Slide Insurance: Admitted Or Not?

Admitted insurance refers to coverage offered by insurance providers who are licensed to operate by the state insurance agency in which they are based. An admitted insurance company is backed by the state and must comply with the regulations set by the state's department of insurance. Slide Insurance is a Tampa-based startup that has acquired over 200,000 home insurance policies and hundreds of millions of dollars in premiums from insurers that have gone insolvent. Slide Insurance has received an A financial stability rating from Demotech, a leading financial analysis firm. However, it is unclear whether Slide Insurance is an admitted carrier.

Slide Insurance's financial stability and ability to pay claims

Slide Insurance is a Tampa-based startup that launched in 2021. It has acquired over 200,000 home insurance policies and hundreds of millions of dollars in premiums from St. Johns Insurance Company and UPC Insurance, two former Florida insurers that have gone insolvent since 2022.

Slide Insurance has a Demotech Financial Stability Rating of "A" (Exceptional) and a $1 billion reinsurance program that exceeds regulatory requirements. This means Slide is well-positioned to pay out the claims of its customers in the event of a disaster and has the financial strength to get its policyholders back to normal after a covered loss. Slide's financial stability and ability to pay claims are further evidenced by its acquisition of renewal rights to 86,000 Farmers home insurance policies after the insurer announced it was leaving the state.

In addition to its financial stability rating, Slide Insurance's ability to pay claims is demonstrated by its industry-leading results in hurricane response efforts. Slide has reported around $36.5 million in damages from tropical storms, such as Hurricane Ian, in 2022. While Slide has denied some claims related to Hurricane Ian, it is important to note that insurance companies in Florida do not cover flooding, as this is the jurisdiction of the National Flood Insurance Program.

Overall, Slide Insurance's top-notch financial stability and ability to pay claims are well-supported by its financial stability rating, reinsurance program, and industry-leading response to hurricanes.

Slide Insurance's policy offerings

Slide Insurance is a Tampa-based startup that offers home insurance policies in Florida and South Carolina. The company was founded in 2021 and has since acquired over 200,000 home insurance policies and hundreds of millions of dollars in premiums from insurers that have gone insolvent or left the state.

Slide Insurance aims to provide coverage that fits the specific needs and budgets of its customers. It offers flexible options that allow customers to customize their coverage, including additional living expenses, detached structure coverage, and coverage for jewelry and other valuables.

• Dwelling coverage: Pays to repair or rebuild the structure of your home after a covered loss.
• Other structures coverage: Pays to repair or rebuild other structures on your property not connected to your home, such as detached garages, storage sheds, and fencing.
• Personal property coverage: Pays to repair or replace your personal belongings after a covered loss, including furniture, clothing, and tech gadgets.
• Loss of use coverage: Pays for temporary living expenses, such as hotel stays and restaurant bills, if you need to live elsewhere while your home is being rebuilt.
• Personal liability coverage: Pays for legal and medical expenses if someone is injured or their belongings are damaged while at your home and you are found legally responsible.
• Medical payments coverage: Pays for small-dollar medical bills if someone is injured while at your home, regardless of who is at fault.

In addition to the basic coverages, Slide Insurance offers several additional coverages that can be added to their homeowners insurance policy for extra protection:

• Personal property replacement cost: Pays to replace personal belongings with new items, regardless of depreciation or wear and tear.
• Water damage coverage: Covers damage caused by backed-up sewers or drains, or a non-functioning sump pump.
• Sinkhole coverage: Protects your home against damage caused by sinkholes, which is a serious risk for Florida homeowners.
• Pet liability coverage: Protects you financially in case of a lawsuit resulting from your pet injuring someone.
• Condo insurance: Purchased as a supplement to your condo association's master policy, it covers personal belongings, the interior structure of your condo unit, and personal liability.
• Landlord insurance: Includes coverage for the structure of your rental property, liability situations, loss of rental income, and landlord furnishings and appliances.

Slide Insurance's customer service

Slide Insurance is a Tampa Bay start-up that offers various insurance policies, including homeowners insurance, business property insurance, and car insurance. The company is currently available in Florida and South Carolina and has taken on clients from other insurance companies that have stopped providing coverage in Florida.

