2023 Pacific Specialty Insurance Review & All You Need (Updated)

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Pacific Specialty Insurance Company, situated in Palo Alto, California, offers insurance to homeowners and renters. The company has been in existence for almost 30 years and has an AM Best “A-excellent” grade for financial strength. They market their many types of property coverage through independent insurance agents. Here’s a detailed overview of Pacific Specialty Insurance Company.

About Pacific Specialty Insurance

Pacific Specialty Insurance Company is the flagship company of the McGraw Group of Affiliated Companies and is a market leader in motorcycle and personal watercraft coverage. The company also covers personal cars, homeowners, renters, boats, mobile homes, and other vehicles.

Pacific Specialty creates insurance policies in all 50 states and the District of Columbia. The corporation is headquartered in Menlo Park, California. According to their LinkedIn page, they have between 201 and 500 total employees, with 186 of them being found on the social networking platform. Pacific Specialty Insurance coverage is only available through independent insurance brokers. 

Pacific Specialty has gained a reputation as a reputable insurance firm with an optimistic outlook for the future due to its broad reach, network of independent insurance agents, and coverages supplied. The insurance firm is rated “A-” (outstanding) by AM Best and “B” by the Better Business Bureau.

AM Best is one of the world’s oldest rating companies, having been founded in 1899. Their ratings reflect an insurance company’s financial strength and creditworthiness and are based on extensive assessments of the company’s operating performance, business profile, and balance sheet. AM Best’s rating system assists clients in making an informed decision about who can match their coverage needs while also remaining a strong, financially solid firm throughout time.

Reviews and Ratings for Pacific Specialty Insurance

Customers may be guaranteed that the insurance business will pay claims as promised because it has good ratings from AM Best and BBB, which is one of the most essential aspects in choosing an insurance company. Pacific Specialty additionally provides a wide range of coverage to fulfill the needs of a diverse customer base.

The company provides personal insurance in all 50 states. It also provides a variety of insurance options, discounts, and flexible payment plans for the majority of its policies. We also appreciate that they collaborate with a network of independent insurance brokers to provide customers with a more personalized, all-inclusive experience. 

I strongly recommend speaking with your independent insurance agent about Pacific Specialty as your next trusted carrier because of their many coverage and discount options, as well as their experience, good ratings, and strong financial stability.

Pros of Pacific Specialty Insurance

  • Provides a selection of discounts and payment plans that are flexible.
  • Provides a multi-policy discount when you combine an auto policy from any carrier.
  • Offers a variety of coverage options
  • Provides insurance through independent insurance agents and brokers.
  • AM Best and the BBB both gave it high marks.
  • More than 30 years of insurance sector expertise.

Cons Of Pacific Specialty Insurance

The official website does not provide a detailed claim process.

What Kind Of Insurance Does Pacific Specialty Provide?

Basic Coverages

To safeguard your home, goods, and personal responsibility, Pacific Specialty home insurance policies contain the following six standard coverages:

  • Dwelling protection: After a covered loss, it pays to restore or rebuild the structure of your home.
  • Coverage for other structures on your property that are not connected to your home, such as detached garages, storage sheds, and fencing.
  • Personal property coverage: Pays to repair or replace your personal belongings following a covered loss, such as furniture, clothing, technology, and other items.
  • Loss of use coverage: Pays for hotel stays, restaurant bills, pet boarding fees, and other temporary living expenses if you need to live somewhere else while your house is being rebuilt following a covered loss.
  • Personal liability insurance pays for legal and medical fees if someone is injured or their property is damaged while visiting your house and you are held legally responsible.
  • Medical payments coverage: Pays for minor medical expenditures if someone is harmed in your house, regardless of responsibility.

Additional Coverages

For even more protection, you may supplement your Pacific Specialty house insurance policy with the following coverages:

