Branch Insurance: Auto and Home Insurance Review 2023

When it comes to auto and home insurance, Branch is a young firm that provides competitive pricing. It provides coverage for both home-sharing and ridesharing, but that’s about all the coverage it provides. Customers who refer their friends to Branch for insurance quotes and coverage receive discounts as part of the company’s efforts to market itself as a “community” organization. Although another insurer, General Security National, writes coverage in half of the states in the United States, Branch is accessible in the other half. Read on for a comprehensive review of the branch’s insurance products, such as its exchange, claims, customer service, and more.

Branch Insurance Overview

Branch Insurance is a modern, technology-driven insurance coverage company that offers innovative and affordable insurance solutions to customers. Founded with a mission to make insurance accessible to everyone, Branch uses artificial intelligence and data analytics to simplify the insurance process.

One of Branch Insurance’s key features is its usage-based coverage model, where customers pay for insurance based on their actual behavior and usage patterns. This approach allows policyholders to save money by promoting safer habits. Branch Insurance also offers a range of insurance products, including auto, renters, and homeowners insurance, catering to various customer needs.

Branch stands out for its user-friendly mobile app, which enables customers to easily manage their policies, file claims, and access support services. The company focuses on transparency and aims to provide clear, jargon-free policies, making it easier for customers to understand their coverage.

Furthermore, Branch Insurance emphasizes community involvement and social responsibility. The company partners with local organizations and charities, contributing to philanthropic efforts and supporting the communities it serves.

In a nutshell, Branch Insurance stands out from the crowd because of its creative method of doing business, specific coverage, intuitive digital tools, and dedication to giving back to the local community, making it an attractive alternative for those in search of low-hassle and low-cost protection.

What’s Covered With Branch Insurance?

Branch Insurance is a rather normal insurance firm in that they offer all the basic forms of coverage, including home, auto, renters, and umbrella insurance. In brief, a policyholder can expect the following:

#1. Home Insurance

The six components of a typical home insurance policy from Branch Insurance are as follows:

Category A (Main Structure)

Firstly, your homeowner’s insurance policy’s top priority should be shielding the building itself from harm. Attached structures like garages, patios, and carports are also included in Category A. Make sure to discuss these add-ons with your insurance agent at the Branch company to ensure that you are properly covered.

Category B (Detached Structures)

You probably have some other structures on your land as well. A storage shed, gazebo, or detached garage are all excellent candidates for Category B coverage.

Category C (Belongings)

Whether you’re part of a large family or you’re an only child, your home probably contains a lot of stuff. The cost to replace them can be significant, even if they have little intrinsic value. However, there are two ways to secure your possessions under this heading. To begin, there is RCV, which presents the complete retail value of a brand-new item. Second, there’s the option of using the item’s actual cost value (ACV), which solely accounts for its current, depreciated value. If you would prefer RCV instead of ACV, you should discuss this with your insurance agent.

Category D (Loss of Use)

You could have to evacuate your home if a crisis were to occur. Your home may become uninhabitable due to fire, flood, or severe weather (e.g., wind and hail damage). If that happens, you need money to pay for additional living expenses (ALE), such as hotel rooms, food, and clothing.

Category E (Personal Liability)

Having Branch home insurance might shield you from legal action. Personal liability insurance protects you from having to pay for someone else’s medical bills if they sustain injuries on your property (such as from a slip and fall).

Category F (Medical Bills)

Your coverage won’t just shield you from legal action; it can also help pay for the injured party’s medical expenses.

#2. Renters Insurance

About 43 million people in the United States live in rented flats, houses, or other multi-family units (including duplexes). You and your possessions are at greater risk if you make your home in one of those areas. Landlords typically have building insurance that does not cover tenants like you in the event of natural disasters or tenant negligence. That’s why it’s important to have renter’s insurance.

Similar to Branch home insurance, this coverage type is divided into subparts. Replacement cost coverage for your things, liability insurance, and even additional living expenses if your unit is rendered uninhabitable are just a few of the common ones. High-value items like jewelry or electronics may require a floater or endorsement of your renter’s policy in order to be adequately covered.

