American Bankers Insurance Company of Florida: The Surprising Connection to GEICO

If you have renters or homeowners insurance through GEICO, you may have noticed that your actual insurance policy is underwritten by the American Bankers Insurance Company of Florida (ABIC). This lesser-known insurer has an interesting history and relationship with insurance giant GEICO.

What is the American Bankers Insurance Company of Florida?

The American Bankers Insurance Company of Florida (ABIC) is a property and casualty insurance company located in Miami, Florida. They provide a wide range of insurance products including:

• Homeowners Insurance
• Renters Insurance
• Condo Insurance
• Flood Insurance
• Identity Theft Protection
• Pet Insurance

Unlike GEICO, which primarily focuses on auto insurance, ABIC specializes in property insurance for homeowners and renters. They have an A- rating from insurance rating agency A.M. Best.

The ABIC and GEICO Connection

GEICO and ABIC have been affiliated companies for over 20 years, which allows them to offer bundled home and auto insurance. Here’s how the relationship works:

• GEICO acts as an agent and sells ABIC insurance policies to customers.
• ABIC underwrites and services the property insurance policies.
• Policyholders pay premiums directly to ABIC.
• GEICO and ABIC share common ownership under the Berkshire Hathaway corporate umbrella.

So while GEICO sells and administers the renters, condo, and home insurance policies, the actual insurance contracts are between customers and ABIC.

This allows GEICO to offer property coverage to complement their auto insurance, while ABIC can benefit from GEICO’s national brand recognition and expansive customer reach. It’s a win-win partnership that has been in place since 1997.

Why Choose GEICO and ABIC for Property Insurance?

There are some good reasons customers may prefer to buy home or renters insurance through the GEICO/ABIC partnership:

Multi-Policy Discounts

Like most insurers, GEICO offers substantial discounts for bundling auto and property insurance with them. So GEICO customers can potentially save a lot on their total insurance costs by keeping both policies under one roof.

Reputation and Financial Strength

GEICO and ABIC are both established insurance companies with excellent financial strength ratings (A++ for GEICO and A- for ABIC from A.M. Best). This gives customers confidence the companies will be there to pay out claims.

Wide Range of Discounts

GEICO advertises its ability to provide renters and homeowners discounts for things like:

• Security systems
• Fire extinguishers
• Smoke alarms
• Sprinkler systems
• Newer roof, electrical, heating/cooling systems
• And more

So there are many opportunities to lower premiums.

Enhanced Online Experience

GEICO has invested heavily in user-friendly mobile apps and online account management. Customers can easily manage both auto and property policies through their online GEICO account.

Strong Customer Service

GEICO as a company is known for excellent customer service, receiving high marks in surveys and reviews. This carries over to their property insurance clients as well.

Bundling renters or homeowners with your existing GEICO auto policy can provide convenience and potential savings. But it still pays to compare coverage and rates with standalone insurers too.

GEICO Home and Renters Insurance Overview

Let’s take a more in-depth look at what GEICO offers for homeowners and renters coverage in partnership with American Bankers Insurance Company of Florida:

GEICO Homeowners Insurance

GEICO homeowners insurance provides standard HO-2, HO-3 and HO-5 policy options to cover your dwelling, other structures, personal belongings and liability.

Coverages Available

• Dwelling coverage up to $1 million
• Other structures coverage
• Personal property coverage
• Loss of use
• Personal liability
• Medical payments

Add-Ons

• Identity theft protection
• Increased coverage for jewelry, art, collectibles
• Water backup, sump overflow or drain coverage
• Extra coverage for electronics, musical instruments or sports equipment

Discounts

• New home
• Security system
• Multi-policy with GEICO auto
• Smoke alarms
• Claim-free customers
• Public workers

GEICO Renters Insurance

GEICO provides renters insurance policies to cover your personal belongings from theft, fire, vandalism and other damages.

Coverages Included

• Personal property coverage
• Liability protection
• Loss of use
• Medical payments

Optional Add-Ons

• Identity theft protection
• Electronics, jewelry or instrument coverage
• Water backup or sump overflow

Discounts

• Multi-policy
• Claim-free renters
• Fire extinguishers
• Security system
• Smoke alarms

In addition to comprehensive property protection, GEICO renters policies provide personal liability coverage, which is especially important for renters who don’t have liability protection under a homeowners policy.

Getting a Quote from GEICO and ABIC

If you currently have GEICO auto insurance, adding renters or homeowners coverage could be a convenient option. Here are some tips for getting a quote:

• Call your GEICO agent – As an existing customer, call your GEICO agent directly to discuss home or renters insurance options. They can provide quotes over the phone.

• Visit GEICO.com – You can get an instant online quote for homeowners or renters insurance through GEICO’s website with just your address and date of birth.

• GEICO mobile app – Download the GEICO app on your iOS or Android phone and access the home quote tools.

• Comparison shop – Be sure to also get quotes from other top insurers before deciding. Compare coverages and prices.

• Consider an independent agent – For more personalized service and policy advice, consider contacting a local independent insurance agent who can provide quotes from multiple insurance companies.

Customer Experiences with GEICO Home Insurance

What do actual customers have to say about GEICO home and renters insurance? Here are some reviews from online forums and testimonials:

“I’ve had GEICO renters insurance for 2 years now. The price is fair, the mobile app is really easy for managing payments and documents, and I’ve never had to file a claim. Would recommend.”

“I switched my home insurance to GEICO last year to bundle with my car policy and saved 16%! The coverage is similar to what I had before. No complaints so far.”

“GEICO was convenient for bundling my home and auto insurance. But when I went to file a small claim on my homeowners policy, it was denied for not meeting my deductible. I ended up wishing I had stuck with my previous insurer.”

“I tried getting a homeowners insurance quote from GEICO but couldn’t get competitive pricing. They aren’t able to offer discounts for all the same things my local State Farm agent does. Ended up 20% cheaper staying with State Farm.”

Overall, feedback on GEICO homeowners and renters insurance is mixed. For some, the convenience, discounts and customer service are big benefits. But others, especially current homeowners policyholders, may find better value with traditional insurers like Allstate, State Farm and Farmers.

Pros and Cons of ABIC Insurance Policies

Here is a summary of some of the key advantages and potential drawbacks of relying on the American Bankers Insurance Company of Florida for homeowners or renters insurance:

Pros

• Opportunity to bundle with GEICO auto for multi-policy discounts
• Streamlined administration through a single GEICO account
• Strong financial ratings provide stability
• Digital tools and responsive customer service
• Competitive rates on renters insurance

Cons

• Mixed claims experiences – some denied claims without clear communication
• Fewer home insurance discounts than some competitor companies
• No local agent to advocate for you or provide advice
• Lower J.D. Power claims satisfaction rating than competitors
• Pricing on homeowners insurance may be higher than rivals

As with any insurance decision, shop around and compare quotes carefully before choosing a provider. Make sure you understand exclusions, limitations and claims procedures too. Doing your homework pays off.

Is ABIC Insurance Right for You?

Here are some final thoughts on whether American Bankers Insurance Company of Florida is the right insurer for your home or rental property:

• For renters insurance, ABIC sold through GEICO is very competitive and worth considering. The multi-policy discounts, digital experience and reputation make it a solid choice.

• For existing GEICO auto customers, bundling your renters or homeowners with ABIC/GEICO can provide convenience and potential savings. But still compare coverages and quotes with other insurers.

• If you highly value local agent support and service, ABIC may not be the best fit since they don’t have brick and mortar agent offices.

• For homeowners insurance, ABIC pricing through GEICO may not beat traditional insurers like State Farm and