With so many homeowners insurance company ratings available, it can be difficult to determine which one is best for you. The insurance editorial team investigated over 50 home insurance companies to assist you in making a decision.
We compared carriers based on average annual premiums, policy features, financial strength and customer service rankings, and other factors to create a curated list of the best home insurance companies.
According to the findings, USAA and State Farm tied for the best overall Homeowners Insurance Company rating, while Lemonade may be the best option for low-cost tech-enabled home insurance.
However, it is critical to find a home insurance carrier that meets your needs and coverage requirements, so if these carriers don’t work for you, check out our full list of property insurers that may be good options for the majority of homeowners in the United States.
HOMEOWNERS INSURANCE COMPANY RATING: USAA AND STATE FARM
In terms of Homeowners Insurance Company Rating, The USAA only provides coverage to active-duty military and veterans, as well as their immediate families.
The company has consistently high customer service scores, robust coverage options, and a low average premium. In our 2022 Bankrate Awards, it ranked as one of the best home insurance companies overall. Unique add-ons, such as coverage for military uniforms for active duty or deployed policyholders, are also available.
While State Farm is a highly rated, financially sound insurer with over 19,000 local exclusive agents across the United States. In our 2022 Bankrate Awards, it tied with USAA for best home insurance companies overall.
When compared to other home insurance companies, State Farm’s agency footprint is extensive, which may be appealing if you prefer to handle your insurance needs locally and in person.
HOMEOWNERS INSURANCE COMPANY RATING: HOW TO RATE?
To determine the best homeowners insurance company rating, the insurance experts first examined each carrier’s market share percentages, customer satisfaction ratings from the 2021 J.D. Power U.S.
Home Insurance Study and 2021 J.D. Power U.S. Property Claims Satisfaction Study, and financial strength ratings from major credit rating agencies.
The Agency also examined average premium data to determine each carrier’s affordability, as well as discount opportunities to maximize additional savings.
Our final list of the best homeowners insurance companies includes carriers with a wide range of coverage options, competitive rates and discount options, and unique features that allow you to tailor your policy to your specific needs.
HOMEOWNERS INSURANCE COMPANY RATING: HOW TO CHOOSE THE BEST INSURANCE?
- Recognize your requirements. Do you live in an area prone to hurricane? How much would it take to repair your house? Do you have any valuables that require special coverage? Understanding what you require from a home insurance company is frequently the first step in selecting the best carrier for your needs.
- Determine what is important to you. Would you feel more at ease with a local agent who knows the area and can guide you through the insurance purchasing process? Do you prefer to manage your policies digitally? Do you appreciate customer support? Third-party reviews can help you determine whether or not a company is a good fit.
- Periodically review your coverage. Life changes, and your insurance should, too. If you experience a life event, such as getting married, having a child, or experiencing a home insurance loss, you should consult with your insurance company or agent to assess your coverage needs. This helps to ensure that you have the coverage and policy features that are right for you. The Triple-I recommends conducting an annual insurance review with your agent to ensure you have the appropriate amounts and types of coverage.