Openly home insurance review

Openly home insurance review - At a glance

Are you looking to insure your luxury home? Then Openly homeowners insurance will be the ideal choice for you. Openly insurance is the best choice for high-value homeowners looking for a policy tailored to their specific requirements. The insurer offers coverage for up to $5 million if your luxury home gets damaged due to a catastrophic event. Openly home insurance primarily sells its policies through its agents. So, if you don't own an expensive home or like to manage your policy online, Openly insurance won't be the right choice!

Openly introduction and history

The company was launched in 2017 by Ty Harris and Matt Wielbut. The insurer has backing from Google's AI-focused venture fund, Gradient Ventures, Greenlight Re, PJC, Techstars Ventures, and other investors and partners. Boston's tech-enabled home insurer aims to empower rather than replace independent agents. Its centralized platform delivers comprehensive coverage through the use of advanced pricing models.

Pros and cons

Are you looking for the best Openly homeowners insurance? Then weigh the pros and cons of the insurer before buying one!

Openly home insurance review

• The Way.com Customer Satisfaction Survey - 3.7/5
• Claims satisfaction (J.D. Power) - No rating
• Customer satisfaction (J.D. Power) - No rating
• Financial strength - Excellent. Have an A- rating from AM Best.
• NAIC Rating - No rating

Where is Openly home insurance available?

You can buy this insurance policy currently in 21 states.

• Arizona
• Oregon
• Utah
• Kansas
• New Mexico
• Oklahoma
• Missouri
• Illinois
• Wisconsin
• Indiana
• Pennsylvania
• Ohio
• Kentucky
• Tennessee
• Alabama
• Georgia
• South Carolina
• Mississippi
• Maine
• Massachusetts
• New Hampshire

Openly home insurance coverage options

Openly homeowners insurance offers the following standard coverages.

Dwelling coverage: It pays to repair or rebuild your home's structure.

Liability coverage: It covers legal fees and damages if you cause injuries to others or damage to their property.

Other structures coverage: Damage to unattached structures such as sheds or fences gets covered.

Personal property coverage: Repairs or replaces personal items like furniture or clothing.

Guaranteed replacement cost: Regardless of your coverage limits, it pays the full cost of rebuilding your home after a covered loss.

Medical payments: It offers coverage for injuries to guests in your home, irrespective of who is at fault.

Additional living expenses: It covers the payment for hotel stays, food, and other expenses if you have to live in temporary accommodation while your home is under repair.

Water seepage coverage: It covers rot or other damage caused by hidden water leaks.

Lock replacement: It covers the replacement cost of locks with no deductible.

Golf cart physical damage: It covers the cost of repairing or replacing the golf carts of the insured.

Mold and fungi coverage: It comprises up to $10,000 in removal costs and $50,000 in liability.

Roof repair matching coverage: Provides coverage for the undamaged property to keep a roof's uniform look.

Landscaping: It replaces or repairs plants, trees, shrubs, or a lawn up to $50,000 per incident or $5,000 per item.

Additional coverage (add-ons)

So, now you know the standard coverages that Openly home insurance offers. Do you want additional coverage? Then there are some additional coverages the insurer provides.

Water backup: This coverage compensates for damage caused by sump pump failure or clogged sewers or drains.

Buried service lines: It pays to repair underground utility lines you are responsible for.

Blanket or scheduled property: It offers coverage for valuable items.

Home-sharing coverage: It offers coverage for people who occasionally rent out all or a portion of their home.

Personal cyber: This can help you recover from hacks and other online threats.

Equipment breakdown: It covers the repair cost of appliances that fail mechanically or electrically.

Sinkhole, earthquake, or mine subsidence: It protects homeowners living in high-risk areas.

Home under construction: Offers coverage if building materials get stolen from a new house that isn't yet ready to live in.

Openly homeowners insurance discounts

Using the discounts offered by your insurer can decrease your home insurance premiums. Unlike traditional insurers, Openly does not offer home security systems or fire alarm discounts. These are the typical discounts that Openly insurance offers.

