Lloyd’s of London Homeowners Insurance Review 2022

Last modified: December 6, 2020
  • Claims 9
  • Buying 8
  • Transparency 7
  • Coverage Variety 9
  • Value For Money 8
  • Financial Strength A
  • BBB Rating B-
  • Coverages 5/5
  • Flexibility N/A
  • Discounts No discounts
  • Support Email, Phone
  • User Ratings Above average
  • Availability All 50 states
  • Pricing Variable

Interested in Lloyds Home insurance policies? Read Lloyds of London Homeowners Insurance Reviews to learn more about the coverage options.

About the Company

Lloyd’s of London is truly an iconic insurance leader that started in Edward Lloyd’s London coffee shop by offering rewards for finding stolen watches back in 1686.  Being in the business for 332 years now, Lloyd’s of London history is rich and eventful. The company is recognized as the premier international specialty insurance provider. Lloyd’s is duly authorized under the Financial Services and Markets Act 2000.

Today, the company is also dedicated to serving customers in America. Americans recognize this insurance provider as the pioneer of the industry. Lloyd’s are the ones who wrote the insurance policy on the Titanic and paid $10mm in 1912 in 30 days. 

They specialize in a variety of domains including homeowners’ insurance such as rentals and vacant building coverage, which will be the area of focus of today’s review. 

How We Reviewed?

Our Lloyd’s of London insurance rating is based on a variety of factors. Firstly, we examined the company’s official website to assess the website’s information and navigation. 

We wanted to ensure that the site’s information was adequate and helpful for the visitors to take the next step, which is to choose a policy. We also assessed the site’s navigation to see if it was easy to load and browse through. Overall, we were happy with the overall site performance.

Next, we analyzed the Lloyd’s of London financial rating and customer reviews to see what customers have to say about their services and products. We studied reviews and ratings from previous and current customers, looking at the number of positive comments and complaints—this information we’ll share later in the post.

Where Is It Available?

Although Lloyd’s sells coverage and policies to customers in all 50 states, you will have to purchase it from their many American syndicates and small insurance carriers. 

Please note that Lloyd’s underwriters have licenses in Illinois, the US Virgin Islands, and Kentucky. They are approved surplus lines insurers in all U.S. states and territories. Lloyd’s works with many insurance carriers like Liberty Mutual, Hiscox, and The Hartford.


Home Insurance Coverage Options

Lloyd’s of London homeowners insurance provides users with varied coverage plans. There are 7 different types of insurance coverage options that Lloyd’s of London offers: 

  • Basic Homeowner Policy (HO-1)

This policy provides coverage from 10 different kinds of perils such as fire, smoke, theft, lightning, windstorms, and vehicle damage. Please note that it doesn’t cover damage caused by floods and earthquakes.

  • Broad Coverage Policy (HO-2)

This homeowner insurance coverage is broader than the first one. It covers homes and its outer structures from 16 types of risks. External structures in this policy may include detached garages and fences.

  1. Lightning or fire
  2. Windstorms or hail
  3. Explosions
  4. Civil commotion
  5. Damage from aircrafts
  6. Damaged caused by vehicles
  7. Smoke
  8. Vandalism
  9. Theft
  10. Volcanic eruptions
  11. Falling objects
  12. Damage caused by ice, sleet, or snow
  13. Accidental water discharge
  14. Sudden and accidental cracking, bulging, or burning of household systems
  15. Freezing of household systems
  16. Damage caused by the electrical current generated artificially
  • Special Form Policy (HO-3)

This coverage insures the home and private structures that have a connection with the dwelling. It also provides unscheduled personal property insurance. Moreover, personal liability coverage and medical payments are also offered. 

  • Renters Insurance Policy (HO-4)

This tenant homeowners insurance covers a tenant’s personal contents and personal liability. Along with this, additional living expenses are also covered in case the tenant is displaced. 

  • Open Perils Policy (HO-5) 

The insurance policy covers residential homes from practically everything unless something is mentioned as exclusion. 

  • Condominium Policy (HO-6)

This insurance policy is designed to help condo owners stay protected against 16 risks, which may otherwise not be covered under the master policy of the condo association. It also includes liability insurance coverage for condominium owners. 

  • Older Home Policy (HO-8)

This property insurance is ideally designed for homes that cost higher than the cost of rebuilding. These are homes that are more than 40 years old, or significant architecturally, are registered landmarks or homes made from materials that are hard to replace. This policy protects such homeowners against 10 types of risks.

Lloyd’s Insurance Pricing 

The company’s pricing is variable depending on your policy selection and underwriter. To have a clear idea of what your policy is likely to cost, it is advisable to request Lloyd’s of London quotes. Based on the quote that you receive, you can decide if you want to proceed with them.

Customer Satisfaction and Financial Strength Review

The syndicates of Lloyd’s share the financial industry ratings. Lloyd’s of London rating from AM Best is an A (Excellent). They received an A+ (Strong) rating from S&P while they earned an A.A- (Very Strong) rating from Fitch Ratings. 

Though Lloyd’s of London is not accredited by the BBB, they do maintain a B- insurance rating with just 15 customer complaints. This clearly shows that the company has an above-average customer satisfaction rate. 

Platform Rating
S&P A+
AM Best
Fitch Ratings AA- 

Customer Support 

It is important to understand that Lloyd’s of London is not one single company that provides insurance. It is more like a marketplace where insurance and reinsurance risks are underwritten by hundreds of syndicates of underwriting members associated with them. 

There are only certain exceptions where the brokers can arrange insurance directly with the company’s underwriters. But in general other firms (coverholders) are authorized to enter into insurance contracts on behalf of Lloyd’s underwriters.

