection with high limits if you live in a community with an HOA.

And unlike many home insurance, Openly doesn’t have restrictions on the types of dog breeds it’s willing to insure. You also won’t have an issue getting coverage if you have a pool — no matter if it has a diving board and slide, or no fencing around it.

However, it’s not available nationwide. And it currently doesn’t offer any other insurance products. So if you were hoping to bundle all of your insurance needs with one company, you’ll need to look elsewhere. 

Pros

  • Offers up to $5 million in coverage for high-value homes

  • Robust lineup of policy add-ons with high limits to customize coverage to fit your needs

  • No restrictions on pools without fences or dangerous dog breeds

Cons

  • Only available in 21 states

  • Fewer home insurance discounts than competitors

  • Not included in J.D. Power’s customer satisfaction studies

Basic coverages offered

Openly 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 — with coverage limits up to $5 million.

  • 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 Openly insurance policy for an additional cost: 

  • Guaranteed replacement cost for your home: Pays the full cost to rebuild your home after a covered loss — regardless of your coverage limits.

  • Replacement cost for personal property: Pays to replace your personal belongings with new items, regardless of depreciation or wear and tear.

  • Scheduled personal property: Offers increased coverage limits up to $100,000 for specific valuables, like jewelry, sports equipment, and fine artwork.

  • Blanket personal property coverage: Increases coverage limits up to $25,000 for everything in a category of items, like jewelry, firearms, or computers.

  • Water backup: Protects your home and belongings from water backup damage caused by a sump pump overflowing or clogged sewer.

  • Equipment breakdown: Offers up to $100,000 in coverage to pay for repairs to your refrigerator, washing machine, water heater, and other home appliances due to mechanical or electrical breakdown.

  • Loss assessment: Offers up to $100,000 in coverage to pay your share of what's owed to your homeowners association for damage caused to common areas that all members are responsible for.

  • Ordinance or law: Pays the extra cost of getting your home up to code after a covered loss.

  • Earthquake coverage: This policy add-on covers your home and belongings against earthquake damage.

  • Earthquake loss assessment: If you live in a condo or gated community with an HOA, this loss assessment coverage pays your portion of earthquake damage to common areas you’re responsible for.

  • Buried service lines: Up to $10,000 in coverage to repair water pipes, power lines, and other utility lines that run through your property if they’re damaged by a covered loss. 

  • Home-share: Protects your home from damage caused by covered perils as well as liability incidents if it’s rented out on a home-sharing site like Airbnb or Vrbo.

  • Fortified roof: Pays the extra cost to replace your roof with Fortified-certified construction and materials after a covered loss.

  • Mold, fungus, or rot damage: Pays for damage to your home and belongings caused by mold, fungus, or rotting, including up to $10,000 in personal property coverage and $50,000 in liability coverage for issues caused by the mold.

  • Cyber loss: Pays for expenses that come with recovering your identity after a cyber attack, cyber extortion, cyber bullying, or financial fraud.

  • Vacant home under construction: Covers your home from theft and vandalism while your home is unoccupied during construction.

  • Credit or debit card, forgery, or counterfeit money: Covers up to $10,000 in loss resulting from the unauthorized use of your credit or debit cards.

  • Lock and key replacement: If your keys are lost or stolen, Openly pays to replace your house locks and keys — up to $2,000.

  • Refrigerated property: Covers up to $5,000 in spoiled food if your refrigerator or freezer stops working due to power outage or electrical breakdown.

  • Fire department service charge: Reimburses you for service charges up to $5,000 if the fire department is called to your home. 

  • Debris removal: Covers the cost to remove debris after a disaster.

  • Landscaping: Pays to replace plants, shrubs, and trees — up to $5,000 per item — after a covered loss.

  • Mine subsidence: Covers damage to your home due to ground movement caused by man-made underground mines.

  • Landlord insurance: Covers your rental property against fire, windstorms, and other covered perils.

Openly has plans to offer more products in the future, including personal umbrella, auto, renters, and condo insurance policies.

Ratings methodology

Price

4.7/5

Openly scores high on our price rating scale thanks to its average annual home insurance rate that’s around 50% cheaper than the national average.

