Vyrd Insurance Company Review

Company Overview

Vyrd Insurance Company Overview

Leveraging advanced technology and innovative practices, Vyrd offers a range of products including standard HO3 homeowner policies and cutting-edge Smart Home Water Protection. This integration of technology not only ensures comprehensive coverage but also affords homeowners significant savings on premiums through various preventive measures.

• Local Expertise: Deep understanding of Florida’s unique insurance needs.
• Financial Stability: Holds an "A" Exceptional Financial Stability Rating from Demotech, Inc.
• Innovative Technology: Offers Smart Home Water Protection and other tech-driven solutions.
• Community Focus: Provides extensive storm preparedness resources and supports local community initiatives.
• Customer-Centric Claims Process: Simplified, 24/7 claims reporting with support for quick recovery.
• David Howard, the president is highly active throughout the creation of policies.

Vyrd’s commitment extends beyond mere insurance provision to embrace a community-centric approach, focusing on education, preparedness, and tailored solutions that enhance the safety and satisfaction of Florida homeowners. This philosophy cements Vyrd’s position as a trusted partner in homeowner insurance.

Financial Stability

Vyrd Insurance Company Financial Summary Table

Reporting Period

Net Admitted Assets

Policyholders Surplus

Gross Premiums Written

Net Premiums Written

3/31/2024

$108,918,270

$31,010,382

$49,094,055

$50,038,646

12/31/2023

$87,474,821

$34,358,527

$87,852,610

$43,813,300

12/31/2022

$58,972,172

$28,838,379

$35,718,334

$25,967,360

Products and Packages

Vyrd Insurance Products and Packages

Vyrd Insurance stands out in the Florida market with its specialized offerings tailored to withstand the state's unique climatic challenges. Their standard HO3 homeowner policies are comprehensive, covering everything from physical structure damage to personal liability, ensuring robust protection for homeowners.

In addition to standard coverage, Vyrd introduces innovative solutions like the Smart Home Water Protection program and wind mitigation discounts, designed to enhance home safety while providing financial benefits. These offerings reflect Vyrd’s commitment to leveraging technology to improve customer experience and reduce overall insurance costs.

• Standard HO3 Policy: Comprehensive coverage for home, belongings, and liability.
• Smart Home Water Protection: Technology-driven leak detection with premium discounts.
• Wind Mitigation Discounts: Financial incentives for homeowners who enhance their home’s resistance to storm damage.
• Claims-Free Discount: Rewards for homeowners without claims over a specified period.‍
• Secured Community Credits: Additional discounts for living in secured or monitored communities.

Standard HO3 Homeowner’s Policy

Vyrd’s standard HO3 policy offers a dynamic range of coverages including dwelling, other structures, personal property, loss of use, liability protection, and medical payments. This package is designed to address the core needs of Florida homeowners, providing a solid foundation of security and peace of mind.

Smart Home Water Protection

This innovative program includes a free Smart Water Sensing Kit for new policyholders, enabling proactive protection against water damage. The package not only prevents potential losses due to leaks but also offers a premium discount, making it an attractive option for tech-savvy homeowners.

Wind Mitigation Discounts

Homeowners can significantly reduce their premiums by adopting wind mitigation features recommended by Vyrd. This package encourages the installation of features like storm shutters and reinforced roofing, which not only protect the property but also provide considerable savings on insurance costs.

Pricing & Premiums

Vyrd Insurance Premiums Overview

Vyrd Insurance Company, established in the dynamic and challenging market of Florida, has positioned itself as a responsive and innovative insurer, especially in a state known for high homeowners' insurance premiums. The company's strategic partnerships and robust financial backing, including significant capital raised and innovative joint ventures, enable it to offer competitive pricing in a market where insurance rates are notoriously high​​.

The introduction of legislative reforms, such as Florida's Senate Bill 76, has allowed Vyrd to streamline operations and reduce costs related to claims litigation and solicitation abuses. These reforms are designed to stabilize the market and have enabled Vyrd and other insurers to offer more competitively priced premiums while maintaining essential coverages​​.

• Competitive Rates: Offering reforms and strategic partnerships to offer fair premiums and underwriting in a high-cost nation and its citizens.
• Financial Stability: Backed by solid capital and an aim to provide a strategic approach to market challenges and underwriting.‍
• Responsive to Legislative Changes: Adaptation to new laws allows for creating cost-effective operations and potential savings for policyholders and citizens.

Discounts and Credits

Vyrd Insurance Carriers Discounts and Offers

Vyrd Insurance offers a variety of discounts and special offers designed to make homeownership more affordable and secure in Florida's challenging insurance landscape. Through the new standard in innovative programs and smart technology integration, Vyrd helps homeowners, companies, and citizens save money while protecting their home thro​ugh their offerings​.

