If you’re shopping for insurance, you may have come across Allmerica Financial Benefit Insurance Company. But what exactly is this provider and what types of insurance do they offer?
In this comprehensive guide, we’ll cover everything you need to know about Allmerica Financial Benefit Insurance Company, including:
- Company history and background
- Insurance products and services
- Financial strength and reputation
- Customer satisfaction and complaints
- Availability and eligibility
- Costs and discounts
Whether you’re considering Allmerica for your insurance needs or are just curious to learn more, read on for the details.
Company History and Background
Allmerica Financial Benefit Insurance Company is a property and casualty insurance provider located in Worcester, Massachusetts. The company was originally founded in 1995 under the name First Allmerica Financial Life Insurance Company.
In 2002, the provider changed its name to Allmerica Financial Benefit Insurance Company. It’s a subsidiary of The Hanover Insurance Group, Inc., one of the oldest continuously operating property and casualty insurers in the United States.
Allmerica Financial Benefit Insurance Company is licensed to operate in all 50 states and the District of Columbia. It employs over 4,000 people nationwide and writes policies for both individuals and businesses.
Insurance Products and Services
Allmerica Financial Benefit Insurance Company offers a range of property and casualty insurance products, including:
Homeowners insurance – Covers damage to your home and possessions due to perils like fire, theft, and wind. Also includes liability protection.
Condo insurance – Insures the structure of your condo along with your personal property inside. Also covers liability claims.
Renters insurance – Protects your belongings from theft, fire, and other damage when renting. Provides liability coverage too.
Auto insurance – Covers collision, comprehensive, liability, medical payments and more for your personal vehicles.
Umbrella insurance – Provides additional liability coverage above and beyond your other insurance policies.
Flood insurance – Covers damage to your home and possessions due to flooding. Available through the National Flood Insurance Program.
In addition to individual policies, Allmerica also provides commercial insurance for small and mid-sized businesses. This includes general liability, commercial property, commercial auto, workers’ compensation, professional liability, and more.
Financial Strength and Reputation
When choosing an insurance provider, you want one with strong financial standing. Allmerica Financial Benefit Insurance Company maintains solid financial strength ratings from industry analysts A.M. Best and Standard & Poor’s:
- A.M. Best rating – A+ (Superior)
- Standard & Poor’s rating – A+ (Strong)
These high ratings mean analysts have confidence in Allmerica’s ability to pay out future claims. The company has over $9 billion in total admitted assets to support its insurance operations.
Allmerica also has a strong industry reputation, having been in business for over 125 years. The company is known for efficient claims handling, customer service, and comprehensive policies.
Customer Satisfaction and Complaints
Most customer feedback for Allmerica is positive. The company holds an A+ rating and accreditation from the Better Business Bureau, indicating a strong record of addressing customer issues.
On independent review sites, Allmerica home and auto insurance garners around 3 to 4 stars out of 5. Policyholders praise the affordable rates, ease of bundling, and friendly agents. Some complaints involve struggles with the claims process and difficulty resolving billing issues.
Allmerica’s complaint ratio tracked by the National Association of Insurance Commissioners is on par with competitors Liberty Mutual, Travelers, and State Farm. This indicates they receive an average volume of complaints.
Availability and Eligibility
Allmerica Financial Benefit Insurance Company offers insurance in all 50 states. Availability for specific products varies by state.
Eligibility guidelines include:
Home insurance – Available for homeowners, renters, and condo owners. Rental properties may be restricted.
Auto insurance – Open to most drivers. Higher risk drivers may be declined or see higher rates.
Flood insurance – Home must be located in a participating NFIP community. Past flood claims can restrict eligibility.
Umbrella insurance – Policyholders must maintain certain underlying liability coverage limits to qualify.
Business insurance – Writings focus on small to mid-size companies. High-risk industries may be ineligible.
Those with very poor credit, recent bankruptcy, or serious violations may not qualify with Allmerica. Discounts are available for bundling, being claim-free, paying annually, and more.
Costs and Discounts
Allmerica Financial Benefit Insurance Company offers competitive pricing on par with other national carriers. Average annual premiums include:
- Homeowners insurance – $1,249
- Condo insurance – $474
- Renters insurance – $187
- Auto insurance – $1,674
- Umbrella insurance – $314
Numerous discounts can potentially lower your costs, such as:
- Multi-policy discount
- Claim-free discount
- Good payer discount
- Protective device discounts
- Advantage discounts
Comparing quotes from Allmerica and other insurers ensures you find the best value. An independent agent can provide personalized pricing options.
Is Allmerica Right for You?
Allmerica Financial Benefit Insurance Company provides a wide range of standard insurance products for individuals and businesses. Their strong financial ratings, positive reputation, and reasonable costs make them a viable option for many consumers.
However, make sure to compare Allmerica’s pricing and offerings against competitors like State Farm, Nationwide, and AAA. This ensures you select the right carrier for your specific insurance needs and budget. An independent insurance agent can provide guidance.
Overall, Allmerica Financial Benefit Insurance Company is a leading insurance provider with a long track record that warrants consideration. Just be sure to shop around before making your final carrier decision.
Warren Buffett: How Insurance works
Who is the parent company of Hanover Insurance?
Is Allmerica part of Hanover?
Who is the parent company of AIX Specialty Insurance Company?
Are Hanover and Citizens Insurance the same?