Bankers Insurance at a Glance
- Founded in 1976
- Offers a variety of coverages
- Offers coverage for catastrophes like floods
- Coverage availability depends on state
- Certain products offered nationwide
- Offers coverage to individuals and businesses
- “B++” (good) rating by A.M. Best
- “A+” (excellent) rating by Better Business Bureau (BBB)
- Good financial stability
- 24/7 claims reporting
Bankers Insurance Group Pros: Several decades of experience in the insurance industry. Provides multiple types of coverage including homeowners insurance, workers’ compensation, flood insurance, and more. Offers coverage to individuals and businesses. Offers 24/7 claims reporting online.
Bankers Insurance Group Cons: Not a BBB accredited company. Most coverages only offered in a few states. Discount information not provided. Some concerning customer reviews. Official website is a bit lacking.
What Type of Insurance Does Bankers Insurance Group Offer?
Bankers Insurance Group offers different coverages depending on the state selected, including standard and specialty insurance. Their products include:
- Homeowners insurance
- Dwelling fire insurance
- Standard flood insurance
- Excess flood insurance
- Workers’ compensation
- Builders risk insurance
- Renters insurance
- Condo insurance
- Mobile home and RV park insurance
- Business owners program
- HR/payroll/benefits services
For businesses and individuals alike, Bankers offers a wide variety of coverages. Whether you’re searching for protection for your home or business, Bankers may just be the right match for you.
What to Know about Bankers Insurance Group
Bankers Insurance Group was founded in 1976, meaning the carrier has many decades of experience in offering respectable insurance coverage and other products to both individuals and businesses.
Bankers has been ranked as a stable insurance carrier. While the company does offer certain coverages nationwide, many products are only offered in the southeastern states. According to the carrier’s LinkedIn page, the company employs between 500 and 1,000 workers across the country. Bankers falls in the $50-$100 million financial size category.
With its long-standing history, nationwide reach, and large financial size, Bankers has earned itself a reputation as a financially stable insurance provider that’s likely to be around for many more decades to come. A.M. Best, the leading global credit rating agency monitoring the insurance industry, gives Bankers Insurance Group a “B++” rating, indicating the carrier is a good choice for insurance customers. A high rating from A.M. Best assures customers that Bankers Insurance Group is capable of offering guaranteed, secure coverage from a trustworthy and reputable carrier.
Established in 1899, A.M. Best is one of the oldest rating companies in the world. Reviews from AM Best indicate an insurance company’s financial strength and creditworthiness, and are based on comprehensive evaluations of the company’s operating performance, business profile, and balance sheet. For customers who aren’t as familiar with insurance companies’ reputations, A.M. Best’s rating system allows them to make an informed decision about who they can trust to meet their needs in the short term, and also to remain a strong, financially sound company in the long term.
What Discounts Does Bankers Insurance Group Offer?
Though Bankers does not readily provide information about their specific discount options, many carriers offer the following discounts on similar insurance products:
- Fire hydrant discounts: Offered to homeowners insurance customers who live in close to a fire hydrant.
- Sprinkler system discounts: Offered to homeowners insurance customers who have sprinkler systems installed in their homes to reduce fire risk.
- Updated home discounts: Offered to homeowners insurance customers who keep their homes well-maintained and up-to-date, with a presentable exterior.
- Formal safety plan discounts: Offered on workers’ comp for employers that have a formal safety plan in place to protect the team.
- Good hygiene procedures discounts: Offered on workers’ comp to employers that promote good hygiene procedures.
An independent insurance agent can help you find more specific discounts available through Bankers Insurance Group to help you get the most bang for your buck out of your coverage.
Bankers Insurance Group Customer Service
Bankers allows customers to file claims over the phone or online through their Consumer Portal. The carrier also provides the following customer service options:
- Claims assistance via text messaging.
- Online quote request service.
- Online match with an agent service.
- Customer service hotline (no specific hours listed).
- Claims reporting hotline (no specific hours listed).
Bankers sells insurance through a wide network of agents, including independent insurance agents. These agents can help make customer service easier for you by handling claims and other concerns.
Bankers Insurance Group FAQ
What is Bankers' average claims response time frame?
Bankers states that customers can expect a response from their claims department within 24 hours of filing a new claim. They also state that customers are contacted within the same day of filing a new claim, 90% of the time.
What is Bankers' customer service availability?
Bankers offers two phone lines, one for general customer inquiries and one for claims filing. The carrier does not provide specific hour restrictions for their customer service availability on their official website. However, the carrier’s Facebook page lists their availability as Monday-Friday, 8:30 a.m. - 12:00 p.m., and 1:00 p.m. - 4:30 p.m. The online Consumer Portal is also available 24/7 for customers to file claims at any time.
What is Bankers' claims process?
