Alyssa Lane
Berkshire Hathaway, led by Warren Buffett, has a significant presence in the insurance industry, with insurance being a major area of operations. The company's insurance businesses have contributed to its record profits, with improvements in underwriting and higher investment income. Berkshire's insurance operations include Berkshire Hathaway Specialty Insurance, Berkshire Hathaway Homestate Companies, and Berkshire Insurance Group, which offers high-value home insurance for properties valued above $750,000. This high-value home insurance provides additional coverage beyond standard homeowners insurance, including property, contents, valuable articles, and loss of use protection. Berkshire's insurance interests also extend to workers' compensation coverage, title insurance, and property and casualty insurance through its various subsidiaries and acquisitions.
| Characteristics | Values |
|---|---|
| Type of company | Conglomerate holding company |
| Headquarters | Omaha, Nebraska |
| Industries | Insurance, rail transportation, energy, manufacturing, retail |
| Revenue in Q3 2023 | $24.3 billion |
| Revenue from insurance | 26% of total revenue |
| Revenue from manufacturing | 20.6% of total revenue |
| Revenue from rail transport | 6.3% of total revenue |
| Revenue from energy | 7.8% of total revenue |
| Revenue from wholesale distribution | 14.5% of total revenue |
| Berkshire Hathaway's insurance subsidiaries | BerkshireInsurance.com, National Indemnity Company, GEICO, Berkshire Hathaway Homestate Companies (BHHC) |
| Berkshire Hathaway's travel insurance plans | AdrenalineCare, LuxuryCare, AirCare, WaveCare, ExactCareExtra, ExactCare, ExactCare Value |
| Berkshire Hathaway's high-value home insurance | Property insurance, contents insurance, valuable articles insurance, loss of use insurance, personal liability insurance |
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What You'll Learn
Berkshire Hathaway's travel insurance plans
Berkshire Hathaway Travel Protection offers a range of travel insurance plans to suit different needs and budgets. The company is a division of Berkshire Hathaway Specialty Insurance Company, which holds a financial strength rating of A++. While its plans can be more expensive than competitors, it stands out for its speedy claim reimbursement and specialty options.
One of the cheapest plans offered by Berkshire Hathaway is the ExactCare Value (basic) plan, which includes coverage for trip cancellation and interruption, lost or delayed baggage, medical expenses, and emergency evacuation with repatriation of remains. This plan, along with ExactCare Lite, offers secondary coverage, while most other plans from Berkshire Hathaway feature primary coverage. The AdrenalineCare plan is ideal for those planning to engage in extreme sports, as it provides increased coverage for emergency evacuation and healthcare. The AirCare plan, on the other hand, is designed for budget-conscious travellers, reimbursing fixed costs when flights are disrupted, although it does not cover emergency medical expenses.
For those seeking luxury benefits, the LuxuryCare plan offers the highest limits for medical expenses and medical evacuation, along with traditional travel insurance coverages like trip interruption, trip delay, and missed connections. This plan also provides the option to add Cancel For Any Reason (CFAR) insurance. Additionally, Berkshire Hathaway offers six specialty plans catering to specific activities, including road trips, scuba diving, and cruises.
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High-value home insurance
High-value homes are generally categorised as those with a value of over $750,000. For such high-value properties, standard homeowners insurance may not be ideal and may not recognise the unique coverage needs of high-value homeowners. Therefore, it is important to work with an agency that specialises in this type of coverage.
Berkshire Insurance Group offers high-value home insurance in MA, NY, CT, and NH. In addition to standard homeowners insurance coverage, they provide additional coverage options to their high-value homeowner clients. These include:
- Property Insurance: Guaranteed dwelling replacement cost coverage, unlimited building code coverage, and “all risk” coverage.
- Contents: All risk and replacement cost coverage.
- Valuable Articles: Coverage for collectibles, including art, computers, jewellery, furs, silverware, guns, and more.
- Loss of Use: Unlimited loss of use coverage.
- Personal Liability: Libel and slander coverage, credit card coverage, and $10,000 in medical payments.
Berkshire Hathaway Homestate Companies (BHHC), a group of six insurance carriers, has maintained 33 consecutive years of AM Best A++ (Superior Rating) as of March 13, 2025. BHHC strives to provide the highest level of customer service and integrity, putting their customers first and helping them navigate the path to health and healing with exemplary, compassionate, and knowledgeable guidance and advice.
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Berkshire Hathaway's core suite of travel insurance plans
Berkshire Hathaway Travel Protection offers a core suite of travel insurance plans with innovative features like "pic and a click" claim filing and rapid claims payments. The company provides comprehensive travel insurance plans that cover a wide range of scenarios, from travel inconveniences to medical emergencies. Here is a detailed look at some of the core plans offered by Berkshire Hathaway:
ExactCare Value Plan
The ExactCare Value plan is among the least expensive options offered by Berkshire Hathaway. It includes coverage for trip cancellation and interruption, lost or delayed baggage, medical expenses, and emergency evacuation with repatriation of remains. This plan also provides worldwide 24/7/365 assistance services, including emergency medical assistance, lost baggage tracking, and emergency travel arrangements.
ExactCare Lite Plan
The ExactCare Lite plan is designed for road trips and drive vacations. It covers trip cancellation and interruption, including non-refundable expenses like hotels or event deposits. It also includes emergency medical coverage and medical evacuation protection for unexpected out-of-network or out-of-pocket medical expenses.
LuxuryCare Plan
The LuxuryCare plan offers BHTP's highest limits of coverage for more expensive vacations. It provides coverage for trips costing up to $100,000 per insured, with $100,000 in medical expense coverage and up to $1 million in medical evacuation benefits. This plan is ideal for travellers who seek superior evacuation coverage and great travel delay benefits without the need for high travel medical limits.