Be sure you understand the policy’s main exclusions before signing. Damage from earthquakes, floods, and sewage backups is frequently not included. Even if your landlord has taken extra precautions, such as purchasing flood insurance for the structure, that protection does not apply to the contents of your apartment.

Fortunately, renter insurance reductions are available for those who take preventative measures. For example, if you install a home security system, you can save money if there is less burglary or theft.

#3. Auto Insurance

Auto insurance is mandatory in every one of the 50 states. You can get away with having only liability insurance, but it’s better to be safe than sorry. After all, mishaps occur frequently in everyday life. In fact, there were over 33,000 fatal crashes in the United States in 2018.

Even if you have a tiny event, it can still cost you quite a bit if you do not have the correct insurance.

The following are some of the benefits of Branch auto insurance:

Liability Insurance

It’s certain that you’ll have an accident on the road at some point, no matter how cautious you are. Branch liability insurance can help pay for any legal fees or settlements that may result from such an occurrence.

Uninsured Motorist

Although having auto insurance is mandatory in every state, not everyone actually has it. If you get into an accident with someone who has inadequate or no insurance, this policy protects you financially. If the other driver is at fault, then your own liability coverage will kick in, not the uninsured motorist coverage.

Personal Injury Protection (PIP)

A car accident can be dangerous and even fatal. With PIP, you won’t have to worry about paying for medical care or missed income after an accident. Depending on where you live, you may not have access to PIP because it is not mandatory in all states.

Physical Damage

There are two ways in which your car can benefit from this insurance. First, collision insurance protects you in the event of an accident while driving; comprehensive insurance covers you in the event of an accident while your vehicle is parked. Such insurance would pay to fix your car if, for instance, a skateboarder fell and hit the hood.

#4. Umbrella Insurance

As mentioned above, your homeowner’s or renter’s insurance covers personal responsibility claims. However, depending on the scope of your coverage, these policies often have a maximum payout of $100,000. Is there anything you can do if you owe hundreds of thousands of dollars or stand to lose millions in a lawsuit? Umbrella insurance protects you from situations like this.

This policy provides additional liability protection as well as coverage for events that your primary insurance may not cover. However, this safety net won’t boost your personal or property restrictions in any way.

If you want more protection for your possessions, for instance, you’ll need to get a floater for those items or an endorsement. Umbrella policies pay out exclusively in the event of third-party injury or property damage. Fortunately, the additional coverage won’t break the bank.

Branch Insurance Review

When comparing insurance providers, you may find that many offer both virtual and brick-and-mortar interactions. However, you can receive the type of coverage you need quickly and easily through Branch Insurance because it is conducted entirely online.

The average time it takes Branch to bundle home and auto insurance is 30 seconds. A price for insurance can be obtained nearly immediately after submitting the required information and requesting a credit report.

Steve Lekas and Joe Emison founded Branch Insurance that same year (2017). Lekas had previously worked for Allstate, while Emison was employed by a firm that collated information on buildings across the country. They pooled their expertise and founded a Branch to streamline the process of acquiring affordable auto and home insurance coverage online.

Fast service and a convenient location are the Branch’s main draws, but the fact that the General Security National Insurance Company backs its products is also noteworthy. AM Best has given GSNIC an A+ for financial strength, so you can confidently compare insurance quotes from this provider.

What Are Branch Insurance’s Digital and Technological Features?

Here are the branch’s digital and technology features:

#1. Mobile App Features and Functionality

Branch Insurance Exchange offers a feature-rich mobile app that increases the overall consumer experience. The app’s features include policy management, claim filing and tracking, document access, and social networking within the Branch network. The mobile app is a helpful resource for policyholders because of its intuitive design and extensive set of features.

#2. Online Account Management Capabilities

The Branch’s online account management interface makes it simple for policyholders to take charge of their insurance policies. Through this one hub, policyholders can view their current coverage, make any necessary modifications, and pay their premiums. It makes insurance accounts more transparent and gives clients more say over their coverage.

