Buying or building a home is one of the most significant investments you can make. The structure and all your valuables inside deserve proper protection against a wide range of risks. So having the right homeowners insurance that meets all your needs makes sense.
Choosing one that doesn’t burn a deep hole in your pockets might be tempting. However, you will also want coverage from a company that can pay out your claim if any disasters were to strike. And among other factors, you’ll also want a company with reliable customer service.
To help you find the right coverage for your home, we have narrowed our list to 6 of the best homeowners insurance companies in 2023. We’ve prepared this list of best home insurance companies based on affordability, customer satisfaction, available discounts, customer complaint data, consumer experience, financial strength, and other important factors.
GEICO (Best for Cheap Homeowners Insurance)
The best homeowners insurance companies of 2023:
GEICO Home Insurance (Best for Cheap Homeowners Insurance)
- Established insurance company
- Discounts options for bundling insurance products
- Savings doe GEICO auto policies
- Available nationwide
- Doesn’t underwrite its own homeowners’ policies
- Limited information about policies
- Varying levels of customer satisfaction across products
- Confusing customer experience
A well-known and well-established brand, GEICO offers a range of homeowners, condo, mobile homes, and flood insurance coverages. However, it might come as a surprise for many to learn that it technically doesn’t offer its own home insurance. Instead, it partners with third-party insurers and acts more like a broker to provide their homeowners policies to its clients. The customers will not know which homeowners policy they are getting till they actually get the quotes. This can make for a very confusing customer experience.
The company offers discounts for various home security systems, smoke detector alarms, and bundling your auto and homeowners insurance.
GEICO’s standard home insurance covers your dwelling/ structure, personal belongings, personal liability, loss of use, cyber liability, water damage, and damage done by pets. However, it doesn’t cover damage from high winds, floods, or earthquakes.
One of the perks of choosing GEICO as your carrier is that if you already have car insurance from the company, purchasing a homeowners policy may qualify you for a discount on your auto insurance.
It should also be noted that the company doesn’t let you choose the insurer that you’ll be watched with. And once purchased, toy may need to work directly with the third party to file a claim and manage your policy.
You can use the website or the mobile app to get a quote from the company’s affiliates. The platform offers a list of contact information for the companies within its homeowners insurance network.
Read More: GEICO Insurance Review ⭐⭐⭐⭐
Allstate (Best for customer satisfaction)
- Multiple discount opportunities
- Unique coverage options
- 24/7 customer service
- Access to online guides and digital tools
- All endorsements may not be available in all states
- Sup-par customer service
Allstate is the nation’s second-largest home insurer in the nation. If you’re looking for an all-rounder insurer that can provide all of your policies, Allstate could be a good option for you to choose.
Allstate sells homeowners insurance policies in all 50 states and in Washinton D.C., except California. They also sell through local agents and offer various add-on home insurance options to tailor a policy that fits their customer’s needs.
While their standard Allstate homeowners insurance offers coverage such as dwelling, personal property, liability, and loss of use, their customers can also add electronic data recovery, sports equipment, backup coverage, and business property for any business items that are stored at home.
For new Allstate claims-free clients, the insurer offers a discount and a Claim-Free Bonus, enabling you to receive a 5% rebate on the yearly renewal premiums as long as there is no claim. Homeowners worried about a potential future claim can opt for their Claim Rateguard, which can be purchased to prevent any premium increase due to filing a single claim over a five-year period.
Allstate’s home insurance, with a cost of $1,340 per year for $250,000 coverage on the dwelling, is slightly cheaper than the average cost of homeowners insurance in the country.
Read More: Allstate Insurance Review ⭐⭐⭐⭐
State Farm (For bundling auto and home insurance and customer satisfaction)
- Established insurance company
- High financial strength
- High customer satisfaction
- High claim satisfaction
- Discounts on bundling insurance products
- Policies aren’t available through independent agents.
Perhaps the most well-known carrier on our list, State Farm is the nation’s largest home insurer and operates in all states and Washington D.C., excluding Massachusetts and Rhode Island.
The carrier is one of the cheapest homeowners insurance companies on our list. According to the sample policy from USNews, which accounted for a townhome in Naperville, Illinois, with a replacement cost of $450,000 and square footage of 2,400, the carrier’s monthly premiums amount to $111.08.
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State Farm’s homeowners insurance policy generally includes coverage for damage to your home and losses resulting from theft, fire, or storms and also covers extended replacement coverage for your home’s structure.
They also include liability that can help with medical and legal costs if someone were injured within your property. Their standard policy offers loss-of-use coverage that can help pay for meals and accommodations while your home is getting repaired or rebuilt.
A notable feature that State Farm offers its clients is that while other insurers charge extra, they offer extended replacement coverage for free.
The carrier also offers several add-ons for its homeowners policies. Opting for the increased dwelling limit” can extend your dwelling coverage by up to 20% (this is only effective is your home is insured at least up to its replacement cost.
Some notable exclusions in their homeowners policy are damage from floods or earthquakes (included as additional coverage), and damage resulting from a failed septic system or sump pump (also included as add-ons).
State Farm has a well-built website and a mobile app. It allows their clients to get quotes, file, and track claims, and pay all related bills.
