10 Home Insurance Companies with the Best Consumer Ratings
The formula for determining the best home insurance company is finding one that has the right scope of coverage to meet your specific needs, and one that has financial strength with a reputation for fairness in settling valid claims. Standard homeowners policies provide coverage for property damage, personal liability, additional living expenses, and medical payments. Property damage and personal liability are by far the most important because both can seriously impact financial wellbeing. Even though an insurance company has the funds to pay out on claims, many consumers have reported unfair denials of claims or delays in claims settlements.
The National Homeowners Insurance Study by J.D. Power and Associates is one of the most widely recognized surveys rating insurance companies for financial strength and customer satisfaction. Here’s a list of the 10 best companies:
- Liberty Mutual: Liberty Mutual features a wide range of insurance coverage for homeowners, condominium owners and renters, including flood insurance and personal liability protection. This insurance company is rated three out of five for overall satisfaction, policy offerings, pricing and billing. A basic Liberty Mutual homeowners policy will protect your home from smoke, fire, lightning, windstorm, theft, falling objects and freezing of plumbing. If there is damage to personal possessions under a covered loss, the company will make arrangements to have the items either repaired or replaced.
- Amica: Amica is a stable, professional insurance company with excellent customer satisfaction rankings and financial strength, offering a wide array of home insurance policies at competitive prices. This award-winning company is rated a five out of five for overall satisfaction, policy offerings, pricing and billing. Amica has scored the highest ratings in customer satisfaction eight years in a row with J.D. Power and Associates. For superior coverage for your home, Amica offers a Platinum Choice policy that includes increased liability, extended coverage for personal property, and higher limits of coverage for furs and jewelry.
- Progressive: According to J.D. Power and Associates, Progressive rates a three out of five for overall satisfaction, policy offerings, pricing and billing. Progressive offers policies for homes, town homes, condos, and renters at competitive prices. Progressive separates its policies into three categories. Homeowners 1 will cover your property against 11 basic perils. Homeowners 2 gives you protection against 18 perils. Homeowners 3 policy includes some additional perils not covered under the first two. Progressive also offers personal article floaters. With this coverage, jewelry, furs, coins, stamps, guns, and antiques are covered. Each item is detailed in the floater and does not have a deductible.
- Allstate: Allstate offers a wide range of homeowners insurance that includes renters, condominiums, manufactured homes, landlord property, and homes. Its website is educational and easy to use. All available coverages are listed, and there is detailed information advising you what you may or may not need. Allstate is rated three out of three for overall satisfaction, policy offerings and billing. However, its rating for pricing is only two out of five.
- Country Financial: Country Financial has received a three out of three rating across the board with J.D. Power and Associates. Its personalized customer service and wide selection of homeowner insurance options make it stand out. Country Financial is not available in all states like Allstate. While many companies offer multi-policy discounts, Country Financial offers additional ways to save money. If your home is equipped with fire alarms, smoke detectors, a burglar alarm or deadbolts, you’re eligible for a home discount. Newer electrical wiring also qualifies for a discount. Homes without a wood-burning unit qualify for a discount under its safe heat discount. A hail-resistant roof with a manufacturer’s warranty also qualifies for a home discount.
- American Family: American Family offers insurance for homeowners, renters, condos, mobile, and manufactured homes with a variety of endorsements and additional coverage options. With a rating of three out of three in all categories by J.D. Power and Associates, it’s a company with above average standards. In addition, American Family features a generous range of home discounts. Customer longevity discounts are available if you’ve been insured by the company for five years. If you haven’t had a chargeable claim for five years, you’re also eligible for a reduced premium. New home discounts are also available.
- State Farm: State Farm rates four out of five for overall customer satisfaction and three out of five for policy offerings, pricing and billing. Similar to other home insurance companies, State Farm offers insurance for homes, condos, renters, and landlord properties. State Farm is easily accessible to its customers with 24 hour service, online or by phone. And State Farm offers a host of discounts, including homes that have deadbolts, smoke alarms, burglar alarms and fire extinguishers. One outstanding feature of State Farm is its premier service program. When you need to repair your house after a loss, your agent will help put you in touch with local contractors and get an estimate.
- Erie: Erie is an impressive home insurance company that rates five out of five for pricing and four out of five across the board. Not all homeowners insurance policies offer extra protection options like Erie’s Broadcover, Extracover and Ultracover policies. The Broadcover policy gives coverage up to $2,500 for the unauthorized use of a credit card. Loss of contents in a refrigerator due to mechanical failure is covered. Coverage up to $3,000 for theft of guns is provided.
- American National Property and Casualty: Throughout the years, this company has received recognition for its good customer service and strong financial standing. American National Property and Casualty is rated three out of three in every category by J.D. Power and Associates. This company features a Home Safe and Sound policy to safeguard policyholders in the event of theft, tornado, fire, and other covered events. Coverage is designed to meet the needs for dwelling replacement, content replacement, personal liability, credit card forgery and extended coverage for home computers. For more complex insurance needs, the company offers a Signature Series policy.
- Geico: Geico is rated four out of four by J.D. Power and Associates for policy offerings and price. The company rates three out of three for customer satisfaction and billing. A vast range of policies are offered for homes, condos, renters, and townhomes. Each policy is different, but the standard policies usually provide broad coverage for damage to your home and damage to personal property, and limited coverage for jewelry. The company does offer endorsements for additional coverage for valuable items.