Buying a home is one of the most significant investments you will make in your lifetime and a lot of effort goes into maintaining that investment. It comes as no surprise that you would also want to protect it. That’s why you need to search online and research to find a trustworthy, reputable company.
Homeowners insurance is typically an array of coverages that will help you repair your home and replace your belongings in the case of damage or disaster. Unfortunately, not all insurance companies and plans are created equal. To help you narrow down your search, here are the five best homeowners insurance companies.
1. Amica Mutual
Best For: Homeowners who wants above-average customer care and performance
One of Amica Mutual’s specialties is homeowners insurance. They’re known for their customer service and wide range of coverages. Some of those coverages include dwelling, personal property, valuable items, catastrophic, and home business.
Hers is a list of pros and cons to help you compare.
Pros
- Easy to use online quote tool
- Affordable premiums
- Offer assistance in finding contractors when repairs need to be made
- Available discounts include multi-line, new or remodeled home, claim-free, and loyalty
Cons
- Their A++ rating was downgraded to an A+ in 2017 due to catastrophic losses.
2. Allstate
Best For: First-time homeowners and anyone who’s seeking a straightforward policy
Allstate offers a wide range of insurance types, one of which is homeowners insurance. They’re best known for offering the lowest insurance prices on the market and their huge online catalog of educational tools, which are particularly useful for first time homebuyers. Some of the coverages Allstates offers include dwelling, personal property, mobile home, host advantage (if you share a home), and flood insurance.
Hers is a list of pros and cons to help you compare.
Pros
- Rate guard feature
- Easy to understand products
- Available discounts include new home buyer, new home, loyalty, and claim-free
- Significant discount up to 25 percent for bundling multiple policies
Cons
- Lower customer satisfaction score
- They have a cap on the loss of use coverage based on your dwelling coverage
3. Geico
Best For: Bare bones coverage that’s budget-friendly
Unlike many insurance companies out there, Geico specifically specializes in home and auto insurance. They’re known for unabashedly offering inexpensive, bare-bones coverage – perfect it you’re not too worried about unexpected damage or are working with a really limited budget. Some of the coverages Geico offers for homeowners include flooding, medical bills for anyone injured on your property, and a basic homeowners package.
Hers is a list of pros and cons to help you compare.
Pros
- Discounts for bundling home and auto insurance
- Excellent, easy to use mobile app
- Flexible policy and coverage options
Cons
- They use third party insurers
4. Metlife
Best For: Homeowners who want guaranteed replacement coverage in the event of a loss
Metlife specializes in home, life, and auto insurance. They’re best known for their unique guaranteed replacement coverage, which means that they pay out the actual dollar amount it costs to rebuild your home or replace your items, even if it’s more than what they’re currently worth. This makes them a unique company with extensive offerings. Metlife also offers homeowners include liability and personal property coverage.
Hers is a list of pros and cons to help you compare.
Pros
- 24/7 customer service
- Highly tailorable coverage
- Available discounts include multi-policy, safety, and employer group
Cons
- Lack of online tools
5. Chubb
Best For: Those who need a high-limit policy or own a luxury property
Chubb offers many types of insurance, including homeowners. They specialize in high-limit policies and expensive homes, so they’re extremely knowledgeable and flexible when it comes to the needs of luxury homeowners. Every policy is backed by Chubb Limited, the world’s largest property insurance company. Some of the coverages Chubb offers include replacement and extended replacement costs, temporary living, wildfire and earthquake, and cash settlement.
Hers is a list of pros and cons to help you compare.
Pros
- Offer the ability to choose a cash settlement instead of replacement
- Home appraisal services available
- Available discounts include multi-policy and home security system
- Deductibles are waived if losses exceed $50,000
Cons
- Very expensive premiums
If you’re in the market to purchase home insurance search online and research companies and policies to choose the one that’s best suited for you, your needs, and your budget.