Olympus Insurance Company Review

Olympus Insurance Company, established in 2007, is renowned for its dedicated service to Florida homeowners. Specializing in a range of property insurances, including homeowners, condo, and landlord insurance, Olympus Insurance company has carved a niche for itself in the Sunshine State. The company's steadfast commitment to providing tailored insurance solutions highlights its deep understanding of Florida's unique insurance needs and challenges.

Company Highlights:

• Specializes in Florida homeowners, condo, and landlord insurance.
• Offers comprehensive coverage, including flood and enhanced options.
• Strong financial ratings from Demotech (A) and BBB (A+).
• Dedicated to understanding Florida's unique insurance challenges.

Are you a Florida homeowner…

• Seeking reliable insurance coverage specifically designed for the Sunshine State?
• Looking for a financially stable insurer with a strong customer service reputation?
• Wanting comprehensive options, including protection against hurricanes and floods?

At Worth Insurance, we understand the unique insurance needs of Florida homeowners. Finding the right coverage doesn't have to be a hassle. Let us help you explore your options.

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Company Overview

Olympus Insurance Overview

Established in 2007, Olympus Insurance Company has built a strong reputation for serving Florida homeowners with tailored property insurance solutions. Their focus on the Sunshine State allows them to deeply understand and address the specific risks and challenges faced by Florida residents. Olympus offers a range of insurance products, including homeowners, condo, and landlord insurance, demonstrating their commitment to meeting diverse needs within the Florida market.

Olympus Insurance stands out with its commendable A financial strength rating from Demotech and an A+ from the Better Business Bureau, signifying strong financial stability and a commitment to customer service. Their offerings go beyond standard homeowners insurance in Florida, including crucial flood insurance and valuable optional coverages like equipment breakdown and identity theft protection. This comprehensive approach ensures Floridians can secure robust protection against a wide array of potential risks.

Financial Stability

Financial Summary Information

Metric

Amount

Net Admitted Assets

$144,889,524

Policyholders Surplus

$39,202,181

Gross Premiums Written

$52,302,896

Net Premiums Writte

$10,095,501

Products and Packages

Olympus Insurance Products and Packages

Olympus Insurance provides a comprehensive suite of insurance products designed specifically for Florida homeowners. Their offerings are meticulously tailored to address the unique challenges and risks associated with owning property in the state, such as hurricanes, floods, and more. By focusing on a wide range of coverage options, Olympus ensures that every homeowner finds a policy that best suits their needs, providing peace of mind in the face of natural and man-made disasters.

Their packages go beyond the typical insurance offerings, providing specialized coverage options for a variety of living situations. Whether you own a single-family home, a condo, or you're renting out your property, Olympus has developed specific packages to ensure that your investment is protected. This attention to detail and customization is what sets Olympus apart in the crowded insurance market of Florida.

Florida Homeowners Insurance

Olympus Insurance offers comprehensive homeowners insurance tailored to the unique risks faced by Florida residents. This policy typically covers damage to your dwelling and personal property from perils like windstorms, fire, and theft. It also provides liability protection if someone is injured on your property. Key features often include coverage for roof damage, water damage, and personal liability.

Dwelling Under Construction

This specialized policy caters to homeowners who are building a new home or undergoing significant renovations. It offers protection against potential losses during the construction phase, such as damage from weather, vandalism, or theft of building materials. Coverage transitions into a standard homeowners policy upon completion.

Condo Insurance

Olympus' condo insurance is designed for condominium owners, covering personal property and liability within the unit. It addresses gaps left by the condo association's master policy, typically covering interior walls, personal belongings, and liability for incidents occurring within the unit.

Florida Rental Property Insurance

This policy is tailored for landlords who own rental properties in Florida. It provides coverage for the dwelling itself, as well as liability protection for incidents related to the rental property. It protects landlords from financial losses due to damage, loss of rental income, and liability claims.

Scheduled Property Coverage

This optional coverage allows policyholders to specifically insure high-value items such as jewelry, art, or collectibles. By scheduling these items, policyholders ensure they are adequately covered for their appraised value, often with broader protection than standard personal property coverage.

