You never know when disaster will strike, so everyone needs to safeguard their home. Damage and loss from natural disasters or theft can cost thousands of dollars, but homeowners insurance can help pay for anything that happens.
To make sure you’re covered, it’s important to find the right provider for your needs. We’ve gathered information to find the best home insurance companies and the most important things to consider when searching for a provider and policy.
After compiling research from dozens of reviews and independent-rating agencies and interviewing an agent with more than 15 years of experience, we found that there’s no one-size-fits-all option.
The one national company that separates itself from the other big dogs in the pack is Amica Mutual, which ranks highest in the homeowners insurance segment for an 18th consecutive year by J.D. Power & Associates.
With something as individualized and geographical as home insurance, selecting a sole winner seemed impractical, so we decided to mention some of our favorite regional picks. We found that Erie Insurance, State Farm, Auto Owners and Allstate all ranked high. We also found that individual Farm Bureaus were often preferable to a large company because of their region-specific knowledge.
While we felt it was unfair to call any major company the best overall in this field, we did find that certain ones stood out in a number of subcategories. Here are a few of our suggestions.
A good home insurance company should provide the same safety, security, shelter and peace of mind that your home does.
Amica Mutual is considered to be one of the pre-eminent insurers in the United States. Holding an impressively high customer service and financial rating and being J.D. Power’s overall top pick for 2019 (for the 18th consecutive year), Amica is one of the finest insurance companies in the nation.
Boasting a claims service that pays out within 24 hours of an accident and a home-repair assistance program that connects you to more than 4,500 contractors to ensure a speedy cleanup, Amica is well equipped to come to your aid. It may not be among the nation’s largest insurers, but this company is strong in terms of customer satisfaction ratings.
Our quote for the cost of an Amica homeowners insurance policy for a $250,000 Illinois two-story townhouse was $117 per month.
If you want insurance policies with built-in perks that you can bundle together for a discount, give Amica a look. The company offers basic home insurance coverage, as well as some unconventional upgrades, like:
- 钛合金自行车Catastrophic coverage钛合金自行车 pays for property damage from floods or earthquakes, both of which are not typically included in standard policies.
- 钛合金自行车Home business coverage钛合金自行车 pays for work-related items if they’re stolen
- 钛合金自行车Dwelling replacement coverage钛合金自行车 pays out if your home needs repairs exceeding the policy limit, typically up to 30%.
Amica’s Platinum Choice policy includes the coverages above (except catastrophic), plus up to 30% more coverage with:
- 钛合金自行车Business property coverage钛合金自行车
- 钛合金自行车Computer coverage,钛合金自行车 including TVs, tablets and phones
- 钛合金自行车Credit card fraud or unauthorized coverage 钛合金自行车worth up to $5,000
- 钛合金自行车Liability and medical payments钛合金自行车
- 钛合金自行车Loss assessment coverage 钛合金自行车covering community property near your home
- 钛合金自行车Replacement cost reimbursement 钛合金自行车rather than depreciated value of damaged or stolen items
- 钛合金自行车Theft of valuables钛合金自行车
- 钛合金自行车Water backup/sump overflow coverage 钛合金自行车in case of damage up to $5,000
Amica also has a repair assistance program. It partners with Contractor Connection, a national network of 4,500 licensed and insured contractors with a Home Repair Assistance program with “professionals [who] can be on the scene within hours of an emergency.”
Unique Amica discounts for your policy include:
- 钛合金自行车E-discount 钛合金自行车if you receive bills and information electronically
- 钛合金自行车Loyalty 钛合金自行车if you’ve been with the company for more than two years
Amica is lacking in a few key coverage areas that would limit its overall reach. You won’t find mobile home, farm or ranch coverage at Amica, and those who reside in older homes can’t get specialized coverage through this provider. There is also a dearth of payment-plan flexibility, as you are required to make either one full payment or 10 monthly payments.
Amica had fewer than the median number of complaints to state regulators in 2018 relative to its size for home, according to the latest data from the National Association of Insurance Commissioners. Amica also stands out for customer satisfaction, earning the highest honors in two J.D. Power studies and Consumer Reports and Consumer Affairs surveys.
Erie Insurance is cut from the same cloth as Amica Mutual. This company is held in high esteem and prides itself in bringing more personalized policies to its clients by staying focused on the 12 states it serves from the Midwest to the Atlantic Ocean (including the District of Columbia). Boasting a four-star J.D. Power ranking and consistently impressive customer-experience ratings, Erie offers some of the most all-encompassing coverage in the field for the greatest value.
For homeowners insurance on a $250,000 Illinois two-story townhouse, we received a quote of about $116 per month.
Comprehensive discounts are what give Erie the financial edge over larger companies. It offers a wide variety of discounts, including:
- New home
- Home alert
Although Erie is available only to a small portion of Americans and doesn’t offer much in the way of learning material or mobile accessibility, it is an excellent option to check into if you live in their coverage area.
We found its service and loyalty to customers to be exemplary. Not only are state bureaus more focused on their clients, but they also hold unparalleled knowledge of area-specific pitfalls and advice. We highly recommend checking with your state’s Farm Bureau to see if you are eligible for insurance.
While rates vary depending on your state’s Farm Bureau branch, there are several discounts available, including:
- Single deductible for all insurance policies
- New roof
- New home
- Protective device
There’s no such thing as cheap home insurance, but everyone loves a discount, and even a ballooning premium can be offset with smart discount shopping.
