FedNat Insurance Company Review

FedNat Insurance Company at a Glance

FedNat Insurance, short for Federated National, is an insurance company that offers home insurance at fairly affordable rates, making them a solid insurance company in its locations of operation. FedNat also manages Monarch National, a Florida Property insurance company, and owns Maison Insurance Company. 

As of May 2022: FedNat is not currently issuing new home insurance policies and is consolidating its policies under its subsidiary, Monarch National Insurance Company.

According to E&E News, FedNat very recently cancelled 68,200 homeowners policies in the state of Florida due to losing millions of dollars due to the major storms from 2020 and 2021.

Florida has been hit by a shockingly high number of nonrenewals and company liquidations this year, and an insurance crisis is projected by experts. FedNat has incredibly poor recent reviews on Better Business Bureau (BBB) despite an overall average rating of 3.53 stars. 

What Type of Insurance Does FedNat Insurance Company Offer?

FedNat Insurance offers homeowners insurance, high value homes insurance, condo insurance, renters insurance, flood insurance, personal umbrella insurance, landlord insurance, as well as extra protection. Due to current financial circumstances, their usual policies may be unavailable. They are largely focused on the Florida home insurance market.

Additional add-on coverage options are fairly limited. They include: 

• Federally backed flood insurance - this pays for flood damage to your home and is a standard coverage backed by the federal government 
• Umbrella liability coverage - if you are sued for medical damages or other damages sustained by someone injured while on your property, umbrella liability coverage can offer you financial protection 
• Flo by Moen - you may receive a discount if you have a smart home monitoring system and a leak detection system
• Service Line - this coverage add-on extends protection to underground pipes, wiring, as well as service lines 
• Social media coverage - this can help track your social media accounts and notify you if any one of them seems to have been compromised 
• Identity theft protection - this protection includes financial reimbursement in case you need any identity theft and recovery services 
• Equipment breakdown - if you encounter any unexpected repairs because of electrical, mechanical, or pressure system damages, this may protect you 

What to Know about FedNat Insurance Company

FedNat Insurance Company is currently struggling to due high levels of storm damages sustained by policyholders in the recent years. Before this, FedNat was known as a fairly good insurance company that provided affordable homeowners insurance in Florida.

FedNat does not offer many discounts or add-on coverage options, and does not allow you to customize your coverage or offer other such perks. 

What Discounts Does FedNat Insurance Company Offer?

FedNat does not offer much in terms of discounts or extra benefits. 

FedNat Insurance Company Customer Service

Customer service can be found online. FedNat can also be contacted by phone at 800-293-2532. Customer service is available from Monday through Friday 8 AM to 6 PM EST. The FedNat customer service is able to help with filing claims, making payments, requesting quotes, and other customer needs.