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Homesite Group’s goal is to address some of the perceived problems of existing homeowners insurance, including limited distribution and high costs. By focusing purely on homeowners and renters insurance, Homesite is able to keep its costs low and focus on offering high-quality, innovative products.
Today, Homesite sells policies in 47 states and the District of Columbia. Policies are primarily sold through direct-sales channels to the consumer, such as the company’s website and call center. The company also works with licensed agencies throughout the country to distribute their insurance.
As of 2014, Homesite is owned by American Family Insurance.
Homesite sells property insurance for homeowners. These policies are sold on a replacement cost basis up to 100% of the dwelling coverage limit. In other words, the company pays for the cost of repairs or replacement to a home after a loss up to the limit listed on the policy. Additional protection, allowing you to replace the house at its full replacement cost regardless of policy limits, can be purchased as an endorsement.
Homeowners insurance policies are sold with different coverage bundles depending on the needs of the consumer. In general, policies include dwelling protection (covering the structure itself against basic common perils). Additional coverage for personal property, secondary structures, and personal liability can be added to the policy as well.
Condo insurance is similar to homeowners coverage, but it covers only the portion of the condo structure that you own. Some additional coverage is available for loss assessments and other condo-specific issues.
Renter’s insurance is available for home and apartment renters. It covers liability and personal belongings, or contents, rather than the structure itself.
Homesite’s insurance covers against most common perils, including fire and vandalism. Additionally, it sells flood insurance, which can be added to any policy and protects against water that enters the home from outside at ground level.
While generally this category is measured by doing direct quote comparisons, Homesite does not sell auto or life insurance, which are the coverage types we monitor. However, I can say from personal experience that Homesite offers very affordable plans.
I have personally owned two separate policies (in two different states), and both times Homesite came in as one of the lowest-cost providers during my research.
Instructions for the Homesite claims reporting process are listed under the “Claims” tab of the website. There are no online claims forms, but you can report a loss over the phone at 1-866-621-4823.
After the initial claim has been filed, an adjuster will call to follow up and obtain any additional information or schedule a date for an inspection. From there, a settlement amount will be determined based on the estimate of the damages.
If emergency repairs or temporary living expenses are required, make note of this during the initial call, and you will be instructed on how to proceed.
Homesite Indemnity Company is listed on the Better Business Bureau website with an “A+” rating. It is not accredited with the BBB, however.
The site lists 211 complaints as having been filed against the company in the last three years, with 42 having been closed in the last 12 months. Of these, a majority are listed as problems with the product or service, with the second-highest category being billing and collection issues.
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Homesite is a direct-to-consumer home insurance company that provides very competitive rates and are a good choice for individuals and families looking to save money on their property coverage. They were recently purchased by American Family Insurance, so they now have the backing of a larger company to rely on.
They are not rated by the major financial strength scoring companies, which due to our reviewing rules, lowers their score. However, they did receive an A from a smaller rating firm, Demotech.
For a list of companies that we recommend, visit our Best Insurance Companies page.