More on Home Insurance
More on Home Insurance
Velocity serves only six coastal states with a variety of sea-related coverages, such as protection against wind, rain, and hail damage, sump pump backups, and mold. If you live in those areas and you're susceptible to those risks, then consider Velocity.
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Fairly affordable rates
Online claims services
Early quote discount
Available in only six states
Young company with few customer ratings available
THE BOTTOM LINE
Velocity serves a small slice of customers who live along six coastal states, including New York and Florida, so chances are slim you’re eligible for its coverage. But if your home is by the Atlantic or the Gulf Coast, you may want to consider Velocity’s range of coverages that serves residents routinely wracked by the sea. There’s protection for wind and hail damage, rain damage, sump pump backups, and mold damage, alongside the usual homeowners features like dwelling coverage for repairing your home and personal belongings coverage for replacing your household items.
VELOCITY 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
The Bottom Line
Velocity started in 2014, which may seem like forever ago now but that’s actually quite young for an insurance company. Because it still has its spots, there’s little in the way of customer reviews to see how people like or don’t like Velocity’s coverage and service. However, we do know its rates are fairly affordable. They’re only slightly above the industry average and there’s a decent amount of discounts that can help drive down prices, including an early quote discount and one for retirees or people over 55. Reporting claims is also made simple by a mobile app and convenient website. So if you’re a retiree in Florida, and you’re at-risk for water, wind, and rain damage, and you want to save money on insurance, then consider Velocity.
Fairly affordable rates. Premiums with Velocity are only slightly higher than the industry average. Shoppers in the states where it’s available should be able to afford coverage without breaking the piggy bank open.
Online claims services. Velocity provides convenient ways to file damage claims, including a customer hotline, a dedicated website, and a mobile app. Policyholders can also manage and monitor claims on the app or site. Handy!
Early quote discount. Velocity will reward you a discount if you get a quote before your current policy’s expiration date. Combine that with other discounts, such as a safety device discount and a roof age discount, and you should save money on your premiums.
Available in only six states. Velocity is only found in six states: Connecticut, Florida, New Jersey, New York, North Carolina, and Texas. Unless you live near the Atlantic Ocean or Gulf of Mexico, you’ll have to look elsewhere for homeowners insurance.
Few customer ratings available. Velocity only started in 2014, which makes it a very young company compared to other century-old insurers out there. So, there’s very little customer sentiment out there to get a feel for how policyholders are satisfied or not satisfied with their service.
Various factors affect homeowners insurance rates. Your home's age, your state and ZIP code, any risks related to the home, and of course, the amount of coverage you buy. Your home's replacement cost will also affect your rates.
According to Policygenius quoting data, homeowners insurance with Velocity costs around $1,850 annually for around $300,000 of coverage. That's around 7 percent higher than the average quote with Policygenius. That’s not too big a leap over the industry average, so Velocity should be fairly affordable for customers who live where it’s available.
Velocity has the usual discounts you’d expect, as well as some that stand out. You can save on rates by installing burglar alarms and protective devices. There are also roof age discounts and a discount that rewards retired homeowners. Keep in mind that these discounts will vary between states.
Insurance companies have to last long into the future so they can pay out any potential claims down the line. To determine the financial stability of carriers, we look at ratings from the three big independent credit rating agencies: A.M. Best, Moody’s, and Standard & Poor’s.
Unfortunately, we have only one score to go by for Velocity, and that’s A.M. Best.
Here’s what we got:
Credit rating firm A.M. Best focuses specifically on the insurance industry. They give Velocity an A rating, which denotes an “excellent ability” to fulfill customer obligations.
Bond credit rating agency Moody’s and analysis firm Standard & Poor’s do not have ratings for Velocity.
To get a sense of what policyholders think about insurance companies we look at third-party sources including customer review sites, surveys, and state insurance department complaints.
Or, we would, normally, but there’s not much out there yet from Velocity customers.
Here’s what we got for Velocity:
Better Business Bureau is a nonprofit organization that rates companies based on truth in advertising claims, customer complaints, and other factors. They give Velocity an A+ rating.
The other sources we turn to, including review site Consumers Advocate and customer feedback site Consumer Affairs don’t have pages dedicated to Velocity. The same goes for customer ratings site Trustpilot and survey group J.D. Power, which judges companies based on the billing, policy, and pricing information of insurance companies. The National Association of Insurance Commissioners (NAIC), which monitors complaints submitted to state insurance departments, doesn’t have information about Velocity either.
Policy features with Velocity will vary between states, but you can expect the usual HO-3 homeowners coverage regardless of where you live. That includes the following:
The following Velocity options include deductibles, or the amount of money that you pay before insurance kicks into effect and pays you for a loss. For more information about homeowners insurance deductibles.
Velocity offers several optional endorsements you can add on to your policy for extra fees:
All the above options will vary depending on the state you live in. For a personalized look at coverage options, speak to a Policygenius home insurance agent. For more information about what homeowners insurance can cover, refer to our comprehensive homeowners insurance explainer.
Velocity has a few convenient ways to file claims. Policyholders can download and file and monitor claims on a mobile app, sign into a website and quickly file claims there, or pick up the phone and call the customer service line.
In the event of claims and repairs, Velocity policyholders are assigned 24/7 assistance and can receive damage assessments and inspections through Sedgwick, a prominent claims management and repair service.
Interested shoppers can also apply and receive a quote online via Policygenius.
Velocity insurance products are available in only six coastal states: Connecticut, Florida, New Jersey, New York, North Carolina, and Texas.
To apply or receive an estimation you need to contact a Policygenius agent, find an agent on Velocity’s website, or call Velocity’s customer service.
You can file a claim by filling out a form online, reporting a claim via mobile app, or by calling Velocity’s customer service line.
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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