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Jan.January 07, 2022 01:14 PM

5 Best Homeowners Insurance Companies & Insurance Brokers Of 2022

With the recent increase in theft rates, as well as the frequency of other undesirable events such as fires, lightning, floods, and so on, ensuring your home is now more critical than ever. An insurance policy will provide you with a guaranteed payout, given the event that you find yourself in such an awful situation. And when the time strikes, who wouldn’t want a helping hand?

Apart from the financial support, standard homeowners insurance policies also offer peace of mind to burdened individuals, especially if you live in a troubled neighborhood. So if you’re ready to take the next step and release your mind from the weight of constantly worrying about your property’s safety, stick around, as we’ve carefully put together a list of the most reliable companies that offer the benefits of home insurance.

Top 5 Best Home Insurance Companies Of 2022

  1. Lemonade – Overall Best Homeowners Insurance & Auto Insurance
  2. USAA – Trusted Property Insurance Services
  3. Amica – Popular Home Insurance Companies
  4. Allstate – Top-Rated Home Insurance Companies & Car Insurance Companies
  5. State Farm – Preferred Homeowners Insurance Brokers 

Here are the detailed reviews of our top picks: 

#1. LemonadeOverall Best Homeowners Insurance & Auto Insurance

The absolute best choice you can make in terms of insuring your home or rental is purchasing a policy from Lemonade. The brand offers services provided by a couple of Lemonade subsidiary companies operating under Lemonade, Inc – a public corporation located in the United States. 

Two of these companies – Lemonade Insurance Company and Lemonade Insurance Agency LLC take care of Lemonade’s operation in the United States, while the other four operate in Europe. The corporation is reinsured, so you’ll never have to fear about the safety of your home policy ever again.

Features

  • Insurance in 90 seconds

With the Lemonade app, you can easily get insured in less than 90 seconds. All you have to do is contact Lemonade’s artificial intelligence bot – Maya, share your contact address and answer a couple of simple questions. 

After Maya gets all the information she needs, she’ll craft you a personalized insurance policy in seconds, which you can afterward customize and adapt. Once you’re all done, all that’s left to do is make a quick payment, and you’re good to go.

  • Simple claim filing

Filing a claim is even easier than getting insured. Jim – Lemonade’s artificial intelligence bot for filing claims will ask you a couple of simple questions and require you to submit your claim as a video recording. All you have to do is sign your claim via your smartphone and make a list of the stolen or damaged items, and you’ll be funded in no time.

  • Social responsibility

Lemonade is a Public Benefit Corporation, certified B-Corp. The company strives to give as much as possible back to the community. After you purchase your insurance policy, Lemonade prompts you with a list of social causes that they donate to, so you can choose a cause to which they’ll donate a fraction of the price you’ve paid.

Pros

  • Affordable renters insurance
  • Instant insurance and claim filing process
  • Over one million satisfied customers
  • A-rated and fully licensed
  • Socially responsible

Cons

  • Available only in France, the Netherlands, Germany, and the United States

Why do we recommend Lemonade?

Lemonade is an excellent choice for anyone looking for a quick and easy approach to insuring their home. On the website, you get insured or file a claim in a matter of seconds.

The 2.0 policy features complete theft coverage for extra security, glass breakage coverage for extended convenience, 100% guaranteed replacement cost or repair for your stolen or damaged items, all that with excellent transparency. The renewed policy allows you to be well aware of its features without any hidden exceptions and rules.

=> Click here to visit the official website of lemonade

#2. USAATrusted Property Insurance Services

 

Another reliable company for insuring your home is USAA. This corporation offers a wide range of affordable insurance policies, including auto insurance, home and proprietary insurance, insurance of small businesses, health and life insurance, and a couple of other additional insurance policies.

When it comes to insuring a home, USAA offers a couple of options for anyone’s convenience. It allows you to get insured, whether you’re a renter, a homeowner, a condo owner, a mobile homeowner, or even a landlord.

