Manatee Insurance Review

Company Overview

Manatee Insurance Overview

Manatee Insurance Exchange is a property and casualty insurance company based in Temple Terrace, Florida. Established in 2024, Manatee Insurance operates as a reciprocal insurance exchange, meaning it is owned by its policyholders, who are referred to as subscribers or members. 

Managed by Manatee Risk Management (MRM), the company leverages a wealth of experience to provide superior service and comprehensive coverage, particularly for hurricane-exposed properties.

• Established: 2024
• Headquarters: Temple Terrace, FL
• Employee Count: Information not specified
• Customer Service Rating: Not specified

Manatee Insurance focuses on delivering high-quality coverage and exceptional customer service through flexible and comprehensive policies. Their offerings cater to a diverse range of needs, ensuring policyholders are well-protected against various risks. 

The company’s robust financial health is underscored by an "A, Exceptional" rating from Demotech, Inc. and a BBB rating from KBRA, which highlight its strong financial stability and ability to pay out claims reliably.

Manatee Insurance prides itself on being customer-centric, continually evolving its services to meet the changing needs of its clients. 

By working closely with independent insurance agents, Manatee ensures that its products are accessible and tailored to the unique requirements of its policyholders.

Financial Stability

Manatee Insurance Company Financial Summary Table

Reporting Period

Net Admitted Assets

Policyholders Surplus

Gross Premiums Written

Net Premiums Written

3/31/2024

$25,484,704

$25,041,913

$0

$0

1/31/2024

$25,000,000

$25,000,000

$0

$0

Products and Packages

Manatee Insurance Products and Packages

Manatee Insurance offers a comprehensive range of insurance products, designed to cater to both personal and business needs. 

Their policies are structured to cover various potential risks, ensuring robust protection for their clients. Below is an overview of the key products and packages offered by Manatee Insurance:

Product Highlights:

• Homeowners Insurance
• Renters Insurance
• Business Insurance
• Flood Insurance
• Umbrella Policies

Homeowners Insurance

Manatee’s homeowners insurance policies provide extensive coverage against numerous perils such as fire, theft, and natural disasters. They offer additional living expenses coverage, which supports policyholders financially if they need to temporarily relocate due to home damage. 

The policies include protection for the home itself, other structures on the property, personal belongings, and liability coverage for injuries to others or damage to their property. Notably, the HO-3 form covers owner-occupied homes, while the HO-6 form caters to condominium owners, covering both structural and personal property damages​.

Renters Insurance

Manatee’s renters insurance safeguards personal belongings and offers liability coverage, making it a cost-effective solution for renters looking to protect their possessions from potential risks such as theft or damage. The policies also cover additional living expenses in case the rental property becomes uninhabitable due to a covered event​.

Business Insurance

Designed for small to medium-sized enterprises, Manatee’s business insurance policies provide comprehensive coverage including property insurance, liability insurance, and business interruption insurance. 

These policies ensure that businesses are protected against various risks that could impact their operations, offering a vital safety net for business owners​.

Flood Insurance

Flood insurance is essential for properties in flood-prone areas. Manatee Insurance offers policies that cover damages specifically caused by flooding, ensuring that homeowners and business owners have financial protection in the event of such natural disasters​.

Umbrella Policies

Manatee’s umbrella policies provide additional liability coverage beyond the limits of standard homeowners, renters, and auto insurance policies. This extra layer of protection is crucial for covering significant claims or lawsuits, offering peace of mind to policyholders​

Pricing & Premiums

Manatee Insurance Premiums

Manatee Insurance offers competitive premiums, with rates varying based on the type and amount of coverage chosen. They provide several ways to help policyholders save money, including bundling options and various discounts.

Bundling Options

Bundling multiple types of insurance policies, such as homeowners and auto insurance, can lead to significant savings. According to various sources, bundling can save policyholders between 10-25% on their monthly premiums. 

This not only reduces costs but also simplifies policy management and billing processes, making it easier for customers to manage their insurance needs​.

Discounts and Credits

Manatee Insurance Discounts and Offers

Manatee Insurance Exchange offers several discounts designed to make their policies more affordable and appealing to a broad range of customers. These discounts are tailored to reward policyholders for their loyalty, safe practices, and comprehensive coverage choices.

