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
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.
1. Lemonade
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.
Pros
- Low cost — as low as $25 per month
- Claims paid quickly
- Giveback policy
Cons
- Not available in every state
- Coverage for some significant others costs extra
2. Amica
Amica is an insurance company that is owned by policyholders rather than investors or stockholders. This means that you could receive a dividend at the end of your term if you choose this option.
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.
Pros
- Excellent customer service
- Great discounts
Cons
- Hard to get details
3. Liberty Mutual
Liberty Mutual has been helping to 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.
Pros
- Bundle options
- Certified a “Great Place to Work” in 2019
Cons
- Higher prices
4. Progressive
Full disclaimer, I have Progressive for 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.
Pros
- Offerings for water crafts
- Offers an inflation guard endorsement
- Coverage for pools, sheds, and fences
Cons
- Rates vary
5. Nationwide
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.
Pros
- Well known
- Brand New Belongings Coverage
Cons
- Higher prices
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.
Pros
- Great online information
- Great discounts
- Coverage of other items including musical instruments, landscaping, and sports equipment
Cons
- Average customer service.
- Doesn’t include coverage options for earthquakes, or theft of property like boats, trailers and vehicles
7. Travelers
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.
Pros
- They pay to replace your items with new ones
- Identity fraud coverage that pays up to $25,000
- Green home coverage
Cons
- Average customer satisfaction ratings
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.
Pros
- Outstanding customer service
- Replacement coverage
Cons
- Website not intuitive to navigate
9. Farmers Insurance
Farmers Insurance is another well-known and trusted home insurance company. As one of the largest insurance companies in the nation, they have a lot of products to offer.
Most customers prefer Farmers so they can bundle. To get a quote, you can simply go to their website, answer a few questions, and a quote may be offered.
For bundling discounts, most people find a local licensed Famers broker.
With home insurance, Famers offers three packages. The standard, the enhanced, the premium. They call these packages the Smart Plan Home.
Pros
- Outstanding customer service
- Discounts for bundling
- Discounts for bundling products
- Claim-free discounts
Cons
- Expensive premiums
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 covering.
Pros
- Quick online quotes
- Backed by Swiss Re
Cons
- Limited states
- Newer company
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 Policy
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
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.
FAQ
Having the right insurance is important. Here are a few common questions and answers regarding home insurance.
Yes, insurance is important to protect you against loss of property and liability. Plus it is required as part of owning your home.
No. Your property and the structure are covered by the insurance as is your personal liability. Your tenant possessions are not covered and they would need to get renters insurance.
In the event of a major catastrophe to your home, one suggestion is to inventory all of your possessions. Make sure to store the inventory list or images on the cloud. This way they are accessible from anywhere.
Summary
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 insurance 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.