Features

  • Homeowners Insurance advice

To get you started with the best possible homeowners insurance policy, USAA offers a vast library of resources that will help you understand what to look for in a homeowners insurance policy that will fit all your needs. In the learning center, you’ll find a couple of things to keep in mind when buying a home, how to get up and running with a home warranty and other valuable information.

  • Convenient app

USAA is available via a convenient mobile app that works with both iOS and Android devices. The mobile app offers comprehensive security, with safety features such as face and voice recognition or fingerprint scan to access your account. The platform also features an assistant that will help you with any questions or uncertainties that you might experience.

Apart from the ease of access that this app offers, creating a personalized profile on it will provide you with some fantastic travel deals, home solutions, and shopping experiences.

  • Coverage

The insurance policy of USAA provides cover for accidents including fire, theft, vandalism, many weather-related issues, liability, and identity theft. The affordable policy will cover your costs for repairing or rebuilding/resourcing your home and personal belongings, regardless of whether you’re a homeowner or renting out a room or an entire house.

Pros

  • Broad coverage
  • Discount for users that report no claims in the first five years
  • Vast library of insurance advice and articles
  • Extended perks for all members, including travel, car care, shopping, health, and entertainment deals

Cons

  • Services are limited to current and former military, their spouses, and children

Why do we recommend USAA?

USAA is an excellent choice for insuring your home if you are a military member or veteran. This brand offers extended coverage and insurance, perhaps even better than what Lemonade has to offer, with the only downside being the limiting of its services to only military personnel.

However, if you’re eligible for a USAA insurance policy, you’re in for a great treat. Apart from the sizable insurance features that it offers, USAA also offers top-notch professional customer service that will answer all your questions with excellent care.

=> Click here to visit the official website of USAA

#3. Amica – Popular Home Insurance Companies

Another reliable brand that offers home insurance services is Amica. This company’s on a mission to bring peace of mind to its customers while making enduring relationships that are built to last. They always put customers first and strive to provide the best possible services.

The devotion and hard work are what got this company the “Highest in Customer Satisfaction for Homeowners Insurance” prize from the J.D. Power 2021 study, as well as the Forbes’ recognition as one of America’s best insurance companies for 2022.

Features

  • Standard coverage

Even though the name says standard, this coverage package of Amica offers extended insurance coverage, including:

  1. Dwelling coverage. It provides protection from events such as fire, lightning, wind, or hail and offers coverage for garages and other auxiliary facilities in addition to your home.
  2. Personal Property Coverage. This package includes insurance for your personal items, such as furniture, clothing, home appliances, and other electronics.
  3. Personal liability coverage. This feature provides coverage for events that are liable for medical payments and other costs. It includes injuries on your property or damage to any personal items.
  4. Loss of use coverage. If your home is damaged by a covered loss to an intent that it’s unsuitable for living, loss of use coverage will pay your bills for temporary housing, storage rental, and even higher than average food bills.
  • Extended coverage

If the standard coverage package seems insufficient for you, Amica offers an even better option in their extended coverage policy:

  1. Dwelling replacement coverage. The extended coverage offers an additional 30% in cases when the costs to rebuild or repair your home exceed the limit of your policy.
  2. Valuable items coverage. If you have valuable items, such as jewelry or fine art, the extended coverage offers broader financial protection against damage and theft.
  3. Identity fraud expense coverage. Another convenient feature of the extended coverage is the personal help you’ll get from Amica to restore your identity and be reimbursed for unauthorized use of your credit cards. Identity theft protection is assured.

Pros

  • Customizable insurance packages
  • Predefined standard, extended, and premier packages
  • 24/7 customer support by phone
  • Scheduled payments and AutoPay options are available
  • Filing a claim can be done through the app or by a phone call

Cons

  • Not all policies are available for online quoting

Why do we recommend Amica?

We’ve found Amica to be one of the most flexible services that offer excellent homeowner insurance during our research. It offers a customizable approach to insurance by allowing you to pick each feature that you’re looking for in the perfect policy. However, if you’re not quite sure what to look for, Amica also offers a couple of predefined insurance packages.

If you’re having uncertainties regarding the home insuring policies, you can quickly contact Amica’s top-notch customer service that is available 24/7. With such excellent customer support, you’re guaranteed to get a well-informed answer that will help you with your task.

