Home Insurance Coverage: An Expert Guide (2024)
Home insurance helps you protect your house and its valuables if anything ever happens to cause damage. It's important to consider the cost of a policy, but you also want to assess a company's financial strength and customer complaint information. Options like Chubb, State Farm, Nationwide stand out.
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Shawn Laib
Insurance and Finance Writer
Since graduating from the University of WA with a B.A. in English Literature, Shawn has been professionally writing in the spheres of entertainment, insurance, business, marketing, and politics. He is passionate about using his writing skills and insurance knowledge to educate the general population on everyday issues surrounding these misunderstood topics. His work has been published on SUPERJ...
Insurance and Finance Writer
UPDATED: Mar 11, 2024
It’s all about you. We want to help you make the right coverage choices.
Advertiser Disclosure: We strive to help you make confident insurance decisions. Comparison shopping should be easy. We are not affiliated with any one insurance provider and cannot guarantee quotes from any single provider.
Our insurance industry partnerships don’t influence our content. Our opinions are our own. To compare quotes from many different insurance companies please enter your ZIP code on this page to use the free quote tool. The more quotes you compare, the more chances to save.
Editorial Guidelines: We are a free online resource for anyone interested in learning more about insurance. Our goal is to be an objective, third-party resource for everything insurance related. We update our site regularly, and all content is reviewed by insurance experts.
UPDATED: Mar 11, 2024
It’s all about you. We want to help you make the right coverage choices.
Advertiser Disclosure: We strive to help you make confident insurance decisions. Comparison shopping should be easy. We are not affiliated with any one insurance provider and cannot guarantee quotes from any single provider.
Our insurance industry partnerships don’t influence our content. Our opinions are our own. To compare quotes from many different insurance companies please enter your ZIP code on this page to use the free quote tool. The more quotes you compare, the more chances to save.
On This Page
Your home is a significant investment in your life, and it’s important to find a homeowners insurance policy that protects your home and its valuables. In addition, buying home insurance helps ensure you are protected if your home is damaged and in need of repair.
When you shop for the best home insurance companies in your area, it’s important to consider the cost of a policy. Of course you don’t want to pay too much in monthly or annual rates for your homeowners insurance. Still, you must also consider the coverage you’ll receive, each company’s financial strength, the customer service associated with each insurance company, and more.
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In most cases, you can assess a company’s customer complaint index, financial strength, and coverage costs to determine your state’s top home insurance companies. Once you decide which companies might work best for you, you can find and compare home insurance quotes to learn more about how much you will pay for your home insurance policy.
What are the best home insurance companies?
Finding the best homeowners insurance companies in your area will take some work. First, you must determine which companies offer coverage for your home at an affordable price. Because everyone’s situation is unique, it’s difficult to know which company will work best until you assess any home insurance policy based on your needs and budget.
Some home insurance companies rank higher than others based on cost, discount options, customer service, customer complaint index, and financial strength. The top insurance companies for home insurance in the U.S. include:
- Chubb
- Erie
- Farmers
- NJM
- State Farm
- American Family
- Amica
- Nationwide
Each of these companies has its unique method of handling a home insurance claim, and rates for coverage vary with each company based on various factors.
Read more:
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- Heritage Insurance Review & Complaints: Home, Condo, Dwelling Fire & Commercial Insurance
- Prepared Insurance Company Review & Complaints: Home, Condo, Dwelling Fire & Renter’s Insurance
- State Farm Insurance Review & Complaints: Mobile Home
Chubb Home Insurance
A Chubb insurance policy may be a great investment if you have an expensive home. With Chubb, you have a vast array of coverage options built to meet your individual needs. You can customize your homeowners insurance policy to ensure all valuables are covered.
Chubb has fewer customer complaints than expected for a company of its size and offers several discount options for policyholders. Unfortunately, Chubb is more expensive than most home insurance companies, and customers may not be able to get a quote for coverage online.
Erie Home Insurance
Erie offers home insurance coverage to help customers feel safe and protected. With Erie insurance, policyholders can often purchase policies with guaranteed replacement cost coverage, so their valuables will be replaced without out-of-pocket costs. Erie also offers add-on coverages, like identity recovery and water backup coverage, so policyholders can customize their home insurance plans.
While Erie has fewer customer complaints than expected based on the company’s size, Erie has a limited coverage range, so you may not be able to purchase Erie coverage in your state. Additionally, the company does not allow customers to file claims online.
Farmers Home Insurance
If you purchase a home insurance policy with Farmers, you have many different coverage options and add-on opportunities to choose from. With Farmers insurance, you can find coverage that works best for you, and the company offers extended replacement cost coverage for the structure of your home.
