Homeownership is an adventure. There are a lot of great aspects to it, but there are also some things that just aren’t fun to deal with. Finding homeowners insurance is one of them.
But since I know what a pain it is to shop around, I’ve found the home insurance companies I consider best to help make the decision easy for you.
Table of Contents
- Top Home Insurance Companies
- Other Things to Consider with Your Home Insurance
Top Home Insurance Companies
Hopefully, you can find a company from this list that you like, and get one step closer to becoming a homeowner. Or, if you’re already paying rates that are too high now, don’t be afraid to look at other options.
Lemonade is a very unique type of homeowners insurance. It is a B-corporation, which is a type of for-profit company whose legally defined goals include having a positive impact on society, workers, the community and the environment.
Lemonade takes a flat fee from the premiums you pay and uses 20% to fund business operations, such as paying salaries and updating technology. The remaining 80% goes toward covering claims from customers. If anything is left over, the money goes to charities that customers choose.
- Low cost — as low as $25 per month.
- Claims may be paid as quickly as the same day.
- Giveback policy. If money is left over at the end of the year and not paid out in claims, the money is donated to causes you choose.
- Not available in every state. Check online to see if Lemonade is available in your state.
- Coverage for some significant others costs extra. Unless someone is related by marriage, blood, or adoption they and their property are not covered by default.
- Read our review of Lemonade here!
Amica is an insurance company that is owned by policyholders rather than investors or stockholders. This means that if you choose this option, you could receive a dividend at the end of your term. This could be worth anywhere from 5% to 20% of your annual premium.
Of course, it all depends on the financial success of Amica during that time period and the company’s income after claims and expenses. Still, it’s a great benefit that very few insurance providers offer.
- Amazing customer service. Amica consistently received high marks (5/5) in every category it was judged on in a J.D. Power study. Great customer service is helpful when you’re dealing with a potentially expensive situation or as a new homeowner.
- A high number of discounts. While it doesn’t have quite as many discounts as All-State, Amica still provides a ton of discounts to help you save money. For example, you can earn discounts for enroling in paperless billing and by remaining as a customer over a period of time.
- Generic website with very few resources to help educate you and answer any questions about your policy.
3. Liberty Mutual
Liberty Mutual has been helping insure homes, cars and life clients for over 100 years. It’s comforting to have that kind of experience backing you up.
They’ve got an easy-to-use website that can quickly give you premium quotes for all your insurance needs.
- Liberty Mutual sells a full spectrum of insurance including auto, home, casualty and more
- They were certified a “Great Place to Work” in 2019
- They offer bundle discounts
- You might not find the lowest prices at Liberty Mutual, but they’ve got a solid reputation that might make higher premiums worth it
Full disclaimer, I have Progressive everything and have never had a problem with them for my car or home needs. Progressive has amazing customer service, great discounts, and an easy-to-use website. Their home insurance isn’t actually through Progressive, but instead, it is underwritten by companies associated with Progressive.
- Offers a watercraft endorsement that allows you to extend your personal liability and medical coverage to motorboats and small sailboats.
- Offers an inflation guard endorsement. This adjusts coverage amounts to keep up with inflation so you’ll have the money you need for future repairs even as construction costs rise.
- For no additional cost, you can also get coverage for pools, sheds, and fences.
- Since it’s not exclusively underwritten by Progressive, the rates can vary greatly by state.
Nationwide has the most endorsements of any home insurance companies. Endorsements are documents attached to the policy that changes it in some way. With Nationwide, endorsements you can choose include umbrella liability, earthquake, and flood coverage.
- The most endorsements of any home insurance companies on the list.
- Brand New Belongings Coverage. This is a huge perk! With this option, instead of reimbursing you for the lower, depreciated value of an item that is lost or stolen, you get the funds to purchase a new version of the item. You get the funds for the lower value first and once you buy a new version you’ll get reimbursed for the remaining amount.
- Expensive policies. Nationwide is one of the more expensive companies on this list.
6. Allstate Home Insurance
Allstate is a great home insurance company for lots of reasons listed below, but one of them is the abundant resources available on the Allstate website. These include an interactive library, videos, guides, and infographics to help answer your questions about homeowners insurance.
