A HomeOwners Insurance coverage may act as a financial safety net for what may be the single most expensive purchase a person will ever make. The ideal insurance policy should cover the expenses of rebuilding after a fire, replacing stolen valuables, restoring storm damage to your house, and liability claims if someone is hurt on your property.
Homeowners insurance is a form of coverage that protects you financially if something bad occurs to your insurance policy or your property. A Homeowners Insurance policy will specify which structures and things are protected, to what extent, under what conditions, and how much you must pay before the insurance policy begins paying you (this is called a deductible).
12 Best HomeOwners Insurance Companies in 2022
We want to arm you with the information you need to pick the best homeowners’ insurance company for your requirements, so we’ve compiled a list of the Best Homeowners’ Insurance Companies of 2022. In our business evaluations and home insurance guidelines, we cover everything from availability, pricing, plans, and add-on coverage to the application process and how to make a claim.
Homeowners’ insurance is a type of property insurance that covers losses and damage to a person’s house, as well as their belongings and other assets. Liability coverage is part of HomeOwners Insurance for things that happen inside or outside the house.
Lemonade stands out in our rankings since it is nearly exclusively online. You may use the mobile app or the website to sign up, process claims, make policy changes, and cancel your insurance. For people who would rather make a claim online than communicate with an agent, this can be a significant benefit. If you have a home-related emergency that prevents you from accessing the internet, there is also a phone number you can call.
Lemonade doesn’t charge extra for extra insurance for things like jewelry, photography equipment, and musical instruments that are worth a lot. It also takes pleasure in its Giveback initiative, which donates to organizations. Lemonade, on the other hand, isn’t available in as many states as some of the other firms in our ranking.
USAA stands out in our ranking because of the services and policies it provides primarily to military personnel, veterans, and their immediate family members. In addition, USAA is the only business in our ranking to provide identity theft protection as a basic feature in its homeowners insurance policy, whereas the majority of our competitors only offer it as an add-on. In contrast to many of its competitors, USAA provides homeowners’ insurance in all 50 states. If you’re thinking about getting a home security system, USAA has teamed up with ADT to give savings to homeowners who have a USAA homeowner insurance policy.
Amica: Amica offers rates that are competitive with those of other companies in our rating, earning us the title of Cheapest Homeowners Insurance Companies of 2022. Amica also offers a variety of add-ons for additional homeowners’ insurance coverage, such as laptop, home business, and identity theft coverage. Amica also has a dividend-paying insurance policy, which means you earn a portion of your annual payments back. Amica also provides an all-in-one policy called Amica Platinum Choice, which combines a variety of add-ons into one homeowners insurance policy, such as enhanced coverage for precious objects and water backup/sump pump overflow choices.
At Allstate, there are a lot of extras that can be added to your home insurance policy to make it more complete. These options include popular ones like scheduled personal property coverage for high-value assessed goods, as well as less usual ones like sports equipment, musical instruments, and your yard and garden. When you become a client with Allstate, you will be paired with a local agent who will help you tailor your coverage to your specific requirements. While Allstate is one of the more costly homeowners insurance providers in our ranking, it does offer a variety of discounts that might help you save money on your rates.
5. State Farm
State Farm is one of the few firms in our ranking that provides homeowners’ insurance in all 50 states. Its standard policy compares favorably to those of other firms in our ranking. It also has a lot of unique benefits, like money you can save by having an impact-resistant roof put on your house. One of the policy choices available is coverage for identity theft and sewer backups. In the United States, State Farm maintains a network of 20,000 insurance agents. If you prefer to buy insurance through a local agent, you should be able to locate one in your area.
You can get basic insurance from the company, which covers credit or debit card fraud as well as rebuilding your home to meet current codes in the event of an insured disaster. It also features a benefit called “Brand New Possessions,” which reimburses you for both the depreciated value of insured belongings and the additional cost of replacing them. There are a variety of extras that may be added to your homeowners’ insurance coverage.
Add Replacement Cost Plus, for example, to boost your home’s coverage limits if it has to be rebuilt after a covered loss. Nationwide is the only insurance company that has been rated in our “Best Life Insurance,” “Best Renters Insurance,” and “Best Pet Insurance” categories.
American Family: The need for local agents is emphasized by American Family. In addition to its normal insurance policies, American Family offers optional coverages such as “matching side,” which implies that if part of your home’s siding is destroyed, American Family will pay for the repair of the siding that is not damaged so that it all matches.
If some of your appliances, computers, smart components, and systems break down because of mechanical or electrical problems or a pressure system accident, you can get coverage for them. This coverage will pay for them to be replaced or repaired. American Family homeowners insurance plans are offered in fewer than half of the states in the United States.
Erie Insurance is one of the few companies that includes guaranteed replacement cost in its regular policy when many other companies just provide it as an option or don’t offer it at all. Water backups and sump pump overflows aren’t the only things you could get coverage for. You could also get coverage for underground utility lines that run from your property to the curb.
In addition, Erie is ranked first in our list of the Best Homeowners Insurance Companies in 2022. One of Erie Insurance’s major drawbacks is that it isn’t as widely available as many of the other firms in our ranking. Only about half of the states in the United States offer Erie homeowners’ insurance.
Liberty Mutual: Liberty Mutual is one of the most affordable homeowners insurance providers in our ranking, with plans available in all states except Wyoming. Liberty Mutual offers a base policy that is competitive with those offered by other firms in our ranking, as well as a choice of policy add-ons such as replacement cost, which reimburses the cost of replacing an insured item rather than its depreciated value. They also let you change your coverage limits to keep up with the cost of living.
Chubb: Masterpiece Chubb Homeowners Insurance is Chubb’s basic insurance, and it covers things like replacement costs and water backup. Chubb and Wildfire Defense Systems (WDS) even offer a free option where WDS will do a wildfire risk assessment and help you plan for evacuation, find temporary housing, or clean up your home after a wildfire.
In addition, Chubb is the only company in our top 10 that sells private flood insurance products. These insurance policies have higher coverage limitations than the National Flood Insurance Program’s policies (NFIP). Chubb’s homeowners insurance products are only accessible through the company’s own agents.
Progressive: Unlike the other companies in our top 10, Progressive can sometimes act as an insurance broker, selling policies from other companies. This implies that you won’t always be dealing with Progressive when it comes to submitting a claim, but Progressive may be your first point of contact.
Progressive can provide you with a wide selection of coverage options and pricing as a result of this business strategy, allowing you to pick the ideal insurance for your needs. Except for Florida and Iowa, Progressive is accessible in every state.
Farmers Insurance has three different types of home insurance, each of which increases both the amount of coverage and the number of options available. Claim forgiveness (where your premiums won’t increase if you haven’t filed claims for a specific length of time), deductibles that decrease the longer your Farmers insurance is valid, and a discount if you haven’t filed a claim for a particular amount of time are all available in all three policy categories. A Guaranteed Replacement Cost is included with the top-tier Premier coverage, albeit there are certain restrictions.