Unlike auto insurance, homeowner’s insurance is not a legal requirement in any U.S. state.
However, these coverages can offer an incredible level of protection for the price, and most banks and lenders require you to have coverage if you finance your home through them.
Although your coverage level should be based on your state and the specific area in which you live, some carriers offer better coverage options and discounts through independent agents and online marketplaces.
Experts suggest you should shop around for homeowner’s insurance quotes every time your home’s value goes up or down or, as a general rule, review your homeowner’s insurance every three years.
To help you in your search, we’ve compiled a list of the best carriers offering excellent deals in homeowner’s insurance. Read on for more detail.
While this list is meant as a helpful compilation for those looking for leading carriers, we encourage readers to explore the market and read all terms and conditions before signing up for any online service.
Top 10 Best Homeowner’s Insurance Carriers for 2019
Best For: Instant clear-cut coverage at rock-bottom rates
Lemonade offers one of the most streamlined, convenient homeowners insurance services you can find.
Their website is dedicated to breaking down the ins and outs of homeowners insurance without all the jargon in a way that’s easy to understand.
They also promise coverage in as little as 90 seconds and policy payouts in just 3 minutes. Lemonade comes with a flat monthly fee as low as $25.
Lemonade’s homeowners insurance policies provide the standard coverage of an HO3, including your house and additional structures on the property, your personal belongings, added living expenses, and personal liability and medical fees.
As a Public Benefit Corporation or B-Corp, the company is certified for its commitment to social impact.
If there’s any money left after paying out your claim, the company will donate to causes you love.
If you’re wondering if a switch from your current insurer is worth the leap, you can take advantage of Lemonade’s price check tool.
If you like what you see, Lemonade will take care of switching your coverage over.
You can also make adjustments to your policy effortlessly within the app and see just what your policy covers. Lemonade is your go-to for quick, cheap, and socially-minded homeowners insurance.
Best For: Affordable Additional Coverages
Like Lemonade, Hippo offers speed to home insurance shoppers.
With Hippo, you can get a quote in 60 seconds, followed by quick competitive coverage.
The whole process could take you 5-10 minutes.
They also offer a few perks with signing up, like a 2-sensor smart home monitoring system and discounts for additional coverages.
In addition to the usual coverage you’ll find with other homeowners insurance policies, you can also get coverage for your home office, appliances and major systems, water backup, service line issues, domestic workers, an ordinance of law, modern sensors, and replacement costs.
It’s like homeowners insurance, a home warranty, and home security bundled into one.
Hippo also stands out for the access it grants you to earthquake, flood, and wind damage protection, offered through its partners.
If you live in one of the states Hippo serves, the insurer could be well worth your consideration.
Best For: Competitive Prices
Founded in 1937, the Progressive Corporation is an American insurance company offering a full suite of insurance products and related services, including homeowner’s, condo, and renters coverages.
Due to its size and industry experience, this carrier offers consumers a vast range of coverage options and competitive prices.
Progressive enjoys high ratings from all major credit rating agencies and is deemed to have an outstanding ability to meet policyholder obligations.
It also has a decent rating with the Better Business Bureau and high customer ratings across popular online review sites.
Progressive extends a standard selection of homeowner’s insurance coverages including protection for primary and secondary structures and personal possessions, loss of use, personal liability, and medical coverages.
It also offers add-ons like water backup coverage and personal injury protection.
Overall, this carrier offers standard home, condo, and renters insurance policies at competitive prices.
Its website is easy to navigate and packed with valuable information for prospective policyholders.
Those looking to compare quotes will find Progressive an excellent option with outstanding features like the Homequote Explorer and the Name Your Price tool.
Best For: Extensive List of Carriers
HomeInsuranceConnect.com is an online marketplace putting prospective policyholders in touch with partners from their extensive list of 900 carriers.
The aggregator works with well-known insurers like Progressive, State Farm, and Liberty Mutual as well as smaller local companies that offer competitively-priced quotes.
HomeInsuranceConnect.com partners with an extensive list of well-respected home insurance providers.
