More on Home Insurance
More on Home Insurance
Swyfft features the quickest and most impressive home insurance application process in the business, securing you a quote in seconds.
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Comprehensive coverage at affordable rates
Quotes you for an entire policy in about 10 seconds
More consumer-friendly than the comptetion when it comes to claim history
Policies are only available in 9 states
Not much information available about their insurance offerings or partnering companies
The claims process is somewhat of an unknown
THE BOTTOM LINE
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 homeowners insurance industry. Backed by Clear Blue Insurance (A- A.M. Best rating), Swyfft is technically a 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.
SWYFFT COMPANY SPOTLIGHT
J.D. Power Rating
A trusted customer satisfaction and product quality research agency
A nonprofit organization focusing on marketplace trust and product quality
A.M. Best Rating
100-year-old U.S. credit rating agency focused on the insurance industry
Comprehensive coverage at affordable rates. Swyfft offers comprehensive and flexible policies at rates lower than the industry average. All policies include replacement cost contents coverage, adjustable limits for each of the primary coverages, and a number of endorsements and rate-saving opportunities.
Quotes you for an entire policy in about 10 seconds. Yes, and we timed it to be completely sure. After typing in your address and pressing the "Get Quote" button, Swyfft secures your quote in ~10 seconds.
More consumer-friendly than the comptetion when it comes to claim history. When it comes to setting your homeowners insurance rates, Swyfft doesn't hold loss history against you quite like other companies do. If you've experience a catastrophic loss, filed a zero-dollar claim (meaning the claim wasn't accepted) or if the insured address has had prior losses, it won't be reflected in your policy price.
Policies are only available in 9 states. Swyfft homeowners insurance is currently only available in 9 states. While that may seem like a bad thing, keep in mind that this company is only about 5 years old and is expanding by the day. If Swyfft isn't available in your state, there's a good chance they will be soon.
Not much information available about their insurance offerings or partnering companies. When it comes to information about their insurance products, partnering companies, and homeowners insurance more generally, Swyfft leaves a lot to be desired. In fact, it isn't exactly clear upon visiting their website that this is a company that will be insuring your home.
The claims process is somewhat of an unknown. Given the fact that Swyfft is still in its youthful stages, there isn't a whole lot of information about the claims experience online, other than a handful of negative-leaning Better Business Bureau reviews. However, Swyfft does have an online claims portal, which is more than what a lot of competitors can offer.
While the price of homeowners insurance with Swyfft (and every company) will depend on factors lke where you live, your home's construction type, and the age of your home, you can expect to pay around $1,300 annually for coverage with Swyfft, according to Policygenius data. That makes Swyfft home insurance rates far lower than the average quoted policy with Policygenius.
Rates are particularly impacted by your home's replacement cost, or the insured value of your home. Below is the average cost of homeowners insurance at different levels of coverage with Swyfft.
|Swyfft coverage amount||Swyfft average annual premium|
Average annual homeowners insurance premiums for each coverage level were calculated using Policygenius quoting data.
A great way to keep your homeowners insurance costs down is to take advantage of discount opportunities.
Some common discounts include protective devices discounts, claims-free discounts, and new home-buyer discounts. Swyfft offers most of the standard discounts, but not a whole lot otherwise.
Protective devices discount - If your home has security and safety features like burglar alarms, fire alarms, fire sprinklers, and storm shutters
Loss-free discount - If you go an extended period of time without filing a claim
Gated community discount - If your home is within a gated community
Homeowners insurance protects your most important financial assets, so you'll want to be sure you're insuring your home, your personal possessions, and other assets with a company that will be able to pay out your claim in the event of a disaster. Swyfft hasn't been around long so it doesn't yet have ratings with such credit ratings agencies as S&P and Moody's. But they're backed by Clear Blue Insurance who has an A- rating with leading insurance rating agency A.M. Best.
