Is Openly a Good Insurance Company for Homeowners?
Understand Openly homeowners insurance better. This article provides a thorough assessment of its suitability for your home.
Openly is an insurance provider established in 2017, focusing primarily on homeowners insurance. The company uses a tech-driven approach to deliver its products. Openly aims to simplify the insurance experience by leveraging technology. It works exclusively through a network of independent agents.
Coverage and Policy Options
Openly offers comprehensive homeowners insurance policies for various residences, including primary homes, seasonal properties, secondary residences, and those rented to others. Policies include dwelling coverage for the home’s structure and other structures like detached garages or fences. Personal property coverage protects belongings such as furniture and electronics. Policies also provide loss of use coverage for living expenses if a home becomes uninhabitable, alongside personal liability and medical payments coverage for guest injuries.
Openly distinguishes its offerings with features often optional with other insurers. This includes guaranteed replacement cost coverage for the home’s structure, potentially up to $5 million, even if costs exceed policy limits. Policies also include water backup coverage for clogged drains or sump pumps, and equipment breakdown coverage for home systems and appliances. Openly does not typically impose restrictions on dog breeds or require fencing for swimming pools, which can be an advantage for some homeowners.
Customer Experience and Service
The customer journey with Openly begins by obtaining a quote through an independent insurance agent. Openly’s technology enables agents to generate bindable quotes rapidly. Policy management can be handled through online portals, offering a digital experience.
For claims, Openly offers multiple filing avenues, including an online portal, direct contact with an independent agent, or calling the company. Policyholders are typically contacted within one day of filing, with inspections completed within five to seven days. Openly collaborates with partners to manage the claims process, ensuring a streamlined experience.
Financial Stability
Openly’s policies are underwritten by unaffiliated insurers, such as Rock Ridge Insurance Company, part of the Clear Blue Insurance Group. Financial stability indicates a company’s ability to fulfill obligations and pay claims.
Rock Ridge Insurance Company holds an A- (Excellent) financial strength rating from A.M. Best. This rating signifies a strong capacity to meet policy and contractual obligations. While Openly itself does not yet have ratings from other major credit agencies like Standard & Poor’s or Moody’s due to its newer presence, the backing from A.M. Best-rated carrier partners provides security.
Pricing and Value Proposition
Several factors influence the pricing of Openly’s homeowners insurance policies. These include the home’s location, its specific characteristics, the age of the property, and the chosen deductible amounts. The credit history of the policyholder can also play a role, as it is often considered an indicator of financial responsibility.
Openly leverages advanced data analytics and artificial intelligence to assess risk with precision, which allows for competitive pricing. The company’s value proposition often centers on offering comprehensive coverage, particularly for high-value homes, which may include features that are typically extra with other insurers. Homeowners can obtain quotes through Openly’s independent agency partners, providing necessary details about their property and desired coverage.