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A Guide to The Best Home Insurance Companies

Home insurance. It’s something you buy, but hope you’ll never have to use. However, making sure that you are adequately insured is an important step to reaching better financial security.

The US market for homeowners insurance is competitive, so choosing the right provider is not always an easy task. You should be prepared to do your research in order to choose one of the best home insurance companies, and the policy that fits your needs.

Home insurance helps you in the event of an unexpected loss not only by safeguarding your house but also by providing financial protection for your personal property and combined assets. In most states, you are not obligated by law to pay for home insurance although it is lender-required across all states.

Standard home insurance policies include dwelling and other structure coverage as well as personal property coverage. In other words, the expenses of repairing or reconstructing your home--and its contents--damaged by fire, theft, vandalism, or a natural disaster, will be covered by the policy. There are a few more types of protection that any good homeowner’s insurance policy entails - medical payment coverage, personal liability coverage, and loss-of-use coverage.

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Fortunly’s Top 3 Home Insurance Picks

Top 3 Picks

Allstate

A plethora of coverage options

Easy-to-use online tools

Available nationwide

Get a Quote READ REVIEW

Erie Insurance

Low rates

Excellent customer service

Financially stable

Get a Quote READ REVIEW

State Farm

Great standard coverage

Financially stable

19,000+ independent agents

Get a Quote READ REVIEW

Home Insurance Picks — 7 Offers Reviewed

1. Allstate

A plethora of coverage options

Easy-to-use online tools

Available nationwide

Average yearly premium:

$1,130

Get a Quote

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As one of the largest and most financially stable insurers in the country, Allstate offers excellent insurance, regardless of a homeowner's state of residence. Although this carrier's basic home insurance policy doesn't come with high coverage limits, there is a multitude of coverage endorsements and policy discounts to consider. Allstate has good rates for customer satisfaction and provides an abundance of useful AI tools and informative resources to its customers.

Read full review

A.M. Best rating:

A+

Better Business Bureau rating:

A+

Consumer Reports score:

82/100

J.D. Power:

3 out of 5

2. Erie Insurance

Low rates

Excellent customer service

Financially stable

Average yearly premium:

$754

Get a Quote

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Erie Insurance is one of the best-rated carriers on the competitive home insurance market by virtue of its low rates for homeowners and its impeccable overall customer satisfaction scores. If you live in any of the twelve states that Erie's insurance agent services, we recommend you consider purchasing the coverage for your home from them.

Read full review

A.M. Best rating:

A+

Better Business Bureau rating:

A+

Consumer Reports score:

88/100

J.D. Power:

5 out of 5

3. State Farm

Great standard coverage

Financially stable

19,000+ independent agents

Average yearly premium:

$1,710

Get a Quote

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With more than 19,000 local agents across all 50 states and a market share of 18%, State Farm is the largest insurance company in the USA, whose financial stability is almost unmatched. The company offers a solid basic homeowner's package and a variety of additional coverage options. Although Allstate serves millions of people, it still manages to stay on top when it comes to overall customer satisfaction.

Read full review

A.M. Best rating:

A++

Better Business Bureau rating:

A+

Consumer Reports:

85/100

J.D. Power:

4 out of 5

4. Amica

Customizable policies

Best-rated customer service

Wide variety of discounts

Average yearly premium:

$1,300

Get a Quote

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Amica may be one of the smaller carriers in the home insurance business, but it's also one of the mightiest, whether you consider its financial health or its wide range of customizable policy options. With such a wide variety of discounts, it's almost impossible not to find a good deal on home insurance with Amica. The fact that the company's customer care department does a great job has been confirmed through the highest claims satisfaction rates several times.

Read full review

A.M. Best rating:

A+

Better Business Bureau rating:

A+

Consumer Reports rating:

94/100

J.D. Power:

5 out of 5

5. USAA

Exceptional coverage with low rates

Top financial ratings

Available in all states

Average yearly premium:

$1,300

Get a Quote

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When considering the quality to affordability ratio, USSA's home insurance policies are almost unmatched. The company's financial health has been rated as one of the best on the market for years, and so has the company's customer care department. The only drawback attached to this insurer is that it doesn't offer its services to non-military-related customers.

