Vault Insurance: Home & Auto Review
Vault is a good choice if you need to insure a multimillion-dollar home. It also offers customizable coverage for expensive cars, yachts, planes and collections, such as art or wine.
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Is Vault Insurance a good company?
Vault Insurance is a good option if you're looking to insure an expensive home. It offers customizable home insurance coverage, along with protection for expensive cars, yachts, planes and collections, such as fine art or jewelry.
The main downside to choosing Vault is that it's a newer insurance company. While it has good reviews, Vault lacks a long history of satisfied customers. If you prefer a company with a longstanding reputation for taking great care of its customers, consider Chubb or Cincinnati instead.
Pros and cons of Vault Insurance
Pros
Covers extremely high-value homes and cars that not many insurance companies may cover
Offers insurance for yachts and personal aircraft
Personal liability and collections coverages tailored to high-net-worth individuals
Few customer complaints
Cons
No online quotes
Must buy home insurance to get car, yacht, collection or excess liability coverage
Not available in Alaska, Hawaii or Kentucky
What is Vault home insurance?
Vault offers highly customizable insurance for expensive homes. You can only buy a policy if your home would cost a minimum of $1 to $3 million to rebuild, also called your dwelling coverage limit. This requirement varies depending on where you live.
Vault doesn’t offer online quotes or rate info. To get a quote, you can call to speak with an agent or fill out an online form and an agent will reach out to you.
You’ll need to know the type of insurance you want, and share some personal info, such as your name, address, contact details and how much insurance coverage you’d like.
Vault home insurance coverage
Vault's basic home insurance policy comes with extra protection that most companies charge for.
It also offers extensive coverage options to customize your home insurance policy.
Home insurance from Vault automatically includes:
- Replacement cost coverage for the structure of your home. This means Vault will pay to fix or rebuild your home with the same high-end materials you currently have, regardless of any wear and tear.
- Cash settlement option. If your home is completely destroyed, this coverage gives you the option for Vault to rebuild your home or give you a cash payout if you'd prefer to start from scratch somewhere else.
- Valuable jewelry coverage. Vault automatically includes $50,000 in jewelry coverage. Typical home and renters policies come with jewelry coverage of only $1,000 to $5,000.
Vault optional coverage add-ons
The electronic equipment that you bought for $10,000 three years ago might be worth only $5,000 now, thanks to depreciation. And it could cost $15,000 to replace today because of inflation.
With replacement cost coverage, you'll have enough money to replace your things without worrying about current values.
Vault can insure jewelry, art, classic cars, wine or liquor, and other special collections you may have in your home.
It can also help you find local specialists for valuation, appraisals, conservation, documentation, couture garment services, and packing, storage and transit services.
Vault car insurance
You can only buy car insurance from Vault if it's bundled with your home insurance policy.
One perk of insuring your car with Vault is that your car insurance coverage will automatically follow you when you drive a vehicle outside of the U.S. for fewer than 90 days. That could be helpful if you regularly travel to other countries.
The company also offers a handful of coverage options to better protect your car. Vault also offers standard coverages.
Vault car insurance coverage options
If your car breaks down on the side of the road, Vault will pay up to $350 to help pay for a jump start, tire change, tow or other roadside service. There is no annual limit.
This coverage pays up to $1,500 to replace lost or stolen car keys.
Pet injury coverage pays your pet's medical bills if they're injured in a car accident.
With rental reimbursement coverage, Vault will help pay for a rental car while yours is in the shop after an accident.
Agreed value coverage is typically used for specialty vehicles, such as collectors’ cars. With this coverage, you and Vault decide on your car’s worth, and your vehicle is protected for that amount.
Agreed value coverage from Vault isn't available in every state.
Other types of insurance from Vault
Vault offers commercial insurance up to $5 million and several types of personal liability insurance.
For example, you could get $1 million of coverage for employment-related claims made by domestic staff or up to $25,000 for expenses because of identity theft; damages because of cyber attacks can be included.
