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Finding the best homeowners insurance for you means researching companies with coverage and rates that fit your needs and lifestyle. MoneyGeek rated and ranked some of the biggest names in the home insurance industry based on their pricing, coverage, customer reviews and more. Companies are also ranked at a local level if you want to find which company provides the best service in your state. Whether you're looking to insure a high-value home, want to find the best rates, or need a provider with flexible options, MoneyGeek's list can help you find the best homeowners insurance for your needs.

The Best Home Insurance Companies for Your Needs
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Best Homeowners Insurance Companies Overall

If you’re looking for the best homeowners insurance company — and not just the cheapest home insurer — you should look for an insurer that balances price and service.

MoneyGeek’s rating system found that Allstate offers the best blend of affordability, customer satisfaction and financial stability. USAA scores highly in every category, but it is not included in this ranking because it is only available to military members, veterans and their families.

MoneyGeek combined data from J.D. Power and AM Best with overall affordability ratings to create a unique ranking scale for some of the most popular insurance companies in the country. Each individual factor is rated on a scale of up to five points, with an overall company rating out of 100.

MoneyGeek’s Ranking of the Best Home Insurance Companies

1
Allstate
Score:93

5/5

Affordability

4.2/5

User Satisfaction

4.5/5

Financial Stability

More About Allstate

Allstate offers various coverages that you can add to their standard homeowners policy, including yard and garden insurance, electronic data recovery and identity theft restoration. They also offer bundling discounts, allowing you to save money if you have multiple policies with the same company. Additionally, they have several online tools, including a rent vs. own calculator and an online quote feature to help you choose which coverage is right for you.

Read MoneyGeek's Allstate home Insurance Review
2
Nationwide
Score:92

4.8/5

Affordability

4.3/5

User Satisfaction

4.5/5

Financial Stability

More About Nationwide

Nationwide offers additional coverages beyond their standard homeowners insurance, including their exclusive Brand New Belongings and Better Roof Replacement coverages. The company provides many discounts, including a multi-line discount, and offers online services that allow you to manage your policy through their website 24 hours a day. One of their biggest selling points is their home renovation credit, which gives you a discount on your insurance when you update your plumbing, heating, cooling or electrical systems.

Read MoneyGeek's Nationwide home Insurance Review
3
Travelers
Score:88

4.5/5

Affordability

3.9/5

User Satisfaction

5/5

Financial Stability

More About Travelers

Travelers offers additional benefits beyond standard homeowners insurance, including identity fraud, water backup and sump pump discharge and green home coverages. The company also provides landlord insurance, allowing you to protect your property even if you're not the one living in it. They even offer a program called Home Central that gives home maintenance and protection tips through your Alexa, allowing you to ask for advice and get an immediate response.

Read MoneyGeek's Travelers home Insurance Review
4
State Farm
Score:84

4/5

Affordability

4.1/5

User Satisfaction

5/5

Financial Stability

More About State Farm

State Farm offers all the standard home insurance coverages, but they also offer additional coverage for home and garden items, as well as keepsakes and hobby items like cameras and sporting equipment. The company provides coverage for a variety of homes, including condos, manufactured homes, farms, ranches and rental properties. State Farm offers bundling discounts and an online quote system that allows you to get a quote on a policy anytime, day or night.

Read MoneyGeek's State Farm home Insurance Review
5
MetLife
Score:81

3.9/5

Affordability

4/5

User Satisfaction

4.5/5

Financial Stability

More About MetLife

MetLife offers traditional home insurance coverage, but they also offer customizable coverage to meet your specific needs. The company includes potential legal fees under your liability coverage and offers identity protection services with every policy they sell. They have 24/7 claims service available to their customers. MetLife’s biggest selling point is the significant discounts they offer for employer groups and associations affiliated with the company, sometimes as much as 40% or more.