#3. Digital Tools and Resources

To help customers make wise choices, Branch Insurance Exchange offers a wide variety of digital tools and information. Tools like insurance premium calculators and educational materials are also available. The store’s dedication to openness and customer service is on display in its willingness to provide customers with helpful resources.

Branch Car Insurance Quotes

Based on data from some of the biggest insurers in the country, ValuePenguin found that Branch has vehicle insurance premiums that are slightly lower than the national average. This makes Branch a cost-effective alternative, though not the cheapest.

An annual full coverage policy for a 2008 vehicle in Ohio would cost our hypothetical motorist $568. Compared to Allstate and Geico, that’s a bargain, but State Farm and Progressive are cheaper.

Branch car insurance annual cost vs. competitors

You cannot get an online insurance quote from Branch unless your name and address are in their database. However, it can match your vehicles to your address and generate a bespoke price without you having to submit such information. Also, there is a phone number you can call if there is a discrepancy between your records and the company’s.

What Are Branch Car Insurance Coverages and Discounts?

Branch Insurance provides the usual liability, comprehensive, and collision coverages, plus a few extras. Particularly noteworthy is the inclusion of ridesharing insurance, which is not something you see very often.

When working for a ridesharing service like Uber or Lyft, drivers are protected from liability while transporting passengers. Branch expands protection to encompass the time spent in transit while waiting to pick up a passenger. Other Branch policies cover things like:

• Roadside assistance
• Up to $60 per day for a rental car after an accident
• Gap coverage

When you acquire an online quote from the branch, savings are applied mechanically. After reviewing one of the company’s rate filings, we learned that it provides several rebates, such as:

• Affinity discounts for members of some organizations
• Multipolicy discount
• My Community discount is for members who invite others to get a quote
• Senior citizens discount
• Smart technology discount
• Three-year safe driving discount
• Five-year claims-free discount

The cost of home insurance decreased by 17% when it was combined with auto insurance. It simply takes a few minutes to acquire a quote when you bundle policies together.

Community Drive, a telematics program, is also available from Branch. Safe drivers can save up to 20% on their annual premiums. Drivers receive a 2% reduction just for signing up.

Branch has recently formed a partnership with Nextbase Dash Cams to provide drivers with exclusive savings. Nextbase is offering a 10% discount to policyholders who buy a new dash cam through the branch. Drivers can cut their auto insurance premiums by 8% once the device is set up.

What Does Branch Homeowners Insurance Cost?

It would appear that the branch’s home insurance products are less expensive than the market norm. However, since the firm partners with other insurers, agents are able to shop around for the best rates, policies, and more.

PR Newswire does not reveal typical pricing. Yet, it does report an average bundling discount of $535 with Branch home insurance. No matter what you’re looking for in a homeowners insurance policy, shopping around and comparing rates is the best way to save money. With this approach, you won’t have to choose between conserving money and maintaining adequate insurance coverage.

How Branch Insurance Exchange Ranks Among Providers

Branch Insurance Exchange faces stiff opposition from both popular and up-and-coming firms in the dynamic insurance market. The following are some of its main rivals:

• Lemonade. Lemonade has made a name for itself in the insurance market thanks to its forward-thinking use of technology and open approach to doing business. It provides insurance for renters, homeowners, and pets, with an emphasis on ease of use and prompt payment of claims.
• Root Insurance. Root’s unique selling point is that it bases car insurance premiums on actual driving behavior. Attracting tech-savvy customers in need of customized pricing, it leverages telemetry data obtained from drivers’ smartphones to set charges.
• Hippo Insurance. Hippo uses data analytics to provide more accurate coverage that is personalized to each individual customer’s needs in the realm of homeowners insurance. In addition, they provide high-tech safety and security gadgets for the house.
• Metromile. Metromile provides pay-per-mile car insurance for drivers who don’t drive very much. Less regular drivers who are looking for affordable protection would like this usage-based strategy.
• Esurance. Esurance was one of the first internet insurance providers and is well-known for its user-friendly interface and cutting-edge tech features. It’s designed to make shopping for insurance easy and provides several different types of protection.
• Allstate. Allstate, a veteran in the field, blends in-person assistance from licensed agents with modern digital resources. It has a sizable market share and provides a wide variety of insurance options.

