Swyfft Homeowners Insurance Review
Since 2014, Swyfft has used artificial intelligence and data to help save homeowners money with its homeowners insurance. The online provider is currently available in nine states: Alabama, California, Florida, Illinois, Massachusetts, Nevada, New Jersey, New York, and Texas. Swyfft also provides commercial packages in Illinois and Florida.
Swyfft is unique in that the provider uses other insurance carriers to underwrite its policies. This means that third-party insurance carriers provide the financial backing of your policy, but Swyfft handles your customer service and helps with some of your claims handling needs. Each carrier has received a minimum A- rating from AM Best. This type of insurance company is referred to as a Managing General Agent, or MGA.
Swyfft claims that its patented data analysis method will more accurately measure a home’s value and level of risk, therefore cutting costs for homeowners who might be overpaying for their insurance policy. For example, homeowners in Florida pay twice the national average in homeowners insurance premiums due to a high rate of national disasters and weather events. In this state, Swyfft uses 3D modeling and surveying data to predict wind patterns and each home’s risk of being affected.
Swyfft also advertises that its online quote process saves time and guesswork for homeowners looking for an insurance policy, claiming to provide a quote in less than a minute based solely on your address.
Is it true?
It might be too early to tell whether Swyfft really saves homeowners money on insurance. The company has only been servicing a few states for less than three years and it still hasn’t been subjected to a thorough rate comparison by a neutral reviewer. However, investors certainly seem to think the model has potential. Swyfft raised $7.5 million in funding in 2017.
We found Swyfft’s online quote calculator to be incredibly fast at generating customizable quotes; just enter an address to get upfront prices for multiple coverage options and add-ons. However, it is important to note that not all addresses are available for coverage in each state. For example, if you enter an address for an apartment, Swyfft will give you an error message letting you know that only single family homes are eligible.
Swyfft is ideal for quoting single-family homeowners who live in areas with a higher risk of major weather-related events. It won’t work for you if you own a condominium or multi-family dwelling, if you rent out your property, or if you live outside the nine states currently available through Swyfft. However, if you have a low credit score, you might want to get a quote from Swyfft; its quote calculator only takes property and geographical data into account.
|In business since||2014|
|States available||AL, CA, FL, IL, MA, NJ, NV, NY, TX|
|Commercial insurance availability||FL, IL|
|Policies underwritten by||Third-party carriers|
|Minimum A.M. Best rating of partners||A-|
Simple online policy builder
With Swyfft’s online quote system, all you have to do is enter your home address to receive an upfront quote in just a few seconds. You’ll then be asked to choose your deductible and home value, and you’ll also have the option to customize certain areas of coverage such as liability and personal injury. Then you can purchase the policy online.
While you have the option to let Swyfft choose your coverage amounts, you can also modify each part of your homeowners insurance policy to fit your needs. These include water damage, sinkhole collapse, identity theft, and many more.
Works with highly rated carriers
Swyfft is backed by highly rated providers like Clear Blue Insurance, which receives an A- rating from AM Best with a stable outlook. The company has consistently achieved this rating since 2015.
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All information accurate as of January 17, 2020.
Swyfft vs. Lemonade
Swyfft and Lemonade are similar in that both companies use digital tools to determine rates. Lemonade’s quote process is a bit more involved than Swyfft’s, but still user-friendly. Lemonade’s main claim to fame is its sophisticated smartphone app, where homeowners can do everything from buying a policy to submitting a claim. Swyfft does not offer an app.
Lemonade doesn’t offer as many customizations as Swyfft, though it is currently available in more states and offers renters insurance. Lemonade also pays out its own claims, which can be filed in just a few seconds using its AI technology.
Swyfft vs. Geico
Homeowners who are looking to save money on an insurance policy might consider both Swyfft and Geico. Swyfft is not available in most states, which means Geico may be a better option for the majority of U.S. homeowners. Geico also offers a wider range of policies and will cover your home even if you rent it out.
However, Geico doesn’t use the same set of parameters to build quotes, so you may end up paying more in some cases. For example, Geico may take your credit history and marital status into consideration. If you’re worried about getting a cheap homeowners insurance quote for either of these reasons, Swyfft might give you a better deal.
Swyfft vs. Liberty Mutual
Liberty Mutual offers more traditional homeowners insurance than Swyfft: Quotes are obtained by speaking with an insurance agent, and much of the customer service and claims processing is conducted over the phone. This could be either an advantage or a disadvantage depending on which type of interaction you prefer. Liberty Mutual has also been around for over 100 years longer than Swyfft, which proves the company’s long-term stability.
One major advantage to Liberty Mutual homeowners insurance is that the company offers plenty of discounts to its customers. Swyfft doesn’t advertise any discounts, though this may not matter if your base quote from Swyfft is notably low.
Swyfft Homeowners Insurance FAQ
Yes, Swyfft offers over-the-phone and email customer service. A chatbot is also available for customers to submit claims. Swyfft does not offer a smartphone app like many other technology focused insurance providers.
All you need to get a quote is your property’s address. However, you may be asked for additional information before you complete your purchase, such as your home’s value and square footage.
The Bottom Line
Swyfft is a relatively new homeowners insurance company that has only been around for a few years, so it’s hard to say what the future will hold and whether or not this provider will be successful in the long term. Insurance is only available in a few states for the time being, but Swyfft is working to expand to more states in the future.
Swyfft’s proprietary data analysis system may be able to save you serious money if you’re worried about high-risk weather events or a poor credit score driving up your insurance rates. It offers customer service online, email, and by phone, so you’ll be able to get in touch with someone no matter how you prefer to communicate. However, if you choose this provider, you should be prepared for most of your interactions to be online.
As always, you should compare quotes with multiple providers to get the best rate on homeowners insurance.