Best Home Insurance Companies
It pays to shop around.
When it comes to home insurance plans, there’s no one-size-fits-all option. Each homeowner’s circumstances are different, and as such, each homeowner ought to weigh up every option available to them before rushing to sign a policy with the first provider whose name they recognize.
Several factors go into calculating a home insurance premium, ranging from the value of the house and the items inside of it to the likelihood that the house could be damaged by a natural disaster. Home insurance providers also need to take personal liability into account and figure out how likely it is that a visitor to your home could get injured or worse.
Even after all of these factors have been accounted for, you still need to decide the level of coverage you want for your policy and more specific coverages such as actual cash value (ACV) or replacement cost value (RCV) protection for your valuables.
To top it all off, the discounts that you may qualify for with some providers may not be available to you with other home insurance companies, which could affect the amount that you pay each month for insurance. And, even if a company can offer you a reasonable premium quote, other factors that you hold dear such as great customer service and cool digital resources may be less-than-stellar. In the end, it can be a lot to think about.
With this in mind, we’ve used extensive research to come up with a list of the three best home insurance companies that are affordable, available nationwide, strong financially, have great customer service, offer accessible digital tools and achieve great overall client satisfaction. Take some time to dive into this list and use it to start researching the home insurance company that’s right for you.
Best home insurance options
Not every insurance company is right for every situation. Consider which factors are most important to you to help you decide what you need.
|Provider||AM Best Rating||J.J. Power Rating||BBB score||Digital services||Average price|
|Amica||A+||5 out of 5||A+||Online quote DisabilityUpdate profile Make payments Print ID cards E-sign documents Report and track claims Upload and view claim documents||$1,516|
|State Farm||A++||4 out of 5||A+||Online quoteBill payClaim filingClaim tracking Agent finder Mobile app||$1,501|
|Allstate||A+||3 out of 5||A+||Online quoteFind an agentState-specific coverage State discounts Rent vs. own calculatorFile a claimTrack a claimBill pay Mobile app||$1,635|
Best home insurance value for money: Amica
For years, Amica has been recognized in all corners of the insurance market as one of the best options around. Available in 49 of 50 states (all except Alaska), Amica has made a name for itself over the years by securing stellar customer satisfaction scores year after year.
J.D. Power has verified this, noting in its 2019 U.S. Home Insurance Study that Amica was rated the highest among 23 eligible providers, scoring 845 out of a possible 1000 on its overall customer satisfaction index. J.D. Power also gave Amica a perfect five out of five score for consumers. A lot of that customer satisfaction may stem from Amica’s financial security. Amica has an A+ rating from financial assessment firm AM Best, indicating that Amica is well-equipped to pay out claims in a timely manner with its financial reserves.
On top of everything else, the average annual premiums are reasonably priced. When we did a quote for a 45-year-old male living in Charlotte with a dwelling value of $400,000, other structures coverage for $40,000, personal property coverage for $300,000, loss of use coverage at $80,000, and a $1,000 deductible, we received a quote for $1,516.
Amica offers a bevy of useful digital tools to make every aspect of customers’ home insurance experience more pleasant. In terms of value for money, Amica home insurance is a hands-down winner.
Best accessibility: State Farm
State Farm has made a name for itself over the years by highlighting its extensive coverage. It boasts a small army of agents conveniently located throughout the US that are available around the clock to make a client’s claims process as seamless as possible.
This level of attention to customers is reflected in J.D. Power’s 2019 Home Insurance Study, in which State Farm received an 831/1000 customer satisfaction score accompanied by an above-average four out of five consumer score. State Farm has also resolved 1,391 claims in the past three years, which should indicate to potential customers that there aren’t too many claims State Farm can’t handle.
Above all else, State Farm is the most financially-stable company of any of the companies included on this list, receiving an A++ rating from AM Best. Given its reasonable average annual premiums ($1,501) and extensive coverage, State Farm is a great option for customers looking for a reliable provider at a fair price.
Best digital resources: Allstate
Allstate has been a major household name in the world of insurance for years now, and its foothold in the home insurance market is no exception.
Allstate ranks fifth overall in terms of total market share and received an 814/1000 score from J.D. Power for overall customer satisfaction, placing them 6th out of 23. Credit rating firm AM best gave Allstate an A+ rating in acknowledgment of its superior financial stability and capacity to pay out home insurance claims to customers quickly, adding to the overall trustworthiness of the company.
Like State Farm, Allstate has ample experience resolving claims (1,382 in the past three years), which should assuage any concerns customers have about Allstate not being able to handle client issues that arise.
Perhaps best of all is Allstate’s extensive resource library both for registered and potential policyholders. In addition to the standard tools offered by most providers, such as free online quotes, agent finders, claims filing and tracking mechanisms and bill pay, Allstate has a number of resources unique to its platform. This includes a mobile app for greater remote claims accessibility, educational state-specific coverage and discount options to help users make informed decisions. Allstate also offers a “rent vs. own calculator” that helps users decide whether their circumstances make them a better candidate for homeownership or renting.
With so many educational resources available at the tips of their fingers, Allstate users can trust that Allstate wants them to make the best possible decision, even if it ends up involving a different provider. Though slightly more expensive on average than the other providers listed here ($1,635), Allstate’s vast library of digital tools and services more than make up for any price gaps.
How to pick the right home insurance company for you
Ultimately, choosing the home insurance provider that’s best for you is a matter of personal preference. Though there’s a temptation to only look at price when deciding which provider to go with, other factors should be given consideration as well.
As an example, let’s say that provider A charges you $1,500 for coverage and provider B charges you $1,600 for coverage. If provider A has slow claims resolution and either keeps you on the phone all day waiting to be helped or takes three times as long to pay out your claims as provider B, it may be worthwhile to opt for the slightly more expensive alternative so that you can save precious time and get your money faster.
When researching home insurance providers, consider the entire package rather than isolated features. Though it will require more digging, in the long run, you’ll be glad you did.