The American Bankers Insurance Company of Florida is a reputable insurance company based in Florida. Many accredited insurance companies have given Assurant their seal of approval, and so have the better half of our customers.
Unfortunately, Assurant’s website is cluttered and full of too much information. From a single quote we received from Assurant on a modular home in Arkansas, their premium rates can be quite expensive.
The American Bankers Insurance Company was founded in 1947. Assurant is an insurance company that has been doing business with American Bankers for 125 years. It is a subsidiary of American Bankers Insurance Company of Florida.
American Bankers Insurance Company underwrites the majority of Assurant’s home and flood policies under the name under which Assurant’s specialty property is underwritten.
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There are two other subsidiary companies underwriting Assurant insurance in Minnesota and Georgia.
Assurant provides modular/manufactured home and renters insurance, renters insurance, lender-placed homeowners insurance, automobile insurance coverage, as well as mortgage lending insurance. This insurance company is licensed in every state plus D.C. and Puerto Rico.
Let’s learn more about this insurance company so that you can save time shopping and more time living.
Assurance insurance policies
If you search American Bankers Insurance Company of Florida online, it may be difficult for you to find the company you are looking for because this insurance company goes by the name of Assurant Specialty Property for its insurance transactions.
Assurant specialty property operates in all fifty states, but in Minnesota and in Georgia they use the abbreviated name of ‘Assurant.’ They offer home and rental insurance policies, as well as manufactured home insurance policies.
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On its website, Assurant offers a wide range of insurance services and products for its service areas. These include:
- Tools, furniture & jewelry
- Travel benefits
- Flood solutions
- Protection & support for mobile devices
- Multifamily housing solutions
- Home appliances & electronics
- Financial protection
- Vehicle protection
They don’t provide much information about coverage on their website. Due to this little niggle, it can be hard to define or explain ‘coverage’.
What we do know is that on the home insurance side, they provide:
Renters Insurance
Renters insurance, on the other hand, is more focused on personal property coverage and personal liability coverage.
Assurant’s renters’ insurance covers fire, hail damage, explosion damage, smoke damage, vandalism damage, theft, and water damage.
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Assurant also offers optional endorsements that can be purchased with your policy. These endorsements include sewer damage coverage, pet damage coverage, identity fraud expense coverage, and earthquake damage coverage.
According to Assurant, you can manage your renter’s insurance online. Unless you’re a resident of Minnesota or Texas, American Bankers offers this “quickly and easily” renters’ insurance.
Manufactured home insurance
Manufactured home insurance policies are available directly to consumers, but manufactured home insurance is primarily offered to lenders and to manufactured home communities.
Assurant offers different types of insurance for manufactured and modular homes.
Assurant’s manufactured home policy is designed for manufactured home communities. However, individuals can also choose to purchase a manufactured home insurance policy for their homes.
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This type of insurance covers structures and liabilities. Assurant provides the following types of manufactured home insurance policies:
- Voluntary Manufactured housing insurance
- Manufactured home total Advantage program
- Manufactured home and home buyer’s protection plans
- Manufactured home extended service contract
- Flood Insurance
Assurant has been offering National Flood Insurance Program (NFP) flood insurance for more than 30 years. This makes Assurant one of the first insurers to offer NFIP private commercial flood insurance.
- Content coverage: $500,000
- Building coverage: $1 million
- Dwelling coverage: $750,000
- Discretionary funds paid: $10,000 maximum
- 20% savings average
Lender-placed insurance
Lender-placed insurance is a type of insurance offered by a lender. It is also known as a force-placed insurance policy.
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A homeowner is usually required to have sufficient insurance coverage for their home or business under their mortgage agreement.
If a homeowner opts not to purchase the necessary insurance, their lender will get the insurance they need to protect their home or business.
This acts as collateral for their loan and helps to legitimize their coverage.
Wrapping Up
At first glance, the American Bankers Insurance Company of Florida appears to be a reputable insurance company. Many accredited insurance companies have given this company their seal of approval.
The better half of the company’s customers have also given their seal of approval to this company.
Some people are looking for a straightforward way to purchase basic property insurance, and while that’s certainly true, it’s not the case with Assurant.
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The company’s website is cluttered, cluttered, and full of information. If premium prices weren’t so steep, we would give Assurant our 4-star rating. Doubling the price of basic insurance isn’t worth the reward.