Farmers offers claim forgiveness and allows customers to lower their deductible by $50 each year they are accident-free. Unfortunately, policies with Farmers tend to cost more than the national average for coverage, so you may find that rates with the company are more expensive than rates with other house insurance companies in your area.
NJM Home Insurance
With New Jersey Manufacturers insurance, you’ll be protected with a homeowners insurance policy no matter what. In addition, NJM offers guaranteed replacement cost coverage, so customers can trust their homes will be repaired or rebuilt, even if the cost exceeds the limits of their policy.
Additionally, NJM offers exceptional online services that allow customers to file claims and review the status of claims online. The company also offers automatic discounts for nonsmokers and policyholders over 65. While NJM has fewer customer complaints than expected based on its size, the company only offers coverage in Connecticut, Maryland, New Jersey, Ohio, and Pennsylvania.
State Farm Home Insurance
State Farm is a well-known name in the insurance business, and for a good reason. The company offers several perks to its customers, and coverage options allow individuals to customize their policies to ensure they work best for their unique situations. For example, with State Farm insurance, you can get extended replacement coverage for the structure of your home at no additional cost.
The company also offers add-ons like identity theft protection and water backup coverage. In addition, State Farm allows customers to manage their home insurance policies online, but the company does not offer as many discount options as other major insurance companies.
American Family Home Insurance
American Family offers quotes and helpful information online for anyone considering purchasing a home insurance policy with the company. American Family insurance provides homeowners insurance in 19 states in the U.S., and the company receives fewer customer complaints than you might expect based on its size.
American Family offers discount options to policyholders, including smart-home devices, bundling policies, and automatic payments. Unfortunately, the company does not offer much coverage to homeowners outside the West and Midwest U.S.
Amica Home Insurance
If you purchase home insurance with Amica, you can get what’s known as the Platinum Choice package, which offers perks like coverage for extended dwellings, higher liability coverage limits, and water damage from backed-up drains and sump pumps that overflow.
Additionally, Amica offers discounts on coverage for maintaining your insurance policy for two years or longer, insuring a new or remodeled home, and setting up an automatic payment plan. The company receives fewer customer complaints than expected based on its size, but information for home insurance is sparse on the Amica website.
Nationwide Home Insurance
With Nationwide home insurance, you can get ordinance or law insurance included in your policy, so if you need to remodel your home based on current building codes, Nationwide will cover the cost.
Nationwide has high ratings for customer service and customer satisfaction, and the company has a intuitive, user-friendly website policyholders can utilize for many different things related to their policies. Unfortunately, Nationwide does not offer home insurance coverage for mobile homes or manufactured homes.
Read more:
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Which home insurance companies are the cheapest?
The cost of home insurance depends on many factors. Finding the best homeowners insurance means comparing quotes from several companies to determine which offers the coverage you want at a price that works with your budget.
On average, some of the cheapest home insurance companies often include the following companies. Remember that the rates below are based on a $250K dwelling.
Cheapest Average Monthly Home Insurance Rates for a $250K Dwelling
Company | Monthly Rate |
---|---|
Progressive | $67 |
Erie | $80 |
Auto-Owners | $87 |
Nationwide | $96 |
Westfield | $97 |
Travelers | $104 |
State Farm | $111 |
Allstate | $112 |
Nationwide | $112 |
American Family | $134 |
Amica | $143 |
Read more: Westfield Insurance Review & Complaints: Auto, Home & Business Insurance
Your home insurance rates may differ from those listed above based on where you live, the size and cost of your home, the type of add-on coverage you want, and more. Remember to compare quotes from several companies to determine which offers the most affordable coverage.
Which companies are best for bundling home and auto insurance?
Bundling home and auto insurance may save hundreds or even thousands of dollars on your insurance premiums. Some of the best auto and home insurance companies that have bundling options include:
- Progressive
- Liberty Mutual
- Hippo
- State Farm
- Nationwide
- Farmers
- Allstate
- American Family
- Travelers
- Amica
- Country Financial
- The Hanover
Some companies offer a specific percentage of savings, while others offer a lump sum taken off the premium for either your home or auto insurance policy. Either way, it’s a good idea to compare rates to see how much you can save when you bundle insurance policies.
Read more: Country Financial Insurance Review & Complaints: Auto, Home, Life & Farm Insurance
What does homeowners insurance cover?
A typical home insurance policy covers your home and its contents if anything is damaged and in need of repair or replacement. Coverage often breaks down into four categories:
- Coverage for your home/dwelling
- Coverage for personal belongings inside your home/dwelling
- Liability insurance for your property
- Living expense coverage if you must temporarily live elsewhere
In most cases, homeowners insurance covers your dwelling and its contents in case of:
- Fire
- Theft
- Vandalism
- Hurricane
- Hail
- Lightning
- Other natural disasters listed under the policy
While this is not an exhaustive list, it includes most items in a home insurance policy.