Read MoneyGeek's MetLife home Insurance Review
6
Chubb
Score:76

3.8/5

Affordability

3.8/5

User Satisfaction

More About Chubb

Chubb offers standard home insurance coverages, but they also provide an extra home appliance and equipment benefit for customers who elect their Masterpiece-level coverage. This coverage pays for damage and breakdowns that happen out of the blue (instead of normal wear and tear). Chubb also has risk consulting available for its customers, which allows for complimentary home appraisals so you can be sure you have the right amount of insurance for your needs.

7
Farmers
Score:74

3/5

Affordability

4.6/5

User Satisfaction

4/5

Financial Stability

More About Farmers

Farmers offers three levels of traditional home insurance coverage: Standard, Enhanced and Premier. They also provide coverage for several non-standard home uses, including vacation homes, investment properties and vacant homes. Farmers also has a declining deductible, which means that your deductible decreases by $50 each year the policy remains in force. You can also receive a discount if you go three or more years without filing a claim.

Read MoneyGeek's Farmers home Insurance Review

Best Home Insurance Companies for Your Needs

Homeowners insurance protects what is likely your most significant financial asset — your home. Competition between insurance companies is fierce, so they try to make themselves stand out in different ways. Some companies target specific customers — like USAA and their focus on military members — while others focus on offering unique benefits you won’t be able to find anywhere else.

Best Homeowners Insurance Company for Military Families: USAA

USAA only offers coverage to military members, veterans and their families. Because they have such a specific customer base, they can charge lower rates than most of their competitors in almost every category.

USAA

In addition to offering affordable insurance, they provide resources to help people transition into and out of the military and help those who are currently deployed. Their goal is to be a one-stop shop for American military members, so in addition to offering traditional insurance products (homeowners, renters, auto, etc.), they also have life, health, dental and vision coverage for their customers.

USAA Pros and Cons

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Pros

  • USAA tends to have the lowest rates of any insurance company on the market.
  • They offer health insurance and related policies, in addition to home and auto coverage.
  • Coverage includes replacing military uniforms if they are damaged or destroyed due to a covered loss.
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Cons

  • USAA is only available to military members.
  • Identity theft coverage is not available in North Carolina.
  • Replacement coverage only pays the lowest cost to restore, repair or replace the damaged property.

USAA Discounts and Policy Features
  • Discount or Feature
    What It Offers
  • Claims Free Discount
    Homeowners with no claims for five or more years get 10% off their premium.
  • Bundling Discount
    Members get a discount for having two or more policies in place with USAA.
  • Protective Device Discount
    Members with an ADT security system may be eligible for a credit on their policy.
  • Home Sharing Coverage
    This is coverage designed to protect you if you rent out part (or all) of your house.
  • External Discounts
    USAA pairs with many companies to offer discounts to members, allowing them to save money on tires, security systems and more.
  • Flood Coverage
    Flood coverage is part of their standard policy.

Best Online Home Insurance Company: Lemonade

Lemonade is a unique insurance company, offering relatively low premiums and a fully online approach to the claims process. Lemonade is a public benefit corporation, which means that they are legally allowed to prioritize their customers’ needs and wants over those of their shareholders.

Lemonade

Lemonade will take a percentage of your premium to pay for the basics (salaries, overhead, etc.), and the rest is used to pay claims — you can donate anything leftover to a charity of your choosing. Keeping all of their business online helps them keep their overhead costs low. This distinctive approach to insurance, paired with their Demotech financial stability rating of A- and excellent customer reviews, makes them one of the top homeowners insurance companies online.

Lemonade Pros and Cons

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Pros

  • According to their customers, claims are paid out quickly, with one person stating that Lemonade paid their claim just seven seconds after they submitted it.
  • Their Giveback charitable donations increase every year, with donations totaling more than a million dollars in 2020.
  • Lemonade has 4.9 stars in the App Store and on Google Play, proving that their customers love their app and service.
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Cons

  • Only available online.
  • They don’t offer auto insurance, which means you cannot bundle those coverages.
  • Because they are a smaller company, you are less likely to find someone who is a customer, making it hard to find a word-of-mouth review of their coverage.

