Allstate Homeowners Insurance

Allstate homeowners insurance

Without a doubt, when it comes to homeowners insurance, Allstate is certainly considered one of the big guns. Ask somebody to name the top five home insurance companies and it’s highly likely that Allstate will be among them.

 

In this article, we intend to provide the information you’ll need to make an informed decision about Allstate homeowners insurance and whether you should go forward with getting an Allstate home insurance quote.

 

NOTE: We are not Allstate. If you need to contact an Allstate representative, you can call them at (855) 402-5427, contact them through their website at Allstate.com, or visit a local agent in your area.

Allstate Corporate Offices
2775 Sanders Rd.
Northbrook, IL 60062

 

About Allstate Insurance Company

Allstate Insurance logo

Allstate, the largest personal lines insurance carrier in America is also the second-largest underwriter worldwide.  Allstate distributes its insurance products through an agency distribution network of 14,000 captive agents along with banks and other financial institutions.

Originally founded in 1931 as part of Sears, Roebuck, and Company, Allstate Insurance Company was spun off in 1993.  Since that time, Allstate has grown to one of the largest corporations in the United States while finishing 2018 with almost $40 billion in revenue.

Allstate is ranked 79th in the Fortune 500 list of companies as far as revenue and has been known as “the good hands” company since 2004.

 

Allstate Insurance Company Financial Stability

 

Since being a well-known insurance company doesn’t translate into financial stability, it’s important that consumers check any insurance company’s ratings that will demonstrate if a company is financially viable and whether you can expect them to keep the promise of paying a covered claim. Here is how Allstate companies were rated in 2018:

 

Insurance CompanyA.M. BestS&P GlobalMoody’s
Allstate Insurance CompanyA+ (Superior)AA-Aa3
Allstate Life Insurance CompanyA+ (Superior)A+A1
Allstate Life Insurance of New YorkA+ (Superior)A+A1
Allstate Assurance CompanyA+ (Superior)Not RatedA1

 

Allstate Insurance Products

 

Most consumers know about Allstate’s home and auto insurance products but the company offers many other products as well to help individuals, families, and businesses, to mitigate their financial risks.

Auto InsuranceHome InsuranceRecreationalLife InsuranceBusiness Insurance
AutoHomeownersATVTerm InsuranceBOP coverage
MotorcycleRentersMotor HomeWhole Life InsuranceCommercial Property
Personal UmbrellaCondo CoverageTravel TrailerUniversal Life InsuranceGeneral Liability
Landlord CoverageBoatCommercial Auto
Mobile HomePersonal WatercraftCommercial Umbrella

Certainly, this list of property & casualty and life insurance products makes it easy to understand how Allstate has become one of the largest insurance underwriters in our country. But, for the purpose of this article, we’ll focus on Allstate homeowners insurance.

 

Allstate Homeowners Insurance Review

 

Allstate offers the traditional homeowners’ insurance package provided by the HO3 form. Using the HO3 form, Allstate can offer a package of coverages that allows applicants to financially protect the dwelling, other structures, personal belongings, personal liability, medical payments, and loss of use.

 

Type of CoverageWhat it CoversTypical Limit of CoverageDeductible Applied
DwellingCovers the structure of the home and any attached/built-in appliancesClaims are generally based on replacement cost of the home (land or lot not covered)Yes - Flat amount or % of structure value
Other StructuresCovers any structures on the property not attached to the house such as fences, barns, workshopsUsually 10% of dwelling limit. Can be increased if needed.Yes
Personal PropertyPersonal belongings inside and outside of your home50% of dwelling limit but can be increased or decreased as neededYes
Loss of UsePays for temporary relocation expenses while the home is under repair20% of dwelling limitYes
Personal LiabilityPays for medical expenses and legal expenses if found liability for injuries or property damage to a third-partyTypically available limits are $100,000 to $1 millionNo
Medical PaymentsPays medical expenses for third-party injuries regardless of faultTypical limits are $1,000 to $10,000No

 

Along with the standard list of coverages, Allstate offers optional coverages that can make your homeowners’ insurance even more comprehensive. Additionally, applicants can generally choose to increase several of the coverages in the HO3 package and have a selection of deductibles that will their budget and needs.

 

Additional Coverages Available from Allstate

Optional CoverageDescription
Water Backup & Sump OverflowThis coverage pays if your drains back up or sump pump overflows and causes damage
Scheduled Personal PropertyWhen scheduled, valuable personal property is insured for appraised value rather than actual cash value.
Electronic Data RecoveryThis coverage pays for the costs to replace lost or stolen computer data.
Identity TheftCoverage to replace the policyholder for lost wages and legal fees incurred as a result of stolen identity.
Green ImprovementHelps cover the additional cost of upgrading to energy-efficient versions of items you’re replacing after a claim.
Claim RateGuardAdding this option provides for Allstate not to increase your rates after your first homeowners claim.

 

 

 

 

 

 

Allstate Homeowners Insurance Rates

 

There are several factors involved when determining a homeowner’s insurance quote. The company will take into consideration the following underwriting information:

  • Location of the home
  • Year built (age of home)
  • Roof material and age of the roof
  • Characteristics of the home such as living area square footage, floor coverings, construction material, distance to nearest fire station, fire and security alarm.
  • Owner information such as credit score, claims history, age, and other personal information.

After this information has been accumulated a pending rate is established subject to qualifying discounts.

 

Allstate Homeowners Insurance Discounts

 

 

When it comes to money-saving discounts, Allstate stands out among its competitors. With Allstate’s available discounts, applicants can save substantial money on their homeowners’ policy year over year.

 

Applicants can reduce the cost of homeowners insurance by having burglar and fire protection alarms installed.

DISCOUNT TYPEQUALIFICATION
Multi-PolicyLike many other companies, applicants can save up to 25$ when they purchase home and auto insurance from Allstate.
Auto-PaySave 5% on your policy when you set up automatic payments on your policies.
Protective DevicesApplicants can reduce the cost of homeowners insurance by having burglar and fire protection alarms installed.
Claim-Free DiscountHomeowners who have been claim-free for a number of years will save up to 20% on insurance rates.
Home Buyer DiscountApplicants who are insuring a new home or newly built home can save on insurance premiums.
55 and RetiredApplicants who are retired and 55 or older will be rewarded with lower insurance rates.
Construction DiscountsHomeowners who have a storm-resistant roof or storm-resistant shutters will save even more on Allstate home insurance.

 

Allstate customer and former customer Feedback

 

Although the internet is not always the best place to find comments about a company you are considering, there are certain websites that offer reviews that have been validated. Here’s what we found:

  • S. Insurance Agents – 3 out of 5 stars (615 reviews)
  • Consumer Affairs – 75 out of 5 stars (820 reviews)
  • Wallet Hub – 5 out of 5 stars (221 reviews)
  • D. Power – 3 out of 5 stars (overall customer satisfaction)

Frequently asked Questions


Didn’t Allstate used to be part of Sears?

Yes, Allstate started in Sears stores in 1931 but was spun off in 1993.

Does Allstate have the lowest homeowners insurance rates?

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Although Allstate is a very competitve and successful homeowners insurer, their rates are in the higher range in the top 10 companies.

How can I get better coverage on gun collection and expensive watch?

Allstate will allowa policyholders to “schedule” expensive personal property so that you can insure it for the appraised value. Your rates will be adjusted based on the total value of your scheduled property.

What if I need more liability coverage?

IUL pros and cons

If your liability limits aren’t high enough, Allstate will allow you to purchase umbrella insurance for your Allstate homowners insurance.