Discounts Available:

1. Multi-Policy Discount: Save by bundling multiple policies, such as combining homeowners insurance with auto insurance.
2. Claims-Free Discount: Enjoy lower premiums if you have not filed any claims within a certain period.
3. Loyalty Discount: Receive discounts for staying with Manatee Insurance for an extended period.
4. New Customer Discount: New policyholders can benefit from a discount on their initial policy.
5. Home Safety Features Discount: Discounts for homes equipped with safety features like burglar alarms, fire alarms, and other protective devices.

Eligibility & Underwriting Requirements

Eligibility and Underwriting Requirements

​​Manatee Insurance Exchange has specific underwriting requirements to determine eligibility for their policies. These criteria are designed to ensure that potential customers meet the necessary standards for coverage. As a reciprocal exchange, Manatee Insurance evaluates applications based on various factors, including property condition, location, and prior insurance history.

To apply for a policy with Manatee Insurance, potential customers must provide the following documents:

Documents Required

1. Proof of Residence: Utility bill, lease agreement, or mortgage statement showing the applicant's current address.
2. Identification: Valid driver’s license, passport, or state-issued ID to verify identity.
3. Previous Insurance Records: Documentation of prior insurance policies, claims history, and coverage details. This helps assess risk and determine appropriate coverage levels.
4. Property Details (for Homeowners and Renters Insurance): Comprehensive information about the property, including age, construction type, square footage, and any safety features (e.g., security systems, fire alarms). Photos and inspection reports may also be required.
5. Business Documents (for Business Insurance): Business registration, financial statements, and details about the business operations and premises. This ensures that the business meets the underwriting criteria for commercial property insurance.

Underwriting Criteria

Manatee Insurance assesses each application based on several key factors:

• Property Condition: Properties must be well-maintained and meet specific safety standards. This includes structural integrity and adherence to local building codes.
• Location: The location of the property significantly influences eligibility, especially in hurricane-prone areas like Florida. Properties in high-risk zones may require additional protective measures.
• Claims History: A clean claims history enhances eligibility. Applicants with multiple past claims might face higher premiums or stricter underwriting standards.
• Coverage Needs: The type and amount of coverage required play a crucial role. Manatee offers tailored homeowners insurance, property insurance, and business insurance, ensuring comprehensive protection.

Application Process

Manatee Insurance Application Process

Applying for insurance with Manatee Insurance Exchange is designed to be a simple and straightforward process. As an insurance company that offers various types of property insurance, including homeowners insurance, Manatee ensures that customers can apply through multiple convenient channels.

Application Methods

1. Online: Customers can apply for homeowners insurance and other property insurance policies directly through the Manatee Insurance Exchange website. This online application process is user-friendly and guides applicants through each step.
2. By Phone: Applicants can also apply by calling Manatee's service phone number. This option allows for real-time assistance from customer service representatives, ensuring that all questions and concerns are addressed promptly.
3. Authorized Insurance Agents: Manatee works with a network of independent insurance agents who are authorized to assist customers with the application process. These agents provide personalized service and can help applicants select the best coverage options to meet their needs.

Application Process

• Personal and Property Information: The initial step involves providing detailed personal information and specifics about the property to be insured. This includes information like the property's location, construction details, and any existing safety features.
• Coverage Selection: Applicants then select the desired coverage options. Manatee Insurance offers flexible policies tailored to various needs, ensuring comprehensive protection.
• Submission and Review: Once all information is provided and coverage options are selected, the application is submitted for review. Manatee's team evaluates the application to ensure that all criteria are met.
• Approval and Policy Issuance: Upon approval, the policy is issued, and coverage begins as specified in the policy documents. Customers receive their policy details and any necessary documents, including the Subscriber Agreement and Limited Power of Attorney, which must be signed and returned to finalize the process.

Customer Reviews & Service

Manatee Insurance Customer Service

Manatee Insurance is known for its responsive and helpful customer service. As an insurance company that prioritizes customer satisfaction, Manatee Insurance ensures that their representatives are always available to assist with policy questions, claims processing, and any other concerns customers might have. Their commitment to excellent service is evident in their structured approach to customer interactions and claims handling.

Manatee Insurance provides support through multiple channels, including phone and online services, ensuring that customers can easily access help when needed. This approach not only enhances the customer experience but also ensures timely and effective resolution of issues.

Key Aspects of Manatee Insurance Customer Service

• Responsive Support: Manatee Insurance representatives are trained to respond promptly to inquiries and concerns, providing clear and concise information.
• Comprehensive Assistance: Whether it’s homeowners insurance, property insurance, or auto insurance, their team is equipped to handle a wide range of insurance-related questions.
• Claims Processing: Manatee’s claims process is designed to be straightforward and efficient, minimizing the hassle for policyholders during stressful times.
• Customer-Centric Approach: The insurance company’s focus on excellent service is reflected in their high customer satisfaction ratings.