Therefore, if you’re interested in acquiring insurance coverage from Lloyd’s of London and wish to contact customer service, you will have to first find a suitable broker and insurance intermediary.  Once you find a broker, that broker will further advise you on securing your insurance policy according to the local insurance legislation.

To find an independent insurance agent, you need to contact the Independent Insurance Agents Association at www.trustedchoice.com or log on to Lloyd’s official website. There click on the market directory to find a broker.  The network comprises over 300 Lloyd’s agents and 340 sub-agents.

There you will find the Lloyd’s of London local agent’s phone number and other contact details.

Ease of Buying and Claims Handling 

To buy a policy, all you have to do is to contact a broker/underwriter. They will then consult you on which policy fits your needs and guide you through the buying process.

In terms of Lloyd’s of London claims, the process is a bit complicated. We will explain it in this review, but it is nonetheless advisable to read a couple more Lloyd’s of London homeowners insurance reviews to get a better idea of the process. Below are the general steps:

  • Upon receiving a claim, the broker performs multiple checks.
  • Once everything is fine, they assign a UCR (Unique Claims Reference) and create an electronic claims file. This can also be submitted electronically.
  • Next, the underwriter will review the file to add comments and questions if needed. The broker will then forward the file to the adjuster or the agent as required. 
  • Any subsequent reports shall be referred to in the market until all coverage questions are answered, and claims are ready to get resolved.
  • Once the payment is due and ready to be collected, a collection request shall be made via ECF to the agreement parties.
  • Upon the payment collection request approval, the claim is processed through the central accounting system.

Apart from this process, the U.S. insurance carriers offer a variety of ways to handle claims. These include:

  • Completing an online claims form
  • Calling the carrier’s 24/7 claims hotline
  • Utilizing the syndicate’s mobile app

Comparison With Competitors 

Here’s how Lloyd’s competes with other industry players in the U.S. market:

Lloyd’s vs State Farm

When compared to State Farm, Lloyd’s of London offers limited coverage options. State Farm, on the other hand, offers a variety of coverage options and is financially stronger too. Lloyd’s rated A from AM Best while State Farm’s rating is A++.

If you want discounts, then State Farm is a better option. Lloyd’s doesn’t offer discounts at all. 

In terms of pricing, State Farm is slightly expensive. So, if you’re looking for affordable homeowners’ insurance policy, then Lloyd’s may be a better option.

Lloyd’s vs Allstate

Allstate has a better financial standing than Lloyd’s. In terms of coverage, they offer more options to choose from. Allstate also offers discounts on policies and customization options. 

Overall, Allstate is a better option. Still, pricing is a crucial factor in some cases. Those who are looking for a policy that doesn’t override a tight budget may not find Allstate a suitable option. The policy rates of Allstate are slightly higher than Lloyd’s.  

Lloyd’s vs Farmers Insurance

In comparison to Farmers Insurance, Lloyd’s has a better financial standing. But if you’re looking for discounts and savings, Farmers Insurance is a good option. The Farmers Insurance pricing is relatively lower than the average priced coverage by other insurance providers.

Pros & Cons

The Pros

  • Financially stable
  • Affordable pricing
  • Simple coverage options
  • Stellar market reputation, a name you can trust

The Cons

  • No discounts
  • Slightly complicated claims process

Final Verdict

In conclusion, we can say that Lloyd’s is a financially stable company; thus, insurance policy buyers can be sure that the claims will be resolved promptly. Apart from that, the company offers good coverage options to protect your home from theft, vandalism, and natural calamities. 

Their pricing is reasonable as well. As compared to State Farm and Allstate, Lloyd’s offers affordable policies. If pricing is a deciding factor for you, then Lloyd’s is an option to consider.


Does Lloyd’s have an NAIC number?

Yes. Lloyd’s is an approved reinsurer in and across the U.S. Therefore, to write the U.S. reinsurance, the syndicates of Lloyd’s of London must get registered with the NAIC first. Once they are registered, they appear in the NAIC listing of companies. 

They are also given their alien insurer identification number (AIIN). The successful attainment of syndicate numbers and NAIC alien insurer numbers are indicative of their approval by Lloyd’s marketplace.  

Who underwrites Lloyd’s insurance?

Insurance underwriters are professionals who evaluate and analyze the risks that come with insuring people and their assets. They establish the pricing for accepted insurable risks. In terms of Lloyd’s of London insurance, their syndicates are underwriters.

Who insured the Titanic?

As discussed at the beginning of the post, the Titanic was insured by Lloyd’s of London. The company paid out $10mm in 1912 in only 30 days. Apart from that, did you know that Lloyd’s of London has also written insurance policies on the following:

  1. First-ever auto insurance policy in 1904
  2. Bruce Springsteen’s voice
  3. David Beckham’s legs 
  4. Gene Simmon’s tongue

How many Lloyd's syndicates are there?

At present, Lloyd’s has over 5,000 syndicates in America. It is an accredited reinsurer in all 50 U.S. states. As mentioned earlier, all the syndicates of Lloyd’s share one financial industry rating from AM Best. 

Lloyd’s has a lot to offer in terms of financial stability and reputation. When you consider that Lloyd’s has a long and stellar reputation within the insurance industry that’s matched by their vast fiscal resources, it’s easy to feel confident that your residential property will be safe while insured by a Lloyd’s syndicate carrier.

Before you decide, though, we recommend reading a couple more of Lloyd’s of London homeowner’s insurance reviews. This will help you make an informed decision with confidence.