Branch Insurance Exchange stands out in this competitive market because of its focus on the local community, its user-friendly website, and its adaptable insurance plans.

These rivals, which include Branch, continue to shape the dynamic market for insurance services as clients look for options that meet their specific requirements and preferences.

Branch Insurance Claims

Branch Insurance strives to provide a seamless and efficient claims process for its customers. When it comes to filing a claim, policyholders can do so easily through the user-friendly mobile app or by contacting the company’s dedicated claims support team. Branch Insurance emphasizes a hassle-free experience, aiming to simplify the traditionally complex claims process.

Upon filing a claim, Branch Insurance promptly assesses the situation and works diligently to expedite the processing. The company’s team of experienced claims professionals guides customers through every step, ensuring clarity and transparency throughout the process. Whether it’s an auto accident, property damage, or another covered event, Branch Insurance is committed to helping policyholders recover and move forward.

Additionally, Branch Insurance leverages technology to streamline claims handling, allowing customers to submit necessary documents electronically and track the progress of their claims in real time. This proactive approach enhances customer satisfaction by providing timely updates and resolving claims efficiently.

In summary, Branch Insurance offers a customer-focused claims experience, combining user-friendly digital tools, personalized assistance, and a commitment to swift resolution. This approach ensures that policyholders receive the support they need during challenging times, reinforcing Branch Insurance’s reputation for reliability and customer care.

Where Is Branch Insurance Available?

Branch sells insurance in about half the US.

• Alabama
• Arizona
• Colorado
• Idaho
• Illinois
• Indiana
• Iowa
• Kansas
• Kentucky
• Maryland
• Michigan
• Missouri
• Nebraska
• New Hampshire
• New Mexico
• Ohio
• Oklahoma
• Pennsylvania
• South Dakota
• Tennessee
• Texas
• Utah
• Virginia
• West Virginia
• Wisconsin

Branch is a reciprocal insurance company, which means that although the policyholders are the actual owners of the business, a different party manages its day-to-day operations. Some other big insurers, such as USAA, Farmers, and AAA, have organizational structures quite similar to this one.

Branch Insurance Customer Service

Branch only began accepting premiums in 2020; therefore, there is insufficient data to draw any conclusions about the quality of the company’s customer service in the past or present. However, in certain states, Branch offers plans from the highly regarded General Security National Insurance Company.

The National Association of Insurance Commissioners (NAIC) gave Branch a perfect score of 0.00 on their 2020 Complaint Index because they had no complaints. Similarly, throughout the past three years, General Security National has not received any complaints.

Demotech gives Branch an “A” for financial strength, which indicates that it is in “exceptional” shape. This is significant because it affects the insurance provider’s capacity to settle claims following a disaster.

There have also been no complaints against Branch lodged with the Better Business Bureau, despite a handful of the company’s reviews that concern processing claims.

Who Is Branch Backed By?

Both major strategic investors and prominent venture capital firms have backed Branch Insurance. Greycroft, American Family Ventures, Foundation Capital, SignalFire, SCOR Global P&C Ventures, and Broadhaven Ventures are just a few of the major investors in Branch Insurance. 

The growth and extension of the company’s cutting-edge insurance services can be directly attributed to these expenditures. You may get the most up-to-date and specific details on Branch Insurance’s investors by visiting their website or reading respected financial news outlets.

Is Branch a Good Company to Work For?: Bottom Line

Over 38 anonymous reviews from Branch staff have given the company an average rating of 4.5 out of 5. All of the staff members at Branch have an optimistic outlook on the company’s future and would recommend working there to a friend. Over the past year, this evaluation has dropped by 8%.

Frequently Asked Questions

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Reference

• valuepenguin.com
• businessinsider.com
• credible.com
• insuranceproviders.com