Commercial Residential

Olympus Insurance also provides commercial residential insurance for properties that are used for both residential and commercial purposes. This policy is designed to address the unique risks associated with these mixed-use properties, offering coverage for both the residential and commercial aspects.

Spartan Enhanced Coverage

The Spartan Enhanced Coverage is an optional enhancement to existing policies that offers broader protection and additional coverage features. This package can include higher coverage limits, expanded peril coverage, and additional endorsements, providing a more robust safety net for homeowners.

Florida Flood Insurance

Recognizing the high flood risk in Florida, Olympus Insurance offers flood insurance, often in partnership with the National Flood Insurance Program (NFIP). This policy protects homeowners from losses caused by flooding, which is typically excluded from standard homeowners insurance policies.

Pricing & Premiums

Olympus Insurance Premiums

Olympus Insurance caters to Florida homeowners with a focus on offering comprehensive coverage that suits the unique needs of the state. Given Florida's susceptibility to natural disasters like hurricanes and floods, insurance premiums in the region are generally higher compared to the national average. In 2024, the average annual home insurance premium in Florida is around $8,770, significantly higher than the national average, showcasing the heightened risk factors associated with insuring properties in the state​​.

For those seeking affordable options, Olympus Insurance provides competitive rates and packages designed to offer value without compromising on coverage. Although specific premium rates for Olympus were not directly found, the landscape of Florida's insurance market suggests Olympus aims to provide financially reasonable options for comprehensive protection.

Companies like Security First and Tower Hill, for example, offer rates significantly below the state average, at $721 and $1,189 per year respectively, reflecting the competitive nature of the market and the possibility for homeowners to find affordable rates​​​​.

• Florida's average annual home insurance premium is notably high at $8,770 due to the state's risk factors.
• While specific rates for Olympus were not detailed, the company is known for striving to offer quality protection at competitive rates.
• The insurance market in Florida includes options like Security First and Tower Hill, offering premiums well below the state average, highlighting the competitive and varied nature of insurance premiums within the state.

Discounts and Credits

Affordable Home Insurance Rates in Florida for New and Secured Homes

When it comes to safeguarding your home in Florida, Olympus Insurance stands out with its competitively priced policies for homes that meet specific criteria. Understanding that newer homes and those with enhanced security measures often present fewer risks, Olympus Insurance rewards these homeowners with more attractive rates.

Criteria for Competitive Pricing:

• New Home Advantage: If your home is 10 years old or newer, Olympus Insurance recognizes the lower risk associated with newer constructions and offers premiums that reflect this.
• Valued Home Benefit: Homes that are appraised at higher values are often better maintained. Olympus recognizes this by offering lower insurance premiums.
• Security Discount: For homes equipped with monitored burglar and fire alarms, Olympus offers significant discounts, acknowledging the reduced risk of theft and damage.‍
• High Insurance Score Savings: Olympus Insurance looks favorably upon homeowners with high insurance scores (tier 6-15), offering reduced premiums for those who maintain a good credit history and a clean claim record.

Additionally, if your home features smart water protection systems, Olympus further extends discounts, promoting the use of technology that can prevent or minimize water damage.

Understanding these benefits is crucial for any Florida homeowner looking for insurance options that take into account the specific characteristics and safety measures of their property insurance. With Olympus Insurance, taking proactive steps to protect your home not only brings peace of mind but also financial advantages through lower insurance premiums.

To find out more about how you can benefit from these competitive rates and to see if your home qualifies, visit Olympus Insurance’s detailed guide on Homeowner's Insurance Discounts.

Eligibility & Underwriting Requirements

Eligibility & Underwriting Requirements

Before applying for a homeowner's insurance policy with Olympus Insurance, there are several important prerequisites and requirements that Florida homeowners should be aware of. These not only determine eligibility but also play a crucial role in how Olympus calculates insurance premiums.