AdrenalineCare Plan
The AdrenalineCare plan is tailored for travellers engaging in adventure sports or activities. It provides coverage for extreme travel activities, including some of the highest limits of medical expense and emergency evacuation protection. This plan covers medical emergencies of up to $100,000 and $1 million in medical evacuations, as well as lost, damaged, or stolen luggage. It also covers trip cancellation and interruption for trips costing up to $100,000 per insured.
AirCare Plan
The AirCare plan is designed to protect travellers from flight-related issues, such as cancellations, delays, or interruptions. It reimburses travellers for flight costs if they experience problems covered by the policy. However, it is important to note that the AirCare plan does not offer coverage for emergency medical expenses.
WaveCare Plan
The WaveCare plan is specifically created for cruise vacations. It offers a wide range of core benefits, including medical emergencies, trip cancellation, trip interruption, medical evacuation, and lost, damaged, or stolen luggage. Additionally, it provides flight protection and a cruise disruption benefit, ensuring payment for inconveniences if covered reasons restrict disembarking.
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Berkshire's insurance carriers
Berkshire Hathaway Travel Protection offers a range of travel insurance plans to suit different needs and budgets. The company is known for its fast reimbursements and comprehensive coverage, making it a reliable choice for travellers. Their plans include the ExactCare series, AdrenalineCare, AirCare, and LuxuryCare. Each plan offers varying levels of coverage for medical expenses, evacuation, trip delays, baggage insurance, and more. AdrenalineCare, for instance, is ideal for adventure seekers and covers extreme sports, while LuxuryCare caters to high-end travellers and offers benefits like sporting equipment delay coverage and accidental death and dismemberment coverage.
Berkshire Hathaway's insurance offerings extend beyond travel, with a notable presence in the high-value home insurance market. Their high-value home insurance is tailored for homes valued above $750,000, providing specialised coverage that standard homeowners insurance may not offer. This includes property insurance, valuable articles insurance for collectibles and jewellery, loss of use coverage, and personal liability protection for libel and slander.
Berkshire Hathaway's insurance business is just one aspect of their diverse operations. The conglomerate has interests in rail transportation, energy, manufacturing, and retail. Their insurance segment has been a significant contributor to the company's earnings, accounting for 26% of total revenue in Q3 2023. Berkshire Hathaway has a strong presence in the insurance industry, both domestically and internationally, with acquisitions and subsidiaries expanding their reach.
The Berkshire Hathaway Homestate Companies (BHHC) is another key player within the Berkshire insurance carriers group. BHHC comprises six insurance underwriting companies and has an impressive track record of financial strength and stability. They have consistently maintained a superior rating from AM Best and are committed to putting their customers first, delivering exceptional products, and providing the highest level of customer service. BHHC's focus on integrity and protection sets them apart in the industry.
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Berkshire's insurance businesses
Berkshire Hathaway operates large insurance, rail transportation, energy, manufacturing, and retail businesses. The company's insurance businesses include Berkshire Hathaway Travel Protection, biBerk, Berkshire Hathaway GUARD Insurance Companies, and THREE by Berkshire Hathaway.
Berkshire Hathaway Travel Protection offers a range of travel insurance plans, including the AdrenalineCare option, which covers extreme sports, and the LuxuryCare plan, which has higher limits for medical expenses and evacuation. The company also offers the AirCare plan, which is more affordable and reimburses fixed costs when flights are disrupted. Berkshire Hathaway Travel Protection is known for its fast claims processing and reimbursements, although its medical coverage limits could be higher.
BiBerk, a subsidiary of Berkshire Hathaway Insurance Group, provides small business insurance directly to its customers, cutting out the middleman to offer savings of up to 20%. The company offers various types of coverage, including workers' compensation, property and liability insurance, and protection against errors and omissions. biBerk has millions of customers and over 75 years of insurance experience, with $52.2 billion in paid claims in 2023.
Berkshire Hathaway GUARD Insurance Companies provide a range of insurance products, including business owner's policies, commercial auto insurance, and professional liability coverage. They specialize in protecting artisan contractors and their employees, property, and financial interests.
THREE by Berkshire Hathaway is another small business insurance provider, offering coverage for theft and physical damage to leased or owned property. They boast an A++ rating from A.M. Best and emphasize their responsive claims teams.
In addition to these insurance businesses, Berkshire Hathaway also generates revenue from its rail transportation, energy, manufacturing, and retail segments. However, its earnings can be volatile due to changes in its investment portfolio, and the company experienced significant losses in Q3 2023 due to declines in Apple stock and higher costs in its utilities and energy segment.
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Frequently asked questions
Berkshire Hathaway is an American multinational conglomerate holding company. It originated as a textile manufacturer in 1955 but transitioned into a conglomerate in 1965 under the management of chairman and CEO Warren Buffett.
Berkshire Hathaway offers a range of insurance products, including travel insurance, property insurance, and health insurance.
The travel insurance plans include coverage for trip cancellation, trip interruption, travel delays, baggage delays, and sporting equipment delay. The LuxuryCare plan also includes coverage for missed connections, accidental death and dismemberment, and hurricanes and other natural disasters.
The cost of Berkshire Hathaway travel insurance plans varies based on the policy's benefits, the age of the insured, and the trip cost being insured.
High-value home insurance is designed for homes with a value in excess of $750,000. This type of insurance offers additional coverage options such as property insurance, contents insurance, valuable articles insurance, and personal liability insurance.