Lemonade Discounts and Policy Features
  • Discount or Feature
    What It Offers
  • Bundling Discount
    They provide this discount if you have both pet and home insurance through Lemonade.
  • Fire Protection Equipment
    Sprinkler systems, smoke alarms and other equipment could earn you a discount.
  • Material Discount
    If your home is built of fire-resistant materials, you may be entitled to a discount.
  • No Deductible
    For an additional fee, you can have a policy with a $0 deductible.
  • Extra Jewelry Coverage
    Lemonade covers up to $1,500 for jewelry, so people who need more coverage than that can elect additional jewelry coverage.
  • Giveback
    Because they take a flat fee instead of keeping additional premium as profit, they donate any leftover money at the end of the year to a charity of your choice.

Best Homeowners Company for Range of Options: Erie Insurance Company

Typically, when people think of the best home insurance, they think of the lowest price or the most comprehensive coverage. Erie gives this concept a twist by offering a significant range of policy options for its customers.

Erie

Though they provide the same basic packages as most other insurance companies (homeowners insurance, renters insurance, condo insurance, etc.), they also offer coverage for mobile homes and RVs.

While most companies encourage their customers to reach out to FEMA, for flood insurance, Erie offers flood insurance as one of the many coverages they carry. They even offer auto insurance for almost any vehicle, from your daily-use sedan to ATVs and golf carts.

Erie Pros and Cons

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Pros

  • AM Best gives Erie an A+ rating.
  • Agents provide personal service to all Erie customers.
  • Their personal liability protection coverage follows you anywhere in the world, not just in your home.
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Cons

  • Coverage is not available in every state.
  • Discounts change from state to state, so you can’t know how much you will save until you speak with an agent.
  • While they have 24/7 service available, having a personal agent means that many of your questions and concerns may have to wait until traditional work hours.

Erie Discounts and Policy Features
  • Discount or Feature
    What It Offers
  • Multi-Policy Discount
    Members with two or more policies through Erie can save anywhere from 16–25%.
  • Safety Features
    Burglar alarms, sprinkler systems and other security features can earn you a discount.
  • Advanced Quote Discount
    Getting a quote 7–60 days before your policy renews can earn you a discount.
  • 100% Guaranteed Replacement Cost
    Erie provides guaranteed replacement cost instead of actual cash value for personal belongings.
  • Gift Card Reimbursement
    If you purchase a gift card from a company that closes, Erie will reimburse you for your loss.
  • Animals, Birds and Fish
    Eric provides up to $500 of coverage in the event of a covered loss.

Best Homeowners Insurance Company for Customer Service: Farmers

When it comes to customer satisfaction, Farmers is at the top of the list. MoneyGeek’s research shows that Farmers ranks highly with J.D. Power for customer service, making them a great option if you prioritize customer support.

Farmers

Customers seem to love working with Farmers, in large part because Farmers uses an agent approach to selling insurance. Buying a policy or getting a quote online might be easy and convenient, but having an agent who builds a relationship with you over time provides a top-notch customer service experience.

Farmers Pros and Cons

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Pros

  • Farmers agents offer superior customer service.
  • Farmers offers coverage for a variety of unique homes, including manufactured homes and vacation homes.
  • They provide identity theft protection and credit monitoring for only a few cents per day.
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Cons

  • Using agents means service is not always available 24/7.
  • At an average rate of $2,283 per year, Farmers is the most expensive company on MoneyGeek’s list of homeowners insurance providers.
  • Though their online system indicates you can get a quote through their website, it only takes your information and passes it on to an agent in your area.

