News Summary
Homeowners in Downstate New York are set for significant changes as Kingstone Insurance Company steps in to provide replacement homeowners policies after AmGUARD Insurance Company halts admitted homeowners business. This move aims to cover around $70 million in written premiums and ensure a smooth transition for policyholders. Kingstone plans to enhance customer experience through technology and strengthen its presence in the state. Homeowners should prepare for policy changes starting in Q3 2025, with quotes available for eligible individuals.
Breaking News: Homeowners in Downstate New York Set for Big Changes
Attention, homeowners in Downstate New York! There’s a fresh breeze blowing through the insurance landscape, and it’s bringing some exciting news for you. Kingstone Insurance Company, a well-known player in the property and casualty insurance game, has announced a groundbreaking move—it’s ready to step in and provide replacement homeowners policies for those affected by the recent changes at AmGUARD Insurance Company.
A Shift in the Industry
So, what exactly is happening? Here’s the scoop: AmGUARD has decided to cease writing admitted homeowners business. Instead, they are planning to refocus their efforts on commercial insurance products. This shift has left many homeowners wondering what to do next. Well, the good news is that Kingstone is lending a helping hand. They’ve committed to stepping in and offering replacement policies for affected homeowners in selected areas of Downstate New York.
What Does This Mean for You?
The transition plan is currently awaiting the green light from the New York Department of Financial Services. Once approved, Kingstone is expected to take over around $70 million in written premiums. This transaction aims to make the process as seamless as possible for policyholders and brokers alike, ensuring that coverage continues without a hitch.
Mark Your Calendars!
Homeowners, take note! The new Kingstone policies will start being effective from the third quarter of 2025. If you are a current AmGUARD policyholder, Kingstone plans to provide quotes for eligible individuals. This way, you’ll know your options and can make the best choice as the switch rolls out.
Taking Care of Policyholders
The leadership at Kingstone is enthusiastic about this opportunity to expand their presence in Downstate New York. With extensive experience in the industry, Kingstone is the 12th largest writer of homeowners insurance in the state as of 2024. This positive growth not only strengthens their business model but also reinforces their commitment to taking care of customers during times of transition.
Technology Meets Insurance
But wait, there’s more! Kingstone isn’t just about offering policies; they’re also aiming to enhance the overall customer experience. In a bid to improve their claims processes, they’re collaborating with tech firms like Kyber Technologies and Snapsheet. This partnership is all about boosting efficiency and streamlining correspondence when it comes to claims. By leveraging AI and modern claims management technology, Kingstone is striving to make sure you have your claims processed quickly and communicate effectively throughout the process.
Where Else is Kingstone Active?
Beyond New York, Kingstone is making waves in other states too! They are licensed to operate in New Jersey, Rhode Island, Massachusetts, Connecticut, Pennsylvania, New Hampshire, and Maine. Their growth doesn’t just stop at the local level; they’re aiming to widen their reach and support even more homeowners across the region.
Final Thoughts
As changes sweep through the insurance market, Kingstone is stepping up to ensure that you won’t be left in a lurch. With a strong focus on customer service, technology integration, and a commitment to providing reliable policies, they seem poised to make this transition as smooth as possible for everyone involved. Keep an eye on developments regarding the approval process, as the future looks bright for homeowners in Downstate New York!
Deeper Dive: News & Info About This Topic
- Joplin Globe
- Access Newswire: Kingstone Insurance Partners with Earnix
- Weatherford Democrat
- Insurance Business Magazine
- Wikipedia: Insurance
