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, 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 2016 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.

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

Effective Date: March 2017

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

Pros and Cons of Safeco Home Insurance

Pros

  • When you use the online tool to find an agent for your home insurance, you can filter the search results to show only people who are in your Facebook or LinkedIn networks.
  • 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.

Cons

  • Safeco is a subsidiary of Liberty Mutual insurance and relies on its parent company for financial stability.
  • You can’t report a home insurance claim online.
  • There are a limited number of discounts available.

Safeco Home Insurance Coverage

Safeco offers four homeowners insurance packages (Essential, New Quality-Plus, Optimum and Ultra) 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 economy package and a higher level in the premier package, but you still have the opportunity to adjust them to the coverage levels you want.

Dwelling

The dwelling coverage will set to 100 percent of the cost to rebuild the home, and you can upgrade with an expanded dwelling coverage of either 25 or 50 percent of the dwelling coverage limit.

Other structures

In all packages, you can set the other structures coverage limit to a percentage of the dwelling limit – zero, 10, or 20 percent.

Personal property

You can set this coverage at 50 to 75 percent of the dwelling coverage limit.

Liability

Across all package options, you can choose liability coverage of $100,000, $300,000 or $500,000.

Medical payments limit

Med pay coverage is offered at levels ranging from $1,000 to $10,000, so you should be able to find one that suits you.

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 Ultra bundle.

Personal property coverage limit levels

These property categories include watercraft, jewelry, rugs, rare coins and more. The rare coins limit of coverage is $500 in the Essential package, $3,000 in the New Quality-Plus package, $5,000 in the Optimum package and finally, $10,000 in the Ultra package. The limits for rare coins are representative of the limits for other types of personal property offered across the different packages.

Additional coverages

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. For the most part, the limits of coverage get higher with the more expensive packages.

Equipment breakdown

This coverage is available on all packages and provides a home-warranty type of service to protect against breakdown of home systems and equipment.

Identity recovery coverage

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.

Personal offense coverage

You can include this form of liability coverage to protect you against libel or slander charges.

Available Discounts on Safeco Home Insurance Coverage

There are not a lot 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 is 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 such as a motorcycle, boat or RV, you can get even more savings.
Less than 10 years old This discount applies if the house 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 their list of ways to lower your homeowner insurance bill.

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 their 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 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.

How to Contact Safeco Home Insurance

States Served
Updated: July 28, 2017