If you are thinking about your first house then this guide on 10 best home insurance companies can help you immensely!
Since buying a house is such a big investment, getting the right homeowners’ insurance from Home Insurance Companies is essential.
According to Money Geek, 93% of homeowners in the U.S., have some form of home insurance. So if you haven’t bought home insurance yet then this is your cue.
Finding the ideal insurance for you might be difficult since there are so many companies and coverage options.
When it comes to homeowners insurance, it’s important to ensure that you have enough coverage for your home, personal items, and personal liability.
Although homeowners insurance is not required by law, your lender will require it to protect your house if you have a mortgage.
You may need extra coverage if you reside in a disaster-prone location.
Here are the 10 best home insurance companies of 2023 to help you choose a home insurance policy that works for you.
Best Home Insurance Companies
Here are our 10 best options based on:
- Best Overall – Lemonade Insurance
- Best For New Homeowners – Allstate
- Best For Fast Online Quotes – Hippo
- Best For Discounts – State Farm
- Best For Optional Coverage – Geico
- Best Range of Coverage Options – Erie Insurance
- Best Home Insurance For Veterans – USAA
- Best For Deductible Credits – Travelers
- Best Customer Service – Amica Mutual
- Best Affordable Home Insurance – Liberty Mutual
1. Lemonade Insurance — Best Overall
Lemonade Insurance is an online-only insurance company that leverages artificial intelligence to give home insurance quotes and claims settlements lightning-fast.
In just a few minutes, you may get a quotation by filling out a form on the company’s website and selecting the amount of coverage you need.
Lemonade is a new player in the home insurance industry, but it has been aiming to simplify purchasing home insurance and delivering fast claims decisions since 2015.
It also provides renters, life, and pet insurance, with discounts for multi-policy bundles.
Lemonade is an excellent option for homeowners who want a simple claims procedure and don’t want to deal with a back-and-forth with insurance brokers, which has grown widespread in the market.
Lemonade diagnoses claims and pays reimbursements using machine learning and AI bots, so it often settles claims much faster than its competitors.
Pros and Cons
Pros
- Quotes and payments for claims are unusually fast.
- In addition to low monthly payments, there is a flat cost for administration.
- Unused claim funds are donated to a charity of your choice.
Cons
- Not available in some states
2. Allstate — Best For New Homeowners
Allstate compensates homeowners who are claim-free and take excellent care of their property.
If you move to Allstate and haven’t made a claim with your previous insurer, you might save up to 20%.
If you stay with Allstate for another year without filing a home insurance claim, they will reduce your deductible.
Aside from normal coverage, Allstate provides extra coverage such as flood insurance, garden and yard insurance, coverage for your things if you’re house-sharing and a personal umbrella policy.
Optional coverage for electronic data recovery and manufactured houses or mobile homes is also available.
In our review, Allstate received the highest marks for coverage, customer service, an extensive range of discounts, environmentally friendly rewards, and accessibility since it is offered in all 50 states.
Pros and Cons
Pros
- Offers new members and homeowners discounts.
- Available in all 50 states
- The website is simple to use.
Cons
- Prices are a little higher than average.
3. Hippo — Best For Fast Online Quotes
According to Hippo, customers can complete the quotation process fully online and get a quote in as little as a minute and a policy in as little as five minutes.
If you agree to install and operate a free smart home monitoring system, Hippo will give you a smart home discount.
There are several tiers of equipment available, with growing arrays of equipment.
Customers may save an average of $64 per year if they install the basic self-monitoring kit, including smoke, CO2, and water leak detectors, and $91 per year if they choose the pro monitoring kit, which includes 24/7 monitoring and emergency dispatch services.
The usage of a smart home kit, which is provided at no cost to qualified policyholders, is required for the company’s policy discounts.
Pros and Cons
Pros
- Get an online quotation in 60 seconds.
- When you use Hippo’s Smart Home System, you’ll get discounts.
- In about five minutes, you can buy a policy online.
- Offers home-care services
Cons
- Coverage is not available in some states.
Hear it from Reddit users:
Hippo insurance, experiences??
by u/iWho123 in homeowners
4. State Farm — Best For Discounts
State Farm is among the country’s leading insurers and is accessible in all 50 states, albeit online quotations are not available in some states. State Farm also provides claim-free periods and bundling discounts.