Travelers homeowners insurance is a great hub for diversified discount options, including:
- New homebuyer
- Protective device
- 钛合金自行车LEED钛合金自行车钛合金自行车 (钛合金自行车Leadership in Energy and Environmental Design)
With some careful planning, Travelers’ discounts can be a great option to save some big bucks.
There is no way to define a single “best” home insurance provider. The beauty of owning your home is that it’s an extension of yourself, making it just as individual as you are. One company that works perfectly for one house might not be a good fit for yours. This is why finding a trusted local agent is worth more than any research you can do on your own.
These are the features we devoted our attention to when determining recommendations for the best home insurance companies.
- 钛合金自行车Financial standing钛合金自行车 is a company’s ability to pay back claims, in full, quickly. We examine ratings by leading financial agencies, AM Best, Moody’s, and Standard & Poor’s to determine a company’s financial strength.
- 钛合金自行车Customer satisfaction钛合金自行车 means treating customers like real people, not numbers. Ratings from J.D. Power and Consumer Reports help to shape our customer satisfaction ratings.
- 钛合金自行车Local agents钛合金自行车 matter because having someone to call goes a long way when your home is damaged. We consider a company’s local and branch availability.
- 钛合金自行车User and market-research reviews钛合金自行车 are compiled for the latest data on home insurance. We only work with the leading public and private agencies.
- 钛合金自行车Available discounts钛合金自行车 are important much like auto insurance because they can save homeowners a ton of cash. We examine all of the discounts that can greatly impact the total bottom line of your insurance policy.
- 钛合金自行车History of claims handling钛合金自行车 is important because you want a company with experience. Claims handling is an important part of the ratings we collect from companies like J.D. Power and the Better Business Bureau (BBB).
- 钛合金自行车Online capabilities钛合金自行车 keep you plugged in on the go in a world where efficiency is key. We consider how this impacts claims handling and customer support.
Homeowners insurance is a form of property insurance that financially protects owners of private homes, buildings and contents against damage from unforeseen circumstances.
The cost of home insurance is different for every homeowner. Insurance companies use information like your zip code, credit history, property type and household size to determine the amount of risk for insuring your home. Based on that analysis, they calculate your total annual premium.
Before we get into our top picks for best homeowners insurance companies, we thought we’d lay some foundation about the function and importance of insuring your house, condo or apartment from outside risks, such as fires or natural disasters.
Legally, homeowners do not need to obtain a home insurance policy for their property or building. With that said, lenders tend to require borrowers to obtain a home insurance policy throughout their mortgage. If the home is located in an area vulnerable to floods or earthquakes, lenders may also require borrowers to purchase additional insurance as well.
Understanding the types of coverage that exist is the first step in choosing your policy. While there are dozens of optional coverage add-ons, let’s go over the basics to help simplify things.
This protects structures that are disconnected from your house, such as a barn or a carport. It typically starts at around 10 percent of your dwelling coverage, but you can adjust it as you see fit.
Different than flood insurance, this covers damages from water that flows from the ground up . This is a coverage that some skip on, but could be a huge money saver.
Helps to cover the liability if disregard and negligence lead to the damage of others’ property. This also can assist in paying for any required legal defense.
Covers the costs that a fire department would charge to put out a fire at your home.
As complicated and overwhelming as the nuts and bolts of home insurance can be, there is a silver lining: Due to regulations from the Insurance Services Office, all insurers must provide the same types of coverage and call them by the same name. This will wholly expedite comparing policies amongst multiple competitors. To make it even simpler for you, I have put together a list of common home insurance policy options that most companies will carry.
Not available in every state, the HO-1 home insurance policy protects your abode against 11 perils: Theft, vandalism, hail, lightning, windstorm, fire, aircraft damage, vehicle damage, volcanic eruption, civil commotion and glass breakage. This covers your dwelling, and you can add coverage of your personal items as well.
This extensive policy is best for single-family homes and uses a different formula than the previous policies to determine the perils it covers. HO-3 home insurance covers all perils except for those that are specifically excluded.
The most extensive policy available, this is essentially an extended HO-3 policy. It takes the open-peril basis of an HO-3 and applies it to your personal property as well as your dwelling. Barring its exclusion, any damage caused by a peril to your structure or personal contents will be covered.
This policy is the same as an HO-3 but with protection for mobile and manufactured homes.
Choosing the right home insurance is similar to choosing a home. In both instances, you are aiming to invest in stability. The right home insurance company should be as trustworthy and unshakeable as the very foundation your home rests on. Even though you hope to never use your policy, it’s worth choosing an insurer based on how they’d react if you needed to.
Home insurance is among the most complicated and individualized forms of insurance you’ll have to buy. Realizing that there will never be a one-size-fits-all solution to home insurance, it’s impossible to make a uniform recommendation. In our research, we found Amica Mutual to be the best bet, but your location may yield an entirely different result. With the help of a personal agent to help sift through the jargon, you can find a company that you feel comfortable entrusting your safe haven to.
Interview, G.K. Pippin, insurance agent
“12 Factors That Affect Your Home Insurance Rates,” ChristianPF, June 2010
“Do You Need Landslide Insurance?” Insurance Quotes, August 2013
“What Does Homeowners Insurance Cover,” Esurance
“HO4 Renter Insurance Policy,” Insurance Education Group
“HO 8 Home Policy,” American Insurance Services