• Multi-policy: You can apply for this discount if you have an auto insurance policy through one of Openly's partner carriers.
• Windstorm mitigation: You'll qualify for a discount if your home has special wind mitigation features to protect it from hail, strong winds, and hurricanes.

How much does Openly home insurance cost?

On average, Openly homeowners insurance costs nearly $1,337 annually. The rate is lower than the national average rate. Remember that your rates will vary based on your area, policy limits, coverages, claims history, and other factors.

How do I buy Openly homeowners insurance?

You can get an Openly home insurance quote by filling out an online form on Openly's website to get connected to a local agent. Then an agent will contact you, and you can buy Openly home insurance through them.

Filing a claim with Openly

You can file a claim online with Openly. Or another option is to call your agent, directly contact the company, or email them.

• Claims number: 888-808-4842
• Email: claims@openly.com

How to cancel an Openly policy

To cancel your insurance policy, contact your local agent.

Can I cancel my Openly policy online?

No. You can cancel your policy via an agent only.

Openly online features and app

The insurer doesn't have an app, though.

Key customer satisfaction survey findings - Openly

Because it is a new insurance company, Openly wasn't included in J.D. Power's 2022 overall customer satisfaction, claims satisfaction, or digital experience surveys. So the above-average customer satisfaction score is only based on the Complaint Index Report from the National Association of Insurance Commissioners (NAIC). Rock Ridge Insurance Company, which underwrites Openly's policies, had 90% fewer complaints in 2021 than similar insurance companies of its size.

Consumer complaints

Since it's a new insurer, there are almost no complaints about Openly home insurance.

Consumer experience

Website: The Openly website is smooth and well-designed but lacks coverage details and an online quote tool. Instead, you can fill out an online form with your info, and an agent will contact you to initiate the quote process.

Claims: You can file a claim online, by phone at 888-808-4842, or by contacting your local agent.

How good is Openly home insurance, according to reviews and ratings?

Openly insurance will be your ideal choice if you're planning to insure your high-end home. It also provides unusual coverage like seepage coverage. So, if you're not insuring a luxury home or want a quick online quote, Openly is not right for you!

Homeowners insurance buying guide

Are you planning to get a home insurance policy? Before buying one, always prioritize these factors.

Determine how much coverage you need: Initially, you must determine how much coverage you need to protect your home and possessions.

Take inventory: Keeping an inventory of your possessions is one of the ideal ways to get the best out of your home insurance policy. It also streamlines and speeds up the claim process. A home inventory is nothing more than a list of your belongings and their monetary value.

Make a fair comparison: Always compare insurance rates from all possible insurers to get the most affordable rate in your area. Then compare the discounts and coverages that each insurer offers.

Check consumer complaints: Before buying a home insurance policy, you must check the complaints of each insurer. Always go for an insurer with the least complaints and financial strength.

How to file a homeowners insurance claim

A homeowner must always follow these steps to file a claim.

File as soon as it's safe: Contact the police and file a report if someone damages your home and possessions. Maintain a copy of the report for your insurer, which will need an official document describing the damage and other related information. If the damage weren't due to criminal activity, you wouldn't need to get a police report before contacting your insurer.

Document the damage: You must document all the damage to provide proof to your insurance company. Take videos and photos of the damage from many angles and record the date and time. You could use this document to calculate the cost of each damaged item if you made one when you first moved in.

Prevent further damage: Once you record the damage, you must take the initiatives to keep it from spreading. It will include mopping up standing water to avoid mold growth or covering up wall damage to keep rain and critters away. It is critical to spread the damage because your insurance company may refuse to cover added damage you could've avoided.

Other home insurance companies to consider

Are you still confused about which insurer to choose? Then you can also consider these insurers.

• Chubb: Benefits and high coverage limits for wealthy homeowners.
• Hippo: Digital-first insurance accompanied by free smart-home technology.
• Amica: A renowned insurer with excellent customer service.
• Nationwide: An insurer with a presence in most states and has a wide range of coverage options.