Honeycomb Insurance Review

Honeycomb Insurance Ratings at a Glance

Honeycomb's first-of-its-kind advanced algorithms and data-driven application significantly accelerate the process of purchasing and pricing policies, especially in multi-family housing segments of the U.S. real estate market. The platform offers affordable insurance options to keep condo owners Condo Association Boards safe while helping building owners maximize their investments. 

Honeycomb offers three key advantages — a simplified experience for customers and insurance brokers, proprietary underwriting technology that accurately determines the appropriate price for each risk and customized insurance coverage that can be tailored to the specific needs of clients. The application process is entirely online and highly simplified and involves answering a few questions about the potential property, after which clients receive real-time competitive quotes. Each quote is fully customizable based on the company's data-driven right-pricing advantage, which according to the company can result in up to 40% savings. 

You can bind the policy immediately and then use the Honeycomb inspector app to complete a remote inspection within seven days. All you need to do is take photos of the building structure and essential elements indicating potential risks. Honeycomb's proprietary AI improves pricing accuracy over time by learning from user-generated property data. In addition, the app offers risk mitigation recommendations and tips and an easy-to-use online claims process after the policy purchase.

Honeycomb offers fully online real estate insurance purchasing and management, providing powerful insights and multiple real-time quote options to help customers choose the best coverage. The company's tech-forward approach allows it to deliver the same or better coverage for up to 40% less than other providers. It makes claims processing simple and effective with constant communication throughout the process.

Other Insurance Coverages

Besides its core policy coverage, Honeycomb offers other insurance benefits as an add-on service. Among its helpful offerings are electronic data, water damage, forgery or alterations, equipment breakdown, computer fraud and employee dishonesty. Honeycomb's general liability insurance promises $2 million per concurrence (or $4 million aggregate limits) and extends to medical expenses, certified terrorism and damage to rented premises.  

Honeycomb Insurance Learning Center and Newsroom

Honeycomb Insurance offers robust educational materials via its learning center, which comprises a collection of articles and resources aimed at helping customers understand landlord insurance and make informed decisions. It covers a range of topics, from rental property insurance basics to specific policy types and coverage options. The learning center is a valuable resource for anyone looking to better understand the world of landlord insurance and specific considerations for various states. 

The newsroom is a source of company news, updates, press releases, media coverage, insurance market data and industry insights that provide valuable information to customers. By staying informed, customers can make better decisions about their insurance needs and take advantage of new opportunities or services that Honeycomb may offer. Benzinga rates Honeycomb Insurance 4.5 out of 5 on product offerings.

Honeycomb offers phone support from 8 a.m. to 8 p.m. EST using dedicated customer service representatives. You can also contact the company through email. Besides these avenues, you can stay connected with the company via LinkedIn. The company has a 4.2 rating on Trustpilot from 44 reviews. As many as 82% of users rated it 5 stars, while 10% rated it 1 star. 

The excellent ratings put the company's customer service on a pedestal. Customer reviews on the company's websites were also overwhelmingly positive, which further lay credence to the company's overall impressive customer support. However, the company should expand its customer service channels and boost its social media presence. Benzinga rates Honeycomb 4.5 out of 5 in customer service.

Honeycomb Insurance employs industry-best practices in protecting users' data from unauthorized access, alteration, disclosure or destruction. The submission of or creation of policies follows strict security protocols to ensure customer privacy. The company collects personal information such as name, address and contact details only for the purpose of providing insurance services. It does not share or sell customer information with third parties unless necessary to provide insurance coverage or comply with legal requirements. Customers have the right to all information rectification, restriction, erasure, transferability of data, objection and revocation. Benzinga rates Honeycomb 5 out of 5 on security.

Honeycomb works directly with landlords and condo association members to offer apartment, single-family and condo association insurance quotes online. The minimum pricing or premiums varies depending on the property type and other risk factors. Honeycomb's technology-driven approach allows it to offer right-size pricing that can result in up to 40% savings compared to other insurance carriers. The potential to save significantly on premiums makes Honeycomb Insurance highly appealing to consumers and represents one of its competitive advantages. Specific fees are not refundable during policy cancellation, but the company clearly explains its policy cancellation procedure. Benzinga rates Honeycomb 4.5 out of 5 on pricing. 

Honeycomb Insurance makes for excellent ease of usage. Customers can seamlessly submit a quote fast and bind a policy on the website. The quote process takes less than five minutes. Here's how it works: First, you visit the company's website and enter your property's address. The system will swiftly notify you if the company has coverage in that location. If available, you'll receive a prompt to select the type of insurance you need — COA, single-family or multi-family insurance, HOA insurance.. 

Subsequently, you'll need to provide details about the property — its size, year built, approximate age of building systems (roof, plumbing), facilities (swimming pools, sprinkler systems) and maintenance condition. Finally, you've options to customize your policy based on your preferences. For instance, you can lower your premiums by opting for higher deductibles if you have some savings set aside for unexpected expenses. Additionally, you can adjust the coverage limits for annual business income or replacement costs.

Once you complete the process, you'll either immediately get a bindable quote directly to your inbox, or a company rep will contact you for follow-up questions before sending you the final quote. The process is optimized for speed and simplicity, making it highly efficient. Benzinga rates Honeycomb 5 out of 5 on user experience.

Honeycomb vs. Competitors

Honeycomb Insurance has a few competitors like Steadily and Obie, both of which, like Honeycomb, have tremendous respect for modern technology. However, Honeycomb's advanced proprietary technology stack that combines AI, machine learning, satellite imagery and computer vision beats these two platforms and its other competitors. Honeycomb allows all the application processes, including quotes and property inspection, to be completed online. 

Honeycomb is an insurance program specifically tailored for landlords, condo associations and real estate investors. The platform simplifies purchasing insurance for rental properties, making it easy, fast and affordable for diverse investors to access the market. The website is user-friendly and easily navigable, making the application process hassle-free. The company also offers efficient customer support, as reflected in customer reviews. Unlike traditional carriers, Honeycomb's proprietary and tech-forward platform provides a cost-effective alternative to skyrocketing insurance costs. Benzinga rates Honeycomb 4.5 out of 5 overall.

Frequently Asked Questions