Year founded: 2015
Standard & Poor's rating: N/A
Moody's rating: N/A
A.M. Best rating: A- (Clear Blue Insurance rating)
Standard & Poor's measures companies' creditworthiness and is used primarily by financial investors and other market stakeholders. S&P is also valuable in measuring the long-term financial stability of insurance companies. A AAA rating is the highest issuer credit rating assigned by S&P.
Moody's is very similar to Standard & Poors, except rather than measuring a companies ability to remain financial stable and creditworthy, Moody's measures what the expected losses would be if a company were to go into default. It's particularly valuable in analyzing the value of stocks and bonds with certain companies. A AAA rating is the highest possible score you can receive from Moody's.
A.M. Best is the most reliable credit-rating tool insureds can use to gauge the financial health of a particular company. Unlike S&P and Moody's, A.M. Best is focused exclusively on the insurance marketplace. A good score with A.M. Best means a company is more likely to fulfill their financial obligation to you when it comes time to file a claim. With a score of A-, Swyfft has the fourth highest rating a company can receive with A.M. Best.
It's important to know what experts think about homeowners insurance companies - but it's also good to know what actual customers and consumer sentiment sites are saying, too.
Swyfft has excellent ratings with the Better Business Bureau. Being such a new company, it doesn't yet have ratings with J.D. Power, TrustPilot, Consumer Advocate, or Consumer Affairs.
J.D. Power: N/A
Consumer Affairs: N/A
Consumers Advocate: N/A
NAIC complaint index: N/A
J.D. Power provides studies that rate insurance companies across policy offerings, price, clarity of billing and policy information, interaction, and claims. An overall satisfaction score, "based on how customers view every experience of their experience with homeowners insurance providers," is reflected here and used for our ranking.
The Better Business Bureau ranks companies across a large swath of criteria. While consumers can submit ratings to the BBB, these scores are not taken into account in their rating, although tangential metrics that take into account customer experience are.
Consumer Affairs is a platform that lets consumers directly rate customers, while Consumers Advocate rates companies based on stability, reputation, and policy coverage.
The National Association of Insurance Commissioners tracks the number of complaints submitted to state insurance departments with their national complain index. A score of 1 is the baseline average, and a score of 0 means there weren't enough complaints to count. It's important to know what experts think about homeowners insurance companies - but it's also good to know what actual customers and consumer sentiment sites are saying, too.
Swyfft offers a single tier of homeowners insurance providing all of the six basic coverages: dwelling, other structures, personal property, loss-of-use, personal liability, and medical payments coverage.
Swyfft's base policy includes replacement cost contents coverage, adjustable coverage limits for each of the six coverages, and a number of coverage endorsements like enchanced personal property coverage, personal injury coverage, and water backup coverage.
Here are some of the highlights of Swyfft coverage:
Option for extended replacement cost dwelling coverage of 25%
Replacement cost contents coverage included in policy
Optional water backup coverage
Optional sinkhole collapse coverage
Optional personal injury coverage
Enhanced personal property coverage
Identity fraud expense coverage
Mine subsidence coverage
Note: The information above represents potential policy options and may not be available for every applicant. Speak to a licensed expert for a personalized look at your coverage options.
Swyfft coverage is limited to 9 states but continues to grow. Although they provide the most impressive quick-quote in the industry and online claims, their website leaves much to be desired.
Swyfft homeowners insurance is available in 9 states.
Online bill pay and policy management
Online claims portal
As we've touched on more than a few times, Swyfft's application isn't much of an application at all. You simply type in your address and out comes a quote.
To file a claim with Swyfft, they give you the optoin to either call their claims department directly or file a claim online. Once you file your claim, you're assigned a claims advocate who manages your claim from beginning to end.
24/7 claims service
Credit card and debit card
Option to pay directly from your bank account
Option to pay through your escrow account
Option to pay annually or monthly
Policygenius offers insurance policies from many of the nation's top insurers, who pay us a commission for our services. However, all editorial choices are made independently.
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