=> Click here to visit the official website of Amica

#4. Allstate – Top-Rated Home Insurance Companies & Car Insurance Companies

Another reliable insurance brand that had to be included in our list of the best home insurance companies is Allstate. As the name suggests, the service offers insurance coverage all across the United States, and apart from online quotes, Allstate offers you the possibility to reach out to a licensed insurance agent if you’re looking to get a better understanding of your insurance policy.

Their insurance policies cover costs for your dwelling and other additional structures on your property, along with personal property and liability coverage. If you’re looking for even greater protection, Allstate also provides some additional coverage in cases of fires, lightning, windstorms, etc.

Features

  • Home insurance discounts

Allstate makes saving very easy. Apart from offering reasonably priced insurance policies, this company features a variety of discounts and saving opportunities, ensuring the best possible deal with each policy.

  1. Multi-policy discount – allows you to save up to 25% if you purchase multiple policies.
  2. Responsible payment discount – provides excellent deals for users who are responsible for their payments.
  3. Welcoming discount – a 10% discount as a welcoming gift for all new Allstate users.
  4. Claim-free discount – a 20% discount for users who switch from other homeowners insurance companies and have no recent insurance claims.
  • Allstate agents near you

If you’re looking for a personal encounter with your insurance agent, Allstate has got you covered. From the Atlantic and the Pacific to the streets of New York and your cabin in the Rockies, you can easily find a nearby agent to help you get insured or answer a couple of questions about your current policy.

On the website, you can browse the directory of Allstate’s insurance agents, conveniently filtered by states and regions.

  • Switch an insurance company

Allstate offers you an effortless way to switch from your current insurance company to an Allstate policy. They will analyze your current insurance plan and offer their advice on how to improve it. Switching customers also receive excellent discounts and benefits.

Pros

  • Personalized insurance tips with Allstate Good Home
  • Excellent benefits for military veterans
  • Renters insurance available
  • Stories and insurance tips available on the website
  • You can get a quote on the website, via phone call, or by visiting a local agent

Cons

  • Slightly more expensive than similar services

Why do we recommend Allstate?

Allstate is all about user convenience. They offer you many ways in which you can get a quote, whether you’re looking for a quick quote from the convenience of your home or want to have a more personal encounter with your Allstate agent and ask all your questions freely.

The insurance policies are slightly more high-priced than competitors’ offers, but the company provides excellent deals and discounts, which will help you compensate for the additional cost. The great deals and offers are made even better for current and former military personnel.

=> Click here to visit the official website of Allstate

#5. State Farm – Preferred Homeowners Insurance Brokers

We’re concluding our list with a highly reputable insurance brand – State Farm. The company offers a wide range of insurance policies when it comes to your home and property. You can easily choose from the best home, condominium, renters, rental, farm, and ranch insurance packages.

The company features more than 19,000 highly-skilled agents across the country you can easily access in case of any emergency or accident. The top-rated service ensures that if the time comes to file for a claim, State Farm’s agents will be available to offer you their help in an instant.

Features

  • Accessible platform

On State Farm’s website or app, you can easily get insured, file for a claim, pay your insurance bill, and get access to many other services. If you’re in a hurry, you don’t even have to log in to your account to complete some of the above tasks.

  • Three ways to file for a claim

State Farm offers you multiple options to file for a claim at your own convenience. You can do so by contacting an agent by phone, filling out an online form, or through the straightforward mobile app.

State Farm’s platform and mobile app offer better support compared to the phone call claiming and let you have better control over your claim. You can quickly check the status or upload additional images and documentation at any time.

  • Contractor locator

If recent events have hit you by storm, and you’re not in the condition to search for a contractor that will help you fix the mess, State Farm offers a convenient tool for you to use. The contractor locator feature can help you locate reliable contractors who operate in your area.

The tool will list reputable contractors in your area, but make sure you ask additional questions and ensure that you know all you need about the contractor and the terms of an agreement before hiring them.