• Smart Home Water Protection: Provides a 15% discount on premiums upon installation of a free water leak sensor system, which helps in early detection and prevention of costly water damages.
• Wind Mitigation Discounts: Offers between 2% to 48% off on premiums for homes with wind-resistance features that comply with Florida building codes, substantially lowering the insurance cost based on the effective prevention measures installed.
• Protective Device Discount: Homeowners can receive a discount of 10% to 25% for installing better protection like centrally monitored fire and burglar alarms, enhancing home security and potentially lowering insurance premiums.
• Secured Community/Building Credit: Provides a discount of 10% or 15% for homes located in secured communities or those with 24-hour security patrol, reflecting the lower risk associated with such properties.
• HVAC Maintenance Contract Discount: Offers a 5% discount for homes that maintain semi-annual HVAC inspections and maintenance plans, promoting better care and longevity of essential home systems.‍
• Claim-free Discount: Rewards homeowners with a 5% discount if they have not filed a claim in the past three years, promoting responsible property management and claim-free records.

Eligibility & Underwriting Requirements

Eligibility & Underwriting Requirements

To qualify for homeowner's insurance with Vyrd, applicants must meet specific criteria that reflect the unique environmental and regulatory challenges of insuring properties in Florida. These prerequisites ensure that both the insurer and the homeowner are adequately prepared for the potential risks associated with property ownership in the state.

• Florida Residency: Applicants must be Florida residents.
• Property Inspection: Properties must pass an inspection to identify any existing issues that could exacerbate claims.
• Proof of Ownership: Documentation proving ownership of the property is required.‍
• Compliance with Local Building Codes: Properties must comply with local building codes, especially concerning wind mitigation and flood risk.

Documents Required

When applying for homeowner's insurance with Vyrd, you will need to provide several key documents. These documents help Vyrd assess the risk and value of your property and determine the appropriate coverage levels.

• Proof of Identity: Typically a government-issued ID such as a driver’s license or passport.
• Proof of Property Ownership: This could be a deed or a recent property tax statement.
• Recent Home Inspection Report: Especially important for older homes or those in high-risk areas.
• Documentation of Prior Claims: If applicable, documentation related to any claims made on the property in the past.‍
• Proof of Compliance with Building Codes: Documentation or certifications that your property adheres to local building codes.

Application Process

Vyrd Insurance Application Process

Applying for homeowner's insurance with Vyrd involves a straightforward process designed to assess the suitability and risks associated with insuring your property in Florida. Initially, prospective policyholders must provide detailed information about their property and any existing insurance coverage to ensure that all potential risks are adequately assessed and covered.

The next step in the application process includes a property inspection to identify any issues that could impact the insurance coverage, such as old roofing materials or outdated electrical systems. Applicants must also complete and submit all required documentation to verify ownership and compliance with local regulations. Vyrd's policyholder first mentality trained team is available to guide applicants through each step (and well-versed in cutting edge technology), ensuring that your secure home protection process is as smooth and efficient as possible.

For those who might find the insurance application process daunting, Worth Insurance offers expert guidance and support to navigate through each step effectively. Our knowledgeable agents can help you gather the necessary documents, understand the requirements, and ensure that your application is complete and accurate. To learn more about how Worth Insurance can assist you with your insurance needs, request a free quote from our agents today.

Customer Reviews & Service

Vyrd Insurance Customer Service

Vyrd Insurance is committed to providing exceptional customer service tailored to the unique needs of Floridians. Their approach combines local expertise with responsive support to ensure policyholders receive the assistance they need efficiently and effectively. Whether it's handling claims or answering policy questions, Vyrd aims to deliver top-notch service promptly​​​​.

• General Inquiries and Customer Service: You can reach them by phone at 888-806-VYRD (8973) for any general questions or customer support needs.
• Claims Reporting: For claims, you can contact them via email at claims@vyrd.co or by phone at 844-217-6993. If you need to mail something related to a claim, the address is Vyrd Claims Department, 2540 Executive Center Circle, Suite 100, DEPT#25106, Tallahassee, FL, 32301-5015.‍
• Payments: Payments can be made over the phone using the same general customer service number or mailed to Vyrd Insurance Company, PO Box 15660, Worcester, MA 01615. For overnight payments, the address is Vyrd Insurance Company, C/O Covenir, 370 Main St., Suite 880, Worcester, MA 01608.

Vyrd Insurance Company Customer Reviews

I just got my second year renewal from VYRD insurance and so far I'm really happy. I got an average rate for South Florida but it was much better than everyone else.

S

Shannon D.

8/6/2023

The lady was very nice when I called, so no issues with customer service.

R

Rich

3/5/2024

Just got my renewal, much better than expected.

B

Bob M.

