- Introduction to Geovera Insurance
- What Kinds of Insurance Does Geovera Offer?
- How Does Geovera Insurance Work?
- Pros and Cons of Geovera Insurance
- Ratings and Customer Feedback for Geovera Insurance
- Get Customer Support Or File A Claim For Geovera Insurance
- Frequently Asked Questions
Introduction to Geovera
The GeoVera Insurance Group and its affiliate companies offer specialized insurance to cover property located in areas with severe weather. Headquartered in Fairfield, California, GeoVera Insurance Group provides earthquake insurance which can be purchased in California, Oregon, and Washington; wind and flood in some states; and homeowners and wind in Florida. Geovera offers both admitted and non-admitted insurance depending on the state and insurance product. The GeoVera Insurance Group recently underwent a restructuring to improve its capital efficiency and expand the types of coverage it offers. The new holding company, GeoVera Nova Holdings, Inc. (GeoVera Nova), will have four affiliate companies: GeoVera Insurance Company, GeoVera Specialty Insurance Company, Coastal Select Insurance Company, and SafePort Insurance Company.
What Kinds of Insurance Does Geovera Offer?
Geovera Insurance Group provides earthquake insurance, homeowners, wind, and flood insurance. Availability of insurance products depends on your state, your home's risk, and other factors.
Earthquake Insurance
GeoVera Insurance Group provides earthquake insurance in California, Oregon, and Washington through two of its subsidiaries: Coastal Select Insurance Company and Geovera Insurance Company. Earthquake insurance is purchased in addition to homeowners, condo, or renters as these policies do not cover earthquake damage. Homeowners insurance companies in California are required to offer earthquake insurance, but they may offer policies through the California Earthquake Authority or private earthquake insurance companies like Geovera.
Homeowners and Wind Insurance
In Florida, GeoVera Specialty Insurance Company offers non-admitted homeowners insurance that covers wind, flood, residential landlord, and vacant home insurance. Geovera homeowners policies provide coverage for dwellings, other structures, personal property, loss of use,and even seasonal or secondary homes.Geovera also offers wind-only insurance policies for Florida homeowners who need additional coverage for their existing homeowners policy.
Does GeoVera Sell Auto Insurance?
GeoVera does not sell auto insurance.
Does GeoVera Sell Liability Insurance?
GeoVera’s homeowners policies may include coverage for liability, but they do not sell standalone liability policies or focus on liability insurance.
How Does Geovera Insurance Work?
Geovera provides a variety of insurance products, including admitted and non-admitted insurance policies. How your policy works is determined by the policy type you purchase, the coverage you select, and insurance regulation in your state.
How Does Geovera Earthquake Insurance Work?
A Geovera Earthquake policy provides stand-alone earthquake coverage that can be used with any homeowners insurance carrier. Geovera policies also offer a wide variety of limits and coverages, including Dwelling, Other Structures, Personal Property, and Loss of Use. Geovera offers two Earthquake (EQ) insurance products, Quake Select Flex Limit EQ and Single Limit EQ. Quake Select Flex Limit EQ is a flexible limit option that provides deductibles as low as 2.5% and as high as 25% for customers to maximize their savings or protection. Single Limit EQ provides up to $5 Million in coverage in California, and up to $1.9 Million in Oregon and Washington, with deductibles ranging from 10% to 25%. GeoVera policies do not substitute for homeowners insurance, but rather provide coverage for earthquake damage that is excluded by all homeowners insurance policies.
How Does Geovera Homeowners Insurance Work?
GeoVera offers homeowners insurance in Florida through GeoVera Specialty Insurance Company, a non-admitted carrier. GeoVera Specialty Insurance sells coverage through partner wholesale brokers who specialize in the non-admitted or surplus lines insurance market and navigate the complexities of these higher-risk insurance needs.
While Geovera is not licensed in Florida, they are legally permitted to sell homeowners insurance as a surplus lines carrier as they can cover risks that are unusual, higher risk, or exceed the capacity of admitted insurers. Because surplus lines carriers have more flexibility in setting rates and tailoring coverage terms, they are more willing to assume these risks.
Pros and Cons of Geovera
Pros
- Geovera is a specialty carrier with an expertise in insuring property against severe weather and disasters.
- Geovera Earthquake policies are stand alone and do not require purchasing a homeowners policy through a specific carrier.
- As a surplus and excess insurer, Geovera can cover risks that traditional insurers cannot accept.
Cons
- Geovera’s non-admitted policies do not benefit from some state guarantee funds.
- Deductibles can be high. Due to their corporate restructuring, Geovera’s AM Best ratings of “A” and “a” (excellent for each category) , have been placed on temporary hold until restructuring has been approved by regulatory agencies and finalized.
Get Customer Support Or File A Claim For Geovera Insurance
Geovera customers can choose to get service through their customer portal, email, phone, or mail correspondence.
- Geovera customers can find contact details for their exact policy type here.
- The myGeoSource Insurance portal is available to pay bills, get assistance, report or track claims, and access policy documents.
How to contact Geovera by phone or email
Geovera customers are recommended to contact their specific insurance affiliate under the Geovera umbrella.
Coastal Select Insurance Company
- Email: info@coastalselectinsurance.com
- Call: (800) 774-1012
Geovera Advantage Insurance Services, Inc
- Email: info@geoveraadvantage.com
- Call: (800)232-3347
Geovera Insurance Company
- Email: info@geovera.com
- Call: (800)324-6020
Geovera Specialty Insurance Company
- Email: info@geoveraspecialty.com
- Call: (800) 232-3347
Frequently Asked Questions
Should I Buy GeoVera Insurance?
If you need Earthquake coverage in California, Oregon or Washington, or an alternative option for residential insurance in Florida, Geovera might offer policies that fit your needs. Geovera provides specialty coverage that isn’t always available through traditional carriers, and can be a useful option to consider if you need more coverage options. The best way to determine if Geovera is right for you is to get a quote with a licensed broker, such as Coverage Cat, and discuss your coverage options.
Do I need Earthquake Insurance?
If you live in an area that is prone to natural disasters and you would not have the cash on hand to pay for repairs or rebuilding after a natural disaster, it is worth considering an earthquake policy. The Federal Emergency Management Agency (FEMA) estimates that only $5,000 is paid out, on average, for individual assistance after a disaster and federal relief funds may not cover immediate costs. FEMA also estimates that only about 10% of residents in earthquake-prone states such as California, Washington, and Missouri are insured. The California Earthquake Authority has information about earthquake risk in the State, protecting your property against earthquakes, a list of insurers, as well as a premium calculator
Is GeoVera Insurance a Real Insurance Company?
GeoVera and its subsidiaries are real insurance companies and you can find their licensing information here. Geovera sells both admitted and non-admitted policies, depending on the type of insurance and the state in which you live.
How Does Geovera Make Money?
GeoVera makes money when the premiums it collects are higher than the claims it pays out. It also makes money from collecting service fees and by investing the cash it receives from premiums.
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