By going through the application process and entering their information, customers agree to be contacted via phone or email by HomeInsuranceConnect.com or their affiliates.
The application process in itself is quick and straightforward.
Aggregators like HomeInsuranceConnect.com can be a good alternative for consumers testing the waters and looking for quick, commitment-free quotes.
While marketplaces generally do not offer tailored services and coverages, they are easy to navigate, and only require basic information to provide you multiple quotes.
#5 State Farm
Best For: Customer Service
State Farm is one of the largest insurance providers in the nation, offering a myriad of annuities and insurance products including auto, homeowner’s, condo, renters, life, and fire and casualty, among others.
By market share alone State Farm is the number one carrier in the U.S., offering both vast industry experience and rock-solid financials.
The company, which was founded in 1922, holds excellent financial strength ratings with major credit rating agencies like A.M. Best and Standard & Poor’s.
Additionally, it has received high customer service ratings across online review platforms like the Better Business Bureau and Trustpilot.com.
As for homeowner’s insurance policies, State Farm offers standard coverages and add-on protections.
These include dwelling, liability, and medical expense coverages as well as riders for expensive items and enhanced dwelling protection.
Discounts are also significant with State Farm, with saving opportunities for home security features, impact resistant roofs, and bundled policies.
State Farm sets itself apart from the competition by offering both excellent coverages as well as outstanding customer service.
Their customer satisfaction ratings remain among the best in the industry, an impressive feat for a company that’s been in operation for over 100 years.
#6 Liberty Mutual
Best For: Range of Discounts
Liberty Mutual Insurance is an American insurance company, offering a variety of policies including auto, fire and surety, and homeowner’s insurance.
Since its inception in 1926, the company has built a solid financial base and an extensive network of independent agents.
As one of the largest property and casualty insurers in the United States, Liberty Mutual maintains outstanding financial strength ratings and has received a high number of online customer reviews.
The company has been accredited by the Better Business Bureau since 1931.
Liberty Mutual’s homeowner’s insurance policies include standard coverages like dwelling protection, personal possessions, and liability, as well as additional coverages like Home Protector Plus, inflation protection, and coverage for high-value items.
Where this insurer truly shines is in their range of discounts, which include savings opportunities for those who remain claim free, have installed protective devices around the home, bundled their home and auto policies, or have purchased a new house.
Learn more, read our Liberty Mutual Home Insurance Review.
#7 Farmers Insurance
Best For: Unique Optional Coverages
Farmers Insurance Group is a group of insurance companies selling auto, home, and small business insurance among other products and related financial services.
The company has been in operation since 1928 and is currently the fifth largest insurer in the homeowner’s insurance market.
Farmers offer three different types of coverage levels: standard, enhanced, and premier, all of which provide customers the necessary level of protection while allowing them to choose a price range that fits their budgets.
These policies cover all types of homes, including condos, mobile homes, specialty homes, and vacant properties.
Each Famers policy can be customized with added features such as declining deductibles, claims free discounts, claim forgiveness, and cosmetic damage.
Other options extended to homeowner’s include Identity Shield for identity theft protection, Eco-Rebuild, to replace construction materials with green alternatives, and Contents Replacement Cost.
As a large, well-established insurer, Farmers offers both financial stability and a great selection of coverage options, making it an ideal choice for homeowner’s looking for a good variety of coverages from a company with few customer complaints for its market size.
#8 National General
Best For: Affordable Comprehensive Coverages
Founded in 1939, National General, formerly GMAC Insurance, is an insurance provider based in North Carolina.
It offers auto, homeowner’s, renters, condo, and several other insurance products through its easy-to-navigate website.
National General holds an A- (excellent) rating with A.M. Best and an A+ rating with the Better Business Bureau that is based on overwhelmingly positive customer reviews for a company of its kind.
Since the company was formerly owned by Integon and General Motors Acceptance Corp., it has remained financially stable and creditworthy since its inception.
National General offers comprehensive homeowner’s insurance coverages that are both unique and reasonably priced.