- Lots of helpful online tools that make it easy to learn more about homeowners insurance.
- Eleven discounts you can earn for having things like smoke alarms, fire alarms, and deadbolt locks.
- Extensive endorsements for things like musical instruments, landscaping, and sports equipment.
- Average customer service. They received a 3/5 from J.D. Power and 80/100 from Consumer Reports.
- Doesn’t include coverage options for earthquakes, or theft of property like boats, trailers and vehicles.
Travelers is a trusted brand that has been around for 160 years. It’s based in New York but has nationwide coverage for your home insurance needs. Because it is such a large corporation, it also tends to have fast turn around times when disaster strikes.
- They pay to replace your items with new ones instead of paying the depreciated value of old items if they are stolen or damaged.
- Identity fraud coverage that pays up to $25,000 for costs related to having your identity stolen. Plus, it has no deductible.
- Green home coverage that will help you rebuild or repair your home with green materials after a claim is filed.
- Customer satisfaction ratings have been average, despite Travelers being such a well-known name in the industry.
8. MetLife Home Insurance
MetLife home insurance may be your best option if you live in an area that is prone to natural disasters. Its standard coverage offers guaranteed replacement cost coverage for your home structure and contents.
Essentially, if your home and all belongings were destroyed, your policy would pay to replace your belongings and rebuild your home.
- Outstanding customer service. Metlife scored an 89/100 in a Consumer Reports study, just behind Amica for the best customer service.
- Replacement coverage.
- Their website is horrible. Comparing quotes isn’t easy, so be prepared to call them to complete the process. Luckily, they have great customer service.
9. Farmers Insurance
Farmers Insurance is another well-known and trusted home insurance company.
- Outstanding customer service.
- Discounts for having new safety features in your home or for living in a newly constructed home.
- Claim-free discount. You will receive a discount if you’ve been claim-free with Farmers for three consecutive years.
- Expensive premiums compared to others on this list. You can bundle if you have auto or other types of insurance to help reduce costs
10. Hippo Home Insurance
Hippo claims to make the homeowner insurance buying process easy with a quote in 60 seconds. When you inquire, they’ll ask you three questions. They already have data about appliances and electronics you might own and need covered.
- Get a quote quickly and easily online.
- Only operating licensed in several states at this time, though the company is growing.
- Only been around since 2015, but its policies are backed by Swiss Re, the world’s second-largest reinsurer.
Other Things to Consider with Your Home Insurance
Regardless of which home insurance company you choose, make sure you weigh these options as well.
High Deductible Policy
You actually don’t want to use your home insurance unless it’s a huge expense or natural disaster type of event. Because, like auto insurance, once you use it they can raise rates over time.
Having a high deductible for your home insurance policy will not only keep your premium low, it will help you by discouraging you from making small claims that could raise your rates.
Instead, try to save enough in a house emergency fund so you are prepared for minor expenses that happen with your home. Don’t choose a $500 or $1,000 deductible. Go with a higher deductible to keep your premiums low.
Umbrella insurance is extra liability insurance that pays what you owe if you’re sued for damages that exceed the liability limits of your homeowners insurance. It is commonly bought by people who own things that can cause injuries such as pools, trampolines and certain dogs.
Flood insurance is not generally covered with most homeowners insurance policies. Don’t wait until it’s too late to check if your policy ensures you are covered for flood damages. Some mortgage lenders actually won’t finalize the loan until a flood policy is activated as well.
When it comes to protecting your biggest investment yet don’t go just for the lowest premium. Make sure you spend time doing adequate research to find the best policy that works for your budget and home needs.
Once you find some of the best home insurances companies from this list make sure to shop around and see what type of rate you can get. Check to see if they bundle packages or have any other discounts that can save you money. And don’t forget to double check on flood insurance as well. That’s a huge mistake many homeowners make.
Related: Best Term Life Insurance Companies
What is your favorite home insurance company? Have you had to use your policy before? If so, was it an accident or a natural disaster? Give us a shout and share your opinion below.