Location and Inspection Criteria

• Florida Residency: Olympus Insurance caters exclusively to properties located within Florida, ensuring a deep focus on the specific insurance needs of the state's residents.
• Home Inspection: Olympus Insurance requires an inspection on ALL properties. This includes an exterior observation, potentially using a drone, interior inspections for homes 25 years of age, and High Value inspections for homes with Coverage A of $750K and higher. The insured should be advised of the in-home inspection and photo requirement. Depending on the age and specifics of your home, a detailed inspection may be necessary to evaluate potential risks and establish the right coverage.  
• Distance to Hydrant and Fire Station:
  • For HO3, DP3, and HO6, any risk greater than 5 miles to a fire station and more than 1,000 feet to a hydrant is ineligible. Other credible water sources can be considered.  
  • For HO3, DP3, and HO6, any risk greater than 7 miles to the fire station is ineligible.  

Understanding Insurance Scores

• Insurance Score Impact: For new business HO3 quotes, Olympus Insurance uses an insurance score that can affect your rate. This score is pulled at the time of application and during the quoting process to determine the most accurate rate for your policy.
• Tier System for Scores: There is a tier system for insurance scores, with Tiers 1-4 having surcharges applied and Tiers 6-15 resulting in no rate impact or potential premium credits. Notably, a "No hit" Tier 16 also means no rate impact, but additional information may be required to secure an accurate rate.

Documents Required

To streamline the application process and ensure your coverage meets your needs, Olympus Insurance requires certain documents. These documents are crucial for assessing the property's value, ownership, and risk factors, which in turn help in tailoring the insurance policy to your specific situation.

• Proof of Homeownership: This can be a deed or a recent mortgage statement confirming your ownership of the property.
• Detailed Home Inspection Report: For older homes or properties with unique features, a recent home inspection report may be required to identify potential risks and the state of the property. GIC requires an inspection on ALL properties.  
• Photo Identification: A government-issued ID to verify the identity of the policy applicant.
• Current Insurance Policy Declarations: If you're switching providers or have existing coverage, the declarations page of your current policy is needed for comparison and underwriting.
• Property Tax Statement: This may be requested to verify the property's assessed value and ensure adequate coverage is provided.

Additional Eligibility Requirements

• Ownership:
  • LLCs or corporations can be written on HO3, DP3, and HO6 forms with specific conditions.  
  • Trusts and LLCs require an individual as the named insured and should be listed as an additional interest.  
  • Trusts can be written with or without liability but must be reviewed by UW.  
• Prior Claims: Questions regarding prior claims should be referred to UW. Prior claims follow the named insured risk and address.  
• Prior Insurance: Please note that force-placed coverage is not accepted as proof of prior insurance.  
• Unacceptable Electrical and Plumbing:
  • Electrical: Minimum 150 amp requirement; Federal Pacific, Challenger, Zinsco, Sylvania, Aluminum, Knob & Tube, Cloth, Alumicon are unacceptable.  
  • Plumbing: Polybutylene, Galvanized, Cast Iron are unacceptable.  
• Dog Breeds:
  • Unacceptable Dog Breeds: Akita, American Pit Bull Terrier, American Staffordshire Terrier, Cane Corso (Italian Mastiff), Catahoula Leopard, Chow, Doberman Pinscher, Fox Terrier, German Shepherd, Husky, Pit Bull, Presa Canario, Rottweiler, Staffordshire Bull Terrier, Wolf, or any mixture that includes any of these breeds are unacceptable.  
  • Special Note Regarding Dog Breeds: Risks that have German Shepherd, Catahoula Leopard, Fox Terrier, Belgian Malinois, and Husky may be written excluding Animal Liability.  
• Roofs:
  • Ineligible Roofs:
    • Wood shake shingle roofs.  
    • Shingle roofs age 16 years (21+ for tile, metal) without SWR and a life expectancy of at least 5 years confirmed by a pre-authorized inspector.  
  • Eligible Roofs:
    • Tile & Metal roofs 20 years and newer.  
    • Shingle roofs 15 years and newer.  
    • Reinforced concrete roofs.  
• Other Ineligible Conditions:
  • Unconventional Construction (e.g., log homes, tiny homes, container homes, pole homes).  
  • Short-Term Rentals (HO3 & DP3). HO6: 7-day minimum rental period. Must be written on the DP3 form, with condominium type.  
  • Modular Homes

Application Process

Application Process

The application process for Olympus Insurance is designed to be straightforward and customer-friendly, aiming to ensure that prospective Florida insurance policyholders can secure coverage efficiently and without unnecessary hassle. Initially, the process involves gathering necessary documents and information about the property to be insured, including details regarding its location, age, construction, and any existing coverage. This preparatory step is crucial for a smooth application process and accurate policy underwriting.

