InsuredBetter's Edison Insurance Company Score
3 Stars
Edison Insurance Company was founded in 2005, making it relatively new to the Florida home insurance market. The privately held insurance company focuses on providing quality homeowners and condo owners insurance for Florida residents.
While Edison Insurance Company is not rated by AM Best, the leading credit organization monitoring the insurance industry, they are highly rated by the Better Business Bureau. The insurance company also proudly declares its "A Exceptional" Financial Stability Rating from Demotech, Inc., an independent financial analysis and actuarial services firm recognized by most lenders and mortgage companies.
The company also states, "We maintain a healthy surplus in our reserves which exceed the state requirement. We are also re-insured by top-rated reinsurance carriers to cover all anticipated claims for a 100-year storm, including multiple storms in a single season. We have carefully chosen our re-insurance partners for their financial stability, business longevity, and knowledge of Florida's marketplace."
We award Edison Insurance Company a final rating of 3 out of 5 stars. AM Best has not rated the carrier; however, it has a high rating from the BBB. It is concerning, though, that Edison Insurance Company has had several BBB complaints filed against it in recent years.
The carrier focuses its efforts on two major forms of coverage in the state of Florida. We like that Edison Insurance Company offers 24/7 online claims reporting for its customers, but we're wary of the numerous negative customer reviews. Overall, we recommend working with your independent insurance agent to survey several options along with Edison Insurance Company when shopping for home or condo insurance in Florida.
Edison Insurance Company Pros and Cons
The following pros and cons can help you evaluate Edison Insurance Company as a potential carrier:
| Pros: | Cons: |
|---|---|
A+ rating from the BBB
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Several BBB complaints filed in recent years
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Specializes in homeowners insurance and condo owners insurance in the
volatile Florida home insurance market
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Not rated by AM Best
|
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Offers 24/7 online claims reporting
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Coverage available only in Florida
|
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Negative customer reviews
|
Edison Insurance Company Products
Edison Insurance Company offers the following insurance products in Florida:
- Homeowners insurance
- Condo owners insurance
The company also offers identity theft insurance, flood insurance, and equipment breakdown and service line coverage that can be added to your home or condo policy.
Your independent insurance agent can help you find more information about the coverage offered by Edison Insurance Company and help you decide if this insurance company is right for you.
What Discounts Does Edison Insurance Company Offer?
Edison insurance company offers the following discounts on its home and condo policies:
- Wind mitigation credits and discounts: After a state-approved wind mitigation inspection, your insurer may apply credits/discounts based on state guidelines and your home’s reinforced features listed in the report.
- Senior discount: If any named insured is 55 or older, you're eligible for reduced premiums.
- Burglar and fire alarm discount: Earn a discount if you secure your home with a monitored security system and fire safety devices.
- Claims-free discount: Get reduced rates by staying claim-free.
An independent insurance agent can help you learn more about Edison's discounts and can see if you qualify.
Edison Insurance Company Customer Service
Here's a breakdown of Edison Insurance Company's customer service options and availability.
- Phone contact option
- Fax contact option
- Email contact option
- Mail contact option
- Online claims reporting
- Customer service phone hours not specified
To ensure a great customer service experience, work together with an independent insurance agent. Independent insurance agents can help handle claims and other matters for you.
Edison Insurance Company FAQs
What is Edison Insurance Company's average claim response time frame?
Edison Insurance Company's public website states that after you file your claim, "Your adjuster will contact you within 24 - 48 hours to schedule an inspection at a mutually convenient date and time."
What is Edison Insurance Company's customer service availability?
Edison Insurance Company allows customers to contact them in several different ways, including phone, fax, mail, and online. The phone hours for general service are not specified, but the claims processing phone line is open Monday–Friday from 8 a.m. to 8 p.m., and Saturday–Sunday from 8 a.m. to 5 p.m.
What is Edison Insurance Company's claims process?
The carrier's public website details their claims process as follows:
"1. Claim is Received & Adjuster Assigned
Once you submit a claim online or by phone, a claim number and an adjuster will be assigned to your claim.
2. Property Inspection
Your adjuster will contact you within 24 - 48 hours to schedule an inspection at a mutually convenient date and time.
3. Coverage Review
Your adjuster will take photos and collect details to document your loss.
4. Review Complete
A final review of your claim is completed and submitted for processing.
5. Coverage Determination and Closure
Our claims adjuster will contact you to discuss the outcome of your claim and next steps. Documents detailing the results of your claim will be sent to your attention."
Does Edison Insurance Company create a user-friendly experience for customers?
Edison Insurance Company's public website is simple and easy to navigate. The carrier is also available on social media, including Facebook, X, Instagram, and LinkedIn.
Does Edison Insurance Company have good homeowners insurance?
Edison Insurance Company focuses its efforts on two major forms of coverage, homeowners insurance and condominium insurance. The company's standard home insurance policy provides:
- Dwelling coverage
- Other structures coverage
- Personal property coverage
- Personal liability coverage
- Loss of use coverage
- Medical payments coverage
Edison Insurance Company also offers a variety of policy add-ons, including:
- Flood insurance
- Identity theft insurance
- Equipment breakdown and service line coverage
- Animal liability coverage
- Personal property replacement cost coverage
- Earthquake coverage
- Golf cart coverage
- Scheduled personal property coverage
- Sinkhole coverage
- Water backup and sump pump overflow coverage
- And more
An independent insurance agent can help you find out more information about Edison Insurance Company's homeowners insurance.
Is Edison Insurance Company a good insurance company?
Edison Insurance Company currently only offers coverage in one state and is not rated by AM Best. However, we're more concerned about the BBB complaints filed about the company, as well as numerous negative customer reviews that we found online. Overall, we're hesitant to recommend Edison Insurance Company. In Florida, however, finding home insurance can be difficult, and Edison may be appropriate for you depending on your needs.
Sources
https://www.edisoninsurance.com
https://www.bbb.org/us/fl/boca-raton/profile/homeowners-insurance/edison-insurance-company-0633-90126096
