TypTap Insurance Company Review

Company Overview

Typtap Insurance Company Overview

On the financial front, Typtap Insurance boasts robust stability, with Demotech affirming its strong financial outlook. This is significant for policyholders who prioritize reliability in their insurance provider. 

However, potential customers should be mindful of the company's limitations, such as a more restricted product range compared to competitors and the absence of publicly available discount information which could enhance the appeal for cost-conscious shoppers.

• Established: 2016, Ocala, Florida
• Focus: Homeowners and flood insurance
• Financial Stability: Strong, as rated by Demotech
• Customer Reviews: Mixed, with a 4.3-star rating on Google and a 1-star rating on the Better Business Bureau
• Expansion: Aiming to grow beyond Florida
• Product Range: More limited compared to larger insurers

Despite these mixed reviews and a somewhat limited range of products, Typtap Insurance's dedication to a hassle-free customer experience and financial reliability makes it a compelling choice for many homeowners in Florida. Their proactive approach to expansion and customer service highlights their potential to evolve and cater to a broader audience in the coming years.

Financial Stability

TypTap Insurance Company Financial Summary Table

Reporting Period

Net Admitted Assets

Policyholders Surplus

Gross Premiums Written

Net Premiums Written

3/31/2024

$464,133,060

$98,859,641

$144,212,293

$150,997,588

12/31/2023

$392,951,508

$92,458,895

$365,671,766

$232,318,342

12/31/2022

$381,529,897

$76,735,819

$350,590,461

$199,104,059

Products and Packages

Typtap Insurance Products and Packages

Typtap Insurance, a subsidiary of HCI Group, has broadened its horizons by extending its proprietary online platform to include homeowners' insurance, adding to its already established flood insurance offering. This strategic move aims to replicate the success Typtap has experienced with its flood insurance product, leveraging technology for streamlined underwriting and sales processes​​. 

Customer feedback highlights Typtap's appealing coverage options for homeowners, including unique offerings for older homes and comprehensive water damage coverage, distinguishing them from competitors​​.

The company’s focus on leveraging technology, like their in-house developed underwriting system that evaluates risk down to the rooftop level, has played a crucial role in their profitability and operational efficiency. This system takes into account various property characteristics to price the risk accurately, ensuring that premiums are in line with the actual risk posed by the property​​.

• Homeowners and Flood Insurance: Core offerings in Typtap’s insurance portfolio.
• Technology-Driven: Utilizes a proprietary online platform for streamlined insurance processes.
• Unique Coverages: Specializes in policies for older homes and offers comprehensive options that go beyond many competitors.

TypTap Home® Insurance

A homeowners insurance offering that leverages "positive underwriting" through Typtap’s InsurTech platform to simplify the underwriting and sales process. This product is specifically designed to address the needs of Florida homeowners, promising efficiency and comprehensive coverage tailored to the unique risks of the state​​.

Flood Insurance

Typtap’s flood insurance distinguishes itself from the National Flood Insurance Program by providing a streamlined online quoting and binding experience. This offering targets homeowners looking for efficient and reliable flood coverage, backed by the technological prowess of Typtap's InsurTech solutions​​.

Pricing & Premiums

TypTap Premiums

Typtap Insurance has marked a significant presence in the insurance industry through strategic product offerings and leveraging technology. The company's approach to premiums reflects a balance between competitive pricing and maintaining financial stability, ensuring that policyholders receive value for their investments.

In 2023, Typtap Insurance Company saw a notable increase in gross written premiums to $114,701,000, up from $86,153,000 the previous year. This growth signifies the company's expanding footprint and customer trust in their product offerings​​. Additionally, the gross premiums earned in the same period were $87,612,000, highlighting the company's capacity to generate revenue and manage risks effectively​​.

• Homeowners Insurance: Premiums are crafted to cater to a wide range of homes, reflecting the property's value and risk factors.
• Flood Insurance: Average premiums in A and V flood zones hover around $2,000, offering crucial protection without the wait times and restrictions typical of NFIP policies​​.