Bankers allows customers to file claims online or over the phone. The carrier’s official claims process is outlined on their website as follows:
“To file a claim:
1. Call your agent and report your claim. Be sure to leave a phone number where you can be reached. You can also call Bankers at 1-800-765-9700 or online in the Account Management section accessed through customer login.
2. An adjuster should contact you within three business days and schedule an appointment to assess the damage – walking you through the entire claim process and providing any necessary forms. Response times may vary depending on how many policyholders the adjuster is working with.
Documenting the damage before your adjuster arrives:
- If possible, photograph the inside and outside of the premises showing the damaged property and the height of the water.
- Separate damaged from undamaged property for the adjuster’s examination.
- Itemize missing or damaged goods room by room. Try to:
- locate receipts or proof of purchase
- note manufacturer names, dates and places of purchase
- write down serial numbers, prices, and dates of purchase
Discard any damaged property that presents a health hazard or could hamper cleanup (save a carpet sample so the adjuster can see the extent of damage). Be sure you can give your adjuster a clear description of anything you’ve thrown away.
Settling your claim:
- When the adjuster arrives, he or she will inspect your itemized list of damaged or destroyed property and work with you to calculate the value. It is important you and the adjuster are in clear agreement on what needs to be replaced or repaired.
- Let the adjuster know if you need a monetary advance or partial payment of your loss. This amount is determined based on the extent of damage and your coverage limitations.
- Your adjuster will prepare a repair estimate of damage to your property. If you disagree with the estimate, talk with your adjuster. If the issue remains unresolved, Bankers will arrange for the NFIP General Adjuster to make a final determination.
- Your adjuster will provide you with a Proof of Loss form – a sworn statement made by you, substantiating the insurance claim.
- Submit your signed and sworn Proof of Loss form to Bankers within 60 days following the loss. Upon receiving it, we’ll send your claim check, usually within five business days.”
Bankers also states that claims checks are typically issued within 24-48 hours of settlement to customers.
Does Bankers create a user-friendly experience for customers?
Bankers’ website feels a bit restrictive and is not the easiest to navigate when compared to many modern carriers’ official sites. It’s much easier to search for specific topics via Google than it is to try to find the appropriate page through the website itself, which is quite a drawback to a user’s experience. However, customers can file claims through the website, as well as request quotes and get matched with an agent. Prospective customers are also able to view which insurance products are available in their state via an interactive map on the homepage. Bankers has a social media presence on Facebook, Twitter, and LinkedIn, which makes them more accessible to customers. The carrier also provides a mobile app for smartphone users.
Bankers Insurance Group Customer Reviews
|Better Business Bureau|
|“I had insurance through Bankers Insurance for my home for almost 10 years and have never put in a claim. This year 2017, I put in a claim due to wind damage to my roof and it's been more than 2 months and they have not processed my claim nor have I heard anything from them. I have to constantly contact them to remind them about my claim. This is insane and with the damage to the roof and constant leaks is only causing more damage. I do not recommend this company and will file a complaint if they don't speed up their process.”|
|“I have had a great experience with Bankers Insurance. They are always available to answer all of my questions, and they are very friendly, and helpful.”|
|“Have only been with Bankers for about 6 months but did make the mistake of purchasing their Home Equipment Breakdown option and recently found out that it's not what it's supposed to be. Their Disclosure clause states that wear and tear over time is not covered but doesn't mention anything about age. Wear and tear occurs as soon as you put something into use so they're covered from covering any breakdown that might occur and for my equipment which happened to a central A/C unit they used a third party company which not only slowed up the process but they used a company that in my opinion knows very little about central A/C units since they're located in PA and manufacture and repair boilers. So I suggest to tread lightly before acquiring that option since it's all in their favor and a very quick way of collecting a lot of money and not having to make any payments out.”|
|“The agent has taken the time to really get to know me and why I need insurance. He calls every 6 months to check in. We meet once a year to see how the policy is doing. I am very happy with the company and how the policy is doing.”|
|Bankers Official Website Reviews Page|
|“Responsive and professional.”|
TrustedChoice.com's Final Review
We award Bankers Insurance Group a final rating of 3.5 out of 5 stars. The carrier’s history and high rating through the BBB does solidify their place as a worthy contender within the insurance industry. However, they have a notably lower rating through A.M. Best than many other modern companies. While coverage is offered nationwide, many products are only available in the southeastern states, making options limited in the rest of the country. Customer feedback is mixed across the board, with many glowing reviews alongside quite a few dismal reviews. Bankers is also not accredited through the BBB. The carrier’s official website could use a redesign, though it does allow customers to find quotes and get matched with an agent, as well as file claims 24/7.
Bottom line: While we’re not ready to say that Bankers Insurance Group is up there with the best of the best, they’re also far from the worst, or even being considered a poor choice. If the carrier offers the coverage you’re looking for in your state, don’t write them off as a good possible option to review with your independent insurance agent.
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