10 Best Home Insurance Companies in 2019

10 Best Home Insurance Companies in 2019

Homeownership is an adventure. There are a lot of great aspects to it, but there are also some things that just aren’t fun to deal with. Finding a homeowner’s insurance is one of them.

But knowing how difficult it is to shop around, I found the home insurance companies that I think would be the best to help you make the decision.

Top Home Insurance Companies

Hopefully, you can find a company from this list that you like, and get one step closer to becoming a homeowner. Or, if you’re already paying rates that are too high now, don’t be afraid to look at other options.

1. Lemonade

Lemonade is one very unique type of homeowner’s insurance. It is a B-corporation, which is a type of for-profit company whose legally defined goals include having a positive impact on society, workers, the community and the environment.

Lemonade charges a flat fee of the premiums you pay and uses 20% to finance the business, eg. For example, to pay salaries and to update the technology. The remaining 80% will be used to cover customer claims. If anything is left over, the money goes to charities that customers choose.

Pros
  • Low cost — as low as $25 per month.
  • Claims may be paid as quickly as the same day.
  • Giveback policy. If money is leftover at the end of the year and not paid out in claims, the money is donated to the causes you choose.
Cons
  • Not available in every state. Check online if soda is available in your state.
  • Insurance coverage for some significant others will cost you extra. Unless someone is related by marriage, blood, or adoption, he and his property are not covered by default.

2. Amica

Amica is an insurance company that belongs to policyholders rather than investors or shareholders. This means that if you choose this option, you could receive a dividend at the end of your term. This can be between 5% and 20% of your annual premium.

Of course, it all depends on the financial success of Amica during that time period and the company’s income after claims and expenses. Nevertheless, it is a great advantage that very few insurers offer.

Pros
  • Amazing customer service. Amica consistently received high marks (5/5) in every category it was judged on in a J.D. Power study. Excellent customer service is useful if you find yourself in a potentially expensive situation or if you are a new owner.
  • A high number of discounts. While it doesn’t have quite as many discounts as All-State, Amica still provides a ton of discounts to help you save money. For example, you can earn discounts for enrolling in paperless billing and by remaining as a customer over a period of time.
Cons
  • A generic website with very few resources to help educate you and answer any questions about your policy.

3. Liberty Mutual

Liberty Mutual has been helping ensure homes, cars and life clients for over 100 years. It is reassuring that this kind of experience supports you.

They’ve got an easy-to-use website that can quickly give you premium quotes for all your insurance needs.

Pros
  • Liberty Mutual distributes a comprehensive range of insurance products, including motor, home, and casualty insurance
  • They were honored in 2019 as “Great Place to Work”
  • They offer bundle discounts
Cons
  • You might not find the lowest prices at Liberty Mutual, but they’ve got a solid reputation that might make higher premiums worth it

4. Progressive

Full disclaimer, I have Progressive everything and have never had a problem with them for my car or home needs. Progressive offers great customer service, great discounts and a user-friendly website. Household insurance is not completed through Progressive but by Progressive affiliates.

Pros
  • Provides a note for watercraft that allows you to extend your personal liability and health insurance to motorboats and small sailboats.
  • It offers an inflation guard endorsement. This will adjust the coverage levels to keep up with inflation, so you have the money you need for future repairs as construction costs increase.
  • You can also cover pools, sheds, and fences at no extra cost.
Cons
  • Since it’s not exclusively underwritten by Progressive, the rates can vary greatly by state.

5. Nationwide

Nationwide has the most endorsements of all home insurance companies. Endorsements are documents attached to the policy that changes it in some way. At Nationwide, you can choose between liability, earthquake and flood protection.

Pros
  • Most endorsements of all home insurance companies on the list.
  • Brand New Belongings Coverage. This is a huge perk! With this option, instead of reimbursing you for the lower, depreciated value of an item that is lost or stolen, you get the funds to purchase a new version of the item. You get the funds for the lower value first and once you buy a new version you’ll get reimbursed for the remaining amount.
Cons
  • Expensive policies. Nationwide is one of the more costly companies on this list.

6. Allstate Home Insurance

Allstate is a great home insurance listed for many reasons below, but one of them is the abundant resources available on the Allstate website. These include an interactive library, videos, guides, and infographics to help answer your questions about homeowner’s insurance.