Financial Summary

Metric

As of March 31, 2022

As of December 31, 2021

As of December 31, 2020

2023

Net Admitted Assets

$326,780,954

$286,695,675

Not reported

Not reported

Policyholders Surplus

$92,963,615

$93,357,204

Not reported

Not reported

Gross Premiums Written

$86,765,219

$248,974,050

Not reported

$114,701,000

Net Premiums

$86,661,894

$167,104,794

Not reported

Not reported

Discounts and Credits

Discounts and Offers

TypTap Insurance, known for its homeowner and flood insurance products, provides a variety of coverage options to meet the needs of its policyholders. While TypTap does not publicly list specific discounts on their website, it's understood in the insurance industry that certain common discounts may be available. 

To get the most accurate and up-to-date information on TypTap's discounts, it's recommended to contact their customer service directly or consult with local agents who are associated with TypTap.

Potential discounts that might be available through TypTap, based on industry standards, include:

• Bundling Discounts: Savings for policyholders who purchase more than one type of insurance policy from the same company.
• Claims-Free Discount: Rewards for customers who have not filed a claim within a specified period.
• Security System Discount: Discounts for homes equipped with security systems or smart home technologies that monitor for break-ins, fires, and water damage.‍
• Loyalty Discounts: For customers who have remained with TypTap for several years.

Eligibility & Underwriting Requirements

Eligibility & Underwriting Requirements

When considering TypTap Insurance for your homeowner or flood insurance needs, understanding the prerequisites and requirements for policy application is crucial. 

TypTap Insurance leverages innovative technology to streamline the insurance process, making it simpler for potential policyholders to apply for coverage. While specific details might vary based on the type of insurance you're seeking, some general guidelines can help you prepare for the application process.

Documents Required

Before applying for insurance with TypTap, it's important to gather necessary documents that will be required during the application process. These documents not only expedite the process but also ensure accuracy in the coverage options provided to you.

Documents typically required include:

• Proof of Identity: Valid government-issued identification such as a driver’s license or passport.
• Proof of Property Ownership: Deed, mortgage documents, or recent property tax statement.
• Home Details: Information regarding the construction, including year built, square footage, and details about the roof, foundation, and electrical system.
• Safety Features: Details about smoke detectors, security systems, and any hurricane-proofing measures.
• Insurance History: Details of your previous insurer and any claims history if you’re switching providers or have had prior coverage.

Application Process

Application Process

Applying for insurance through Worth Insurance is a streamlined and straightforward process designed to connect you with the best coverage options from top insurance carriers. With Worth Insurance, you can easily compare quotes and find policies tailored to your needs, ensuring you get the best value for your insurance coverage.

• Visit the Worth Insurance website and select the type of insurance you're interested in.
• Click on "Get a Quote" to begin comparing quotes from different carriers.
• Provide the required information about your property or vehicle to receive accurate quotes.
• Review the quotes and coverage options available to you.
• Choose the policy that best meets your needs and follow the steps to complete your application.

For detailed guidance and assistance, Worth Insurance offers customer support through phone at 561-463-5814 or email at service@worthinsurance.com. Their team is ready to help you navigate the insurance shopping experience, making it easy and secure to find the coverage you need​​.

Customer Reviews & Service

Customer Service

TypTap Insurance is committed to providing exceptional customer service, ensuring policyholders receive prompt and comprehensive support for their insurance needs. 

Whether you're filing a claim, seeking clarification on your policy, or need assistance with policy adjustments, TypTap's dedicated team is ready to help. Their customer service infrastructure is designed to offer seamless, efficient support to address your concerns swiftly and effectively.

For assistance, you can reach TypTap Insurance through the following channels:

• Customer Service Phone Number: For general inquiries or support, call 844-289-7968.
• Claims Reporting and Support: To report a claim or get help with an existing claim, use the same number, 844-289-7968, or email fnol@typtap.com.
• Fax for Claims Documentation: Send any necessary documentation for your claim via fax to 352-533-4073.
• Email for General Inquiries: For non-urgent matters or general questions, you can email customerservice@typtap.com.

TypTap Insurance Customer Reviews

Typ tap ins. Co. I want to thank you for all you have done for helping With a House problems. And thank you to all the Staff,people I have talked to a very nice from your company and do everything above and beyond to satisfy their customers. I give them a five star review Maybe even a 10.Tori Mc Cullun, Very nice woman.

