Top 5 Homeowners Insurance in the U.S
A typical homeowners insurance policy will cover repairs to replace your home and its contents. If flood insurance is not offered, you may be eligible for coverage through the National Flood Insurance Program (NFIP). NFIP policies are administered by the Federal Emergency Management Agency.
1. Amica (Takes Top Honors for Customer Service)
A.M. Best Rating: A+
J.D. Power Customer Satisfaction Rating: 845/1,000
Pros :
- Amica offers competitive rates
- Some policies pay cash dividends
- The company has excellent financial strength
Cons :
- Not available in all states
- Amica doesn’t use local agents
Based in Rhode Island, Amica started in 1907, as the Automobile Mutual Insurance Company of America with its base in Rhode Island. It later added other types of insurance and financial products in 1956 and changed its name to Amica Mutual Insurance Company. It sells dividend homeowners policies that pay as much as 20 percent of the annual premium back to policyholders. Also, Amica offers customer service by telephone for making a claim with 44 offices around the U.S. Moreover, they sell insurance to conventional homeowners, including autos, home, life, and renters. Discounts are offered for bundling with other policies, and even for electronic billing and communications.
2. Erie Insurance (Best for Landlords)
A.M. Best Rating: A+
J.D. Power Customer Satisfaction Rating: 838/1,000
Pros :
- Lowest premium rates
- Standard homeowners policies include replacement cost coverage
Cons :
- No local agents are available
- No smartphone app is available
Erie Insurance was founded by two partners as Erie Insurance Exchange based in Erie, Pennsylvania. At first, the company sold only auto insurance, but it later expanded to homeowner’s policies. Moreover, Erie sells its products through with more than 12,000 licensed independent agents in 12 states and Washington, D.C. The company does pride itself on its customer service and cites a customer satisfaction rate of more than 90 percent. It also sells specialized insurance for condo owners, mobile homeowners, and renters.
3. Auto-Owners Insurance (Offer Unique Coverage)
A.M. Best Rating: A++
Pros :
- The company has financial strength $ 11 Billion
- Auto-Owners offer some unique coverage.
Cons :
- Auto-Owners is unavailable in many parts of the U.S.
- No earthquake coverage is available
- Insurance is sold only through independent agents
Auto-Owners Insurance Group has more than 47,000 licensed agents in 6,300 offices and sells insurance in 26 states. It is based in Lansing, Michigan, and was established in 1916. Especially, started out as a car insurance company, it has expanded to other lines of insurance including life, home, and business. There is no mobile app; you can use the website to locate an agent. Auto-Owners issues policies for renters, condo owners, mobile homeowners, and farmers. Optional coverage for floods and valuables, including pets.
4. Allstate (Best for Seniors)
A.M. Best Rating: A+
J.D. Power Customer Satisfaction Rating: 814/1,000
Allstate for seniors is a large company with plenty of customer support. In general, this is what seniors look for and they offer plenty of discounts (specific discounts for those 55 and older and retired) and keep the annual premium as low as possible. You can save up to 25 percent when you bundle homeowners with Allstate. Their additional coverage includes identity theft, water backup, business property, landscaping, and even electronic data recovery.
5. USAA (Best for Military)
A.M. Best Rating: A++
J.D. Power Customer Satisfaction Rating: 878/1,000
Pros :
- Coverage is available in all states
Cons :
- Coverage is limited to U.S. military, veterans and their families
- No local agents are available
USAA based in San Antonio, changed its name to the United Services Automobile Association the following year. Today, USAA offers an array of insurance and financial products for members of the U.S. armed forces and reserves of any rank, along with veterans and their families. Still USAA operates satellite offices around the United States, as well as London; Frankfurt, Germany; and Luxembourg.