Customer experience

4.4/5

Openly wasn’t included in J.D. Power’s 2022 overall customer satisfaction, claims satisfaction, or digital experience surveys since it’s such a new insurance company with limited reach. This means its above-average customer experience score is based solely on the National Association of Insurance Commissioners (NAIC) Complaint Index Report. In 2021, Rock Ridge Insurance Company — the company that underwrites Openly’s policies — had 90% fewer complaints than similar insurance companies of its size.

Coverage options

5.0/5

Openly earns a perfect score on our coverage options rating scale thanks to the 25+ coverages you can add on to your policy for extra protection, including guaranteed replacement cost coverage for your home, water backup and equipment breakdown protection, earthquake coverage, scheduled and blanket personal property protection, and more. 

Financial strength

3.0/5

Founded in 2017, Openly is such a new insurance company that it doesn't yet have ratings with credit agencies Standard & Poor’s or Moody's. This means its average financial strength rating is based solely on Rock Ridge Insurance Company’s A- score with leading insurance rating agency AM Best.

How much does Openly home insurance cost?

The average cost of home insurance with Openly is $1,125 per year for $300,000 in dwelling coverage, according to Policygenius rate data. That’s around 50% lower than the national average. Keep in mind that your actual rates will vary based on location, policy limits, coverages, claims history, and other factors.

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What discounts does Openly offer?

Unlike traditional insurance companies that offer discounts for home security systems or fire alarms, Openly doesn’t. Instead, it uses a special risk-rating model that looks at your surrounding area to create a picture of the different risks your home is susceptible to and then prices your policy accordingly. 

But that’s not to say it doesn’t offer any ways to save. You can cut down on the cost of Openly home insurance if you qualify for either of these two discounts:

  • Multi-policy: If you have a qualifying auto insurance policy within Openly’s network of partner carriers.

  • Windstorm mitigation: If your home is fortified with special wind mitigation features to protect it against severe weather, including hurricanes, high winds, and hail.

Openly home insurance state availability

Openly offers home insurance policies in 21 states: 

Alabama, Arizona, Georgia, Illinois, Indiana, Kansas, Kentucky, Maine, Massachusetts, Mississippi, Missouri, New Hampshire, New Mexico, Ohio, Oklahoma, Oregon, Pennsylvania, South Carolina, Tennessee, Utah, and Wisconsin.

Openly has plans to expand coverage to Connecticut and Virginia in 2023.

What to expect with Openly home insurance

  • How to get a quote: You can get an Openly home insurance quote online through Policygenius or by filling out an online form on Openly’s website to get connected to a local agent.

  • Customer service options: You can get in touch with an Openly customer service rep by calling 888-808-4842, emailing hi@openly.com, or using the live-chat feature on Openly’s website. 

  • How to file a claim: You can file an Openly home insurance claim online, by calling 888-808-4842, or by contacting your local agent — their contact info should be on your policy declarations page.

  • How to cancel your policy: You can cancel your Openly home insurance policy by contacting your local Openly agent directly.

Openly vs. other home insurance companies

Compare Openly home insurance to other popular insurers in the industry:

Company

Policygenius rating

AM Best rating

Cost

Openly

4.6/5

A-

$$

Chubb

4.3/5

A++

$$$$$

AIG

4.2/5

A

$$$$$

Frequently asked questions

Who is Openly insurance backed by?

Openly insurance policies are backed by Rock Ridge Insurance Company, a subsidiary of Clear Blue Insurance Group.

How long has Openly insurance been around?

Openly insurance was founded in 2017 by Ty Harris, Liberty Mutual’s former chief product officer, and Matt Wielbut, a former vice president of technology at Goldman Sachs. The duo launched Openly in an effort to create a premium insurance carrier that uses cutting-edge technology and actuarial science to streamline the underwriting process. It touts its agents can offer quotes in just 15 seconds through its proprietary risk-analysis technology.

Which states offer Openly home insurance?

Openly home insurance is available in Alabama, Arizona, Georgia, Illinois, Indiana, Kansas, Kentucky, Maine, Massachusetts, Mississippi, Missouri, New Hampshire, New Mexico, Ohio, Oklahoma, Oregon, Pennsylvania, South Carolina, Tennessee, Utah, and Wisconsin.

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