Read More: State Farm Insurance Review ⭐⭐⭐⭐
- Provides customized homeowners and flood insurance coverage.
- Provides technical based platform for quoting policies.
- Has A+ reinsurance partners.
- Strong financial stability.
- Licensed insurer to fully focus on flood insurance.
- Service provider in limited states.
- Some homeowner policies are yet to be finalized.
- Has limited insurance products
TypTap Insurance is a Florida-based insurance company that provides homeowners with insurance coverage for their property. TypTap Insurance offers a variety of policy options for homeowners, including protection for the structure of their home, personal property, liability, and additional living expenses. TypTap also offers customizing of coverage based on individual needs at competitive rates.
One of the key features of TypTap Home Insurance is its use of technology to make the insurance process faster and more efficient. The company uses a digital platform to provide quotes, issue policies, and handle claims. This means that customers can get a quote and purchase a policy in a matter of minutes, without having to speak to an agent.
In addition to its standard coverage options, TypTap Home Insurance also offers a few unique features. For example, the company offers coverage for home-sharing hosts, which can be helpful for homeowners who rent out their property through services like Airbnb. The company also offers coverage for green upgrades, which can help homeowners offset the cost of installing eco-friendly features like solar panels.
Overall, TypTap Home Insurance is a solid choice for homeowners in Florida who are looking for a fast, efficient, and customizable insurance experience. The company’s use of technology sets it apart from traditional insurance companies, and its range of coverage options and unique features make it a good fit for a variety of homeowners.
Read more: Typtap Insurance Reviews⭐⭐⭐⭐
The Hartford (Best for older homeowners)
- Wide range of coverage options
- Perks for older homeowners
- Strong financial stability
- Higher prices compared to the competitors
- High customer complaints
- The claims process may take longer than expected
- Buggy android app
Perhaps a lesser-known brand in regards to popularity, The Hartford has been the primary provider of AARP home insurance for older homeowners since the 1980’s. The insurer targets mature homeowners and retirees with discounts. However, you don’t need to be an AARP member to buy insurance from the carrier. Non-members can get coverage through independent agents.
The Hartford is considered to be one of the most respected brands. They offer homeowners insurance to AARP members in every state and in Washington D.C., except in Florida.
Standard homeowners insurance the company provides comprises all the usual suspects like dwelling, personal liability, loss of use, and medical payments. Additional coverage options include Additional Limits Coverage that can pay up to 125% of your coverage limits, ProtectorPlus Zero Deductible Benefit that can waive your deductible up to $5,000 if you make a claim of $27,600 or more, “New for Old” Protection that helps pay for the replacement of your possessions with new items, regardless of their age or condition, lock replacement, identity fraud coverage, etc.
Depending on where you live, you might also be able to receive discounts for bundling your auto and homeowners coverage, installing home security features, having a good credit score, installing specific fire protection devices, not having a mortgage on your home, and being a recent homebuyer.
Read More: The Hartford Insurance Review ⭐⭐⭐⭐
Chubb (Best for high-value homes)
- Offers its own flood insurance policies
- Replacement coverage cost comes standard
- Quick claims process
- Concierge service for wildfires and hurricanes
- Quotes can only be obtained through an agent.
Chubb home insurance policies offer premium features as standard, which other companies may charge extra for. Despite the prices being slightly higher than its competitors, Chubb’s low number of complaints in proportion to its size and comprehensive coverage options make it a highly regarded choice for homeowners insurance.
The company is the top commercial insurer in the U.S. and has over $200 billion in assets. Their standard homeowners insurance policy (Chubb Masterpiece Homeowners) offers coverage that many other companies offer only as add-ons.
Their standard homeowners insurance policy includes replacement cost coverage, water backup coverage, and identity theft coverage. Chubb will also restore lost data if your personal laptop falls victim to a cyber-attack or virus, and will also fit new locks if you lose your keys.
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Their coverage also includes personal property coverage, which can help you cover the replacement cost of your clothes, furniture, and other possessions. Liability protection and guest medical coverage are also included if you have to pay for any medical expenses and potential lawsuits if a visitor gets injured on your property. They also offer standard loss-of-use coverage.
Chubb also offers earthquake coverage and have their own flood insurance coverage that can act as an alternative to the National Flood Insurance Program (NFIP) that most companies use.
The only way that you can get coverage is through local agents. They do now sell insurance policies through their website or a call center. However, you can use the website or the app to pay bills, report claims, and view any policy details.
Chubb’s insurance policy provides standard coverage for the rebuilding of your home in case it is damaged by a covered event. The cost of restoring your home to its original state and bringing it up to current building codes, if necessary, will not be limited by your policy limits.
Chubb’s homeowner insurance can be obtained in all 50 states in the US and Washington D.C.
Read More: Chubb Insurance Review ⭐⭐⭐⭐
Lemonade (Best for tech-savvy homeowners)
- Policies are managed primarily through online means or through the mobile app.
- Offers several add-ons and customizations to policies.
- The Lemonade Giveback program donates excess premiums to a charity chosen by policyholders annually.
