Swyfft Homeowners Review
Swyfft is an innovative newcomer in the home insurance space. It was founded in 2014 and relies on patented data technology to derive home insurance quotes using only an address—and it only takes a couple of minutes. This company is best for a customer looking for a straightforward process that’s comfortable with a fully digital experience. Something to keep in mind, though, is that Swyfft homeowners insurance is currently available in only 7 out of 50 states.
|Receive a quote within minutes||Swyfft uses underwriters to carry out the policy|
|Fully online process||Policies not available nationwide|
|No credit score required for quote||Vague information about its partners|
The Home Insurance Factors We Analyzed
The pricing of a policy depends solely on your home, and Swyfft uses data and analytical methods to calculate how much a policy costs you in minutes using only your address. The founders of the company estimate they can save homeowners 10% to 20% every year.
Typically, pricing for a homeowners insurance policy depends on many factors, including credit score. Since Swyfft doesn’t require this information, it could help anyone with lower credit get a good deal. Costs also differ based on your geographic location, the size of your home, and which policy you choose.
The Better Business Bureau (BBB) gives Swyfft an “A” rating and customers on the BBB site give it higher-than-average scores for the insurance industry. Swyfft homeowners insurance hasn’t been around long so there aren’t other ratings available from major agencies.
In addition, Swyfft doesn’t cover every home in each of the states. Depending on the state you live in, you might have trouble finding a quote for your home at this time. Because of the ease of use, if you live in one of the supported states, it might at least be worth checking for a quote.
You’re covered if your home is damaged and needs repairs or replacement, including the framing, walls, countertops, roof, and more. Swyfft covers any additional structures like a barn, a shed, or a studio on your property, as well as your belongings and items your children have while away at college.
Furthermore, if your home is damaged to the point that you can’t stay there, Swyfft covers your temporary housing and boarding for your pets as needed. This coverage lasts until you can move back into your home.
If anyone files a lawsuit against you for bodily injury or property damage originating on your property, Swyfft takes care of your attorney bills. In the event someone gets hurt on your property, you’re also covered. The same is true if you’re liable for an accident away from your home, as long as it doesn’t involve a car.
Before shopping around for a policy, add up the total value of everything you own, including your home and your bank accounts, to determine the value of your assets.
Deals, discounts, and add-ons
Swyfft doesn’t note any deals or discounts on its website. However, it does offer customers in Houston and San Francisco free home maintenance checks twice per year through its partner Sheltr.
Swyfft Overview: Financial Strength, Availability, and History
In addition to its “A” rating, Swyfft gained accreditation with the BBB in 2018, indicating some positive customer experiences with the company. Because the business is newer, it may take more time for the larger rating agencies to provide evaluations of the company. All of Swyfft’s underwriters are labeled at least a strong “A-” by AM Best.
- In business since: 2014
- S&P Financial Strength Rating: N/A
- Moody’s Financial Strength Rating: N/A
- AM Best Financial Strength Rating: Underwriters rated A- or better
- States served: 7
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All information accurate as of January 17, 2020.
Factors evaluated include the providers financial strength as indicated by organizations such as AM Best and Standard & Poors, customer service ratings and support, as well as average premiums.
The Bottom Line
Overall, Swyfft homeowners insurance is new to the market but is making waves in the insurance industry. Its patented technology turns a quoting process that might take another insurance company two weeks into one that only takes a few minutes.
For customers with credit blemishes, Swyfft offers another avenue for receiving a home insurance policy because it only uses a person’s home address to come up with a quote. Because it’s still a young and growing company, there are still some unknowns that some consumers may find pose a risk.
Swyfft Homeowners Insurance FAQ
Swyfft also offers commercial insurance in Illinois and Florida that protects your business. It doesn’t currently have bundling discounts available.
Swyfft home insurance is currently available in Alabama, Florida, Illinois, Massachusetts, New Jersey, New York, and Texas. Our research showed that not every single-family residence is supported in these states, however.
Swyfft takes care of the quoting part of the insurance process and provides rapid quotes to its customers, but relies on partners to underwrite the insurance policies. You can file a claim on the Swyfft website, but you’ll be dealing with a partner company to carry through your claim.
Swyfft home insurance covers repairs and replacement for your dwelling and other structures on your property. It also replaces your belongings and pays your living expenses if you have to dwell off-site during a repair. In addition, it handles any personal liability or medical expenses if a person is injured on your property.