The company has an extensive network of local agents, providing more personalized customer service, which some homeowners prefer over general call centers and online claims.
State Farm provides standard homeowners’ coverage, including personal property theft or damage, damage from covered acts of nature, or damage from random actions such as fire, storms, or lightning.
Discounts vary from the standard multi-policy discount to those for home devices like alarm systems.
The impact-resistant roof discount is unique because it applies to eligible metal roofs and those not layered over existing roofs.
Pros and Cons
Pros
- Extra protection is included
- Available nationwide
- Simple quote procedure
- Discounts for policies purchased together and for first-time sign-ups
Cons
- In some states, instant quotes are not available.
5. Geico — Best For Optional Coverage
Geico is best known for its auto insurance, but it also has a lot to offer in terms of home insurance.
The insurance provider caters to clients in all 50 states and offers affordable base coverage with a remarkable array of additional coverage options.
However, it does not write its own policies like many competitors. Instead, it partners with other underwriting providers.
It’s an excellent choice for homeowners who already have Geico auto insurance and want to merge their insurance policies.
Quotes can be obtained without speaking with a Geico agent, but dozens of Geico agents are available to assist you if you prefer human interaction.
We also selected Geico as a top home insurance provider because it provides amazing optional add-ons, such as personal injury and utility line coverage.
Pros and Cons
Pros
- Bundling home and auto discounts
- More add-ons than the majority of the competition
- Available in all 50 states
Cons
- Uses third-party insurers
6. Erie Insurance — Best Range of Coverage Options
Erie Insurance is one of only a few homeowners insurance companies that offer guaranteed replacement cost coverage as a standard feature.
Instead of receiving a devalued amount due to the home’s age, homeowners can restore their home exactly as it was before the incident.
Roof damage is also covered under their policy, though full replacement is an extra cost.
Along with Allstate and USAA, the company is one of the few insurers that offers home-sharing coverage as an alternative to buying it through Airbnb or Vrbo for an additional fee.
Damage caused by paying guests is usually not covered by standard homeowners insurance.
Guaranteed replacement cost is included in Erie’s standard policy, as well as a variety of add-ons that would usually cost extra — all of which are valuable additions to an already strong insurance package.
Pros and Cons
Pros
- Customizable coverage deductibles
- Liability coverage, identity recovery, and service line protection are some
- of the add-ons available.
- Upon bundling your home and auto insurance, you can get a discount.
Cons
- Only available in 12 states
7. USAA — Best Home Insurance For Veterans
USAA, founded in 1922 and based in San Antonio, Texas, offers some of the best coverage for military personnel and their families.
It provides coverage not generally provided by other insurers, such as coverage for uniforms under property insurance with no deductible and coverage that extends to war zones.
USAA is a top-rated insurance company regarding financial strength and customer service.
It provides several coverage options for military personnel and their families (including the children of veterans and those serving).
Identity theft, personal liability, vandalism, fire, and dwelling coverage are covered by USAA’s standard policy at replacement cost with no depreciation.
Additional coverage options, such as home-sharing and earthquake coverage, are available to homeowners.
Pros and Cons
Pros
- Military members and their families get specialized coverage.
- Multiple discount options
- Customer service that is highly rated
Cons
- Only military members and their families are eligible.
8. Travelers — Best For Deductible Credits
Travelers is a well-known insurer that has been covering homes in the United States since 1864 and has an A++ (Superior) financial strength rating from AM Best.
It provides consumers with customized base coverage options for personal property and liability coverage, as well as a 24-hour customer service and claims center and a variety of add-ons to allow them to fine-tune their policy coverage.
Travelers are also distinguished by their deductible choices, which are broader than many competitors.
You may pick from nine deductible options ranging from $1,000 to $50,000, providing you control over your yearly premium and how much you pay out of pocket during a claim.
On the other hand, other companies usually provide five to seven options to pick from.
We prefer Travelers for its deductible options and Decreasing Deductible addon bonus, which credits your deductible with $100 for each year you don’t submit a claim on your homes insurance policy.
This might result in a $0 deductible, which means you won’t have to pay anything out of pocket if you file a claim.
Pros and Cons
Pros
- 138 years of experience, more than most other insurers
- Available nationwide
- Wide range of extra coverage options
Cons
- Limited discount options
9. Amica Mutual — Best Customer Service
Amica Mutual stands out when it comes to claims service, having won the J.D. Power Property Claims Satisfaction Study for nine years in a row.