- Doesn’t have any local agents available for in-person services
- Services are only available in 22 states and Washington D.C.
- It is comparatively more expensive compared to other carriers on the list.
A relative newcomer in the insurance landscape, Lemonade was founded in 2015 and, as of today, operates entirely online. An interesting element of the company is that to get a quote, you will not need to talk to an agent or a company representative but rather interact with a chatbot named Maya. To make a claim, you must provide details and a video through Lemonade’s app, potentially receiving compensation within a few seconds.
It is also incorporated as a public benefit corporation and operates in a non-traditional structure.
Everything from requesting a quote and purchasing a policy to filing and tracking claims and paying bills are done through the online medium and mobile app that their customers have to download. The mobile app is also needed to manage their policies, report claims, and to contact the company.
The company offers a standard homeowners insurance policy that covers the primary structure and the dethatched structures on the policy owner’s property along with the personal belongings, additional living expenses, guest and medical payments, and lawsuit protection.
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As for additional coverage options, Lemonade offers water backup, buried utilities (service line coverage), equipment backup, and valuable items like jewelry, artwork, swimming pool liability, etc.
It is important to note that you can only purchase Lemonade homeowners insurance in 22 states and Washington D.C.
At an average monthly premium of $178.25, Lemonade ranks just fractionally lower than Allstate, at $181.00 which happens to be the most expensive company on our list.
Some of the top homeowners insurance plans that Lemonade offers are dwelling coverage, personal property, loss of use, liability coverage, and medical payments.
You can save up on your Lemonade homeowners policy if you purchase other products from the company, like a pet or life insurance, opting for a yearly payout instead of monthly installments, and ensuring that your house is fitted with deadbolt locks, burglar alarms, and other security devices.
Read More: Lemonade Insurance Review ⭐⭐⭐⭐
- Pros and Cons of Orion180 Insurance
- Has strong financial stability.
- Customer service is excellent.
- Great contributor to local charities and non-profits.
- Get instant policy information from the MY180 app.
- Business with no history.
- No onsite appointments
- Does not provide all kinds of insurance.
Orion180 Insurance is a relatively new insurance company that was established in 2018 with the goal of offering affordable and transparent homeowners insurance.
Orion180 Insurance offers a range of home insurance coverage including protection for the structure of a homeowner’s property, personal property, and liability. Orion180 also offers additional coverage options, such as protection for jewelry, artwork, and other valuables.
The company’s policies are designed to be easy to understand, with no hidden fees or complicated language. In addition to its standard coverage options, Orion180 Home Insurance also offers unique features that set it apart from other insurance companies. For example, the company offers a “home cyber protection” policy that provides coverage for cyber-attacks that may impact a homeowner’s personal and financial information. The company also offers a “green upgrade” policy that provides additional coverage for homeowners who install eco-friendly features in their homes.
Another key feature of Orion180 Home Insurance is its use of technology. The company offers a mobile app that allows homeowners to manage their policies, file claims, and contact customer service. This makes it easy for homeowners to stay up-to-date on their coverage and access the support they need if something goes wrong.
Overall, Orion180 Home Insurance is a solid choice for homeowners in Florida who are looking for a simple, affordable insurance experience. The company’s focus on transparency and its range of coverage options make it a good fit for a variety of homeowners, while its use of technology provides added convenience and accessibility.
Read More: Orion180 Insurance Reviews ⭐⭐⭐⭐
Everything to know about homeowners insurance
Choosing the right homeowners insurance for your property is important. It provides peace of mind and financial protection against the unexpected, such as natural disasters, theft, or damage to your home and its contents. By doing thorough research and carefully considering your needs, you can find a policy that fits your budget and offers the coverage you need to keep your home and family safe. Don’t skimp on homeowners insurance; invest in it today and secure a safe and secure future for yourself and your loved ones.
Frequently Asked Questions
How much does homeowners insurance cost?
The average home insurance cost in the United States is $1428 annually for a policy in $250,000 coverage. However, the rates can vary depending on the location of your property, coverage type, claims history, credit score, and deductibles.
Which company has best home insurance?
The best home insurance companies for September 2023 are Lemonade, Chubb, State Farm, Geico, Allstate, TypTap Insurance, and Edison Insurance.
What is the most popular type of home insurance?
HO-3 is the most popular type of home insurance policy in the United States. This policy covers your home, your personal property, additional living expenses, and medical payments.
How can I find the best homeowners insurance?
You can find the best homeowners insurance companies by deciding how much coverage you need, comparing home insurance quotes, researching home insurance discounts, and choosing a home insurance company that has good financial strength and history.
Who has the cheapest home insurance?
The cheapest home insurance companies in the US based on our analysis are Allstate, Progressive, USAA, TypTap, and American Family.
January 17th, 2024 · 7 mins read
- GEICO (Best for Cheap Homeowners Insurance)
- Allstate (Best for customer satisfaction)
- State Farm (For bundling auto and home insurance and customer satisfaction)
- TypTap Insurance
- The Hartford (Best for older homeowners)
- Chubb (Best for high-value homes)
- Lemonade (Best for tech-savvy homeowners)
- Orion180 Insurance
- In conclusion
- Frequently Asked Questions
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