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In 2015, FedNat Homeowners Insurance founded a subsidiary, Monarch National. Monarch offers homeowners and condo insurance exclusively within their home state of Florida.
While Monarch has only been established since 2015, FedNat has been around since 1992 and is one of the older home insurance companies in Florida. A true testament to their ability to understand and price risk in a complicated Florida market.
Here’s everything you need to know about Monarch National insurance:
- What’s protected with Monarch National insurance?
- Monarch National details and reviews
- Filing a claim with Monarch National
- Where is Monarch National available?
- Final thoughts
What’s protected with Monarch National insurance?
Monarch National offers complete open-peril homeowners insurance (HO-3) and condominium insurance (HO-6). They offer three tiers of packaged add-ons: Bronze, Silver, and Gold that can fit any budget. The Monarch packages are an excellent option for those looking for comprehensive protection in the Florida property market.
Bronze Package
- Increased Personal Property – 50%
- Personal Property Loss Settlement – Replacement Cost
- Jewelry and Furs Special Limits – $2,500
- Silverware Special Limits – $2,500
- Business Property Increased Limits – $2,500
- Credit Card Fraud – $2,500
- Refrigerated Personal Property – $500
- Water Backup and Sump Pump Overflow – $5,000
- Personal Liability – $300,000
- Medical Payments – $5,000
Silver Package
- Increased Personal Property – 60%
- Personal Property Loss Settlement – Replacement Cost
- Jewelry and Furs Special Limits – $2,500
- Silverware Special Limits – $2,500
- Business Property Increased Limits – $5,000
- Credit Card Fraud – $5,000
- Refrigerated Personal Property – $500
- Water Backup and Sump Pump Overflow – $5,000
- Personal Liability – $300,000
- Medical Payments – $5,000
Gold Package
- Increased Personal Property – 70%
- Personal Property Loss Settlement – Replacement Cost
- Jewelry and Furs Special Limits – $5,000
- Silverware Special Limits – $5,000
- Business Property Increased Limits – $10,000
- Credit Card Fraud – $10,000
- Refrigerated Personal Property – $500
- Water Backup and Sump Pump Overflow – $5,000
- Special Personal Property Coverage
- Personal Liability – $500,000
- Medical Payments – $5,000
- Identity Fraud Coverage
- Dog Liability Coverage
Monarch National details and reviews
Monarch National Insurance Company aims to provide competitive premiums, exceptional customer service, and desirable claims handling.
The Better Business Bureau (BBB) certified Monarch National way back in its first year of business. Since then, Monarch has consistently maintained an A+ rating. There are no BBB customer complaints entered on Monarch’s profile page.
Monarch also has an A (Exceptional) Financial Stability Ratings from Demotech.
Monarch’s published financial summaries show a recent drop in net premiums and net assets over the last three years, as FedNat has been retooling the underwriting model to rebuild the policyholder surplus. Perhaps the high number of recent hurricanes and tropical storms making land is the reason for Monarch’s recent slump.
Finally, Monarch customers do have the ability to access policy information, pay premiums, review claims, and find an insurance agent all online via the FedNat website.
Filing a claim with Monarch National
Monarch National accepts new property claims day or night, all year long. Clients can:
- File a claim online
- Call the claims hotline: 800-293-2532
Early on, Monarch had minimal claims complaints, but in 2019, it was assigned a 15.66 complaint ratio (1.00 was average).
Where is Monarch National available?
Monarch National provides coverage exclusively in the state of Florida.
Final thoughts
Monarch National is a newer property carrier with a focus on the Florida market. While Monarch is a new entrant, it is guided by the same experienced team in charge of FedNat’s many successes. Monarch National Insurance Company aims to provide competitive premiums, exceptional customer service, and desirable claims handling.