Homeowners' insurance companies help protect our homes, which is probably the biggest investment we will make in our lives. According to Us News, they also pay us to settle home damage costs from theft, severe storms, fire, or even a lawsuit if someone becomes physically injured on your property. That said, you need to choose the right insurance company with a suitable homeowners' policy.
Good homeowners insurance will provide peace of mind since you will be protected financially against theft, natural disasters, and other calamities. In this article, we will take a closer look at the 10 best insurance companies for homes to help you identify a suitable home insurance company:
10. Amica Mutual
Amica Mutual is one of the best homeowners insurance companies in America. It is best known for its outstanding customer service, having led the Overall Customer Satisfaction Survey for nine consecutive years. The company is also considered a favorite for its Contractor Connection database, which offers a long list of vetted and licensed contractors with a five-year work warranty.
Amica has also launched its mobile app, where you can easily access its comprehensive coverage policies and a simplified quote process. The app provides easy savings, such as selecting the dividend policy or choosing paperless billing and autopay.
The dividend policy entails standard home coverage for an added premium, but all policyholders can receive discounts after each policy termination depending on the company's current financial performance.
Divided can increase up to 20 percent of your total premium, thus decreasing the cost of policy coverage. For customers who would require additional policy coverage, Amica Mutual Insurance Company offers; Identity fraud expense coverage, Home business coverage, Valuable items coverage, and Catastrophic coverage.
According to Bankrate, USAA is one of the popular homeowners' insurance companies with standard Guaranteed Replacement Cost Coverage. This allows you to rebuild your home the way it was before the accident rather than receiving reduced compensation due to your home's depreciation.
USAA is also considered a favorite for its low premium rates and its customers' wide array of policy coverage options. USAA was founded in 1922 and is only available to those who formerly or are currently serving in the United States Armed Forces and their families.
Regardless of its limited client pool compared to its main rivals, USAA insurance company has more than 13 million customers, mainly attributed to its excellent customer coverage. USAA requires membership and validation of your military status or relationship with military members for one to receive a quote from them.
Non-military applicants are only eligible for a custom homeowners insurance quote once they sign up and qualify for a USAA membership. USAA homeowners insurance covers are the ideal option if you are a military member or related to one, as it offers you competitive standard home coverage that may include add-ons such as; credit card fraud coverage and inflation protection. Members also enjoy various perks that include; access to banking, travel discounts, and other financial services.
AIG is a luxury insurance company that offers high-net-worth customers comprehensive insurance coverage from cybersecurity to dwelling. They also provide coverage for high-value homes valued from $750,000 to $100 million on an all-risk basis, meaning that the policy covers all risks except the few that are specifically left out.
To qualify for homeowners insurance with this insurance company, you must be covered by one of the company's other policies. AIG insurance offers all its high net-worth clients various policies that include; yacht, private aircraft, auto, and collection insurance. Moreover, the insurance company provides background check services for your private firefighting units, cybersecurity measures, and domestic staff.
According to Nerd Wallet, Allstate insurance company provides generous discounts to homeowners who take care of their home, pay their premiums on time, and are free from claim. They also offer discounts for customer loyalty, policy renewal before maturity, and setting up AutoPay. Allstate is also one of the largest insurance companies in the country and has served different homeowners across the nation since 1931.
In addition to home insurance coverage, Allstate provides motorcycle, renters, life, and auto insurance. Its comprehensive home insurance coverages include customizable policies for your liability and personal property coverage. The main downside with Allstate insurance company is their poor customer satisfaction.
6. Liberty Mutual
With more than a decade since it was founded, Liberty Mutual is one of America's most highly rated homeowners insurance companies. This company provides its customers with plenty of policies such as home, auto, business, and renters coverages.
They stand out among its main competitors for its budget-friendly prices, plenty of generous discount options, and customizable coverage with many options for liability and personal property coverage. According to Forbes, Liberty Mutual insurance company is the perfect option for homeowners looking for generous discounts and extra saving opportunities when applying for an insurance policy.