Read full review

A.M. Best rating:

A++

Better Business Bureau rating:

N/A

Consumer Reports:

92/100

J.D. Power:

5 out of 5

6. Farmers

Available nationwide

Flexible coverage options

Deductibles decrease if no claims are filed

Average yearly premium:

$1,273

Get a Quote

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What makes Farmers stand out from the competition is its highly flexible and customizable three-tier system for home insurance policies. When it comes to accessibility, this insurance giant has a huge network of agents and provides its services nationwide. Thanks to its variety of discounts, it's safe to say that anyone can land a good deal.

Read full review

A.M. Best rating:

A

Better Business Bureau rating:

A+

Consumer Reports:

83/100

J.D. Power:

3 out of 5

7. GEICO

Financially stable

State-of-the-art online tools

Low rates

Average yearly premium:

$888

Get a Quote

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GEICO is one of the most financially stable insurance brokers out there. The company operates as a middleman between the insurance customers and the insurance provides and it is well-known for offering one of the lowest rates in the industry. What also makes GEICO stands out from the competition is its multitude of top-notch online tools and informative resources.

Read full review

A.M. Best rating:

A++

Better Business Bureau rating:

N/A

Consumer Reports:

N/A

J.D. Power:

N/A

8. MetLife

Full replacement cost coverage

Discounts for customers with multiple policies

One deductible for combining home and auto insurance

Average yearly premium:

$2,000

Get a Quote

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What makes Metlife stand out from the majority of other homeowner’s insurers is a guaranteed replacement cost coverage, allowing you to receive the actual amount required for repairing or replacing your property - even if the amount exceeds your home’s value on the market. Improvements should be made in terms of customer service; the only way to get a quote or file a claim is over the phone.

Read full review

A.M. Best rating:

A+

Better Business Bureau rating:

A+

Consumer Reports:

N/A

J.D. Power:

2 out of 5

How We Identify The Best Homeowners Insurance Companies

If you are like most Americans, you probably consider your home to be your most meaningful possession, and one of your most valuable assets. But, unfortunately, your home is subject to disaster, no matter how prepared you might think you are.

Burglaries, floods, fires, and earthquakes all cause damage that can be extremely expensive to fix. As a homeowner, there are not many things that you can do to prevent a disaster, however, by choosing the best house insurance policy, you can protect yourself and your family from a financial downfall.

Our comprehensive review of the best home insurance carriers in the United States leads you through all the advantages and disadvantages of each company and specific policy. To make the evaluation process easier to follow and comprehend, we broke each of the seven individual insurance company reviews down into four vital categories and defined the top insurance companies in the business of home coverage.

Financial Strength Ratings

When it comes to homeowner insurance, opting for a financially stable provider is of the utmost importance. Many people and companies rely on insurance coverage when they experience a sudden loss. But insurers can only fulfil their obligations towards claimants if they have the financial resources. So it’s important to choose a company that is financially solvent.

Pricing and Discount Policy

It might seem to you that all the best house insurance companies offer pretty much the same deal. However, you shouldn’t settle until you find the one that will give you the right coverage at a reasonable premium. Apart from insurance bundles and loyalty discounts, there are a few more ways to maximize the value of your policy. Most companies encourage policyholders to lower their premiums by improving the safety and security features in their homes, while the best insurance companies even reward their policyholders if they don’t frequently file claims.

Basic Policy and Additional Coverage Options

Any of the best homeowners insurance providers typically have a basic policy that includes dwelling coverage, other structures coverage, personal property coverage, medical expense coverage and personal liability coverage. But, there are also plenty of additional coverage options out there.

Some other policy endorsements to consider include, but aren’t limited to, loss-of-use coverage, identity-theft protection, valuable possessions coverage, and flood or earthquake insurance.

Claims Process and Customer Satisfaction

Based on homeowner insurance company reviews, the way a carrier manages the claims process is one of the most important indicators of customer satisfaction. Not only will a good home insurance company pay the claim and make the repairs to your home in a timely manner, but it will also hold your hand through the steps of filing a claim.

To simplify the process of choosing the best company to protect your home, we’ve done the research and compiled a list of the best-rated home insurance companies to turn to in 2020.