Following the preparation phase, applicants are encouraged to either contact Olympus Insurance directly through their customer service channels or utilize the online platform for quoting and application submission. 

The online system provides a convenient and fast way to get a quote, allowing homeowners to input their property insurance details and receive an estimate quickly. For a more personalized service or if there are specific questions regarding the coverage options, contacting an agent directly can provide tailored advice and assistance throughout the application process.

Navigating the application process for homeowner's insurance can be complex, especially when ensuring you're getting the coverage that best fits your needs at a competitive rate. Worth Insurance specializes in simplifying this journey for Florida homeowners. 

By offering expert guidance and comparison tools, Worth Insurance can help you understand the nuances of different policies, including those offered by Olympus Insurance. Contact Worth Insurance today to make your application process as seamless as possible and secure the insurance that's right for you.

Customer Reviews & Service

Customer Service

Olympus Insurance is committed to providing its policyholders with accessible and efficient customer service alongside comprehensive claims assistance. The company is recognized for its effort to go the extra mile, ensuring policyholders can easily reach out through various channels for support and claims reporting. With a focus on quality customer service, Olympus Insurance seeks to address the needs of Florida homeowners effectively and efficiently.

• For policy services and general inquiries, customers can contact Olympus Insurance by phone at 800.711.9386. There's also an option to reach out via email through policyservices@oigfl.com, providing a direct line to customer service representatives who can assist with policy questions, updates, or concerns​​​​.
• In the event of needing to file a claim, Olympus Insurance has made available a dedicated claims hotline, which operates 24/7, at 866.281.2242. This ensures policyholders can report claims or seek urgent assistance at any time. For those preferring digital communication, claims can also be reported via email at olympusclaims@oigfl.com, allowing for a documented trail of communication and potentially faster processing​​​​.
• Olympus Insurance encourages the use of their online portal, OICONNECT, accessible via their website. This platform offers policyholders a way to manage their policies, file claims, and access important information digitally, providing convenience and flexibility​​.

Olympus Insurance Customer Reviews

The tear off crew was very professional and made sure the site was cleaned up every day. Couldn’t ask for a better tear off crew. Extremely happy with the installation crew they did an excellent job. We are very happy with the way they trimmed out around the fireplace and the way they installed the vents.

C

Chuck S.

6/6/2024

We were part of the Olympus Insurance Elite Repair Program (ERP) and Baldwin Roofing took care of our roof. Baldwin Roofing is an excellent company! Quality workmanship, constant open communication and customer satisfaction is their goal. Five stars for certain!

R

Robert D.

4/6/2024

After storms damaged our roof, Olympus put us in touch with Baldwin Roofing in their Elite Repair Program. We cannot say enough about how easy Baldwin Roofing was to deal with during that stressful time. Their employees are top notch. The workers did an excellent job.

J

Joan M K.

4/6/2024

We had a wonderful experience with Olympus Insurance. Very quickly after our claim we were contacted and put in touch with Zackary and his team at Massey Roofing. They did an excellent job on our roof. They were attentive and clean through the process and provided me with great pictures of the entire job. Thank you both for all your hard work!

T

Tatum H.

4/6/2024

I cant express how happy I am with the results of Olympus Insurance for my hurricane damage. It started out a little slow and I’m sure it was from the volume of claims they were handling however I always received a call back. I was most impressed that they assigned me with a roofer by the name of Baldwin Roofing.

L

Lisa S.

4/6/2024

Olympus was very slow in responding to my Hurricane losses but quick to nearly raise my premium twice to $4800/year. It was only about 1/4th of that 2 years ago. They did send funds to replace my fence and shed after several months. But, I just got my roof replaced in December. 2023. The loss occurred in September 2022. I am still waiting for a contractor to repair my drywall.

