Best Homeowners Insurance
The home is, in most cases, an average person’s largest-ever investment. Therefore, it is logical that a homeowner would want to protect that investment through an insurance policy. However, not all insurance policies are uniform. There are plenty of variations in what each insurer offers.
The cost of rebuilding your home, the location of your home, and other risk factors play a part in determining the type of coverage that insurers would offer you. The home’s age and the type of construction are also important data points.
There are many insurance companies in the market offering a variety of options for a homeowner looking to buy insurance. One can compare things like the deductible, the insurance premium, the level of customer service, the track record of satisfied claims, and the type of protection offered.
Note that your credit score could play a part in your premium amount. Just as with loans, insurers use your credit scores to evaluate your profile and determine an appropriate premium amount.
Many insurance policies will also not cover events like an earthquake, flooding, and wind damage. Therefore, reading the fine print is very important.
Selecting the right homeowner’s insurance can be a lot of work. Finding the policy with the features most suitable to your situation is what every homeowner’s goal should be. The following is a list of the best homeowner’s insurance policies that we found among the plethora of options that are available.
Amica was the number-one-ranked home insurance company on J.D. Power’s Home Insurance Study of 2019. It has been the number-one company for 18 years in a row because of its all-round performance. It ranks highly in customer service, claims satisfaction, policy pricing, policy options, and the transparency in disclosing terms and conditions.
Amica Mutual is also financially strong. This point is important because only financially sound companies can satisfy claims when they arise. Amica policies aren’t exactly the cheapest. They usually do not have many discount offers. However, their claims process is quick and simple and Amica manages to retain a vast majority of its policyholders. Amica offers flood and earthquake coverage (with a deductible).
Farmers Insurance offers three-levels of homeowner insurance. You can go with the standard policy if you are a new homeowner. You can look at the enhanced policy if you want more features and higher coverage than what the basic standard policy offers. Or, you can opt for the premier policy which offers the highest coverage, replacement cost coverage, and many other features.
People who own large homes or high-value homes will find Farmers Insurance to be a good choice. Farmers’ rates are also very competitive in the high-value segment. Some interesting coverage options include the Eco-rebuild, which offers financial incentives for replacing existing materials and appliances with eco-friendly substitutes, and the contents replacement feature which reimburses the cost of a damaged item rather than calculating the value of the item and its estimated depreciation.
Allstate is a well-known insurance company. It has a strong homeowner’s insurance lineup as well. Allstate lets the user customize and pick out specific coverage options such as flooding coverage and identity theft restoration. Customers who do not file a claim can save a few hundred dollars every year and a discount on the renewal premium.
Allstate is generally one of the cheapest insurers in the US, especially if you bundle multiple insurance policies (such as auto, home) into one. Allstate allows users to find out what claims get filed the most in a certain area or zip code. This is excellent information for figuring out what features to look for in a policy.
Allstate has some additional features which aren’t common with other policies. These include:
- Umbrella protection which shields the user against a large liability once the existing policy limit has expired
- Manufactured mobile home coverage
- The host advantage coverage for those who are sharing homes and want to protect their belongings
Allstate also has plenty of brick-and-mortar outlets throughout the US. So, if you are someone who likes to sit down face-to-face and put together an insurance policy for your home, then Allstate is a great option.
Erie is the 9th largest homeowner’s insurance company in the US. It allows customers to customize their policy by selecting the coverage and features that they require. For example, customers can add flood protection, earthquake protection, and high-end valuable protection to their policy.
Erie Insurance also offers 24/7 customer service and round-the-clock claims support. The homeowners policy promises a guaranteed replacement cost for a home if a claim is filed. Erie’s pricing is also generally low and it has a reputation of offering value for money. According to a J.D. Power survey, customers view Erie’s balance of price and features favorably.
State Farm is a national-level insurance company and a well-known brand. It offers homeowners insurance, auto insurance, and life insurance. Therefore, bundling multiple policies will lead to discounts.
State Farm’s homeowner insurance offering has plenty of customization options. For example, you can change your deductible, your coverage, and add features. State Farm also has one of the best apps in the industry. Having an app allows you to pay premiums, file claims, and check the status of claims while on the go. State Farm’s insurance premiums are also competitively priced.
If you are a part of the military or if your family member is, then USAA is one of the best options for a homeowner’s insurance. It has some of the best coverage, excellent pricing, and good quality customer service. Those who bundle USAA’s homeowner’s insurance along with an auto insurance get a 10% discount on the premium.
Standard coverages like dwelling, personal property, liability, home sharing, loss of use, and earthquake coverage are all offered by USAA. There is plenty to like about USAA. The only real disadvantage is that USAA’s policy is limited to military members and family.
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