score87Safeco Home Insurance Review: Service, Cost, & More (2023)
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score874/5
satisfaction
5/5
affordability
4/5
stability
pros
Affordable
Financially Stable
Customer-Friendly
Accessible
cons
Customer satisfaction can be better
Offers only a few discounts
Limited information available online
Verdict
According to MoneyGeek's rating system, which considers customer satisfaction, financial strength and affordability, Safeco has an overall score of 87 out of 100. Safeco offers reliable coverage at an affordable price and has a strong track record of financial stability.
Some customer complaints slightly lower Safeco’s overall score. Additionally, because they offer affordable policies, they tend to offer fewer discounts. Their website also encourages potential clients to register and log in to access more information like complete coverage inclusions. However, its affordability, financial strength and stability, customer service and accessibility across the U.S. could still make Safeco a good option for you.
Does Safeco Have Good Customer Service?
Safeco is a competitive and reliable insurer, with an overall MoneyGeek rating of 87 out of 100 for its customer satisfaction, financial stability, and affordability. Whether you're looking for more comprehensive coverage or simply peace of mind in the face of disaster, Safeco may be a good option.
Customer Satisfaction Rating
J.D. Power ratings are considered one of the most reliable measures of consumer satisfaction and product quality in the insurance industry. Safeco received a J.D. Power rating of 3.56 out of 5 based on consumer experience, billing and ease of use. This data suggest that Safeco, with a chance for improvement, is still successful when it comes to rewarding customers with quality service.
Customer Complaint Index
Safeco
Safeco has a customer complaint score of 1.2 obtained through The National Association of Insurance Commissioners (NAIC) data. A 1.2 company complaint index from NAIC is slightly worse than the average score of 1. This means there are customer complaints such as poorly-processed claims or late insurance grants. However, 1.2 is close to the average score and should not necessarily deter you from selecting Safeco.
Financial Stability Rating
AM Best is a trusted source for assessing insurance companies and their ability to meet their financial obligations, with ratings that range from the highest A++ to B+ and from B to S as the lowest ratings. Safeco scores fairly well in balance sheet strength, operation performance, business profile and security, with an AM Best score of A.
What to Expect From Safeco Homeowners Insurance
Applying for an insurance policy can be a confusing process, especially if you’ve never done it before. You can review the steps below to make applying for a Safeco homeowners insurance policy easy.
1
Getting a quote
Safeco offers a wide variety of insurance coverages for your home, so you can be sure to find a policy that fits both your needs and your budget. Local agents can help you find the perfect policy for your home through their website, Safeco Insurance.
2
Customer support
The Safeco customer is available over the phone all week at 1-800-332-3226. Roadside assistance is available at 1-877-762-3101. Customers can also talk to the agents through the website, phone, the app and even video call with a representative.
3
Filing a claim
If you need to make payments, update your policy details, or file a claim on your Safeco insurance policy, your local agent or the official Safeco website or app is the best place to start. The website offers features such as viewing recent account activity, getting documents related to your policy, filing a claim and canceling your policy. Signing up with Safeco online lets you take control of your insurance policy and effectively manage it from anywhere, at any time.
4
Canceling your policy
To cancel your Safeco homeowners insurance policy, prepare your account details and either navigate their website with your log-in details or call their customer service.
MAKING A HOMEOWNERS INSURANCE CLAIM WITH FARMERS
If you’re planning to file an insurance claim from Safeco, you can use their 24/7 claims hotline at 1-877-762-3101 or you can access your claims through their mobile app and website.
STATE AVAILABILITY
Safeco insurance is available in 50 states and the District of Columbia. Unfortunately, not all coverage options may be available in all states. Find out through their mobile app or website if your desired insurance coverage is available in your state.
How Much Does Safeco Homeowners Insurance Cost?
Safeco stands out as one of the most affordable options compared to other insurers. Safeco charges an average of $806 per year for $250,000 in dwelling coverage, which is also cheaper than the national average of $1,979. Safeco also offers discounts for bundling policies, protective devices and new homes. You can use the insurance calculator below to understand your potential rates.
Dwelling Coverage | Annual Premium |
|---|---|
$250,000 | $806 |
The cost of home insurance varies based on factors including location, replacement cost coverage, personal coverage and deductible amounts. You should calculate the amount of home insurance you need before applying for a policy.
Dwelling coverage of $250,000 is a good place to start, but it's best to assess the value of your home to find out how much coverage you need and what coverage limits to choose. Using the calculator below can help you estimate how much you will pay depending on your chosen coverage.