Farmers Discounts and Policy Features
  • Discount or Feature
    What It Offers
  • Claims-Free Discount
    Customers who go three years or longer without a claim are eligible for a discount.
  • Multi-Line Discount
    If you have more than one insurance policy with Farmers (auto, homeowners, etc.), you can bundle your policies for a discount.
  • On Your Own Discount
    Drivers under 25 who become the primary named insured on their own new policy — after being on their parents’ policy for at least 12 months — are eligible for a discount.
  • Claim Forgiveness
    Customers who stay with Farmers for five years or more won’t see their premiums increase because of a claim.
  • Declining Deductibles
    Earn $50 toward your deductible each year your policy remains in force.
  • Cosmetic Damage
    If you file a claim for functional damage, Farmers will cover cosmetic damage as well.

Best Homeowners Insurance Company for High-Value Homes: Chubb

People with expensive or luxury property will find policies specifically designed to meet their needs at Chubb. A Chubb policy also has the option to select higher liability limits than standard homeowners insurance, with coverage of up to $100 million.

Chubb

The Chubb Masterpiece insurance policy covers many things that are important to wealthy clientele, including the restoration of electronic data destroyed by a computer virus and property management services. They even have contracts with certified wildfire firefighters to help protect homes from the wildfires that are so common on the West Coast.

Chubb claims agents have the authority to pay a claim immediately, but cannot deny a claim without a manager’s approval because they want to make filing a claim as painless as possible.

Chubb Pros and Cons

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Pros

  • Chubb offers home assessments for every client to make sure they have the exact coverages they need in case of an emergency.
  • Masterpiece-level customers are allowed to choose their contractors and craftsmen to make repairs after a claim.
  • Chubb offers a cash settlement option for people who don’t want to rebuild their property after a total loss.
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Cons

  • Chubb policies tend to be much more expensive than most of their competitors because they are designed for high-value properties.
  • Policies are only available through an agent, preventing you from getting a quote online.
  • Unless you are relatively wealthy, Chubb doesn’t design insurance plans to meet your needs.

Chubb Discounts and Policy Features
  • Discount or Feature
    What It Offers
  • Free Appraisals
    Chubb offers home appraisals to all customers free of charge.
  • Bundling Discount
    Insuring your primary home and vehicle through Chubb can get you a discount on your premium.
  • Gated Community
    If you live in a gated community, you are eligible for a discount.
  • Lock Replacement
    If your keys are lost or stolen, Chubb will pay to replace your locks.
  • Property Management
    If you own a second home, property managers can help you take care of your property in case of an emergency, such as a wildfire or hurricane.
  • HomeScan
    Scan your home using infrared rays to check for leaks, missing insulation and faulty electrical issues.

Best Homeowners Insurance Company for the Money: Allstate

Allstate ranks first in this category because of their low overall rates. The average price range for home insurance across the nation is $1,795–2,283 per year, with Allstate offering the lowest rates in that range. However, these rates are averages, and it's important to get your own quote from at least three insurers to compare costs.

Allstate

Part of the reason Allstate’s rates are so low is the incredible discounts they offer, such as a multi-policy discount of up to 25% and a claim-free discount of up to 20%. Allstate also provides a responsible payment discount, a protective device discount and an early signing discount.

Allstate Pros and Cons

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Pros

  • Save up to 5% with their Easy Pay Plan.
  • Allstate mobile app allows you to create a digital locker where you store pictures and information for all of your items in case you need to file a claim.
  • Agents offer personal service to help guide you through the process of purchasing and maintaining your home insurance.
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Cons

  • Because Allstate uses agents to set up policies, some of their services are not available 24/7.
  • The default coverage for personal property may be lower than that of other carriers.
  • Their Deductible Rewards and Claim-Free Rewards programs provide smaller discounts than similar programs with competing companies.