  • Personal property replacement cost: It pays to replace your personal things with new items, independent of depreciation or wear and tear.
  • Flood insurance provided through the National Flood Insurance Program (NFIP), a government program administered by the Federal Emergency Management Agency (FEMA).
  • Private flood insurance: Covers flooding-related damage to your home with higher coverage limits than the NFIP.
  • Excess flood insurance: Supplemental flood insurance that you can buy in addition to an NFIP policy to increase your coverage limits.
  • Ordinance or legislation: Pays for the additional cost of bringing your house up to code following a covered loss.
  • Water backup: Coverage in the event that water backs up through your sewer or drains, or if your sump pump fails.
  • Line of business: It covers the cost of repairing or replacing underground pipes or cables on your property that have been damaged by a leak, break, tear, rupture, or collapse. 
  • Equipment breakdown: Pays to repair or replace damaged air conditioners, water heaters, and other household systems due to mechanical breakdown. 
  • Mortgage payment protection: Covers your mortgage payments for up to a year if you are unable to dwell in your home due to a covered loss.
  • Loss assessment: If you live in a condo or gated community with a HOA, this covers the portion of common area damage that you are responsible for.
  • Earthquake insurance protects your home and personal possessions from damage caused by earthquakes.
  • Personal umbrella insurance: Provides additional personal liability protection for costly medical or legal expenditures for which you are legally liable. 
  • Personal injury responsibility: Extends liability coverage to include bodily harm to others, such as defamation, libel, wrongful eviction, or false imprisonment.

What Kind Of Discounts Does Pacific Specialty Provide?

Pacific Specialty provides its policyholders with a number of discounts, including the following:

Home Insurance Discounts

Pacific Speciality offers a variety of homeowner insurance discounts that can save you up to 50% off your premium. Speak with an agent to learn more about how you might potentially reduce your premiums.

Renters Insurance Discounts

Pacific Specialty provides a variety of discounts on its renter’s insurance policies. You may be eligible if you have had insurance with them or another provider for the previous nine months, or if you have multiple plans with Pacific Specialty. To learn more, contact an agent.

Before making any final selections regarding your insurance company, you should learn everything you can about your local insurance providers and the coverage they give. Call your local insurance agent to answer any questions you may have. “What is the best coverage plan for me, my family/my situation?” is one question to ponder. “What are the minimum coverage requirements in my state and what form of coverage do you recommend?” “Do you guys offer any bundle discounts if I take out both my auto insurance and home insurance with you?” as well as “What is the average rate of insurance quotes you guys offer?”

Who Owns Pacific Specialty Insurance?

Jack McGraw owns Pacific Specialty Insurance. Born and reared in Omaha, Nebraska, Jack McGraw was destined for a career in insurance; his hometown was a recognized regional insurance hub where many young natives attempted to hack their way into a thriving firm. McGraw, who will turn 87 in December, has spent an incredible 70 years in the insurance sector, 64 of which have been in full-time management positions.

McGraw’s distinguished career began in high school when he accepted a position with Central National Insurance Company. Since then, he has supported several organizations in establishing up new offices, streamlining processes, and initiating creative initiatives. McGraw is now in charge of the creation and growth of the McGraw Group of Affiliated Companies, in addition to serving on the board.

Joan, his wife, is credited with being the business’s backbone. “When I left as president of El Dorado and we decided to start our own general agency, I needed a good partner very quickly,” he recalls. “It turned out that partner was my own wife.” In the future, McGraw wishes to see more family-owned, community companies like his to balance out the major corporations.

McGraw, who has spent seven decades in the industry, argues that developing talent is essential. “I have to believe that the management of people has to be the core of any good business,” he states. “You must understand who is doing what in order to foster workplace cohesion.” Hiring skilled workers and delegating tasks are critical to corporate stability.”

Who Is The Parent Company Of Pacific Specialty?

Western Service Contract Corporation (WSCC), a privately held insurance holding company based in California, owns the entire company.

What Is The Meaning Of Specialty Insurance?

Simply said, specialty insurance is coverage that can be acquired for goods that are distinctive or unique. Specialty insurance policies are useful for products that are not normally covered by conventional types of insurance.

Is Pacific Specialty An Admitted Carrier In California?

Pacific Specialty Insurance Company is a licensed insurer in all 50 states and the District of Columbia. Being “admitted” indicates that the company has met the requirements of the government authorities that regulate the insurance industry in each state.

Which Insurance Company Makes The Most Money?

Berkshire Hathaway is the most profitable insurance company.

How Much Does Pacific Specialty Home Insurance Cost?

For a policy with $300,000 in dwelling coverage, the average cost of home insurance with Pacific Specialty is $1,102 per year. This is around $600 less than the national average of $1,754 per year. 

In Conclusion,

Protecting your property from things like damage and theft is incredibly important, which is why this firm works hard to make its services accessible and the coverage suitable to a wide range of situations.

They offer a special webpage for those of you who are interested in coverage but live too far away to speak with an agent. Through the internet, you may actually go through the process of learning about and acquiring your property coverage. Existing customers can also save time by shopping online! They can file a claim, make a payment, contact an agent, study their policy, and more using an online portal.

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