Allstate is one of the largest homeowners insurance providers in the United States. The company was founded in 1931 and has had its headquarters in Northbrook, Illinois since 1967. Today it operates in all 50 states and the District of Columbia with a market share of 8.37%. Allstate offers comprehensive and flexible coverage options for different price points and it is well-known as one of the best home insurance companies in Illinois.

Financial Strength Rating: A+

Allstate is among the biggest corporations in the United States and one of the best insurance companies for home and auto. With a total of $39.8 billion in revenue in 2018, the company secured the 79th place on the Fortune 500 list in the same year. According to A.M. Best, one of the most trustworthy insurance company credit rating agencies, Allstate earned an A+, which makes this insurer one of the most financially stable companies in the industry. With this kind of credit outlook, Allstate doesn’t lack the ability to settle any claim.

Pricing and Discount Policy

This home insurance carrier belongs on the more affordable side of the pricing spectrum. Given that Allstae offers many different discount opportunities, rest assured that you’ll find a way to save on premiums if you decide to go with this insurance provider. Allstate is one of the top-rated insurance companies for home and auto, so taking advantage of their bundling opportunities for your house and auto coverage may be a good decision. Other rate-saving options include a claims-free discount of up to 20%, a 5% automatic-payment discounts, discounts for homes with protective devices, a 10% discount for new customers and loyal policyholders, rate-saving opportunities for new homebuyers, and discounts for retirees older than 55.

Basic Policy and Additional Coverage Options

Although Allstate offers some of the best home insurance rates on the market, one of the downsides of its homeowners insurance is that the coverage limits for each point of a standard policy may not be enough to satisfy everyone’s requirements. In order to make your coverage sufficient, you may need to think about paying a higher premium. Allstate’s standard homeowners policy includes dwelling coverage, personal property coverage, liability protection, and guest medical protection.

When it comes to policy endorsements, Allstate is among those house insurance companies that offer quite a few options. Some of the most popular additional coverages include: identity theft protection, scheduled personal property protection, and water backup coverage. If you work from a home office, you can rely on Allstate to protect your business equipment, and even pay for the recovery of any lost electronic data. This insurance provider also conveniently offers coverage for valuable musical instruments and sports equipment. Among the additional coverage options, Allstate provides earthquake and flood insurance, too.

Claims Process and Customer Satisfaction

Based on Allstate home insurance reviews, this insurance provider is one of the highest rated homeowners insurance carriers when it comes to transparency and clarity of the claims process. If you find yourself in the position that you need to file a claim, there are a few convenient ways to do it. You can start the claim filing process by getting in touch with your agent or by contacting the company’s claims division. Other listed options involve using Allstate’s mobile app or logging into the company’s website to file your claim.

Allstate is well-known for providing an excellent customer experience. This insurer offers a plethora of useful AI tools and informative resources that help its customers determine the right insurance product and the optimal amount of coverage. According to J.D Power’s Overall Customer Satisfaction Index, Allstate scored 3 out of 5 points and made it to the list of top 10 best home insurance companies this year.

Key Benefits:

Multitude of coverage options and discount opportunities

Easy-to-use website and mobile app

Available nationwide

The story about Erie Insurance began in 1925 when two insurance salesmen partnered up and decided to start their own business. In less than four months they raised enough money to launch an auto insurance company called Erie Insurance Exchange. Although the company provided only auto insurance back then, today, Erie is considered one of the best auto and home insurance companies that also offers commercial and life insurance.

One of the drawbacks of Erie Insurance is that the company only operates in limited eastern and mid-western parts of the United States. Erie Insurance is available in only twelve states and the District of Columbia to be exact.

Financial Strength Rating: A+

Financial stability is one of the most important factors to consider when shopping for home, auto, or any other type of coverage. Erie got an A+ from the A.M. Best Rating Services this year, which makes this house insurance company one of the best-rated US insurers judging by its financial stability. The superior ratings reassure that this insurance carrier operates with more than enough capital to step in and cover any claims that its policyholders might file.

Pricing and Discount Policy

It’s the pricing section where Erie really shines. The rates this company offers are among the lowest available for home insurance shoppers and over 30 percent cheaper compared to an average competitor’s quote. It’s safe to say that Erie is one of the best insurance companies for auto and home policies in terms of pricing.