MONEYGEEK EXPERT TIP
When the time comes to rebuild your home, the costs can be astronomical. Taking on a smaller coverage limit is cheaper, but you may struggle once you need the reimbursement money.
What Discounts Does Safeco Offer?
Safeco has three available discounts — new home, protective devices and bundling home and auto. Their number of available discounts is three less than the average offered across insurers. All of their discounts are fairly common amongst providers.
Discount | Description |
|---|---|
New Home | Safeco lets you get a new home discount if your house is less than 10 years old. |
Protective Devices | You will get rewards when you perform simple home security tasks such as installing a security system, a fire alarm and a sprinkler. |
Bundling Home and Auto Insurance | When you bundle homeowners and auto insurance packages, you get a discount up to 15%. |
MONEYGEEK EXPERT TIP
Because Safeco offers a discount for bundling home and auto insurance, you can save quite a bit of money if you take advantage of this. You can contact your local agent or browse their special offers on their website.
Which Coverage Types Does Safeco Offer?
Safeco offers four standard homeowners insurance coverages: dwelling, personal property, personal liability and personal property replacement cost coverage. Their dwelling coverage protects your home from damage due to weather occurrences such as the weight of snow or sleet. Safeco offers less coverages than the industry standard and their coverages are not unique to Safeco.
AVAILABLE COVERAGE LIMITS
MoneyGeek obtained quotes for dwelling coverages of $250,000. Coverage limits are often calculated based on the information you provide to insurers.
Safeco offers seven endorsements. The information below describes their offered endorsements.
1
Extended Dwelling Coverage
Coverage in the event of a catastrophe which leads to more expensive repair costs
2
Service Line
Add-on coverage in the event of service line failures not covered by standard policies
3
Valuable Articles Coverage
Add-on extra coverage for high-value items such as jewelry, art, collectibles, or camera equipment
4
Identity Recovery Coverage
Add-on coverage for any additional impacts of identity theft
5
Single Loss Deductible
Deductibles for other Safeco policies may be waived once the home deductible is paid in the event of a significant loss is automatically included
6
Guaranteed Repair Network
This program connects you with pre-qualified experts to create estimates and perform repairs quickly, seamlessly, and with a guaranteed material and labor warranty backed by Safeco
7
Equipment Breakdown coverage
Coverage for critical household equipment in the event of a mechanical or electrical breakdown
MONEYGEEK EXPERT TIP
When shopping for homeowners insurance, it’s important that you are getting all of the standard coverages. Often time standard policies exclude coverage for floods, earthquakes, or pest damage. If you need any of these coverages, you should double-check if your policies offer them or if you can get them as an endorsement or separate policy. Purchasing insurance for your home greatly depends on your circumstances.
What Online Homeowners Insurance Tools Does Farmers Offer?
Safeco home insurance policyholders can use its online portal and mobile app to manage their accounts, make claims and pay bills. We list these tools and additional features below.
Other Safeco Insurance Products
Safeco has other insurance types to offer. They have car-related insurance and other non-homeowners insurance offerings to add to the homeowners insurance packages.
Type of Product | Description |
|---|---|
Auto and Vehicle | Safeco offers different policies for cars, motorcycles, boats and watercrafts, classic cars, recreational vehicles, ATVs and off-road vehicles, golf carts and low-speed vehicles. They also offer the RightTrack program, which is a discount for safe drivers. |
Property | In addition to homeowners insurance, Safeco offers condo, landlord, and home warranty insurance. |
Umbrella insurance | Umbrella insurance extends beyond the protection of any existing insurance policies to provide additional protection for any expenses that are not covered. It typically does not cover personal property damage, criminal acts or losses from your business. |
Identity theft insurance | In the case of ID theft, identity recovery insurance helps pay for a case manager, lost wages, child/elder care expenses and offers a reimbursement amount of up to $25,000 per year for qualifying expenses. |
Pet insurance | Pet health insurance helps you pay for expensive vet bills and includes preventative care. |
Methodology
To evaluate Safeco as a homeowners insurance company, MoneyGeek analyzed the Safeco website, manually collected quotes and consulted consumer intelligence organizations such as J.D. Power, the NAIC and AM Best.
About Mark Fitzpatrick
sources
- Safeco Insurance. "Homeowners Insurance | Safeco Insurance." Accessed April 28, 2022.
- Safeco Insurance. "Shop Insurance." Accessed May 30, 2022.