Best Homeowner’s Insurance Companies
The best home insurance companies include Liberty Mutual, Amica Mutual, Chubb, USAA, and Electric Insurance Company based on rates, claims, and financial strength. To get the best home insurance quotes, shop around with our free online comparison tool below.
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UPDATED: Feb 11, 2022
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When determining the best homeowners insurance company, there are a lot of different factors that can weigh into the equation. Home insurance rates, claims process, even financial strength of the underlying company can play a factor.
When examining a company’s premium quote, the best home insurance companies will give a detailed description of everything which is covered and clearly lay out the terms in an easy-to-understand format. Additionally, their claims process should be very transparent, and information about it should be readily available to anyone wishing to learn more before purchasing a policy.
Best Home Insurance
Over the years, we have reviewed dozens of insurance companies and put together a list of our recommendations. Below you will find the best homeowners insurance companies according to our detailed research. It is important to have a good home insurance company, especially if you live in a high-risk area, such as one of the states with the highest wildfire risk.
Whether you are looking for homeowners, renters, condominiums, or landlord insurance, Liberty Mutual can provide superior protection. You can get a quote from an agent or directly from their website, and their customer service is rated as one of the best in the industry.
Liberty Mutual offers a number of different discounts to their clients, especially those looking to pool their insurance products together under one roof. They offer multi-policy discounts, group savings for businesses, protective devices discounts for things like smoke alarms, and new home discounts for those houses under 13 years old.
The claims process for Liberty Mutual is one of the fastest in the insurance industry and they allow three different ways to get one started. Customers can file a claim online, over the phone, or from their smartphone using the Liberty Mutual App. Once claims are finalized, payments are mailed out and typically delivered within 5-7 business days.
2. Amica Mutual
Year after year, Amica Mutual is rated as one of the best home insurance companies in major consumer satisfaction surveys such as J.D. Power and Consumer Reports. Their high marks can be attributed to their competitive rates, impeccable customer service, and timely claims payouts.
The company is formed as a mutual, which means they are technically owned by the policyholders and not shareholders. Part of the company profits are paid out as dividend checks on certain types of policies and this can drive down the annual premium cost. On average, Amica makes dividend payments equal to 20% of the total premium amount, thus reducing their overall cost for customers.
Amica offers many different discounts for their top home insurance products including, multi-line discounts, high deductible discounts, alarm systems, and loyalty discounts. They also use credit scores when determining many of their policies, so individuals with good credit can get lower insurance premiums.
Chubb is the “white-glove” service when it comes to insurance companies. They specialize in high-end and custom homes and they spare no expense when it comes to taking care of their customers. That being said, they generally cost more than most of their competitors.
Chubb made this list at number three primarily because of the cost. Their prices make them inaccessible for many homeowners, but they make it up in customer service. Time and time again, Chubb is hailed as the best homeowner’s insurance company when it comes to taking care of a claim.
USAA is one of the best insurance companies across the board, so it is no wonder they rank highly when it comes to their homeowner’s insurance. The catch is that you must be in the military or somehow related to someone who is in order to use their services.
USAA provides coverage for homes, rental properties, renters, and general umbrella policies. Their homeowners insurance policies offer full replacement coverage for structures, as well as up to 75% of the total insured value of personal property in the event items are lost or damaged due to a covered incident.
For those that qualify, USAA is often one of the lowest cost insurance providers when it comes to homeowner’s coverage. As mentioned before, the biggest hurdle is qualifying for their products. Most active duty military personnel and their immediate families many qualify for USAA insurance, and in some scenarios those policies can be passed on from generation to generation.
5. Electric Insurance Company
Originally formed by General Electric to provide insurance products to its employees, Electric Insurance Company now operates in all 50 states and provides home insurance coverage for just about anyone interested. For individuals who are currently GE employees, they can get additional discounts on their homeowners policy as well as have their premiums automatically drafted from their paychecks.
Electric Insurance Company offers a number of different discounts. They include discounts for GE employees and Elfun Members, GE payroll deduction discounts, multi-policy discounts, security measure discounts, and newer homes discounts.
Getting quotes that provided personalized rates for you is the best way to determine which insurance policy will meet your needs. By shopping around to compare insurers and homeowners insurance rates, you will be able to secure more affordable rates for your annual insurance premiums.