Choosing homeowners insurance companies is a complicated process, and you want to make sure you are getting the best coverage for your home. In order to do this, you need to do some research and see what the top insurers are. Here are some of the most popular options:
USAA
Founded in 1922 by a group of Army officers, USAA has been a major insurance company for nearly a century. It is one of the largest providers of homeowners insurance. It has a reputation for good customer service and competitive rates.
USAA is an industry leader when it comes to financial strength and credit ratings. It has an A++ rating from Moody's, which is the second highest investment grade. In addition, the company is rated in the top tier by Standard & Poor's.
USAA is one of the homeowners insurance companies that is available in all 50 states. It is primarily marketed to members of the U.S. military and honorably discharged veterans. The company has an excellent claims satisfaction rating and an excellent J.D. Power Homeowners Insurance Satisfaction rating.
USAA also offers a Condominium Unit Owners Policy for property owned by a condo unit owner. The policy covers personal property on and off the premises of the condo. It also includes liability coverage similar to the USAA homeowners policy.
The standard homeowners' policy from USAA includes coverage for loss of use, damage to personal belongings, and building ordinance and law coverage. It also includes extended replacement cost, which increases the percentage of coverage.
Another thing to look for is a higher deductible. A higher deductible means a lower premium. However, you will need to have the money on hand to pay for the higher deductible if the claim is filed.
The best way to compare the different homeowners insurance companies is to review their customer reviews. The National Association of Insurance Commissioners, or NAIC, maintains a complaint index, which is based on the number of complaints the company receives from consumers. This is compared to a baseline average. The ratios above 1.0 indicate more complaints than the average.
Erie
Choosing the right homeowners insurance company is important. It's best to choose a company that is reputable, offers good customer service, and provides competitive rates. Getting quotes from several companies is a good way to compare coverage.
Erie has a good reputation for providing superior service. This is evident by its high rating from the Better Business Bureau. The company is also a top performer in customer satisfaction surveys.
However, Erie is a relatively small company compared to other homeowners insurers. It only issues homeowners policies in twelve states. While this may make it difficult to live outside of their service area, it does allow you to speak to a local agent when you need a quote.
Erie also has a mobile app that allows you to view your policy, pay your bill, and file a claim. The company's claims team can also help you through the process.
The company also offers several endorsements that can provide additional protection for your home. These include a service line endorsement to cover damage to underground utility lines. It also has identity theft recovery coverage for your children.
Erie also offers a unique "Rate Lock" tool. This helps you lock in premiums and ensure that they're not swayed by market changes.
In addition to providing excellent coverage, Erie offers several discounts. These discounts can save you up to 25%. The company also has a bundling discount for auto and renters insurance.
The company's base policy includes three key components: liability, loss from theft, and loss from fire. They also offer optional coverage for flood damage. In addition, they also offer a bi-peril deductible option.
The company also has an excellent rating from the A.M. Best, an insurance industry-specific ratings agency. Their A+ rating means that they have the finances to pay you for your claims.
AIG
Whether you are looking for coverage for a new home or you are seeking to protect your existing home, AIG is one of the best homeowners insurance companies. With a history dating back to 1908, AIG has developed the experience needed to provide coverage for a wide variety of risks.
AIG offers a range of personal property and comprehensive coverage options, addressing the gaps left by many standard policies. For example, if a homeowner's home is damaged in a natural disaster, AIG's replacement expense coverage will pay for the rebuilding costs. In addition, AIG's landscaping coverage will pay for up to 5% of the total property coverage limit.
AIG has long been known for its life insurance products, but it also offers high-value homeowners insurance. For homes worth millions of dollars, AIG's specialized product is perfect.
The AIG Private Client Group is a special group that caters to high-net-worth homeowners. These policies offer comprehensive coverage for valuable collections, high-value cars, and even private aviation. The AIG Private Client Group is a relatively new player in the industry, but it has already gained a reputation as the go-to insurer for affluent homeowners.
Customers can submit claims through the website or by fax or phone. AIG's claims department responds within 24 hours, if the customer has a policy with the company. However, some customers report that they have had problems with AIG's claims process.
AIG's claim satisfaction rating is low, especially when compared to other home insurers. The National Association of Insurance Commissioners tracks complaints against home insurers. AIG's average rating is 2.2 out of five.
Customers can reach AIG by fax or phone and will need to speak to an independent agent. The average premium for AIG customers is more than double the national average of $1,249.
Country Financial
Whether you're looking for home insurance, renters insurance or life insurance, Country Financial is a great choice. They have been in business for over a hundred years.
In addition to offering home and auto coverage, Country Financial also sells college savings plans, retirement products and investment options. They also have an online portal to help you manage your accounts and bills.
They are available in 19 states and offer an array of policies. You can choose from basic property coverage, liability protection and identity theft expense coverage. The company is also known for their customer service, offering quick and easy claims processing and efficient handling of claims.
In addition to their wide range of policies, Country Financial offers a number of discounts. These include the paperless discount, which allows you to pay your bill with your credit card, and a claim-free discount, which can be applied to your annual policy payment. You can also find discounts for alarm systems, smoke detectors, new wiring and a new roof.
In addition to providing homeowners insurance, Country Financial also offers condo and landlord insurance, motorcycle coverage and boat insurance. In addition to its range of insurance options, Country Financial also has a dedicated team of fraud resolution experts who can provide advice to customers who experience a fraudulent claim.
In addition to its extensive array of products and services, Country Financial has a strong commitment to supporting its local communities. The company donated $600,000 in 2018 to first responders and other organizations that aid victims of the coronavirus. In 2020, Country Financial pledged to invest $3 million in the communities where they serve.
Although Country Financial is not a household name, they are a good choice for many customers. They are available in 19 states, have a good financial outlook and have a wide range of policies and riders.
J.D. Power
Whether you are new to the insurance industry or you are simply looking for the best homeowners insurance company, J.D. Power studies can help you make an informed decision. Depending on the study, companies are ranked by several factors, including the claims process, pricing, customer service, policy offerings and policy options.
Overall satisfaction decreased six points for homeowners and seven points for renters. In 2022, the average score fell to 871 from 877 in the previous year. This represents the lowest score in five years.
The study also noted that the claims process was slower than in the past. This was a big factor in the lower score. In addition to slower claim cycle times, consumers reported lower satisfaction scores for submitting photos in person.
Another factor that contributed to the lower score is the transition to digital channels. Most insurers saw a decline in their scores. Safeco ranked the lowest for poor customer service during the claims process.
The study also showed a decline in price satisfaction. Non-bundlers saw a decrease of one point while bundlers saw a decrease of two points.
Life insurance carriers received high marks for their claims processes and communication. They also ranked well for pricing and policy offerings.
Other notable scores include Amica(r) and The Hartford. Amica and The Hartford tied for the highest score of 886. The other top insurers were Farmers and Erie.
Some homeowners insurance companies offer discounts for home security systems, impact-resistant roofs, and sump pump backups. They also provide endorsements for additional coverage. These endorsements can help you rebuild your home after an incident.
USAA is a highly rated company that offers numerous insurance options for military families. However, they do not appear on J.D. Power's list of top insurers.