Openly Insurance: Affordable Coverage for Your Needs

Openly Insurance offers affordable insurance plans for homeowners. They provide HO-3 policies, which cover 78% of U.S. homes. These plans offer open-perils coverage for homes and named-perils for belongings.

The average cost of homeowners insurance in the U.S. is $1,759 a year. Openly works with independent agents to offer competitive rates. Their policies cover dwellings, personal property, and liability, ensuring your essentials are protected.

Choosing the right insurance involves looking at premium costs, coverage limits, and customer service. Openly Insurance makes this easier by providing flexible options. Whether you own a home or manage rentals, they offer budget-friendly premiums and full protection.

Key Takeaways

• Openly Insurance provides affordable home insurance through HO-3 policies, covering over 78% of U.S. households.
• HO-3 plans include dwelling and personal property coverage with specific exclusions like floods and earthquakes.
• Openly helps customers assess coverage needs and balance premiums with financial stability and customer service.
• Automatic payments and policy reviews ensure seamless transitions when switching providers.
• Replacement cost vs. actual cash value choices let homeowners tailor coverage to their risk tolerance.

What is Openly Insurance?

Openly Insurance is a modern insurance provider that focuses on home coverage. It was started with a focus on technology and customer service. This company works with Rock Ridge Insurance Company to offer policies in 20 states. Their platform helps customers find the right plan by connecting them with local agents.

Overview of the Company

Openly Insurance is a tech-driven insurance provider. It offers HO-3 and HO-5 policies. Key features include:

• Guaranteed replacement cost coverage up to $5 million for homes
• Personal property replacement cost coverage
• Specialty protections like water seepage and golf cart coverage

Backed by Rock Ridge Insurance Company (A- rated by A.M. Best), policies are available for homes valued between $400,000 and $3 million.

Mission and Vision

Openly Insurance’s mission is to make insurance benefits easy to understand and accessible. Their vision is to innovate, with 2023 launches including their own carrier in 17 states. They focus on clear communication and modern solutions to change how homeowners view coverage.

Whether you need basic protections or something special, Openly’s approach makes sure policies fit your needs. They do this without using complicated terms.

Benefits of Choosing Openly Insurance

Choosing Openly Insurance brings you insurance benefits that make your life easier. They focus on being clear and fair with insurance premiums. This means you get great value without spending too much. Their plans fit your budget and lifestyle.

Affordable Premiums

Openly makes insurance premiums affordable by looking at your home’s details. The average U.S. homeowners premium is $1,759 a year. But Openly’s smart pricing helps lower costs without sacrificing quality. They have a 4.5-star rating from financial experts for their cost-effective plans in 24 states.

Flexible Coverage Options

Openly lets you pick the insurance options that work best for you. You can choose:

• Guaranteed replacement cost coverage up to $5 million
• Optional add-ons like earthquake or flood protection in vulnerable areas
• Scheduled coverage for valuables like art or collectibles

User-Friendly Technology

Manage your insurance easily with Openly’s digital tools. Their app lets you:

• Track claims and policy updates in real time
• Review documents and adjust coverage preferences online
• Access 24/7 support via the portal

Even though quotes need an agent, their technology makes everything else easy. Openly’s tools aim to make complex tasks simple and clear.

Types of Insurance Offered

Openly Insurance provides insurance coverage plans that fit different needs. They offer insurance options like HO-3, which covers homes under open-peril terms but excludes floods. Over 90% of U.S. homeowners choose HO-3 policies, making them a key part of openly insurance.

Homeowners Insurance

HO-3 policies from Openly Insurance are the top choice. They cover structural damage, except for risks like earthquakes. For older homes, HO-8 policies protect against 10 named perils.

HO-5 offers replacement cost coverage for personal property. Condominium owners can get HO-6 plans. These plans exclude building structures but include liability and personal belongings protection.

Renters Insurance

Renters can get HO-4 plans to protect personal items and liability up to $30,000. These policies don’t cover building damage but include protection for stolen electronics or slip-and-fall incidents.

Umbrella Coverage

Supplemental umbrella coverage raises liability limits beyond standard policies. It protects assets like savings or property against big claims. It’s perfect for homeowners with a lot of net worth.

How to Get a Quote from Openly Insurance

Getting accurate online insurance quotes from Openly Insurance is easy. It starts with a few simple steps. Whether you own a home or rent, their platform makes comparing options quick. Openly focuses on clarity, giving you coverage that fits your needs and investments.

Start by visiting their website and picking the policy you need. Just answer a few questions about your property and what you want. In minutes, you’ll see rates that fit you. If you need help, independent agents are ready to assist.

Easy Online Process

Here’s how to get started:

1. Choose your coverage type (home, renters, or umbrella).
2. Answer basic questions about your property and needs.
3. Review quotes and compare coverage levels.
4. Connect with an agent if you need clarification or adjustments.

Information Required

Have these details ready for a precise quote:

• Property address and age
• Estimated home value
• Preferred coverage limits
• Past claims history (if applicable)

Give accurate info for a quote that matches your situation. Agents might ask about safety upgrades or maintenance to help you more.

Customer Experience with Openly Insurance

Choosing an insurance provider means trusting your coverage to a team that puts your needs first. Openly Insurance builds this trust through real-world interactions. They show their commitment to service from start to finish.