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What does homeowners insurance not cover?
Unfortunately, home insurance policies do not cover everything. Some of the typical events not covered under a standard home insurance policy include:
- Earthquakes
- Sinkholes
- Floods
- Sump pump overflow
- Termites
- Insect damage
- Bird or rodent damage
- Rust, rot, or mold
- Wear and tear
- Smog or smoke damage
- Damage from war or nuclear hazards
- Identity theft
Some companies offer add-on protection for these occurrences, but you’ll have to pay extra for coverage. It’s important to know exactly what your home insurance policy covers so you’re not caught off guard if something happens to damage your home.
Read more: Does home insurance cover mold?
How can I choose the best home insurance policy?
You can find the best homeowners insurance policy by assessing your needs and comparing coverage options and prices for different companies in your area. Once you’ve determined what you need, it will be easy to know which companies will and won’t work for you in terms of coverage and cost.
Don’t forget to find and compare quotes from several home insurance companies to find the best price. You shouldn’t have to overpay for coverage just to ensure your home is taken care of. Take your time and research companies you’re interested in to learn more about their customer service, customer complaints, and financial strength.
Case Studies: Real-World Scenarios on Home Insurance Coverage
Case Study 1: Comprehensive Protection with Chubb
Emily, a homeowner with valuable possessions, wanted comprehensive coverage for her high-value home. After extensive research, she found that Chubb offered the best options for customization and coverage tailored to her individual needs.
Despite being more expensive than other home insurance companies, Chubb provided the peace of mind she sought, ensuring her valuables were fully protected.
Case Study 2: Guaranteed Replacement with NJM
Michael, a homeowner in New Jersey, prioritized guaranteed replacement cost coverage for his house. He chose NJM as his insurance provider, appreciating their commitment to repairing or rebuilding his home even if the cost exceeded the policy limits.
NJM’s exceptional online services and discounts for nonsmokers and older policyholders further solidified his decision to choose them for his home insurance needs.
Case Study 3: Personalized Coverage with Amica
Laura, a homeowner looking for tailored coverage, turned to Amica for their Platinum Choice package. This package offered extended dwelling coverage, higher liability limits, and protection against water damage from backed-up drains and sump pumps.
Amica’s discounts for maintaining insurance, insuring a new or remodeled home, and setting up automatic payments made it an affordable choice for Laura, providing the personalized coverage she desired.
Case Study 4: Budget-Friendly Option with Nationwide
David, a homeowner on a tight budget, sought an affordable home insurance option without compromising on essential coverage. After comparing quotes from multiple companies, he found that Nationwide offered competitive rates without sacrificing quality.
The inclusion of ordinance or law insurance in the policy gave him additional protection and coverage for potential remodeling costs based on building codes.
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Frequently Asked Questions
Which home insurance companies have the highest customer satisfaction?
Erie, State Farm, and Amica have the best ratings for customer service in terms of home insurance coverage. Still, Nationwide, Farmers, Chubb, and American Family have fewer than the expected number of customer complaints based on their size.
What are the top home insurance companies in the U.S.?
The top eight homeowners insurance companies in the U.S. include Chubb, Erie, Farmers, NJM, State Farm, American Family, Amica, and Nationwide.
What is the 80% rule in homeowners insurance?
Typically, an insurance company will fully cover the cost of damage to a home after a covered event if the homeowner purchased, at minimum, coverage for at least 80% of the home and its valuables. Otherwise, homeowners will likely end up paying out of pocket for repairs.
What are the different types of homeowners insurance?
You can purchase homeowners insurance for coverage from an HO-1 to an HO-8 policy. An HO-1 provides limited coverage, while an HO-8 offers specialty coverage.
What should I do before filing a home insurance claim?
Before filing a home insurance claim, it’s crucial to document the damage or loss by taking photos or videos. You should also make temporary repairs to prevent further damage. Contact your insurance company as soon as possible to initiate the claims process.
Are home-based businesses covered under home insurance?
Home-based businesses are typically not covered under standard home insurance policies. If you operate a business from your home, you may need additional coverage such as a business owner’s policy or a separate commercial insurance policy.
Are you looking for free insurance quotes?
Your one-stop online insurance guide. Get free quotes now!
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Shawn Laib
Insurance and Finance Writer
Since graduating from the University of WA with a B.A. in English Literature, Shawn has been professionally writing in the spheres of entertainment, insurance, business, marketing, and politics. He is passionate about using his writing skills and insurance knowledge to educate the general population on everyday issues surrounding these misunderstood topics. His work has been published on SUPERJ...
Insurance and Finance Writer
Editorial Guidelines: We are a free online resource for anyone interested in learning more about insurance. Our goal is to be an objective, third-party resource for everything insurance related. We update our site regularly, and all content is reviewed by insurance experts.