There are a few different factors that the agents from Erie’s network take into account when they calculate the amount a customer will have to pay in premiums. These criteria include the customer’s credit score and insurance claims history, the home’s location, its characteristics, and the features of the policy. Prices will surely vary based on all the aforementioned factors and other variables, however, customers can expect a good deal on homeowners insurance quotes, no matter what type and amount of coverage they decide to buy.

As per discounts, Erie provides a few somewhat typical options to reduce your home insurance premiums. If you decide to bundle your home and auto insurance, you’ll be eligible for a multi-policy discount. Moreover, if you get an Erie Insurance quote at least a week before the expiration date of your current policy, you’ll be rewarded with a discount. Lastly, an alarm system and a few other security devices installed in your home will also make a contribution towards lowering your insurance premium.

Basic Policy and Additional Coverage Options

Not only does Erie’s standard homeowner’s policy include all of the essential insurance coverages, but it also offers a few more components that most of the best homeowners insurance companies’ base policies can’t match. The more comprehensive coverage in the “ErieSecure” base policy includes: guaranteed replacement cost coverage in the case of declaring a total loss, expanded theft protection that covers misplaced items, protection for pets, cash, and precious metals of up to $500, and coverage for items that are harder to replace like passports and bills.

Even though Erie’s standard policy tends to cover all the bases for most homeowners, the company has quite a few coverage endorsement options on the table. Some of the additional protections include earthquake and flood coverage, water backup and service line protection, personal liability coverage, identity theft protection, insurance for expensive computers and similar equipment, and more.

Claims Process and Customer Satisfaction

The only way to apply for Erie home insurance is through a local agent. The options to get an instant quote through their website or to complete the application online are simply not a part of this insurance company’s business model. Policy management and claims are also handled by a local agent provided by the company.

There is no doubt that Erie is one of the best-rated home and auto insurance companies when it comes to customer service. This insurance carrier clearly takes great pride in its level of customer care. Erie scored a perfect 5 out of 5 and came in second on the J.D. Power’s Overall Customer Satisfaction Index Ranking for homeowners’ insurance.

Key Features:

Lowest rates

Outstanding customer care

Financially stable

With a market share of 18% and more than 19,000 exclusive agents across all 50 states and the District of Columbia, there is no doubt that State Farm is the largest insurance provider in the United States. The company started as an automobile insurance carrier almost a century ago, however, today it also provides home and property coverage alongside many other insurance products. State Farm is considered one of the best car and home insurance companies, and it services more than 82 million policyholders in the United States and Canada.

Financial Strength Rating: A++

If financial strength is your number one criterion for an insurance company, look no further. State Farm received a perfect A++ from the A.M. Best Rating Services which proves that, when it comes to financial stability, State Farm qualifies as one of the safest choices out there.

Pricing and Discount Policy

According to our findings, State Farm’s standard home insurance policies are not the cheapest ones in the country, however, they are still affordable. The costs can vary based on the type and location of your home, your credit score, the amount of coverage you require, and a few more factors. Nevertheless, rest assured that State Farm’s policies strike a good balance between quality and affordability.

As one of the best companies for home insurance, State Farm doesn’t lack in the discounts department either. Although certain opportunities are not available across all 50 states, there is still something for everyone. If you decide to get multiple insurance products from State Farm, you can be rewarded with a multiple line discount. Install a burglar alarm or a fire protection device in your home, and you’ll become eligible for the home alert protection discount. Other options to lower your premiums include the roofing material discount, claim-free discount, and higher deductible discounts.

Basic Policy and Additional Coverage Options

State Farm’s standard coverage has all the typical protections that you’d expect to get – dwelling and dwelling extension coverage, personal property protection, loss-of-use coverage, personal liability coverage as well as medical expenses protection.

In order to stay among the best home and auto insurance companies when it comes to policy endorsements, State Farm has to offer several add-ons. The most popular options include sewer back-up and drain coverage, identity restoration and cyber attack protection, business property coverage, equipment breakdown coverage, fungus coverage and more.

