Overview of Safeco Home Insurance
Safeco actually stands for Selective Auto and Fire Insurance Company, but it is also a great name for an insurance company, calling up feelings of protection and security. Safeco added life insurance to its product line in the 1960s, but in 2004, it sold off that division to focus again on home and auto. Liberty Mutual bought the company in 2008, but it retains an identity of its own, particularly in its hometown of Seattle, Washington, where Safeco Field is home to the Mariners baseball team.
How Does Safeco Home Insurance Rate?
Consumer Satisfaction Rating
These ratings are from the J.D. Power 2019 U.S. Household Insurance Study - Homeowners Insurance. The highest score for each category is five stars.The Safeco Insurance Company subsidiary rated here may not be the subsidiary that underwrites your insurance policy. Check with your insurance agent for more information.
Customer Complaint Ratio
The National Association of Insurance Commissioners collects complaint information from state insurance regulators. The national median complaint ratio is 1. A score of less than 1 means a company has a less than average number of complaints, while a score higher than 1 means it has more than average. Find out more from the NAIC website.The Safeco Insurance subsidiary rated here may not be the subsidiary that underwrites your insurance policy. Check with your insurance agent for more information.
Last Updated: July 2017
Financial Strength Rating
A.M. 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 Safeco 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
Effective Date: January 2020
Pros and Cons of Safeco Home Insurance
- Not only can you get a bundle discount for home and auto, but Safeco also has motorcycle and RV lines, so you can get additional savings when you insure one of these specialty vehicles.
- Most insurance companies' mobile apps are geared to auto insurance, but the Safeco mobile app has a useful home inventory tool, and you don't even have to be a Safeco customer to use it.
- Among its many automation tools — a company trademark — is the Safeco Insurance Advisor skill for Alexa, the voice-controlled personal assistant on the Amazon Echo products. The advisor can answer common insurance questions, look up agents in your area and more.
- Safeco is a subsidiary of Liberty Mutual insurance and relies on its parent company for financial stability.
- Safeco offers a relatively limited number of discounts.
Safeco Home Insurance Coverage
Safeco offers four homeowners insurance packages (Essential, New Quality Plus, Optimum, and Premier) that run from the bare essentials to the highest levels of coverage. Within each package, you can select your coverage levels and add options.
The standard coverage levels are all available in the same amounts across the different packages. The online quote tool will default to lower coverage in the essential package and a higher level in the premier package, but you still have the opportunity to adjust them to the coverage levels you want.
The dwelling coverage will set to a percentage of the cost to rebuild the home, and you can upgrade with expanded dwelling coverage in the higher plans.
In all packages, you can set the other structures coverage limit to a percentage of the dwelling limit.
This coverage, typically set to a limit of the dwelling coverage, accounts for items such as furniture, electronics, and kitchen appliances.
Across all package options, you can choose substantial liability coverage for legal action resulting from injury or damage on your property.
Similar to liability, medical coverage is offered at numerous levels (up to the range of $10,000), so you should be able to find one that suits you.
If you need a temporary residence, Safeco can help cover the cost for up to 24 months.
It's in the additional options category that choosing between the four home packages with Safeco actually makes a difference. The economy package (Safeco Essential) offers lower levels of coverage for certain personal property and some other miscellaneous coverage. The limits of coverage increase with each package until you get to the highest limits available in the Safeco Premier bundle.
Whether stolen, misplaced, or damaged, Safeco's coverage will help you restore the actual cost of your property through brand new items - no matter the age or wear on the original possessions in question.
You have the option of either grouping or individually itemizing your covered items with a variety of deductibles (or no deductible!). This highly customizable option can account for everything from luxury possessions to farming equipment to even fine wine.
This coverage is available for only $2 per month and provides a home-warranty type of service to protect against breakdown of home systems and equipment, such as washers and dryers, air conditioning, or surround sound.
Regardless of the package you choose, you can add this option to help pay for costs incurred if you are a victim of identity theft. It provides up to $25,000 for lost wages and expenses as a result of identity theft.
Your selection of home insurance package also affects your coverage limits for debris removal, fire department service charge, loss assessment and property damage to others.
Available Discounts on Safeco Home Insurance Coverage
There isn't an overwhelming number of discounts available with Safeco, but you will find most of the common ones, including bundle, new home, and alarm system savings.
|Type of Discount||Description|
|Alarm system||Discounts are available if there is a burglar alarm or a sprinkler system installed in the house.|
|Fire station||If the house is close to a fire station, there may be another discount available.|
|Package deal||You can save up to 15 percent if you take advantage of the Safeco package to combine your auto and home policies together.|
|Multiple policy discount||If you bundle coverage for your specialty line - i.e. motorcycle, boat, RV - you can get even more savings.|
|Less than 10 years old||This discount applies if your home is less than 10 years old.|
|Pay your bill in full||This is not really a discount, but when you pay your home premium all at once, you will avoid paying transaction fees for multiple payments. Safeco includes this in its list of ways to lower your homeowner insurance bill.|
|Umbrella||If you have a Safeco umbrella policy, you may qualify for a discount on your homeowner policy (as long as it isn't a condo or rental policy).|
How to Make a Home Insurance Claim with Safeco
In order to file a claim on your Safeco home insurance policy, you'll have to call the company's claims center, which is available 24 hours a day, seven days a week. The claims representative will ask you a series of questions and set up a time for a damage assessment, either in person or through the company's online video chat service called RealTime Review, if appropriate. After the claim is initiated, you'll be able to track its status by going to your online account. Once you get an estimate of the cost of the damage, you'll be able to begin repairs.