Customer Service

• Social media: Customers can connect with Slide through social media platforms.
• Email: Customers can send an email to [email protected], including their policy number in the email subject line.
• Phone: Customers can call Slide's claims team at (866) 230-3758 to report damage or loss. For emergency contractor services, customers can call (833) 854-3440.
• Vendor referral: Slide provides pre-vetted and approved vendors for emergency contractor services.
• Claims process: Slide focuses on making the claims process easier for customers. The company provides clear instructions on how to file a claim and offers support throughout the process.
• Payment options: Slide provides information on how to make payments, including the requirement to have the policy number ready for identification.
• Transition from St. Johns Insurance Company: Slide Insurance transitioned policies from St. Johns Insurance Company, providing continued insurance coverage for former St. Johns policyholders.

Slide Insurance's business practices and controversies

Slide Insurance is a Tampa-based startup that launched in 2021. It is an underwriter and insurance carrier for homeowner insurance policies in Florida and South Carolina. The company has acquired a large number of home insurance policies and premiums from former Florida insurers that have gone insolvent or left the state, such as St. Johns Insurance Company, UPC Insurance, and Farmers Insurance.

Business Practices

Slide Insurance offers customizable coverage options to meet individual needs, including additional living expenses, detached structures, jewelry and other valuables, hurricane screen enclosures, animal liability, and water backup overflow. The company leverages AI and advanced data analysis to provide customers with a "hyper-personalized" insurance experience.

Slide Insurance has received an "A" financial stability rating from Demotech, indicating that it has the financial strength to pay out claims in the event of a disaster. The company also has a $1 billion reinsurance program that exceeds regulatory requirements.

Controversies

While Slide Insurance aims to stabilize Florida's home insurance market, its business practices have faced some controversies. One of the main controversies surrounds its strategy of "cherry-picking" policies with the least amount of risk from other insurers, which some view as an opportunistic way to increase profits by raising premiums on low-risk homes.

Additionally, Slide Insurance has received a significant number of customer complaints, as evidenced by reviews on the Better Business Bureau (BBB) website. Common issues include billing disputes, unauthorized policy transfers, and difficulties cancelling policies. Some customers have accused Slide Insurance of predatory and deceptive tactics, such as billing mortgage companies without customer authorization. However, Slide Insurance has responded to these complaints, apologizing for the negative experiences and stating that their processes follow legal and regulatory requirements.

Furthermore, Slide Insurance has also faced challenges with claim denials and underpayments, particularly in the aftermath of Hurricane Ian. This has led to legal actions and complaints filed against the company.

Slide Insurance's history and expansion

Slide Insurance is a Tampa-based startup that was founded in 2021 by Bruce Lucas, an insurance insider with a deep understanding of how technology can be applied to insurance. The company leverages cutting-edge technology, including artificial intelligence and Big Data, to hyper-personalize, optimize, and streamline every part of the home insurance process.

Slide Insurance had a record-breaking $125 million Series A in 2021 and has since grown to become one of the largest homeowner insurers in the United States. The company is currently available in Florida and South Carolina and has acquired over 200,000 home insurance policies and hundreds of millions of dollars in premiums from insurers such as St. Johns Insurance Company and UPC Insurance.

Slide Insurance offers a range of coverage options, including dwelling coverage, other structures coverage, personal property coverage, loss of use coverage, personal liability coverage, and medical payments coverage. The company also provides additional coverages such as personal property replacement cost, water damage coverage, sinkhole coverage, pet liability coverage, condo insurance, and landlord insurance.

In addition to its wide range of coverage options, Slide Insurance is committed to financial stability and has received an “A” rating from Demotech for its financial strength and stability. This means that Slide Insurance is well-positioned to pay out claims in the event of a disaster. The company also has a $1 billion reinsurance program that exceeds regulatory requirements, further demonstrating its financial stability.

With its cutting-edge technology, experienced leadership team, and focus on financial stability, Slide Insurance is well-positioned for expansion and continued growth in the insurance industry. The company's ability to leverage technology to hyper-personalize the insurance experience and its commitment to stability and solvency make it a unique and innovative player in the home insurance market.

Frequently asked questions