Claims Process and Customer Satisfaction

When it comes to claims, State Farm’s website makes it incredibly easy by providing all the detailed instructions on how the process works. You can choose to start the process of reporting a claim by logging into this homeowners insurance provider’s website or through their easy-to-use mobile app. There’s also the option to call State Farm’s claim department. Lastly, if you prefer dealing with a representative face-to-face, you can turn to your agent directly.

The way an insurance company handles claims has a huge impact on overall customer satisfaction rates. According to J.D. Power’s home insurance study conducted in 2019, State Farm scored 4 out of 5 and came in fifth on the list of best home insurance companies in respect to customer satisfaction.

Key Features:

Great standard coverage

Financially stable

More than 19,000 independent agents

Amica Mutual Insurance Company is a Rhode-island based insurer that was founded in 1907. In the beginning, Amica offered auto, fire and theft insurance to its customers. As the company expanded, its list of insurance and financial products extended to include home and life insurance as well. Since its beginnings, Amica has been organized as a mutual company, which means that each policyholder has a share in the company. Today, Amica is perceived as one of the best home and car insurance companies and it is available in almost all 50 states and the District of Columbia, with the exception of Hawaii.

Financial Strength Rating: A+

Although Amica cannot be described as the nation’s largest insurer, it definitely is one of the mightiest. One of the company’s biggest advantages is its financial stability. Based on A.M. Best’s independent review, Amica holds a superior A+ in financial ratings, which means that you can rely on this insurer to settle any claim if disaster strikes.

Pricing and Discount Policy

In respect to homeowners’ insurance costs, Amica’s rates vary widely from state to state. However, this insurer is renowned for writing policies for almost any type of home at any price point.

This carrier offers quite a few ways to save money on premiums without having to settle with less coverage. Amica’s home insurance discounts are split into two categories – policy discounts and safety discounts. If you stay with the insurer for two years or longer, you qualify for the loyalty discount. Given that Amica is one of the best insurance companies to bundle home and auto, combining your home and auto insurance to save up to 15% seems reasonable. Other opportunities to lower your premiums include: a claim-free discount, auto-pay, and discounts for those who decide to receive their bills and information electronically. To qualify for some of the safety discounts, you’ll have to protect your home with a burglar alarm, fire alarm, sprinkler system or an automatic detection device.

Basic Policy and Additional Coverage Options

Simply because one size doesn’t fit all, Amica offers a wide range of coverage options and policy endorsements. Alongside all the standard home insurance protections, there are a few unconventional upgrades to consider too.

Just as most top home insurance companies do, Amica has a standard house insurance policy that includes all the expected lines of protection – dwelling coverage, personal property coverage, other structures coverage, personal liability coverage, and loss of use coverage.

In case the standard package doesn’t meet your needs, there are a few options that you can opt for to make your policy more comprehensive. Amica’s extended home insurance coverage options include dwelling replacement coverage with an additional 30% above your coverage limit, personal property replacement coverage, valuable items protection, earthquake and flood protection, identity fraud expense coverage, and home business coverage.

Amica has also introduced a platinum home insurance package that provides top-of-the-line protection at a reasonable price point. Besides all the typical protections, this type of policy can include extended protection points such as credit card coverage, valuable items coverage, liability and medical payment coverage, and more.

Claims Process and Customer Satisfaction

The claims department seems to be a weak point for many home insurance providers. For Amica, however, customer care and the claims process are the areas where this company exceeds expectations and surpasses the competition. According to J.D. Power, Amica has a 5 out of 5 claims satisfaction rate, which means that it’s among the highest-rated companies in the homeowners insurance industry.

When it comes to claim filing, you can either report your loss over the phone, or file a claim on the company’s website or mobile app. On Amica’s website, you can also find plenty of information to help you get through an unexpected loss.

Key Features:

Excellent financial strength

Flexible and customizable policies

Top-rated customer care

The story of USAA began almost a century ago in San Antonio, Texas. Twenty-five US Army officers came up with an idea to insure each other’s automobiles after the insurance companies labeled them as a high-risk group and refused to give them coverage. The company expanded quickly, but it never gave up on its military roots.

