Paul Sanchez
American Strategic Insurance (ASI) is a Florida-based insurance company that offers homeowners insurance policies and is one of the top ten insurance companies in America. ASI has received high ratings from AM Best and the BBB, indicating strong financial stability and performance. However, customer reviews on websites such as WalletHub highlight issues with the company's claims handling and customer service, with some negative experiences shared by policyholders. ASI's partnership with Progressive offers access to a highly-rated mobile app for policy management, but the insurance company itself falls slightly behind in terms of user-friendliness due to limited social media presence and online contact options.
| Characteristics | Values |
|---|---|
| Customer rating | 1.28 out of 5 |
| Financial strength rating | A (Excellent) by AM Best Co. |
| Credit rating by AM Best | A+ |
| Number of employees | 887 |
| Number of states served | 40 |
| Number of subsidiaries | 7 |
| Parent company | Progressive Group of Insurance Companies |
| Year founded | 1997 |
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What You'll Learn
AM Best and BBB ratings
American Strategic Insurance (ASI) has high ratings from AM Best and the Better Business Bureau (BBB). AM Best, the leading global credit rating agency for the insurance industry, gives ASI an "A+" rating, indicating that the carrier is a superior choice for insurance customers. ASI's financial standing has been rated as the strongest available by AM Best, which was established in 1899 and bases its reviews on comprehensive evaluations of a company's operating performance, business profile, and annual report.
ASI is one of the 15 largest residential property insurance companies in the US, offering its products in 40 states. It has grown to become part of the much larger Progressive Group of Insurance Companies, which purchased a majority interest in ASI in 2015. ASI's catalogue includes homeowners insurance and other property coverage, as well as umbrella and flood insurance.
However, despite ASI's high financial ratings, the company has received a startling volume of dismal customer reviews. ASI has a customer rating of 1.28 out of 5 through the BBB, with 158 complaints filed against it in the last three years. Customers have reported overwhelmingly unpleasant experiences in dealing with the carrier, with some of the top complaints relating to insufficient payouts for damages and substantial year-over-year premium increases.
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Customer reviews
Many negative reviews cite issues with payouts not adequately covering damages incurred, particularly in cases of events like floods and hurricanes. For example, one customer complained that their settlement from Hurricane Ida did not even cover a quarter of the repair costs. Other complaints include substantial year-over-year premium increases, poor customer service, and issues with claims being denied or delayed. Some customers have also reported that their policies were cancelled after filing a claim.
On the other hand, some customers have praised ASI for prompt and efficient service, and the company has a reputation for financial soundness. AM Best, the leading global credit rating agency monitoring the insurance industry, gives ASI an "A+" rating, indicating superior financial strength and creditworthiness. ASI also offers a range of competitive discounts on homeowners insurance, although the exact details of these discounts are not always readily available.
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Financial strength
American Strategic Insurance (ASI) has high financial strength ratings from AM Best, a leading global credit rating agency that monitors the insurance industry. ASI has received an "A+" or "A (Excellent)" rating from AM Best, indicating superior financial strength and creditworthiness. This rating is based on comprehensive evaluations of the company's operating performance, business profile, and annual report.
ASI's strong financial ratings have earned it a reputation as a financially sound carrier. The company is one of the top 10 largest homeowners insurance companies in the US and is backed by the Progressive Group of Insurance Companies, which acquired a majority interest in 2015. ASI's financial strength is further demonstrated by its ability to offer competitive discounts on homeowners insurance and provide coverage in 40 states across the country.
In addition to its high financial strength ratings, ASI also has a strong financial performance. In 2012, three of ASI's affiliates received an "A (Excellent)" rating from AM Best, and two other affiliates were upgraded from a B++ rating to an A rating. ASI's financial stability was further highlighted when it was one of only two private corporations recommended as stable in a Florida-specific homeowners insurance carrier rating.
ASI's financial strength and stability are important factors in choosing an insurance provider. The company's high ratings from AM Best indicate that it has the financial resources to honour its insurance policies and provide reliable coverage to its customers. This financial strength, combined with its competitive discounts and wide range of coverage options, makes ASI a financially sound choice for insurance customers.
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Flood insurance
American Strategic Insurance (ASI) offers flood insurance as an endorsement to standard insurance policies through the National Flood Insurance Program. ASI's flood insurance is a must-have for those living in flood-prone areas.
ASI was formed in 1997 and initially offered homeowners insurance in Florida. The company has since expanded its range of insurance products and now offers flood insurance in addition to homeowners, renters, condominium, commercial property, and umbrella insurance. ASI operates in several states, including Alabama, Arizona, Colorado, Florida, Georgia, Louisiana, Mississippi, North Carolina, South Carolina, and Texas.
ASI has received positive ratings for its financial strength and stability. Leading rating agency AM Best upgraded ASI's Long-Term ICR rating to "aa" from "aa"-, reflecting the company's strong financial position and growth. ASI also has a stable outlook, indicating that it is expected to maintain its financial stability. Additionally, ASI received an "A" (Excellent) rating from AM Best for its financial strength and stability, specifically for Florida-specific homeowners insurance carriers.
However, customer reviews of ASI's flood insurance claim payouts are mixed. While some customers report satisfaction with prompt and efficient service, others have complained that their payouts did not adequately cover flood damage costs. Some customers have reported that their premiums increased substantially year over year, with some experiencing almost a doubling of their premium.
Overall, while ASI's flood insurance may offer financial stability and strong backing, potential policyholders should carefully research and consider customer feedback regarding claim payouts and premium increases.
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Mobile app
American Strategic Insurance (ASI) does not have its own dedicated mobile app. However, as it is owned by Progressive, policyholders may be able to manage their policies using Progressive's highly-rated mobile app. Progressive's app is rated at 4.6 stars and allows users to manage their policies, make payments, report claims, and access digital resources.
ASI does offer multiple ways for policyholders to file claims, including through its online portal, over the phone, and potentially through Progressive’s mobile app. ASI's website is described as well-laid-out and user-friendly, although it may be difficult to find specific information such as discounts.
ASI has earned a reputation as a financially sound carrier, with high ratings through AM Best and the BBB. However, customer reviews are mixed, with an average rating of around 2 stars in online reviews, and a rating of 2.5 out of 5 stars on TrustedChoice.com. WalletHub users have also given ASI poor reviews, with some mentioning issues with claims handling for wind and storm damage to properties.
Despite the mixed reviews, ASI is one of the 15 largest homeowners insurance carriers in America and has grown to be one of the US's largest residential property insurance companies. The company offers a range of homeowners insurance policies and add-ons, including coverage for damage to primary homes and attached structures, standalone structures on the property, and belongings. ASI also provides coverage for temporary expenses while a home is uninhabitable.
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Frequently asked questions
American Strategic Insurance (ASI) has a strong financial strength rating of A (Excellent) by AM Best Co.
Customer reviews of American Strategic Insurance are mixed. While some customers have given positive reviews, others have complained about issues with the company's customer service, claims handling, and unexpected changes to their policies.
American Strategic Insurance has high ratings through the BBB (Better Business Bureau). However, there are also a startling volume of dismal customer reviews and complaints filed against the company through the BBB.
