Safeco Home Insurance Review: Pros & Cons, Ratings, & More

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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?

Financial Strength Rating

  • Source
    Rating
  • A.M. Best
    A

Effective Date: January 2020

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 Nationwide 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.

Pros and Cons of Safeco Home Insurance

Safeco

pros

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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.

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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.

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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.

cons

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Safeco is a subsidiary of Liberty Mutual insurance and relies on its parent company for financial stability.

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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.

Safeco's Standard Coverage 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.

Safeco's Additional Coverage Options

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.

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.

How to Contact Safeco Home Insurance

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    CUSTOMER SERVICE PHONE NUMBER

    888-723-3260

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    CLAIM PHONE NUMBER

    800-332-3226

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About the Author


expert-profile

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