Today, USAA is one of the best rated auto and home insurance companies, however, one of the carrier’s biggest drawbacks is its limited accessibility. USAA is in the home insurance business only to serve the military personnel. If you are not part of any US military branch, a veteran, or a military family member, you’ll have to look for homeowner’s coverage elsewhere. For those military-affiliated, on the other hand, USAA homeowners insurance is available nationwide.

Financial Strength Rating: A++

Although the company offers some of the best homeowners insurance rates, USAA’s exceptional financial reputation is almost unmatched among fellow home insurance companies. According to A.M. Best’s study, USAA deserves a superior A++, in respect of this year’s financial ratings. If you decide to give USAA the privilege of providing you with home insurance, you won’t need to worry whether the company will show up if you experience any adversities.
Pricing and Discount Policy

In terms of pricing, USAA is easily one of the most competitive carriers out there. This insurer’s rates are well-known for its affordability, but when considering USSA’s discount plan, there aren’t many options on the table. This provider is one of the best-rated insurance companies for auto and home, so opting for the 10% off auto and home bundle opportunity may be a smart choice. According to the company’s website, other options to save on premiums involve installing protective devices, choosing a higher deductible and going without a claim for five years or longer.

Basic Policy and Additional Coverage Options

When it comes to basic USAA home insurance coverage, the company tries to make the process as simple as possible. A typical homeowner’s insurance policy features replacement cost coverage both for your home and its contents.

What makes USAA one of the biggest competitors on the home owners insurance market is its high personal property coverage limit. While most insurers won’t offer more than 50% of your home’s insured value in personal property coverage unless you agree to pay higher premiums, with USAA, the limit can be as high as 75% of your dwelling coverage.

Different types of protections and coverages include dwelling, personal belongings, and other structures coverage, home-sharing coverage, earthquake coverage as well as loss-of-use and personal liability protection.
Claims Process and Customer Satisfaction

In respect of the claims process, USAA gives its policyholders a few convenient options to file their claims. Based on your preferences, you can start the process through the claims center on the company’s website, on the mobile app, or even over the phone. When it comes to comparing the best home insurance companies, reviews show that USAA has one of the quickest turnaround times for handling claims.

USAA’s customer service outshines the competition. Not only does this insurer hold the highest rating for claims satisfaction with J.D. Power (5 out of 5), but customers also praise the policies, the rates, and the hospitality of USAA agents.

Key Features:

Outstanding coverage with low rates

Top financial ratings

Available in all states

Farmers Insurance Group was founded almost a century ago in Los Angeles, California when its founders identified farmers, ranchers, and other rural drivers as a neglected market. Coming from a rural background themselves, John C. Tyler and Thomas E. Leavey held the idea that farmers deserve lower premiums and therefore decided to start their own auto insurance company. Since its beginnings in the 1920s, Farmers has expanded their list of insurance products and it is now considered to be one of the best-rated insurance companies for home and auto.

Thanks to its huge network of insurance agents across all 50 states and the District of Columbia, this home and auto insurance giant has a market share of 5.87% and allegedly provides coverage for more than 10 million homes.

Financial Strength Rating: A

In terms of financial stability, there is no doubt that Farmers belongs among the strongest and most secure insurance companies. According to A.M. Best Rating Services, the company deserves an A, which proves that Farmers has the ability to settle any claim and deserves its place among the top rated home insurance companies.

Pricing and Discount Policy

When calculating homeowner’s insurance premiums, you have to take into account that the cost will vary based on many different factors. These include: where you live, the type of home, the amount of needed coverage, and your credit score. Either way, when it comes to affordability, Farmers is one of the best insurance companies for home insurance.

As per discounts, it’s important to mention that options to lower your premiums may slightly vary from state to state. However, most of the discounts are available nationwide. If you decide to bundle your home coverage with an auto insurance policy, you’ll earn the right to save on premiums through the multi-line discount and get one of the best car and home insurance packages out there. Other discount opportunities include lower premiums for non-smoking households, discounts for homes with fire and burglar alarms, claim-free discounts, and more.

There are a few more policy perks that can help you lower your premiums with Farmers. If you remain claim-free for longer than five years, your premium won’t go up following your next claim. Apart from that, for each year that your policy has been active, you can gain $50 toward your deductible.