It’s Guaranteed and Extended Replacement Cost Coverage pays to rebuild your home in the event it is completely destroyed, while its Green Update option provides up to $50,000 to incorporate sustainable materials in the home’s reconstruction.
Aside from their standard home insurance policies, National General offers coverage for belongings beyond the home, from watercraft to tailers and other high-priced items.
It also extends an excellent variety of coverage “discounts and credits” that vary by state. Additional requirements may apply.
View Rates With National General
Best For: Quick Quotes From Top Carriers
Part of Plymouth Rock Group, InsuraMatch is an online insurance service that matches customers with carriers from their select network.
The company, which was founded in 1999, provides prospective policyholders with coverage options from recommended insurers in network.
These vary according to location and other factors.
InsuraMatch is a solid choice for consumers who want to shop multiple insurance companies to find the policy that’s best for them.
The site makes it a breeze for customers seeking to connect with top-rated carriers like Progressive, Dairyland Auto, and Stillwater Insurance Group.
Although policy details will vary between providers, plans offered through Insuramatch provide coverage for structures and personal belongings as well as liability.
Most also offer additional coverages for a temporary relocation and medical payments.
Discounts are offered directly through each insurer yet generally include savings for those who have installed safety devices at home, bundle their home and auto insurance policies, and have no prior insurance claims.
Other discounts may apply depending on the state and carrier.
Best For: Competitive Quotes
SelectQuote Insurance Services has been offering insurance quotes from leading life, auto, and home insurance companies since 1985.
As an independent agency, the company pairs customers with carriers from its network of partners, ensuring clients get the best plans and prices, the right coverage options, and useful resources.
SelectQuote vets its insurance partners for financial stability, meaning their list of carriers includes rock-solid insurers offering fairly-priced policies.
The company even lobbies on behalf of clients to help keep premiums affordable. Some trusted carriers in their network include American General Life, Banner Life, Fidelity Life Association, Globe Life, Pacific Life Insurance, and many more.
All homeowner’s insurance policies sold through SelectQuote include the standard protection for primary structures, personal property, and liability, yet some insurers offer additional choices.
Add-on coverages will vary between providers as well as the applicant’s state of residence.
General wisdom suggests that when companies compete, it’s the customer who wins. That makes SelectQuote an excellent option for anyone looking to shop for quotes or compare providers and premiums.
Best For: Accessibility & Technology Integration
Safeco was founded in 1923 as the General Insurance Company of America.
Today, as a member of the Liberty Mutual family, Safeco offers insurance products such as auto and property now backed by its parent company’s outstanding financial strength and stability.
Safeco extends all the standard homeowner’s insurance coverages as well as additional products like identity recovery, protection for value articles, equipment breakdown, personal property replacement cost, and a single deductible option for those who bundle home and auto policies.
The company’s easy-to-navigate site allows policyholders to file and track claims, pay bills, and view their coverage information online.
They also have a Home Inventory App that enables homeowner’s to list the value of their belongings stored within the home, making claims processing all the easier.
Overall, those looking for a creditworthy and financially stable company with a great selection of standard home insurance coverages, add-ons, and discounts will find Safeco an excellent alternative.
Best For: Comprehensive Resources & Multiple Quotes
Since 1999, Insure.com has allowed prospective customers to comparison shop and obtain homeowner’s insurance quotes from leading carriers. Operated by
QuinStreet, Inc., this marketplace matches clients with their partners by collecting basic personal information.
Insure.com has partnered with some of the most financially stable insurers in the market to offer standard homeowner’s coverages, including liability, dwelling, and personal property.
Coverage details will vary between plans and providers, and not all policies will be available in all states. Most insurers in the marketplace’s network, however, offer add-ons to protect valuable items and cover relocation costs for an added price.
Again, those looking to compare quotes and snatch the best deals will find brokers and aggregator sites useful.
Marketplaces like Insure.com, however, take the game to another level by offering comprehensive information on the insurance products they sell and allowing customers to reach out questions and concerns.
Other Honorable Mention Companies
How To Find The Best Homeowners Insurance Company
You know how certain things just stick with you?