Pros
  • Many helpful online tools that make it easy for you to learn more about homeowner insurance.
  • Eleven discounts you can earn for having things like smoke alarms, fire alarms, and deadbolt locks.
  • Extensive endorsements for things like musical instruments, landscaping, and sports equipment.
Cons
  • Average customer service. They received a 3/5 from J.D. Power and 80/100 from Consumer Reports.
  • It doesn’t include coverage options for earthquakes, or theft of property like boats, trailers, and vehicles.

7. Travelers

Travelers is a trusted brand that has been around for 160 years. The company is headquartered in New York but covers your household insurance needs nationwide. Because it is such a large corporation, it also tends to have a fast turned around times when disaster strikes.

Pros
  • They pay to replace your items with new ones instead of paying the depreciated value of old items if they are stolen or damaged.
  • Identity fraud coverage pays up to $25,000 for costs related to having your identity stolen. Plus, it has no deductible.
  • Green Home Cover, which helps you rebuild or repair your home with environmentally friendly materials after a claim has been submitted.
Cons
  • Customer satisfaction was average, though Travelers was such a household name in the industry.

8. MetLife Home Insurance

MetLife home insurance maybe you’re the best option if you live in an area that is prone to natural disasters. The standard coverage provides guaranteed coverage of replacement costs for your house structure and content.

If your home and belongings were destroyed, your policy would essentially pay off to replace your belongings and rebuild your home.

Pros
  • Excellent customer service. Metlife scored 89/100 in a Consumer Reports study, just behind Amica for the best customer service.
  • Replacement coverage.
Cons
  • Their website is terrible. Comparing quotes isn’t easy, so be prepared to call them to complete the process. Luckily, they have great customer service.

9. Farmers Insurance

Farmers Insurance is another well-known and trusted home insurance agency.

Pros
  • Excellent customer service.
  • Reductions for new security features in your home or for living in a newly built house.
  • Claim-free discount. You will receive a discount if you’ve been claim-free with Farmers for three consecutive years.
Cons
  • Expensive premiums compared to others on this list. You can bundle whether you have car insurance or other insurance to reduce costs

10. Hippo Home Insurance

Hippo claims to make the homeowner’s insurance buying process easy with a quote in 60 seconds. When you inquire, they’ll ask you three questions. They already have data about appliances and electronics you might own and need to be covered.

Pros
  • Get a quote quickly and easily online.
Cons
  • Only operating licensed in several states at this time, though the company is growing.
  • It has only existed since 2015, but its policies are hedged by Swiss Re, the second-largest reinsurer in the world.

Other Things to Keep in Mind with Your Home Insurance

Regardless of which home insurance company you choose, you should also consider these options.

High Deductible Policy

Actually, you only want to use your home contents insurance if it is an event that leads to high costs or natural disasters. Because, like auto insurance, once you use it they can raise rates over time.

Having a high deductible for your home insurance policy will not only keep your premium low, but it will also help you by discouraging you from making small claims that could raise your rates.

Instead, try to save enough money in a home emergency fund so that you are prepared for smaller expenses associated with your home. Don’t choose a $500 or $1,000 deductible. Go with a higher deductible to keep your premiums low.

Umbrella Policy

Umbrella insurance is extra liability insurance that pays what you owe if you’re sued for damages that exceed the liability limits of your homeowner’s insurance. It is often bought by people who own things that can cause injuries, such as pools, trampolines, and certain dogs.

Flood Insurance

Flood insurance is not generally covered with most homeowner’s insurance policies. Don’t wait until it’s too late to check if your policy ensures you are covered for flood damages. Some mortgage lenders actually won’t finalize the loan until a flood policy is activated as well.

Final Thoughts

When it comes to protecting your biggest investment yet don’t go just for the lowest premium. Make sure you spend time doing adequate research to find the best policy that works for your budget and home needs.

Once you find some of the best home insurance companies from this list make sure to shop around and see what type of rate you can get. Check to see if they bundle packages or have any other discounts that can save you money. And don’t forget to double-check on flood insurance as well. That’s a huge mistake many homeowners make.

What is your favorite home insurance company? Have you had to use your policy before? If so, was it an accident or a natural disaster?

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