Basic Policy and Additional Coverage Options

Farmers is well-known among the best insurance companies for home coverage because of its flexible three-tier system. The most affordable option is labeled as standard coverage and it includes all the basic protections that you can alter to your preferred amount of coverage. Farmers’ middle tier, the Enhanced package, is also customizable and comes with higher policy limits and additional features such as roof replacement cost coverage. The most comprehensive package, the Premier option, offers the highest coverage limits, various policy endorsements, and a guaranteed replacement cost coverage for your home if certain requirements are met. If you have a property that keeps increasing in value, this is one of the best home insurance companies for you.

Claims Process and Customer Satisfaction

Based on Farmers insurance reviews, the company has made the claims process as painless as possible. Not only does Farmers offer you the option to file a claim online, but you can also track the whole claim handling process. You can also report a claim by sending a text message, through the Farmers mobile app, or by calling the claim contact center.

According to the 2019 J.D. Power’s research, Farmers received a 3 out of 5 rating, which means that the customer satisfaction was average.

Key Features:

Available in all 50 states

Customizable coverage options

Deductibles decrease if no claims are filed

GEICO is recognized as one of the best home & auto insurance companies in the United States. The agency’s headquarters are located in Maryland, although the company was founded in Texas, in 1936.

Unlike other names on our list, GEICO is a home insurance broker, not a traditional home insurance company. In other words, GEICO is organized as an independent network of agents that act as middlemen between a customer and an insurer. Through local agents, the agency’s underwriting partners serve customers in all 50 states and the District of Columbia.

Financial Strength Rating: A++

In the process of choosing the best home insurance provider to protect one of your most valuable assets, it’s important to look into the financial stability of your provider. Judging by the fact that GEICO received an A++, the highest possible rating from the A.M. Best Rating Services, it’s safe to say that this insurance broker is among the most financially sound companies in the competitive industry of home insurance.

Pricing and Discount Policy

If you are after the lowest homeowners insurance rates, you should definitely check what this insurance provider has to offer. Prices may be influenced by many different factors and variables, from your location and home type to the amount of coverage that you require, however, the cost of GEICO homeowners insurance is about the average or lower in most cases.

When considering discounts, GEICO is on the less competitive side of the spectrum. This insurance broker offers only three different opportunities to save on your premiums. These include a multi-policy discount for your home and auto insurance bundle, a discount for homeowners with home security systems, as well as a smoke alarm and fire extinguisher discount.

Basic Policy and Additional Coverage Options

GEICO doesn’t underwrite coverage policies, but rather connects the customers to one of its underwriting partners. Naturally, the basic policy and the opportunities for endorsements are dependent on the policy options provided by the underwriter. However, most of GEICO’s partners provide a similar set of standard coverages. These include: dwelling coverage, personal possessions coverage, loss of use, medical payments, and liability protection. If your coverage needs are beyond the standard affordable home insurance package, some of the additional options cover sump pump overflow, identity theft expenses, earthquake protection, and more.

GEICO homeowners insurance reviews show that the company is notable for its easy-to-use online tools, allowing customers to purchase and manage insurance policies online, without having to contact an insurance agent.

Claims Process and Customer Satisfaction

Based on the reports by National Association of Insurance Commissioners, the number of complaints that this insurance broker gets is lower than the national average, given the company’s size. However, some of the customers mention that the claims process confuses them. Just as GEICO doesn’t write policies, the company doesn’t handle claims either. So how does the claims process work?

When you need to report a loss, your home insurance broker puts you in touch directly with the company managing your policy. One of the downsides of this system is that, if you are matched with a company that isn’t the most efficient in claims handling, there’s nothing that you can do to change that in the event of a claim.

Key Features:

Financially stable

State-of-the-art online tools

Low rates

FAQ

Who has the best home insurance?

Keep in mind that there isn’t a single best homeowners insurance company, but rather one that might be able to tick all of your boxes. The ideal policy can’t be overpriced, it should offer the right amount of coverage for your property, and it has to be in line with all of your circumstances. Shopping for insurance can be a daunting process, however, a close comparison of multiple should help in making the right decision.