It’s strange how that happens.
One thing that sticks with me is my memories of watching the nightly news and listening to victims of a hurricane or earthquake say, “We didn’t have insurance.”
I freeze when I hear it. Every time.
Then there was that woman who lost everything in Hurricane Harvey. No insurance. What do you say to that? It’s heartbreaking.
It’s also the primary reason we are in the business of helping you understand the world of insurance, including homeowners insurance.
We want you to get the best homeowners insurance coverage at the right price.
We’ve done the research and now want to share our results with you, to save you time and frustration.
Right off the bat, we encourage you to shop at least four insurance companies to compare quotes.
We recommend you do this because each insurance provider uses different factors to determine risk and premiums. You see, most insurers target consumer segments that pose less of a risk to them.
These factors, called underwriting guidelines, are used by insurance underwriters and agents when determining whether or not to insure a prospective policyholder.
NOTE: Expect to receive different premium quotes from each of the four insurance providers.
Now, let’s go over how insurance companies operate.
Here we go!
The Truth About Homeowners Insurance Providers
We know for a fact that one insurance company on our top ten list is not superior to the rest in every area.
Some homeowners insurance companies offer a broader range of discounts and policy options while others set more flexible underwriting guidelines and offer lower rates.
It all comes down to what you as the consumer want in your homeowners insurance coverage.
Peace of mind is a huge factor.
This is at the heart of the insurance business and has been there from the start. Insurers take on the risk of covering your property or possessions in case of damage or loss. In return, you pay a premium for that coverage.
The bottom line is insurance providers do not want to lose money paying claims.
Therefore, they have come up with complex algorithms and statistical tools to determine risk and pricing. The calculations vary by insurance sector as well as by carrier.
That’s why we want you to compare at least four quotes!
Factors That Help Determine Risk:
- Debt ratios are how much debt you have vs. your available credit
- Loan to value of property/possessions
- Salary and employment history
- Credit score and history
- Property age and condition
- Property location, low-risk or high-risk area
Some lenders may be more lenient with their underwriting guidelines. For instance, let’s say you have poor credit. Instead of flat out turning you down, some insurance carriers may ask for a higher down payment.
Most lenders want a low-risk policyholder with great credit! But there are exceptions!
Insurance companies target different consumer market segments to draw in more policyholders and therefore more premiums.
If you are looking for the best Homeowners Insurance Companies in your state, here are some state reviews we have:
Some companies come right out and say who their target market is while with others you may have to do some homework to figure it out. Some insurers may even look to a specific target geographic area. For example, a person looking for homeowners coverage in Massachusetts may find one company that offers more favorable rates than if they lived two zip codes away.
Let’s look at one of those companies!
The company’s discounts, for example, reveal that they favor prospective policyholders who have recently purchased new or substantially renovated their homes, filed few claims, and have bundled their home and auto insurance policies. They also have a good reputation for offering homeowners insurance to veterans.
Premiums are determined based on your risk factor, the type of coverage, and the amount of coverage that you want, along with other factors. Your premium payments can be scheduled as monthly, bi-monthly, bi-annually, or in full (many carriers offer a full payment discount).
With premiums, insurance providers will:
- Pool the money to pay claims
- Cover operating expenses
- Make little, if any, profit from underwriting
Underwriters also research and assess the risk each applicant presents.
That helps to create the market for securities by accurately pricing risk and setting fair premium rates that adequately cover the real cost of insuring policyholders. (source: Investopedia.com)
If a specific applicant’s risk is deemed too high, underwriters may refuse coverage.
Small revenue gains are achieved by all insurance providers based on the difference between the total premiums collected and the total amount of money paid out in claims.
Where insurance companies actually make their money is through investment income. That is, they take the money you pay in premiums and reinvest it.
Perils and Coverage
Homeowners insurance comes in eight different policy forms, from a basic policy (HO-1) to a comprehensive one(HO-5). There are also condo, rental, mobile home, and older home policy types.
You can purchase a named or open peril policy, both of which cover loss or damage to your home or personal possessions.
