Velocity Risk Underwriters Insurance Review

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Velocity is a Managing General Agent (MGA) writing insurance backed by Texas-based State National Insurance Company and its subsidiaries. For more than a decade, Velocity’s independent insurance agents have sold only A.M Best A-Rated protection products for homeowners in Connecticut, Florida, North Carolina, New York, and Texas.

Here’s everything you need to know about Velocity Risk Underwriters insurance:

What’s protected with Velocity insurance?

In all states where Velocity Risk Underwriters do business, they provide property owners with coverage for primary homes, as well as secondary or seasonal homes. Additionally, Velocity will consider insuring all properties regardless of distance from the coastline.

In all its territories, Velocity sells Homeowners (HO-3) Policies which provide the basic benefits we’ve all come to expect. Velocity clients have the option of pumping up their policies by purchasing various endorsements and enhancements.

Below are a few examples of optional coverages Velocity policyholders may purchase as add-ons:

  • Water Backup
  • Mold Coverage
  • Increased Dwelling Replacement Cost
  • Animal Liability
  • Golf Cart Coverage
  • Home Computer protection
  • Service Line
  • Equipment Breakdown
  • Landlord’s Furnishing
  • Business Property
  • Refrigerated Property
  • Credit Card, Fund Transfer, Forgery, Counterfeit Money
  • Settlement for Non-Building Structures
  • Actual Cash Value on Roof Endorsement
Keep in mind: There are variances among optional endorsements depending on the state, so consumers should check with their Velocity agent to be sure of what’s available to them. The same is true of discounts.

Velocity clients may benefit from discounts like these, depending on their state:

  • 10% recent home renovations (NY)
  • 3% to 10% for companion (bundled) policies (NC, NY)
  • 17% home security systems (NY)
  • 17% for paying the annual policy in full (NY)
  • 5% mature homeowner discount (NC)
  • Alarm and Water Leak Detection Systems (TX)
  • New Home Purchases (TX)
  • Up to 33% off for a building code discount (TX)
  • 10% off a first year policy (NC)
  • 5% Claim Free Discount (NC)
  • 10% Secured (Gated) Communities (NC)

Texas and Florida Homeowners Products

Velocity has more available in the states of Texas and Florida. The company expands its insurance program beyond the traditional HO-3 homeowners policy to including HO-6 (FL condominiums), DP-3 (FL rental properties), and a wind-only policy for Texans.

Florida consumers may also opt for Velocity’s slimmed-down HO-3 that excludes All Other Perils (AOP) except for wind damage.

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Velocity details and reviews

Velocity Risk Underwriters is backed by State National Insurance Company that carries an AM Best Rating of A (Excellent). They should be well equipped to pay out claims for most scenarios.

Velocity clients have the ability to manage their policies online via the Customer Portal. As with the majority of modern businesses, the Velocity portal makes managing claims and policy documents quick and easy. Plus, the Velocity website has a Pay Online feature that accepts both credit cards and electronic checks without actually logging into the Customer Portal.

Filing a claim with Velocity

Velocity Risk Underwriters customers may file a claim

  • Via phone: 844-878-2567
  • Online claim form

Since Velocity is a Managing General Agent, they do not have a National Association of Insurance Commissioners (NAIC) rating. However, Velocity’s primary carrier does receive regular NAIC reviews. So far, State National has zero recorded complaints with the NAIC. In fact, for the last three years, NAIC has awarded State National a 0.00 complaint ratio versus the 3.94 average National Median Complaint Index for 2016, 2017, and 2018.

Where is Velocity insurance available?

Velocity Risk Underwriters insurance is available in Connecticut, Florida, North Carolina, New York, and Texas.

Final thoughts

For more than ten years, Velocity Risk Underwriters has subscribed to the idea that when chaos strikes, their response should be resolute and swift. For homeowners living near some of the most unpredictable coastal regions in the United States, this is a value close to their hearts and one they can truly appreciate. So far it seems Velocity Risk Underwriters and the A.M. Best rated carriers they partner with are doing well.

Need home insurance?
The Credible marketplace, which includes insurance services by Young Alfred, makes it easy to find a carrier and policy that’s right for you.

  • Fully online — Fill out all insurance forms online and buy homeowners coverage without ever picking up the phone. If you have any questions, Young Alfred offers 24/7 customer service.
  • Save time, money, and effort — Compare quotes from highly rated home insurance carriers in your area. It’s fast and easy.
  • Data privacy — Your information is kept safe and secure. We don’t sell your information to third parties, and you won’t get any spam phone calls from us.

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Disclaimer: All insurance-related services are offered through Young Alfred.

About the author
Credible Staff
Credible Staff

The goal of the Credible editorial writers and staff is to help our readers get up to speed on issues surrounding student loans, mortgage, and personal finance, so you can make informed decisions. We’re here to help you stay on top of the latest news, trends, concepts, and changes in policy and regulations.

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