You can also get Vault Insurance coverage for your yacht, light aircraft, pleasure aircraft, corporate plane or drone.
Vault Insurance discounts
Vault only advertises a few insurance discounts. When getting a quote, be sure to ask your insurance agent about any discounts you could qualify for.
Hurricane preparedness: Get a discount for installing wind-safety features, such as reinforced roofs, stronger roof-to-wall connections, impact-rated shutters or a waterproof barrier between your shingles and plywood.
Updated appraisals: You can get a discount for getting regular appraisals on high-value items, such as art, jewelry and expensive equipment.
Vaulted jewelry: Keeping your jewelry in a bank vault or safety deposit box can lower your insurance costs.
Wildfire preparedness: You can lower your risk and possibly your rate when your home has: fire-resistant roofing, noncombustible siding, impact-resistant windows, hurricane shutters, permanent backup generators, enclosed eaves and upgraded vents.
Monitoring technology: Vault may offer discounts or other incentives for having technology that helps prevent theft or damage to your home.
Leak detectors, temperature sensors and remote shut-off valves can prevent a lot of potential damage from water and fire. Advanced security and monitoring, such as surveillance cameras, smart intrusion detection and biometric entry, can help prevent theft and property damage.
Vault Insurance customer reviews
Vault doesn't have many customer complaints, so you should be able to count on the company to take good care of you in an emergency.
Vault operates through two separate insurance companies, a fairly common practice in the insurance industry, both of which are well-rated.
- Vault Reciprocal Exchange gets around 16% fewer complaints than expected for its size.
- Vault E&S Insurance Co. gets almost no complaints from its customers.
In addition, Vault earned an "excellent" financial strength rating from AM Best. That means if a disaster happens, it should still be able to cover all claims.
However, as a newer insurance company, Vault doesn't have a long-standing reputation for great service like many larger companies, such as Chubb.
Frequently asked questions
What states does Vault Insurance write in?
Vault Insurance offers home and auto insurance coverage in all states and Washington, D.C., except for Alaska, Hawaii and Kentucky.
How long has Vault Insurance been in business?
Vault Insurance was founded in 2017 in St. Petersburg, Florida. It now has offices in New York City, West Palm Beach and Chicago.
Sources
The financial stability information comes from AM Best. Information about the number of customer complaints received is from the National Association of Insurance Commissioners. Other sources include information from Vault Insurance.
To find rates for alternative home insurance companies, ValuePenguin collected quotes from thousands of ZIP codes across the country, in states where data was available. Rates are for a 45-year-old married man with no history of insurance claims. Quotes include $1 million of dwelling coverage, $100,000 of personal liability coverage and a $1,000 deductible.
About the Author
Senior Writer
Lindsay Bishop is a Senior Writer at ValuePenguin, where she educates readers about home, auto, renters, flood and motorcycle insurance.
Lindsay began her career in the insurance and financial industry in 2010. She was a licensed auto, home, life and health insurance agent and held Series 6 and 63 financial licenses.
After a hiatus from the financial sector, Lindsay returned to the industry as a content writer for ValuePenguin in 2021. She enjoys having the opportunity to help readers make smart decisions about their insurance so they can be prepared for anything life throws their way.
When Lindsay isn't writing about insurance, you can find her spending time with family, enjoying the outdoors on Sunday long runs or riding her Peloton.
How insurance helped Lindsay
As a homeowner for 15 years located in South Carolina, Lindsay has plenty of experience navigating the coastal insurance market and managing the claims process. That includes successfully negotiating a full roof replacement claim.
Expertise
- Home insurance
- Car insurance
- Flood insurance
- Renters insurance
- Motorcycle insurance
Referenced by
- CNBC
- Yahoo Finance
- Miami Herald
Education
- BS/BA Economics, University of Nevada Las Vegas
Editorial Note: The content of this article is based on the author's opinions and recommendations alone. It has not been previewed, commissioned or otherwise endorsed by any of our network partners.