Most policies are “named” peril policies, meaning you are covered for any loss or damage caused by one of the named perils in your policy.
Comprehensive coverage, on the other hand, is an open peril policy, which covers all perils except those listed in your policy.
Perils include but are not limited to fire or smoke, theft, falling object, windstorm or hail, and so on.
NOTE: Homeowners insurance policies don’t automatically cover loss or damage from hazards, such as hurricanes or earthquakes. You will either have to purchase a rider to add the additional coverage to your policy or purchase a separate policy for coverage, depending on the carrier. This could be particularly expensive on a second home or vacation property.
There are also three replacement cost coverages, including:
Actual Cash Value
This reimburses you for loss or damage to your property based on its market value, which includes any depreciation. This is the least expensive coverage but also may not be enough coverage for what you need.
This reimburses you for loss or damage to your property without a depreciation deductible applied. We recommend replacement cost; it’s more expensive, but you can feel secure that your home and possessions are fully covered.
Guaranteed/Extended Replacement Cost
This reimburses you for above the cash value of your property. This is not available in every state.
Choosing a Provider
Let’s go back to what is important in choosing a provider: peace of mind for one, and maybe how an insurance company does business.
If you’re looking to purchase insurance online, for example, you may benefit from doing business with a newer company that offers a seamless online and mobile experience.
Those seeking reliable coverage from a well-established provider, on the other hand, may prefer to look into policies from a larger, older insurance company.
You know, choosing a brand name you know and trust.
How to Save on Premiums
Back to what sticks: watching an uninsured or underinsured homeowner talk about losing everything. It’s devastating.
Homeowners insurance is a wise choice especially a full coverage policy. You don’t know what could happen.
Unfortunately, many people who do have homeowners insurance still do not fully understand what is covered and what is not.
Therefore, we encourage you to assess your situation and learn about homeowners insurance recommendations for your state and area.
This is especially critical if you live in a high-risk area for hurricanes, earthquakes, tornadoes or wildfires.
We all want to save money, right? Here are a few suggestions for you!
- Increase your deductibles
- Install security features for your home such as a security alarm
- Metal or clay roof if you live in an area at risk for wildfires or hail
- Maintain good credit
- Your insurance history, no missed payments!
- New or renovated home
- Replacement cost vs. actual cash value
- Look for discounts BEFORE getting insurance. Many discounts are applicable only when you first purchase a policy.
The Best Homeowners Insurance Company in a Nutshell
Please keep in mind that there is no one-size-fits-all when it comes to homeowners insurance.
As we pointed out earlier in this post, you should expect to receive a different quote from each carrier.
Also, think about your situation and what exactly you need in coverage.
Get quotes from at least four insurance companies to compare quotes!
Let’s review a few key points from this post:
- Insurance companies are all about mitigating risk to grow revenue.
- Each insurer uses their own complex algorithms and statistical tools to determine the risk of prospective policyholders (through the quote process) as well as calculating premiums.
- Insurance companies target certain consumer segments; the lower the risk, the better.
- Companies offer different products and services: online convenience, broader underwriting guidelines, or multiple discounts and types of policies to name a few.
- Some companies are online only while others are traditional brick-and-mortar.
Key Factors To Keep In Mind
- Financial Strength: check each company’s ratings with the three top financial rating companies: A.M. Best, Standard & Poors, and Moody’s.
- Overall Customer Ratings and Reviews: check the Better Business Bureau (BBB) as well as trustpilot.com for ratings and individual consumer reviews.
- Customer Complaints: go to the National Association of Insurance Commissioners (NAIC) Consumer Information Source to obtain a company’s complaint ratio.
- Claims Satisfaction: go to J.D. Power for the latest report.
We truly want you to get the absolute best rate from the insurance provider of your choice.
We’re here to help.*While we make every effort to keep our site updated, please be aware that "timely" information on this page, such as quote estimates, or pertinent details about companies, may only be accurate as of its last edit day. Huntley Wealth & Insurance Services and its representatives do not give legal or tax advice. Please consult your own legal or tax adviser.