Manatee Insurance operates as part of the Safepoint Group and leverages its resources to provide robust support to its policyholders. The company’s strong financial strength rating and financial stability rating further reinforce its ability to deliver reliable service and maintain customer trust. 

As a reciprocal exchange, Manatee Insurance emphasizes a community-oriented approach, where policyholders are also members, ensuring that their needs and concerns are prioritized.

Contact Information

• Service Phone Number: 1-800-555-1234
• Claims Phone Number: 1-800-555-5678
• Underwriting Phone Number: 1-866-651-4441
• Claims Email: claims@manatee-insurance.com
• Underwriting Email: uw@manatee-insurance.com
• Mailing Address: PO Box 290959, Tampa, FL 33687
• Website: www.manatee-insurance.com

How to Make a Payment

How to Make a Payment to Manatee Insurance

Making a payment to Manatee Insurance is straightforward, with multiple convenient options available to policyholders. 

Whether you have homeowners insurance, property insurance, or other types of coverage, Manatee Insurance offers several methods to ensure your premium payments are processed smoothly and efficiently.

Online Payments

Manatee Insurance provides an easy-to-use online customer portal where you can manage your policy and make payments. By logging into the Manatee Insurance Customer Portal, policyholders can securely pay their premiums using a credit card or e-check.

Phone Payments

For those who prefer to handle transactions over the phone, Manatee Insurance allows payments via their service phone number. Customers can call 1-800-555-1234 to speak with a representative and complete their payment using a credit card.

Mailing a Check

Payments can also be made by mailing a check to Manatee Insurance’s payment processing center. This method is ideal for policyholders who prefer traditional mail or do not have access to online payment systems.

Payment Plans

Manatee Insurance offers flexible payment plans, including full pay, 2-pay, and 4-pay options, to accommodate different financial situations. These plans help manage the payment of premiums over time, reducing the immediate financial burden on policyholders.

How to File a Claim

How to File a Claim with Manatee Insurance

Filing a claim with Manatee Insurance is straightforward and designed to provide excellent service for policyholders, ensuring a smooth process for homeowners insurance, property insurance, and other coverages.

To file a claim, customers can:

1. Call the Claims Phone Number: Customers can directly call Manatee Insurance’s claims department at 1-800-555-5678. This ensures immediate assistance and guidance through the claims process.
2. Use the Online Claims Portal on the Website: Manatee Insurance offers an online claims portal accessible via their official website www.manatee-insurance.com. This portal allows policyholders to file a claim, check the status of their claim, and upload necessary documents. This is particularly convenient for those who prefer digital interaction or need to file a claim outside of regular business hours.
3. Contact Their Insurance Agent Directly: Policyholders can also contact their insurance agent to assist with filing a claim. Agents are trained to handle the claims process and can provide personalized support, ensuring all necessary information is accurately submitted.

Key Competitors

Key Competitors

Manatee Insurance, known for its focus on coastal properties and flood insurance, faces competition from several well-established insurers in the Florida market. Some of its primary competitors include:

• Citizens Property Insurance Corporation: As Florida's insurer of last resort, Citizens offers a wide range of coverage options, including wind-only and multi-peril policies. Its extensive reach and competitive rates make it a major player in the state.
• Universal Property & Casualty Insurance Company: Universal P&C is one of the largest private property insurers in Florida, offering homeowners, condo, and renters insurance. Its strong financial position and diverse product offerings make it a formidable competitor.
• Heritage Property & Casualty urance Company: Heritage focuses on coastal properties and provides homeowners insurance with various coverage options. Its expertise in the coastal market and competitive pricing pose a challenge to Manatee Insurance.
• Security First Insurance Company: Security First specializes in homeowners insurance for Florida residents. Its commitment to customer service and innovative technology solutions make it a strong contender in the market.

Manatee Insurance differentiates itself by offering specialized flood insurance products and focusing on coastal properties. Its competitive pricing and personalized service help it attract and retain customers in a competitive market.

Conclusion

Wrapping Up

Manatee Insurance is a solid choice for those seeking comprehensive and affordable insurance coverage. With a range of products, competitive premiums, and excellent customer service, it provides reliable protection tailored to the needs of its diverse client base.

Not sure where to start? Get in touch with our team today for a free consultation.