4/6/2024

So far, so good. I have not had to file a claim (hoping I never have to), so I can only speak on everything but that. I left Citizens after shopping the private market and came across VYRD. my premium for the same coverage is $3549, which is about $700 cheaper than what I was originally paying.

J

Jamie P.

12/6/2023

How to Make a Payment

How to Make a Payment to Vyrd Insurance

Making a payment to Vyrd Insurance is designed to be a straightforward and hassle-free process, ensuring that policyholders can easily manage their accounts and maintain their coverage without interruption. Vyrd offers several convenient methods for making payments, whether online, over the phone, or by mail, catering to the diverse preferences of its customers.

For those who prefer a smoother customer experience, Vyrd's online customer portal allows payments to be made securely at any time. Alternatively, payments can be made over the phone for those who prefer personal interaction or require assistance during the process. Vyrd also accepts payments via mail, which can be useful for those who prefer traditional payment methods or are paying by check.

1. Online Payment:
   • Visit Vyrd's website and log in to your customer portal at Vyrd Customer Portal.
   • Navigate to the 'Make a Payment' section.
   • Enter your payment details and confirm the transaction.
2. Phone Payment:
   • Call Vyrd's customer service at 888-806-VYRD (8973).
   • Provide your policy number and payment information to the representative.
   • Complete the transaction with the assistance of the customer service agent.
3. Mail Payment:
   • Prepare a check payable to 'Vyrd Insurance Company'.
   • Include your policy number on the check for reference.
   • Send it to the following address: Vyrd Insurance Company, PO Box 15660, Worcester, MA 01615.

How to File a Claim

How to File a Claim with Vyrd Insurance

Filing a claim with Vyrd Insurance is streamlined to ensure that policyholders can quickly and efficiently report incidents and receive the necessary support. Vyrd emphasizes a quick response to help minimize the impact of the damage and expedite the recovery process. The company offers multiple channels through which claims can be filed, including online, by phone, or through a mobile app, catering to the various preferences of their customers.

Vyrd encourages policyholders to report claims as soon as possible to initiate the process without delay. The claim filing process involves providing detailed information about the incident, any damage incurred, and any immediate measures taken. Vyrd's team is trained to guide policyholders through every step, ensuring that all necessary details are collected and that the policyholder feels supported throughout the process.

1. Contact Vyrd Immediately: Notify Vyrd of your claim by calling their claims service number at 844-217-6993 or by emailing claims@vyrd.co.
2. Provide Necessary Information: Have your policy number, contact information, and details of the incident ready. Describe the damage and any immediate actions you have taken.
3. Documentation: Submit photographs of the damage, a list of damaged or lost items, and any relevant receipts or documents that can support your claim.
4. Claim Assessment: Vyrd will review your claim and may send an adjuster to assess the damage in person. Cooperate fully with the adjuster to ensure a thorough and fair evaluation.‍
5. Claim Resolution: Once your claim is processed and assessed, Vyrd will communicate the coverage determination and process any applicable payments for repairs or replacements according to your policy terms.

Key Competitors

Key Competitors

Vyrd Insurance is a relatively new entrant in the homeowners insurance market, specifically targeting Florida homeowners. Despite its recent establishment, Vyrd competes with several well-established and emerging insurance companies in this region. 

Key competitors include companies like Citizens Property Insurance Corporation, which serves as Florida’s insurer of last resort for those who cannot find coverage elsewhere. Citizens has a large customer base in Florida, particularly in high-risk areas, making it a significant competitor.

Another major competitor is Universal Property & Casualty Insurance Company, one of the largest homeowners insurers in Florida. Universal has a strong presence in the state, offering extensive coverage options tailored to the specific needs of Florida residents, including hurricane and flood coverage. 

Additionally, Heritage Insurance, another Florida-based company, competes closely with Vyrd by offering specialized policies for the region's unique risks.

Tech-focused companies like Kin Insurance and Slide Insurance also pose competition. These companies leverage data and technology to offer customized policies and efficient service, appealing to the growing segment of tech-savvy consumers who prefer managing their insurance online. 

While Vyrd is newer, its focus on providing reliable, region-specific coverage positions it to compete effectively in this challenging market.

Conclusion

Wrapping Up: Vyrd's Combined Experience Insuring Homes

Vyrd Insurance offers a tailored approach to homeowners insurance in Florida, blending technology with traditional coverage to meet the unique challenges of the region. If you're seeking a comprehensive insurance solution that aligns with the specific needs of Florida homeowners, Vyrd might be the right choice for you. However, for those looking for broader options or coverage in other areas, it's worth exploring additional providers.

For personalized insurance solutions that cater to a wide range of needs and locations, consider Worth Insurance. Our experts are ready to help you find the perfect coverage plan that ensures peace of mind and protection for your home and family.