Velocity Risk Underwriters, or Velocity, was founded in 2014 and offers catastrophic home insurance in several coastal states without traditional coastal restrictions.
Home insurance plans from Velocity are available in Connecticut, Florida, New Jersey, New York, North Carolina, and Texas. They focus exclusively on monoline property and offer coverage for homeowners, rental properties, and condominiums.
In addition to catastrophic coverage, their insurance plans cover risks such as fire, lightning, theft, wind and hurricane, and personal liability. Plans include dwelling insurance for homeowners, renters insurance or tenants’ insurance, condo or unit owner insurance, and dwelling property insurance for landlords.
Velocity has a Nsure.com insurance carrier rating of 4 out of 5 stars based on our research.
They are known for offering comprehensive coverage, strong security, and competitive terms. They are not Better Business Bureau accredited but have a BBB Rating of “A+”.
Our carrier rating takes into account several factors about the insurer, our industry-experienced research, policyholder’s feedback, and other publicly available data. We also take into account the carrier’s financial stability, organizational structure, and history as well as their historical claims payout data to generate our comprehensive carrier profiles with a low to high rating of between 1 to 5 stars.
Velocity has an A.M. Best Credit Rating of “A or Excellent”, a Credit Rating scoring opinion of an insurer’s financial strength and ability to meet their ongoing insurance policy and contractual obligations.
They do not have a Financial Stability Rating from Demotech Inc. for their long-term stability. Financial Stability Ratings (FSRs) are a leading indicator of the financial stability of Property and Casualty insurers.
AM Best is an independent insurance rating agency that provides credit ratings and financial data products for the insurance industry. Demotech Inc. specializes in providing ratings and detailed financial analysis of regional and specialty insurers.