Allstate Discounts and Policy Features
  • Discount or Features
    What It Offers
  • Multiple Policy Discount
    This provides up to a 25% discount for bundling home and auto insurance.
  • Responsible Payment Discount
    Allstate offers discounts for on-time payments and by payment type (escrow, in-full, etc.).
  • Claim-Free Discount
    Enjoy discounts up to 20% when you switch to Allstate without a recent claim.
  • Claim RateGuard
    Your premium won’t go up just because you file a claim.
  • Deductible Rewards
    Get $100 off your deductible when you sign up and an extra $100 off your premium each year you don't file a claim, up to $500.
  • HostAdvantage
    Allstate covers your belongings even when you’re home-sharing.

Best Homeowners Insurance Company for Bundling : State Farm

Bundling homeowners insurance and auto insurance with the same company is a great way to save money. But you’ll want to make sure you’re getting great rates and great service for both product types. Our pick for the best home and auto bundle company is State Farm.

State Farm

State Farm ranks above average for customer satisfaction for both home insurance and auto insurance, according to J.D. Power. You’ll get great value for your money, too, as State Farm is the most affordable widely-available insurance company when accounting for bundling discounts. MoneyGeek found that a State Farm bundle costs an average of $2,534 per year.

Insurance Rates

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Ensure you are getting the best rate for your coverage. Compare quotes from the top insurance companies.

Best Home Insurance Companies by State

Because laws and regulations vary from state to state, the best company in each state may vary. Just because a company has the best combination of rates and service in Texas doesn’t mean it also will in Michigan. Therefore, it’s essential to research which company has the best coverage and rates based on your location and circumstances.

MoneyGeek rated the best homeowners insurance companies based on insurance costs and customer service reputations within that state. The companies that ranked as the best in the most states include:

  • Travelers (17 states)
  • Allstate (eight states)
  • Farmers (seven states)

This analysis excludes USAA because if its eligibility requirements. Homeowners who do have a military background should look into USAA, which consistently rates as one of the best home insurance companies across the country.

In all, MoneyGeek found that 10 different companies rank as the best insurance company in at least one state. Find your state below and use our resources to learn more about the top homeowners insurance companies where you live.

Best Companies by State - Excluding USAA

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Factors to Consider When Choosing the Best Homeowners Insurance

There are many factors you should consider when choosing an insurance company, including:

  • Sufficient Coverage Levels: The most important part of choosing your homeowners insurance is making sure you have enough coverage to protect you in the event of a total loss.
  • Cost: Make sure you choose a policy with a premium you can afford to pay each month. It doesn’t matter how good the coverage is if you can’t make the payments.
  • Customer Reviews: Customer reviews are the best way to learn about a company’s reputation. If you want to know if a company is pleasant to deal with on the phone or pays out their claims on time, customer feedback can help you find that information.
  • Financial Rating: The higher a company’s financial rating, the more likely they are to pay out claims in the future.
  • Discounts: Sometimes, a company may seem too expensive, but they offer discounts that make them much more affordable.
  • Claims Process: A company that is pleasant to deal with during a claim situation is great, and a company that pays claims on time and in full is even better. Pay close attention to this aspect when researching insurance companies.
  • Special Circumstances: If you have specific needs — such as coverage for natural disasters common in your area or additional coverage for uncommon household features (wheelchair ramps, stair climbers, etc.) — you will want to choose an insurance company that can meet those needs.

Some of these things may be more important to you than others, so consider your priorities and research which companies offer the best coverage for your situation.

FAQs About Finding the Best Homeowners Insurance

A lot of factors should be taken into account when choosing a home insurance company. The following are some of the most common questions shoppers have about home insurance policies.


What Factors Impact Rates at the Best Home Insurance Companies?This is an icon

Rates for homeowners insurance are determined based on various factors, which means that you and your neighbor could have identical houses but still pay different premiums to insure your property. The factors insurers use to determine your premium include your location, the age and construction cost of your property, your coverage limits, your claim history and your credit score.

How Much Does Home Insurance Cost at the Best Companies?This is an icon

Since many factors go into determining your insurance rate (claims history, deductible level, roof condition, etc.), home insurance costs can vary significantly. The average rate of top home insurance companies in MoneyGeek’s study is $1,973 per year. You should compare insurance quotes from at least three companies before making a purchase to guarantee you are getting the best possible rate.