R

Richard J.

4/6/2024

How to Make a Payment

How to Make a Payment

To make a payment with Olympus Insurance, Florida insurance policyholders can navigate to the Olympus Insurance website and use the "Make A Payment" option available on the site. This streamlined process ensures that making payments is convenient and secure for all policyholders. For personalized assistance or more information about your payment options, Worth Insurance can help guide you through the process and ensure your insurance needs are met efficiently. Visit the Olympus Insurance website or contact Worth Insurance for support​​.

1. Visit the Olympus Insurance website.
2. Navigate to the "Make A Payment" section.
3. Enter your policy information as required.
4. Follow the prompts to enter payment details.
5. Review and confirm your payment.

Flexible Payment Options for Olympus Insurance Policyholders in Florida

For Florida homeowners insured with Olympus Insurance, making premium payments is convenient and tailored to suit a variety of preferences. Here's how you can keep your policy up-to-date with your payments:

Accepted Payment Methods

• Credit Cards: Olympus Insurance accepts major credit cards, including Visa, MasterCard, Discover, and American Express, for premium payments. Please note, a 2.99% convenience fee applies to all credit card transactions, ensuring secure and prompt processing.

Choose Your Payment Plan

• Full Pay: Pay _your annual premium in one installment and avoid any installment fees, making this the most cost-effective option.
• 2 Pay: Opt for a semi-annual payment schedule with 60% of your total premium due initially and the remaining balance due in 6 months.‍
• 4 Pay: If quarterly payments are more manageable, consider the 4 Pay option, where you pay 40% upfront and the rest over three equal installments every 90 days.

How to File a Claim

How to File a Claim

Filing a Florida insurance policy claim with Olympus Insurance is designed to be hassle-free, with options to file claims online or via their 24/7 hotline. Policyholders are assigned a dedicated claims adjuster to guide them through the process, ensuring a smooth and supportive claims process experience.

1. Access the Olympus Insurance website.
2. Navigate to the "File a Claim" section.
3. Utilize the insured portal, OICONNECT, for an online submission.
4. Follow the provided instructions and fill out the necessary claim details.
5. Submit any required documentation or evidence related to the claim.

Key Competitors

Key Competitors

Olympus Insurance Company is a Florida-based insurer that specializes in providing comprehensive homeowners insurance coverage, particularly for high-value homes. Given its niche focus, Olympus faces competition from both regional insurers and national companies that also cater to the higher-end market segment. 

One of the primary competitors is Chubb Insurance, which is renowned for its high-value homeowners insurance policies. Chubb offers extensive coverage options, including protection for luxury homes, high-value personal property, and liability coverage, making it a significant competitor for Olympus.

Another competitor is Pure Insurance (Privilege Underwriters Reciprocal Exchange), which, like Olympus, targets high-net-worth individuals and offers bespoke insurance solutions, including customized homeowners insurance policies. Pure Insurance is known for its exceptional customer service and tailored coverage options, appealing directly to the same market that Olympus serves.

Within the Florida market, Florida Peninsula Insurance and Security First Insurance also serve as key competitors. Florida Peninsula offers a range of homeowners insurance products with a focus on providing robust coverage for the state’s specific risks, such as hurricanes and floods. 

Security First Insurance is another Florida-centric company that competes in the homeowners insurance space, with a strong emphasis on customer service and innovative insurance solutions.

These companies, along with other regional players like Heritage Insurance, pose strong competition to Olympus Insurance. Olympus’s focus on high-value homes and tailored coverage sets it apart, but it must continuously innovate and provide top-tier service to compete effectively against these specialized and well-established competitors.

Conclusion

Wrapping Up

As we wrap up our exploration of Olympus' Florida insurance policy offerings and how they stand out in the Florida homeowner insurance market, it's clear that making the right choice for your insurance needs is paramount. For those seeking further guidance or exploring additional insurance solutions tailored to the unique challenges of Florida living, Worth Insurance stands ready to assist.

With a team of experienced professionals, Worth Insurance can help you navigate your options and ensure that you're well-protected. Reach out to Worth Insurance today for personalized service and expert advice on securing the best coverage for your home.