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Best Homeowners Insurance Companies –Your home is your most valuable asset, so you need to protect it with home insurance. Choosing among the many insurance providers can seem like a daunting task, but focusing on the best home insurance companies can make things a lot easier. Here are some of our favorite home insurance providers for a number of common scenarios.
What is homeowners insurance?
Home insurance is an insurance policy that protects the home and personal property of the insured against storm damage, theft, vandalism, and other hazards. It can also help homeowners stay elsewhere if they are forced to leave their current home.
However, the typical home insurance policy doesn’t protect homeowners from everything. As a rule, damage caused by floods and earthquakes is excluded. Those interested in this type of insurance should purchase separate flood or earthquake insurance.
The Best Homeowners Insurance Companies
As a homeowner, protecting your investment with a comprehensive insurance policy is essential. Homeowners insurance can provide coverage for damage to your property, personal liability, and more. However, with so many options available, it can be challenging to determine which insurance company is the best fit for your needs. In this article, we will explore some of the best homeowners insurance companies and the factors that set them apart.
1. Amica Mutual Insurance Company
Amica Mutual Insurance Company is consistently rated as one of the best homeowners insurance companies in the industry. Founded in 1907, Amica offers a range of insurance products, including homeowners insurance, auto insurance, and life insurance. Amica’s homeowners insurance policies provide coverage for damage to your home and personal property, as well as personal liability protection.
One of the things that sets Amica apart is its exceptional customer service. The company consistently receives high ratings for customer satisfaction, and policyholders have access to a 24/7 claims center for fast and efficient claims processing.
Pros
- Excellent customer satisfaction ratings
- Good selection of homeowners discounts
- Unique dividend policy option: Get up to 20% of your annual premium back
- Special loan pricing and savings of $2,000 on closing costs when using Rocket Mortgage
Cons
- Not available in all states
- Fewer endorsements than some of its competitors
- Dividend policy may cost more upfront
- Can’t buy a policy online
2. State Farm
State Farm is one of the largest homeowners insurance companies in the United States, with over 19,000 agents serving customers across the country. State Farm’s homeowners insurance policies provide coverage for damage to your home and personal property, as well as liability protection for personal injury or property damage caused by you or a family member.
State Farm offers a range of discounts to help homeowners save on their insurance premiums, including discounts for multiple policies, home safety features, and good credit. The company also offers a mobile app that allows policyholders to manage their policies, file claims, and access roadside assistance services.
Pros
- Multiple discounts
- AM Best rating of A++ (Superior)
- No. 1 in overall customer satisfaction, according to J.D. Power’s 2022 U.S. Auto Insurance Study for the Southwest
- Large network of more than 19,000 agents
Cons
- Discounts are limited in certain states
- State Farm premiums vary widely
3. Nationwide
Nationwide is another top-rated homeowners insurance company that offers a range of coverage options for homeowners. Nationwide’s policies provide coverage for damage to your home and personal property, as well as liability protection for personal injury or property damage caused by you or a family member.
Nationwide offers several unique coverage options that set it apart from other insurance providers, including coverage for identity theft, water backup, and earthquake damage. The company also offers a home insurance discount for customers who have a qualifying life insurance policy.
4. Liberty Mutual
Liberty Mutual is a global insurance company that offers a range of insurance products, including homeowners insurance. Liberty Mutual’s policies provide coverage for damage to your home and personal property, as well as liability protection for personal injury or property damage caused by you or a family member.
One of the things that sets Liberty Mutual apart is its innovative technology, including a home insurance calculator that helps customers estimate the cost of their coverage. The company also offers several discounts to help homeowners save on their insurance premiums, including discounts for bundling policies, having a new home, and installing home safety features.
Pros
- One of the least expensive providers in our ratings
- Offers customizable coverages to include belongings, damages, and living expenses with inflation protection
- Multiple discounts, including 10% of purchasing online (in most states)
- Can manage policy and file claims through mobile app
- Optional coverage for water backup
Cons
- Almost three times the average number of customer complaints
- J.D. Power customer satisfaction rankings lower than average
5. Allstate
Allstate is one of the largest homeowners insurance companies in the United States, with over 10,000 agents serving customers across the country. Allstate’s homeowners insurance policies provide coverage for damage to your home and personal property, as well as liability protection for personal injury or property damage caused by you or a family member.
Allstate offers several unique coverage options, including coverage for identity theft, water backup, and scheduled personal property. The company also offers a range of discounts to help homeowners save on their insurance premiums, including discounts for bundling policies, home safety features, and good credit.
Pros
- Customizable coverage options
- Many discounts available
- High customer satisfaction
- Large Allstate agent network
Cons
- Premiums can be costlier than some competitors
- J.D. Power customer satisfaction rankings lower than average
Conclusion
Choosing the right homeowners insurance company is an important decision for any homeowner. The best homeowners insurance companies provide comprehensive coverage options, competitive rates, and exceptional customer service. By comparing quotes from multiple insurance providers and carefully reviewing the terms and conditions of each policy, you can find the best homeowners insurance coverage for your needs and protect your investment in your home.