How Are the Best Home Insurance Companies Helping During COVID-19?This is an icon

Like other industries, insurance companies have to make radical changes. The most noticeable change is how the industry handles customer service, with most companies allowing their employees to work from home to avoid spreading the disease around the office. This means that people working with agents can’t just stop into their office to ask questions — you must call them directly instead of meeting face-to-face.

You may also qualify for some payment relief. Homeowners insurance companies now offer payment plans for people who need coverage to fulfill mortgage requirements but cannot afford their insurance premiums, as well as waiving certain requirements (such as interior inspections) to help limit the spread of the disease.

Insurance Rates

Compare Insurance Rates

Ensure you are getting the best rate for your coverage. Compare quotes from the top insurance companies.

Expert Insight on Homeowners Insurance

Home insurance can be a confusing topic, making it difficult to get all the answers you need before you make a purchase. MoneyGeek spoke to experts, industry leaders and academics across the country to gain expert insight on homeowners insurance.

  1. Are there any homeowners insurance endorsements (flood coverage, guaranteed replacement cost, etc.) that you recommend for most, if not all, buyers?
  2. Is there a common mistake that first-time buyers make? If so, how can they avoid it?
  3. Are there any homeowners insurance exclusions that might be surprising to a first-time buyer?

  • Brad Lines
    Brad LinesPrincipal Agent and Owner at Lines Insurance
    Dennis E. Sawan
    Dennis E. SawanManaging Partner at Sawan and Sawan
    Thomas Simeone
    Thomas SimeoneTrial Attorney, Simeone & Miller, LLP
    Jim Munchbach, CFP
    Jim Munchbach, CFPCertified Financial Planner Professional & Personal Finance Professor at the Bauer College of Business at the University of Houston
    David M. Harrison
    David M. HarrisonProfessor and Howard Phillips Eminent Scholar Chair in Real Estate at the University of Central Florida
    Erin A. Hopkins
    Erin A. HopkinsAssistant Professor of Property Management at Virginia Tech

Read More on Home Insurance

Methodology

To compile a list of the best home insurance companies, MoneyGeek reviewed dozens of insurance companies and ranked them for several factors:

Population Served

We looked for companies that served a broad section of the U.S. Most of the companies have national or near-national coverage. Some — like USAA — serve a more limited population but have such excellent reputations that we included them. It's an important reminder that some of the best insurers may be regional in scope, so check on local providers in your area.

Financial Stability

Your home is probably your most important asset, and you want to be sure the insurance company will be able to pay out if needed. For that reason, the financial strength of insurance companies is an important consideration. We only included companies with at least an A rating from AM Best rating agency.

Customer Satisfaction

A financially stable company isn't of much use if it doesn't efficiently and fairly pay claims. We looked at customer satisfaction surveys from J.D. Power to determine how these companies treat their clients.

Policy Features

We made sure all of our top selections offered standard coverage options, including:

  • Dwelling: To protect the physical structure of your home.
  • Other Structures: To protect separate structures on your property, like a detached garage or a shed.
  • Liability: To protect you in a lawsuit if someone is injured at your house.
  • Personal Property: To protect things like furniture, electronic equipment, bikes, etc.

Remember, if you want earthquake or flood coverage, you will need a separate policy. And homeowners insurance never covers damage from termites or other pests.

Review MoneyGeek's full methodology

About the Author


expert-profile

Rachael Brennan is a professional freelance writer. She has been published on a number of websites, including Adweek, Glamour and Cracked. She has also worked in the insurance industry for more than a decade, earning her P&C license in all 50 states and her Life, Health and AD&D license in New York and the surrounding states.


sources
  • Federal Emergency Management Agency. "Flood Insurance." Accessed October 8, 2020.
  • U.S. Government Services and Information. "Property Insurance." Accessed October 8, 2020.