Overview of GEICO Home Insurance

GEICO’s is a story of the little insurance company that could. Started in the 1930s by a wife-husband team, it had a fairly successful run. So much so that in the mid-1990s, it was acquired by Warren Buffet’s Berkshire Hathaway investment firm, thus beginning the era of GEICO advertising featuring such unlikely mascots as a gecko, cavemen and even goggle-eyed stacks of money. But though GEICO has become a powerhouse in the field of auto insurance, its home insurance policies are actually underwritten by third-party insurers. GEICO still services these policies in-house, so the only impact on the policyholder is that the financial backing for claims and the support to handle claims actually comes from a different company.

How Does GEICO Home Insurance Rate?

Consumer Satisfaction Rating

These ratings are from the J.D. Power 2015 U.S. Household Insurance Study – Homeowners Insurance. The highest score for each category is five stars. The GEICO Insurance Company subsidiary rated here may not be the subsidiary that underwrites your insurance policy. Check with your insurance agent for more information.

Overall
Policy Offerings
Pricing
Billing & Payment
Contacting the Insurer
Claims
Financial Strength Rating

A Best’s Financial Strength Rating opinion addresses the relative ability of an insurer to meet its ongoing insurance obligations. It is not a warranty of a company’s financial strength and ability to meet its obligations to policyholders. View our Important Notice: Best’s Credit Ratings for a disclaimer notice and complete details at http://www.ambest.com/ratings/notice.

Financial Strength is rated on a scale of D (poor) to A+ (superior). A rating notch of either a second “+” or a “-“ indicates the gradation of financial strength within the category. We can’t guarantee that the subsidiary of GEICO Insurance rated here is the subsidiary that will underwrite your insurance policy. Check with your insurance agent and review A.M. Best’s Financial Strength Rating Guide for more information.

Best’s Credit Ratings™ are under continuous review and subject to change and/or affirmation. For the latest Best’s Credit Ratings™ and Best’s Credit Reports which include Best’s Credit Ratings™), visit the A.M. Best website at http://www.ambest.com. See Guide to Best’s Credit Ratings™ for explanation of use and charges.

Best’s Credit Ratings™ reproduced herein appear under license from A.M. Best and do not constitute, either expressly or impliedly, an endorsement of MoneyGeek.com or its recommendations, formulas, criteria or comparisons to any other ratings, rating scales or rating organizations which are published or referenced herein. A.M. Best is not responsible for transcription errors made in presenting Best’s Credit Ratings™. Best’s Credit Ratings™ are proprietary and may not be reproduced or distributed without the express written permission of A.M. Best Company.

Source A.M. Best
Rating A++

Effective Date: July 2016

Website Features
  • Rate calculator
  • Mobile app
  • Pay bill online
  • Make claim online
  • Household inventory tool

Pros and Cons of GEICO Home Insurance

Pros

  • GEICO rates above average (four out of five stars) in overall customer satisfaction, according to the 2015 J.D. Power Homeowners Insurance study.
  • Bundling a home policy through GEICO with your GEICO auto insurance will get you a discount on both.
  • Although the home policy is underwritten by a third-party insurer, you can still pay your premium through GEICO.

Cons

  • GEICO doesn’t underwrite its home insurance policies; it has third-party companies underwrite them. To make a claim, you’ll need to contact and work with the third-party insurer that’s partnering with GEICO on your policy, not GEICO directly.
  • The online quote system says it doesn’t require your Social Security number in order to provide a quote, but the process will not continue on to a quote without one.
  • GEICO doesn’t have a monthly payment option for home insurance.

GEICO Home Insurance Coverage

The home insurance offered through GEICO is pretty standard, with little flexibility and few customization options. The quote is derived from the replacement value calculated by the system software, and if you require any deviation from this set value, you’ll need to contact an agent.

The standard options are basic, although you can upgrade some of them by paying a higher premium. When given the option to select limits of coverage, such as with the medical payments, the choices are fairly limited.

Dwelling coverage

The replacement cost of your house is set by the quoting system. If this number is inaccurate, you’ll need to contact an agent. If it is accurate, but you’d still like a buffer to offer more protection (20 percent is a standard that many companies offer), you can purchase an extra 25 or 50 percent of coverage.

Other structures

This coverage for detached buildings and fences on your property is set at 10 percent of the dwelling coverage.

Personal property coverage

GEICO’s standard home insurance automatically sets this amount at 50 percent of the dwelling coverage, but you can pay to increase it to 70 percent instead. You can also pay extra to protect your personal property against a wider range of perils, as well as opting for replacement coverage at actual cost instead of at the property’s depreciated value.

Loss of Use

The monetary limit for this coverage is set at 30 percent of the dwelling coverage limit.

Wind/hail deductible

This policy allows you to set a separate deductible for wind and hail damage, and you can choose either a straight deductible ranging from $500 to $5,000 or one that is a percentage of the dwelling coverage, from 1 to 5 percent, or even at a high 10 percent.

Personal liability

You can set your liability coverage at amounts of $100,000, $300,000 or $500,000.

Medical payments limit

The no-fault guest medical coverage can be set at $1,000, $3,000 or $5,000.

The additional coverages that are available on a homeowner policy with GEICO are pretty much the standard options you would expect, although the defamation of character liability option is an interesting addition.

Water backup and sump overflow protection

This additional coverage addresses flooding that occurs if water backs up into your home through its water or drainage system. GEICO offers this coverage in limits of $5,000, $10,000 or $15,000.

Identity theft expense protection

You can add this option to your home policy, but the quoting tool doesn’t go into detail about how much coverage it provides.

Earthquake protection

You can add earthquake protection to your policy, but if you want to know what it covers or what the deductible is, you’ll have to call and speak with an agent.

Defamation of character liability

You can purchase this extra coverage under the personal liability section of the policy.

Available Discounts on GEICO Home Insurance Coverage

GEICO does specify a small number of discounts that are available on your home insurance, but for the most part, there’s not a lot that you can do to bring your premium down.

Type of Discount Description
Multi-policy discount This provides a savings if you have both your home and car insured through GEICO.
Home security systems Installing a burglar alarm in your home provides a savings on your home insurance premium.
Smoke alarms or fire extinguishers These types of safety equipment save you money on home insurance.

How to Make a Home Insurance Claim with GEICO

In order to file a claim, you will need to contact the third-party insurer partnering with GEICO to provide your policy, and then follow the procedure set by that insurance company.

How to Contact GEICO Home Insurance

States Served