Who are the top 5 insurance companies?

Based on our research, some of the best homeowners insurance policies are offered by Allstate, Erie Insurance, State Farm, Amica, USAA, Farmers, and GEICO. However, the US home insurance market is extremely competitive, and companies are coming up with new ways to stand out from the competition on a daily basis. Apart from that, there are many variables that you need to take into account before deciding to sign a contract with a certain insurance company.

Who is the best insurance company for auto and home?

Bunding your policies can pay off if you choose one of the best rated insurance companies for auto and home, although some policyholders may still argue that they are better off buying their car and home insurance separately. Here are our top picks for best home auto insurance companies and the reasons why you should consider them:

  • Allstate: best policy discounts.
  • Erie: best prices.
  • State Farm: best for new homebuyers.
  • Amica: best customer service.
  • USAA: best for military-affiliated personnel.
  • Farmers: best coverage limits.
  • GEICO: best online tools.

How can I lower my homeowners insurance?

Finding a cheap homeowners insurance policy that will also provide the right amount of coverage definitely isn’t an easy task. The good news is that lowering your premiums for the desired type and amount of coverage isn’t impossible. Here are some of our top tips and tricks on how to make your homeowner’s insurance less expensive:

  • Devote enough time to market research

Shop around rather than going with the first option that comes up.

  • Raise your deductibles

The higher the deductible, the less money you have to pay in monthly premiums.

  • Understand the difference between the price you paid for your house and the rebuilding costs

Keep in mind that theft, windstorm, fire, and other perils can damage your house but won’t do the same to the land.

  • Bundle your car and home insurance policies

All the best rated home auto insurance companies offer great deals if you choose to combine your auto insurance policy with your home coverage.

  • Improve your home’s resistance to natural disasters

Consider investing in storm shutters or reinforce your roof and you may be able to get a discount on your premium.

  • Invest in home security systems

Security systems such as burglar alarms, dead-bolt locks, and smoke detectors can get you a discount of at least 5% with most insurers.

  • Make the most of company-specific discounts

All the best homeowner insurance companies offer specific discounts that often don’t even have to do with making your home disaster-resilient. For example, certain insurers offer discounts to the retired people.

  • Establish a solid credit record and maintain it

Credit information is one of the factors insurance companies take into account when calculating the price of your home insurance policy. Make sure to check your credit record regularly because any small errors could result in your insurance premiums growing dramatically.

  • Take house insurance cost into account when buying a home

Look for a home equipped with plumbing, heating, and electrical systems that are no more than 10 years old. Opt for a home located near a fire hydrant. Playing smart could cut your home insurance premiums up to 15%.

  • Do not change insurance providers frequently

Staying with the same insurer for a longer period can be a smart choice in respect to discounts. Most insurers offer loyalty discounts that can be as high as 10%. However, it’s also important to compare the prices you’re paying with the average cost of home insurance policies offered by other top rated insurance companies.

  • Reconsider your policy limits and the value of your possessions on a yearly basis

Adjust your policy by adding protection for any major additions to your home and lowering the amount of coverage for any items that have devalued.

What is the average premium for homeowners insurance?

Costs of annual home insurance premiums can vary significantly based on many different factors including house type, its location, and the policyholder’s credit score. Based on our research, the average cost of homeowners insurance is approximately $1,200 per year.

What does my homeowners’ insurance cover?

It’s important to make a difference between basic coverages and additional coverages or policy endorsements. As a home insurance shopper you should think about your needs and wants, and chose a policy that agrees with your circumstances. With a slight variation from insurer to insurer and from state to state, a basic home insurance policy with any of the best companies for homeowners insurance generally includes dwelling coverage, personal property coverage, other structures coverage, medical payments coverage, personal liability coverage, and loss-of-use coverage.

What is not covered by homeowners insurance?

One of the biggest and most frequent mistakes that policyholders make is not taking the time to give their insurance policies a thorough read. There’s nothing worse than finding out that your policy does not in fact entail all the protections you thought you were paying for when disaster strikes. Even though all the best home insurance companies claim that they will provide coverage for just about anything, you shouldn’t take this statement for granted. For example, flood coverage and earthquake coverage are not usually part of a standard policy.