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Swyfft has only been insuring homes for a couple of years now, and in that short time they’ve left an impressive mark on the home insurance industry. Backed by reinsurance company Clear Blue Insurance (“A-” A.M. Best rating), Swyfft is technically an MGA (managing general agent) and not an “insurance company” in the traditional sense. But Swyfft does a lot of things better than many standard insurers who have been writing policies for decades, like their ingenious quoting and risk-assessment process.
With Swyfft, there’s no answering age-old questions about the specs of your home and its insurability. Instead, you simply plug in your address and, in a matter of seconds, out comes a quote. We’ll get into exactly how Swyfft is able to generate all this information about your home later on. But for now we can tell you that advanced data analytics and, um, laser technology play a considerable role in how Swyfft determines your rates.
However, when it comes to claims, Swyfft is somewhat of an unknown. Given the fact that the company is still in its youthful stages, not a whole lot has been written or reported about how they handle or pay out claims, and this may lead to some hesitation about whether you want to insure your most expensive asset with such a wildcard.
Be that as it may, Swyfft policies are still backed by a reinsurer with an “A-” A.M. Best rating, pointing to “excellent” financial stability, and Swyfft is regulated by states’ department of insurance.
Market share: N/A
A.M. Best rating: A- (Clear Blue Insurance rating)
Better Business Bureau rating: A+
Consumer Reports: N/A
J.D. Power: N/A
Swyfft homeowners insurance is available in eight states, indicated in the map and chart below:
As of now, Swyfft offers a single policy with guaranteed replacement cost dwelling coverage in every state in which it operates (except New York, where GRC is optional).
In addition, Swyfft offers all of your standard coverages:
The cost of homeowners insurance varies considerably depending on what state you’re in, but Swyfft’s rates are among the lowest across the board. Swyfft attributes what they claim is a 20% to 30% lower-than-standard annual premium to how they measure risk, which uses LIDAR (light detection and ranging data) and 3-D modeling to get a precise look at the types of risks faced by your home. That way, you’re never underinsured and you’re not quoted for more coverage than you need.
Below is a sample policy for a 1,500-square-foot, single-family home with guaranteed replacement coverage for the home and replacement cost coverage for personal property.
|Basic coverages||Policy limits|
|Medical payments for guests||$5,000|
As we highlighted in the last section, all Swyfft policies offer guaranteed replacement cost coverage for your home, meaning your home is insured for its full replacement cost even if inflated construction and labor prices cause your home’s rebuild costs to exceed your dwelling limit.
Here’s how Swyfft stacks up against the competition in terms of the most common coverage endorsement offerings:
Swyfft’s seconds-long application process is quite remarkable and – like their contemporaries Hippo – may represent a sea change in how companies assess risk and generate quotes for homeowners.
The application process looks like this: you plug in your home address into the address prompt on the landing page. Once you hit the “get quote” button, the real behind-the-scenes magic happens, as Swyfft’s proprietary technology scans and analyzes the area around your home while a third-party service simultaneously fetches your home specs, and within a matter of seconds, up pops your premium.
From this page, you have the option of choosing the standard $1,000 deductible or opting for a lower ($500) or higher ($2,500) deductible. You then are given the choice of adjusting your coverage amounts if you so choose, inputting any applicable discounts, or fixing any incorrectly generated information about your home.
When everything checks out, you click “buy policy” and you indicate whether you’d like to pay for insurance with credit card, eCheck, or through your escrow account. From there, your entire policy is instantly sent to your inbox. The entire process takes around five minutes at most.
There isn’t a whole lot of information out there about how Swyfft’s claims process works. The website FAQ section seems to indicate that you can submit claims online, but then when you go to click on the claims link it asks you to log in as an agent, who’s presumably supposed to submit claims on your behalf. We’re not sure if this is temporary, or simply a bug with the website, but as of this publication customers can’t submit claims with Swyfft online.
If you do need to file a claim, Swyfft provides a number for the company claims department, as well as an email address to their customer support team on the website FAQ.
Swyfft currently only offers homeowners insurance.
Phone: (855) 479-9338
Headquarters: 44 Headquarters Plaza Floor 4, Morristown, NJ 07960-3964
Policygenius’ editorial content is not written by an insurance agent. It’s intended for informational purposes and should not be considered legal or financial advice. The review on this page is only for the carrier’s homeowners insurance products. Not all carriers are currently available through Policygenius. Speak to one of our licensed experts for more information on carrier availability.
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Yes, we have to include some legalese down here. Read it larger on our legal page. Policygenius Inc. (“Policygenius”) is a licensed independent insurance broker. Policygenius does not underwrite any insurance policy described on this website. The information provided on this site has been developed by Policygenius for general informational and educational purposes. We do our best efforts to ensure that this information is up-to-date and accurate. Any insurance policy premium quotes or ranges displayed are non-binding. The final insurance policy premium for any policy is determined by the underwriting insurance company following application. Savings are estimated by comparing the highest and lowest price for a shopper in a given health class. For example: for a 30-year old non-smoker male in South Carolina with excellent health and a preferred plus health class, comparing quotes for a $500,000, 20-year term life policy, the price difference between the lowest and highest quotes is 60%. For that same shopper in New York, the price difference is 40%. Rates are subject to change and are valid as of 2/17/17.
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