5. Travelers Group
Travelers Group is one of the top-rated insurance companies in the country that has been serving many homeowners since it was founded in 1864. They offer customizable standard insurance coverage options for liability and personal property coverage, a claims center, 24/7 customer support, and plenty of add-on features to help you adjust your policy coverage.
Another notable feature of this insurance company is its extensive deductible options, where you can choose from the nine deductible options between $1,000 and $50,000.
Hippo is mostly preferred for its use of advanced technology that is very beneficial for improved home security and better customer service. This Insurance allows you to complete the entire quote process online and get your quote within one minute. You will also be able to receive your insurance policy in less than five minutes. This home insurance company provides its customers with a smart home discount if they agree to install and use their free smart home monitoring system.
Based on a report made by the company, you can save about $64 annually if you install the plain self-monitoring kit, which includes CO2, water-leak, and smoke detectors. You also save about $91 annually if you install the pro monitoring kit, which entails emergency dispatch and 24/7 home monitoring services.
Moreover, the standard insurance policy includes a maximum premium of $10,000 in coverage for home office equipment and computers. Their newly added feature is the HomeCare Expert Program which offers professional service recommendations to policy owners who need home repairs and maintenance. Apart from the standard home insurance coverage, Hippo covers; appliances and electronics, full replacement costs, water backup, service line protection, costs for local ordinance changes, house cleaners and sitters, and smart home upgrades.
3. Erie Insurance
Erie Insurance is among the country's top insurance companies regarding claims satisfaction and customer service. This insurance company is also one of the few homeowners insurance companies that include the Guaranteed Replacement Cost coverage. It's a standard insurance policy coverage. This coverage allows homeowners to rebuild their homes before the damage.
This is instead of receiving depreciated compensation due to their home's age. Erie's policy includes roof damage coverage, but an extra charge accompanies full replacement.
You can not get a quote online with Erie homeowners insurance policies through its limited network of agents. But you will be able to enjoy a wealth of local knowledge and personal touch to the purchasing process.
Their standard policies offer you high courage levels at budget-friendly prices. This enables you to customize your policy needs with optional home coverage or reduced premiums. And this is with bundling discounts of up to 20 percent. There are additional discounts if you install burglar alarms, automatic sprinklers, and smoke detectors.
2. State Farm
According to MarketWatch, State Farm is the largest home insurance company in the United States of America. It provides its home insurance policies to all 50 states. Additionally, a wide array of policies from car to life to home. This allows you to bundle in many ways, get amazing premium discounts, and have a more streamlined customer experience.
This insurance company also utilizes a large network to serve its clients well. They offer personalized customer service and simplifying the claim-filling process by connecting you with an agent near you. Another notable feature of State Farm Insurance company is that it provides extra policy coverages. This includes protection for business-related property.
Lemonade is the perfect option for homeowners looking for a hassle-free insurance claim process. However, also for those who do not want to meet with their insurance agents on settlement claims constantly. The lemonade insurance company uses machine learning and Artificial Intelligence bots to diagnose compensation claims and settle reimbursements.
This allows for quicker compensation than many other home insurance companies. It is also very easy to file your claims with the Lemonade app. All you need to do is press the claim button in the application and proceed to fill it out. Artificial Intelligence also makes this claiming process very quick and can complete many reimbursements in a few minutes.
According to Value Penguin, the Lemonade insurance app has a distinctive and appealing approach to settling its operations and using company revenues. While a flat fee is included in the policy's premium, most of Lemonade's operations are funded by it. Additionally, a Lemonade Giveback program donates up to 40 percent of its total premiums.
The ones not used to settle compensation claims to a non-profit organization of its customer's choice. Lemonade Insurance offers its customers a Standard selection of coverage options. This includes; personal liability, loss of use, personal property coverage, dwelling coverage, medical payments, and other structures coverage.
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Written by Allen Lee
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