User feedback shows both the good and the areas for improvement. Many customers love the affordable insurance coverage and clear communication. For example, they get renewal checks 2 days before they’re due and can cancel policies in 1 day.

But, some customers faced delays in getting their initial quotes. One customer had to wait 30 days. Openly is working to fix this issue.

Customers can reach out through phone, email, live chat, or agent consultations. Agents usually answer within 1 business day. They use CRM tools to keep track of conversations.

These tools help avoid repeating information. This means customers can focus more on their insurance benefits.

Understanding Openly Insurance Policies

Choosing the right insurance coverage plans starts with knowing what’s included. Openly Insurance makes it easy to compare by clearly showing what’s covered and what’s not. Let’s look at the key details to help you make the best choice.

Openly’s policies, like the standard HO-3 plan, cover three main areas:

• Dwelling Coverage: Protects the home’s structure against disasters like fires or storms.
• Personal Property: Covers belongings up to policy limits, with options to add endorsements for valuables.
• Liability Coverage: Shields you from lawsuits for injuries or property damage caused by accidents on your property.

Exclusions matter too. Openly policies do not cover:

• Natural disasters like floods or earthquakes (unless added via supplemental riders)
• Normal wear and tear or intentional damage
• Business-related incidents or war-related events

Compare insurance options with other providers using this guide:

Review your policy details annually to match coverage to your home’s value. High-value homes may need specialized insurance coverage plans with features like guaranteed replacement cost coverage.

Discounts Available with Openly Insurance

At Openly Insurance, we make affordable insurance coverage easy. Our discounts help lower insurance premiums. This way, you save money and protect your home and wallet.

Bundling Policies

Save up to 15% a year by bundling home and auto policies with Openly Insurance. This approach offers:

• Single-bill convenience for multiple policies
• Access to exclusive multi-policy support teams

Safe Home Discounts

Homeowners can cut premiums by 5-15% with safety upgrades. For example:

1. Security systems (10-15% discount)
2. Smart locks (up to 8% off)
3. Smoke/CO detectors (5% reduction)

These upgrades often save you money within 2-3 years. Discounts also apply to water leak sensors and impact-resistant roofing.

The Claims Process Explained

Filing a claim with your insurance provider is easier when you know your policy. Openly Insurance helps you compare and understand your options. This makes the process less stressful. Here’s how it works:

Steps to File a Claim

1. Report incidents right away through Openly’s online portal or by phone. Share details like when it happened, what was damaged, and your contact info.
2. Submit proof: Upload photos, repair estimates, or police reports through the portal. Keep copies of everything you send.
3. An adjuster will look at your case. They might check the damage and see if your policy covers it. They try to be quick but it depends.
4. After approval, you get paid after your deductible is taken out. For example, if you lose $15,000 and your deductible is $500, you get $14,500.

What to Expect

Expect clear communication and realistic timelines:

• File claims within one year of the incident, as most policies require.
• Payments might come in parts. The first check is usually the actual cash value (ACV), which is the depreciated value. For replacement cost claims, you need to show proof of expenses.
• More checks might come for temporary housing or loss of use. These are sent directly to contractors when repairs start.
• Openly’s team keeps in touch, explaining each step and answering your questions quickly.

Keep records of all talks with your insurance provider. This helps keep things clear and proves your claim is moving forward. Openly wants to make this process easy for you, so you can focus on getting better.

Comparison with Competitors

When you compare insurance policy options, Openly Insurance shines. It offers special coverage like guaranteed replacement cost and earthquake protection. These are key for 78% of U.S. homeowners, who usually rely on HO-3 policies. Let’s see how they stack up.

How Openly Insurance Stands Out

• Offers 23 policy endorsements, second-most among 70 competitors
• Provides pool coverage without safety feature requirements
• No dog breed restrictions—unique among top insurers
• Includes water backup and equipment breakdown coverage as standard

Market Position

Openly operates in 21 states and aims to enter Virginia and Connecticut in 2024. Compared to Erie Insurance (12 states) and Country Financial (19 states), Openly is growing fast. They offer competitive rates for homes worth over $300K.

While USAA is cheap in some areas, Openly’s tech and 15 discounts make it stand out. NerdWallet’s study of 50+ insurers shows Openly’s good prices for homes over $1 million.

Future Prospects of Openly Insurance

The insurance market is always changing, and Openly Insurance is ready to lead. They offer new insurance coverage plans and plan to grow. They use data and customer feedback to make sure their policies meet today’s needs.

This approach shows their dedication to giving top-notch insurance benefits. They also want to make sure more people can afford insurance.

Innovations in Coverage

Openly’s team looks at market trends and what customers want. They create insurance options for new risks, like cyber threats or climate issues. This fills gaps in old policies.

Technology is key, with AI helping with claims and improving service. Now, 70% of people want insurers that use technology well.

Expansion Plans

Openly plans to grow in new areas, starting with Texas and Florida. They’re teaming up with Firefly, which has 200+ locations and 400 agents. This partnership helps Openly reach more people while keeping service personal.

By 2025, the global insurance market is expected to grow 3.2%. Openly’s focus on being open and innovative will help them do well.