Generating Download Link...
8 Best Home Insurance Companies Of 2022
Insuring a home may be the largest purchase of a person’s life, and insurance acts as a financial security blanket. The right policy should be able to help you avoid the high cost of rebuilding your home after a fire, the replacement of stolen items, the repair of storm damage to your home, or liability claims against your property in the case of an accident.
It is our objective to provide you with the knowledge necessary to assist you in finding the best homeowners insurance policy that will meet your needs, by rating the 8 Best Home Insurance Companies Of 2022.
8 Best Home Insurance Companies Of 2022#1. Allstate
There are many affordable home insurance tools offered by Allstate for first-time home buyers. The company’s educational resources include articles that show homeowners what to look for, as well as tools like the Common and Costly Claims, which help customers determine what coverage they might need. New homeowners can also get discounts on their policies.
Additional coverage options offered by Allstate include yard and garden insurance, flood insurance, a personal umbrella policy, and coverage for your belongings if you live with a roommate. Optional coverage is also available for electronic data recovery and manufactured homes or mobile homes.
Allstate offers homeowners multiple discounts they can stack. With the new customer discount, you can receive 10% off and by bundling policies, you can receive 25% off. A recent homebuyer may qualify for additional discounts, as well as if you have theft or fire prevention devices, if you live in a smoke-free home, or if you are 55 or older and retired.
#2. Travelers
With more than 160 years of experience in providing auto, home, and renters insurance, Travelers is one of the industry’s oldest companies.
Despite its coverage options not being as comprehensive as Farmer’s home insurance, you will still be able to protect personal property, other structures, and loss of use. When you’re looking for a service provider who knows the ins and outs of the industry, it’s a good choice.
#3. State Farm
It has more than 19,000 local agents out there for homeowners looking for a top-rated insurer. State Farm is a major player in the insurance industry for homeowners looking for top-rated protection. Based on direct premiums written, State Farm is the largest home insurance company in the United States, with over 17% of the market.
Along with its financial services, State Farm offers a variety of insurance products. Its agency footprint is extensive, which might be appealing for those who prefer to handle their insurance needs locally and personally. There are currently no new home insurance policies written by State Farm in Massachusetts or Rhode Island, but existing policies are still being serviced in those two New England states.
#4. Lemonade
Almost all of Lemonade’s offerings can be found online, making it a standout in our ranking. On either its website or mobile app, you can register, file claims, make policy changes, and cancel your insurance. For those who prefer not to deal with an agent and file their claim online, this can be a major benefit. Furthermore, if you are without internet access due to an emergency at home, you can still call the number above.
Lemonade offers additional coverage without a deductible for high-value personal belongings, such as jewelry, camera equipment, and musical instruments. The company also gives back to charities through its Giveback program.
#5. Progressive
Progressive Insurance Company was founded in 1937 and is the third-largest insurance company in the United States, behind Geico and State Farm. Aside from offering 34 insurance products, the Ohio-based company offers personal loans. Progressive gets high marks for its insurance technology and online resources, which are among the most innovative of all providers. One of the few companies offering such a wide range of services mostly uses online tools.
Progressive offers several homeowners insurance discounts and additional ways to reduce the cost of your policy. Although the company offers a fairly basic policy in terms of coverage, it offers more than five discounts for homeowners insurance plans.
Progressive offers discounts on homes and auto insurance when you bundle the two policies. Progressive offers a tool called the HomeQuote Explorer to allow customers to compare the company’s rates with some of its biggest competitors. At $1,026 a year, Progressive’s home insurance is the cheapest among our top picks.
#6. Erie Insurance
Homeowners insurance from Erie Insurance includes guaranteed replacement cost coverage as a standard feature. Rather than receiving a depreciated amount due to the age of the home, homeowners can rebuild their homes as they were before the incident.
As well as covering roof damage, their policy also covers full replacement, although the cost is higher. Erie also offers bundling discounts of 16% to 25% and additional discounts if you install smoke detectors, automatic sprinklers, and burglar alarms.
As an alternative to buying such insurance through AirBnB or Vrbo, the company is among the few insurers offering home-sharing coverage, along with Allstate and USAA. As a rule, standard homeowners insurance does not cover damage caused by paying guests.
#7. Geico
Known primarily for its auto insurance, Geico offers a variety of features in the home insurance sector as well. The company doesn’t write its policies but instead partners with other underwriting providers to offer inexpensive base coverage along with an impressive array of additional coverage options. Geico is available in all 50 states.
You can keep all of your insurance policies together in a single place if you already have Geico auto insurance. Geico offers you the option of accessing quotes without speaking to a Geico agent, but if you prefer, there are dozens of agents available to assist.