L

Lori A.

8/6/2023

We have always had great service from TypTap anytime we call. The representatives we have spoken to are knowledgeable and helpful. Happy to be with TypTap for the last 4 years and hoping to be with them for many more.

A

Andrew J.

9/8/2023

I’ve had a wonderful experience with Typ Tap insurance. I live in Cape Coral Florida, and had hurricane damage to my home from Ian. My claim was paid promptly and very fairly. I am able to have my roof replaced and my fence replaced as well as other minor repairs done. I would definitely recommend them. Everyone I know who has different insurance companies have not had the same result that I have. So thankful for Typ Tap.

S

Stasi G.

8/6/2023

I think TypTap is the best insurance company in Florida. I am very pleased with them and they have been very responsive and honest. I am hoping they stay in Florida and do not leave us due to the hurricane loss. Thank you TypTap for going above what others promise.

L

lincee

8/6/2023

I have had nothing but a positive experience with TypTap. We had damage from Hurricane Ian, and they were very easy to deal with during the claim process. Payments were made very promptly, and the damage was paid in full. It made it less stressful for me and my family. My only concern is what will our renewal rate be?

S

Shannon D.

9/8/2023

My elderly mother had house insurance from TypTap and missed a payment because she didn’t realize that it was her house insurance bill. She called and explained that it was a mistake and she would pay what she owed. They canceled her house insurance and said they would review and see if she could renew and they would call and let her know. Never received any calls or response.

D

Derek

2/8/2024

How to Make a Payment

How to Make a Payment

To make a payment to TypTap Insurance, follow these steps:

1. Visit the TypTap Insurance website at www.typtap.com.
2. Find and click on the "Make a Payment" or "Payment Information" section.
3. Input your policy details, including the policy number, and specify the payment amount.
4. Select your preferred payment method, options might include credit card, debit card, or bank transfer.
5. Verify the payment information, then confirm to complete the transaction.

For detailed instructions or additional support, consider contacting TypTap Insurance directly through their website or customer service line.

How to File a Claim

How to File a Claim

To file a claim with TypTap Insurance, it's essential to act promptly and follow their recommended steps to ensure a smooth process.

1. Begin by contacting TypTap directly via their claims phone number at 844-289-7968 or email your claim details.
2. Provide comprehensive information about your claim, including the policy number and incident specifics.
3. TypTap will guide you through submitting any required documentation.

For any questions or additional support, their customer service is available at the same contact number. Remember, early communication is key to a successful claim resolution.

Key Competitors

Key Competitors

TypTap Insurance Company is a Florida-based insurance provider that has gained prominence by focusing on homeowners and flood insurance. What sets TypTap apart is its use of technology and data analytics to streamline the underwriting process, offering quick and efficient services to policyholders. As a tech-driven company, TypTap’s key competitors include both traditional insurers and newer, technology-focused companies that offer similar products in the Florida market.

Among the primary competitors is Slide Insurance, another tech-focused company that leverages data analytics to provide customized homeowners insurance policies. Slide Insurance, like TypTap, appeals to tech-savvy consumers who appreciate the ease of obtaining quotes and managing policies online.

In the flood insurance space, TypTap faces competition from Neptune Flood Insurance, a company that also uses advanced technology to simplify the flood insurance process. Neptune’s streamlined online platform and competitive pricing make it a significant competitor in this niche market.

Another notable competitor is Olympus Insurance, a regional player that offers comprehensive homeowners insurance in Florida, including coverage for hurricane and windstorm damage. While Olympus has a more traditional approach, it competes directly with TypTap by offering tailored policies to meet the specific needs of Florida homeowners.

Lastly, Tower Hill Insurance remains a competitor due to its long-standing presence in the Florida market and its broad range of homeowners insurance products. While Tower Hill is more traditional, it has adapted by offering online services and competitive pricing to maintain its market share against newer, tech-driven companies like TypTap.

Conclusion

Wrapping Up

TypTap insurance presents a compelling option for those seeking reliable coverage coupled with customer-centric service. To explore personalized policy solutions tailored to your unique requirements, request a custom quote from Worth Insurance today and experience the TypTap difference.