Pros

  • Simple payment process
  • Billing history available upon login
  • Excellent offers for bundle policies
  • Over 19,000 professional agents
  • Simple filing and tracking of a claim
  • Available through a mobile app

Cons

  • Mobile and manufactured homes aren’t eligible for an insurance

Why do we recommend State Farm?

State Farm is the most easily accessible insurance that we’ve found online. It features a vast network of skillful agents that are available to help you with any needs. You can contact State Farm’s agents via phone or in person. If you’re looking for an up-close encounter with your agent, the website lets you find the nearest one in a matter of seconds.

Apart from its insurance services, State Farm also offers banking and investment services. So if you require additional help, you can quickly get all you need from a single platform.

=> Click here to visit the official website of State Farm

Guide to Choose the Best Home Insurance Companies:

If you’ve carefully read through our reviews but aren’t quite sure which insurance option is the best one for you, do not worry, as we’ve carefully put together a detailed guide to help you out. Our guide will help you compare the above brands with one another and any other coverage options that you might be considering.

●     Statewide costs and insurers

By now, you’ve probably noticed that many insurance companies offer different terms and prices regarding your residential state or country. Therefore, you should always ensure that while searching for insurance policies, you are looking at the correct prices and not some default value that’s set to serve orientational purposes.

To ensure that you find a legitimate and creditworthy insurance company, you will need to visit your state’s Department of Insurance website. There, you will find the rating for each insurance company that conducts business in your state. Apart from the rating, you’ll also find legitimate reviews and complaints that might be lodged against the same company.

●     Run a health check

To do complete research, make sure you take a look at the websites of top credit agencies, including A.M.Best, J.D. Power, Standard and Poor’s, etc., and find what they have to say. These websites track complaints along with general feedback, claim processing, and other essential data.

●     Claim response time

When faced with a significant loss, waiting for extended periods of time to claim your funds is the last thing you want to do. Therefore, while searching for the best homeowners insurance company, pay attention to the processing time of its claims.

Try to determine whether the company is handling homeowners insurance claim calls or forwarding them to third-party call centers, and ask your agent about their experiences. Look for a company with a proven record of fair, on-time settlements, and ensure that you understand any holdback provisions that might delay the depositing of your funds.

●     Customers satisfaction

You’ll never find a website that features negative feedback. Therefore, to find the actual level of customer satisfaction, try to ask your agent or another company representative about the company’s insurer retention rate – the percentage of customers that renew their policies each year.

With policy renewal as the best proof of customer satisfaction, this rate will help you make a better decision. Apart from company representatives, you might be able to find this and other relative information in a company’s annual reports and online reviews on forums and other websites.

●     Get many quotes

The best way to compare insurance policies is to get multiple quotes and find which works best for you. Try getting up a couple of quotes to obtain a sense of what companies have to offer, and try to pull out leverage by negotiation.

If you’ve currently signed with an insurance company but want to switch to another one, it is very important that you contact the company that’s currently handling your insurance. Tell them about your discontent and the deals you were able to scout from other companies. This might make them offer you a better deal in order to keep you from determining your collaboration.

●     Talk to your Agent in Person

With the popularization of online services, almost every insurance company will offer you a fast and easy way to sign up for an insurance policy online, which can be very convenient. However, if this is your first time obtaining an insurance policy for your home, you might want to opt for a personal encounter with your agent.

A short trip to the nearest insurance agent will allow you to learn more about the company, different policies, and many advantages and disadvantages that you won’t get out of a phone call. Still, regardless of how you decide to manage your insurance, make sure that you ask all questions that are bothering you and get into the details of any issues and uncertainties.

●     Comparing the price can be a challenging task

The first thing that comes to mind when you want to compare different companies is price. But comparing the price of insurance policies can be quite a challenge, to say the least.

It is very hard to find two insurers that will offer the same policy forms and endorsements. Furthermore, the policy wording can also be quite different, making the tough task even harder.

 

How’s an insurance premium calculated?

