Vault Insurance Company 2024 | Ratings & Reviews

Vault Insurance Company

Founded in 2017, Vault Insurance focused on insuring expensive homes, often valued at a minimum of $3 million, and providing personal excess liability insurance. To do this, they initially targeted individuals with high net worth in Florida and South Carolina. Today, the company has expanded to all 50 states, as well as Washington, DC.

Insurance Journal, a popular magazine in the insurance industry, reports that Vault does prefer properties valued at $3 million or more, but they will insure properties that start at $750,000.

Founders

Vault’s founder and CEO, Charles Williamson, previously served as president of the American International Group (AIG) Private Client Group. Joining him on the executive team at Vault are several other former employees of AIG, Inc., including Stephen Bitterman and Nick Muqtadir, among others. 

Where is Vault Insurance Available?

Although Vault Insurance sells home insurance throughout the United States, they only offer auto insurance in seven states. They are:

• Connecticut
• Florida
• Georgia
• Louisiana
• New Jersey
• Pennsylvania
• Tennessee 

Vault Insurance Coverage

Vault Insurance does specialize in homeowners insurance, but they also sell other insurance products designed for certain customers, including:

• Auto insurance – It should come as no surprise that Vault targets the same type of vehicles that they do homes, high-end or “performance vehicles.” Vault does offer worldwide auto liability coverage, which provides protection regardless of where you are in the world. 
• Collections – This worldwide coverage applies to art, jewelry, and other high-end collections and protects against disappearances, thefts, and more. 
• Homeowners insurance – policies at Vault are intended for homes with a high value. Policies are customized and may include flexible claims and cash settlement options or the ability to adjust your coverage level in the event of cost overruns. 
• Excess liability – Allows for high coverage amounts that greatly exceed the limit of your auto liability or homeowners policy.
• Vault Custom – Provides individualized insurance policy designed for persons who need extra protection and flexibility to obtain the amount of coverage they require

Customized Vault Policies

Vault’s primary goal is to be viewed as a different insurance provider offering top-of-the-line coverage options. To do this, Vault offers individualized protection plans with enhanced coverage and extremely high coverage limits. This allows Vault to go further than the coverage options provided by most of the insurance industry.

An example involves Vault’s flexible claims settlement option. In this case, the insurer will cover the costs of the home’s reconstruction when a valid claim is filed. However, with Vault, the policyholder can choose to receive a cash settlement instead. The cash settlement is limited to the amount of the damages and policy limits. The policyholder is not required to replace or rebuild the home to receive the settlement. 

Vault offers significantly higher deductible options than other insurance companies, up to $250,000. Customers with a deductible of $25,000 or less and a covered loss of $50,000 can receive a large deductible waiver. In addition, for any jewelry that is damaged, lost, or stolen, Vault Hime Complete offers a sub-limit of $50,000.

Vault Auto Insurance

Vault offers a variety of insurance types, including:

• Worldwide liability
• Autolock
• Pet injury
• Agreed value
• Airbags
• Roadside assistance 
• Rental car reimbursement

Anyone who would like to learn more about Vault’s auto insurance policies can visit Vault’s website. This also applies to anyone interested in collections or home insurance or looking for a more personalized or comprehensive policy.

Vault’s Website

The company’s website provides information on all of the company’s insurance products and services. In addition, it provides information on contacting agents, requesting quotes, comparing coverage rates, and more. Customers can use the website to make their premium payments easily, file a claim, and review policy details, among other things. 

Vault Ratings and Reviews

Vault reports they have capital backing from some of the biggest names in the insurance industry. AM Best has given the company an outstanding credit rating of A-. This puts it well ahead of many other providers in the market. 

In regards to customer reviews, the number of positive reviews is significantly greater than negative ones. One customer review centered on how “the claim was paid quickly and with no issues whatsoever.” Another customer reports that “Vault was excellent” and worked “quickly and thoroughly. However, one disgruntled customer wrote. “In February, we went through a significant winter storm that lasted 10 days. We had over $20,000 worth of damage caused directly by the storm. Vault refused to cover anything.”

Final Thoughts

In the high-end market, Vault is one of the newest insurers. However, they’ve managed to make a name for themselves in just a short period and seem committed to eliminating outdated services and policies. The company is run by a team with decades of experience, which is sure to be a comfort to the high-end clientele they are geared towards. 

The company is committed to offering personalized coverage for everything from homes and cars to collectibles and jewelry. If this is the type of coverage you are looking for, Vault may be precisely what you need.