Another noteworthy feature is its Contractor Connection database, which includes thousands of verified, qualified, and insured contractors and backs up their work with a five-year warranty.
Amica Mutual’s Extended Home Insurance Coverage program includes additional coverage options. Homeowners may also choose for all-risk insurance.
Options include replacement cost for your home’s belongings and the structure itself, catastrophic coverage for floods or earthquakes, identity theft expense coverage, and dwelling replacement coverage.
To help you save money, the insurer offers a few discounts.
Safety discounts for new or newly remodeled houses, alarm systems, and automated detection devices, as well as discounts for bundling policies, opting into autopay, signing up for e-statements, and being claim-free for three years, are just a few of them.
Pros and Cons
Pros
- Loyalty, multi-line, claim-free, and other discounts are available.
- A network of reliable contractors
- Highly rated on J.D. Power’s Claims Satisfaction Rating Study for the
- past decade.
Cons
- In certain states, additional coverage options are not available.
10. Liberty Mutual — Best Affordable Home Insurance
Liberty Mutual is a top-rated home insurance provider with over 110 years of experience in the industry and an AM Best financial strength rating of A (Excellent).
Its website and mobile app provide car, renters, home, and business insurance solutions and easy policy management.
Liberty Mutual, one of the most affordable homeowners insurance providers on our list, offers policies in all states except Wyoming.
Liberty Mutual offers a standard policy similar to those offered by other companies in our list, as well as a wide range of policy add-ons.
Replacement cost reimbursement, which reimburses the actual cost of replacing a covered item rather than its depreciated worth, and the ability to adjust your coverage limits to keep up with inflation are two of these features.
There are lots of ways to save with this provider, whether you’re trying to combine your home and car insurance or you’re searching for a policy before your existing one expires.
Pros and Cons
Pros
- Several discounts are available for online purchases, new residences,
- and more.
- Customizable policies and add-on options
- Feature-rich mobile app
Cons
- Many competitors offer lower deductible options.
Comparison
| Home Insurance Company | Best For | Price | Best Feature | Rating |
|---|---|---|---|---|
| Lemonade Insurance | Overall value | starts at $5 a month | Fast claims | 4.2/5 |
| Allstate | New Homeowners | $91 per month | Offers discounts | 4/5 |
| Hippo | Fast Online Quotes | $64 per year | Offers home-care services | 5/5 |
| State Farm | Discounts | $1,836 per year | Extra protection is included | 4.1/5 |
| Geico | Optional Coverage | N/A | Available in all 50 states | 4.5/5 |
Conclusion
Home insurance is a necessity for any homeowner. It can provide financial protection from unexpected disasters such as floods and earthquakes.
However, it’s important to make sure you choose the best company possible.
In this article, we’ve highlighted 10 of our favorite companies and reviewed what they offer in terms of coverage and pricing options so that you have all the information you need to nd the perfect insurance plan for your home.
FAQs
What is homeowners insurance?
Homeowners insurance covers the cost of repairing or rebuilding your home in the event of a fire, break-in, or natural disaster.
Most plans cover your furniture, clothes, and other personal belongings as well.
What company has the best homeowners insurance?
It all depends on your specific needs. Whether you’re a first-time purchaser or live in a high-risk disaster region, the ideal home insurance policy should be affordable, cover the proper amount for your home and belongings, and fit your circumstances.
Comparing quotes from several providers side by side will help determine which is the best fit for you.
How much does homeowners insurance cost?
The average annual cost of homeowners insurance in the United States is $1,585.
This cost, however, varies depending on where you live, the size of your home, and the amount of coverage you need.
Amit Gupta is the founder of National Planning Cycles, a company that helps startups, individuals, and small businesses with their financial planning. He has a vast amount of experience in the finance sector, having managed Google Play accounts for some of the world’s most successful unicorns. Amit is an expert in his field, and he uses his knowledge to help others achieve their individual goals.
ARTICLE SOURCES
The National Planning Cycles is committed to producing high-quality content that follows industry standards. We do this by using primary sources, such as white papers and government data alongside original reporting from reputable publishers that were appropriate for the accuracy of information while still being unbiased. We have an editorial policy that includes verifiable facts with due credit given where applicable.
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