An insurance premium – or the monthly installment price you pay for the insurance services is calculated in accordance with a couple of factors:

  • Type of coverage – A crucial factor that weighs a lot in your insurance premium is the type of coverage you choose. Therefore, more comprehensive coverage will cost you a more expensive insurance premium. Since broad insurance policies are more likely to ever be cashed out, insurance companies tend to have higher prices on these so they can make a profit.
  • Coverage amount – The coverage amount plays a significant role in determining your insurance premium. In terms of this, a $400,000 house will understandably average cost more to insure than a $200,000 one.
  • Personal information – Based on the insurance you’re shopping for, many insurance companies will even take a close look at your personal information and history, including credit history, lifestyle, smoking status, hobbies, job, and place of residence.
  • Age – Insurance companies might also consider your age before calculating your insurance premium.

FAQs About Homeowners Insurance

Q1. How to lower insurance costs?

There are several ways to lower your insurance premium.

  • Reduce your coverage

The most basic way to do this is to choose to reduce your coverage. However, this might not be the smartest thing to do at all costs.

  • Consider installing a monitoring security system

Reinforcing your home security might make you eligible for a considerable discount on your insurance policy. Apart from monitoring systems, installing motion-sensing lights and upgraded locks, doors and windows might also be considered a big plus.

  • Don’t insure the total purchase price

Since most of a home’s price comes from the land, which wouldn’t suffer a lot even if the whole place burned down, you should consider subtracting the price of the land from your insurance policy.

  • Bundle insurances

Shopping for insurance in bundles is another way to lower your premium. Many brands offer excellent discounts if you decide to handle all your insurance at a single company.

  • Improve your credit score

Since people with low credit scores are statistically more likely to file for a claim, improving your credit score might result in better insurance deals.

  • Umbrella coverage

If you’re looking for extra liability protection, look for umbrella coverage as a relatively cheap option. Many homeowners insurance companies view umbrella policyholders as more responsible and tend to offer them better deals.

Q2. What’s not covered by home insurance?

Even though most insurance companies offer numerous packages with a wide range of coverages, most standard insurance policies don’t cover earthquake and water damage, maintenance issues, and other exclusions such as damage caused by war or nuclear hazards.

Q3. Do homeowners insurance premiums increase after a claim?

Yes, most often, insurance rates tend to increase after a claim. That’s because your insurance company will believe that you’re more likely to file another claim in the future. Specific claims affect future costs more than others, and changing your insurance company won’t help since insurers run checks before calculating your policy’s cost.

Q4. How much insurance do I need?

The amount of your insurance policy varies based on your house value and the risks it is susceptible to. Most insurance providers a minimum of $100,000 worth of liability insurance, while homeowners typically consider liability coverage ranging between $300,000 and $500,000.

For instance, to best ensure your $300,000 home, you’ll likely need about $300,000 in dwelling coverage and $300,000 in personal liability insurance. The average homeowner insurance cost for a policy with this coverage is an annual of $2,305.

Q5. Are older homes cheaper to insure?

No. Older homes often pose higher risks than new and newly renovated homes due to their fragility and worn-out materials. Therefore, insurance companies find them less appealing than new homes that are less likely to break down and often charge higher rates for insuring older homes.

Q6. What’s a deductible in terms of homeowners insurance?

A deductible is the amount you’re responsible for in case of a claim. In the event of a claim for $10,000 worth of damage, if you’ve opted for a $1,000 deductible, the insurance company will pay you $9,000, and you’ll have to come up with the rest $1,000 yourself.

Conclusion – Best Homeowners Insurance Company

If your house or rental is still unsecured, don’t wait up, and hurry on your way towards the best home insurance offer you can get. It may look like an unnecessary expense, but you never know when you might end up needing it. And apart from the support it will provide you given an undesirable set of events that will make you file a claim, property insurance will give you peace of mind, which you can never put a price tag onto.

So, whether you’ve just come to terms that your house needs to be insured, or you found that your insurance company is not the best option there is, we strongly recommend that you consider some of the homeowners’ insurance companies we’ve reviewed above and get a quote. If you want to get a better understanding of homeowners insurance, you can also give their customer services a call, but don’t hesitate to take the next step towards a safer home sooner than later.


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