Best Homeowners Insurance Companies for 2019

Homeowners Insurance, it’s one of those things you have to deal with even before you close on your home.

If you are going to mortgage your home purchase, you have to have homeowners insurance before you come to closing.

No discussion, period.

The good thing and bad about insurance companies that offer homeowner’s insurance is there are a ton of them to choose from. The good part is competition (lower prices), the bad thing is “who do I choose?”

In this article, we intend to help the reader make their decision based on coverages, financial stability, customer service, and consumer feedback. Notice how we left out pricing? Here’s why, for most people, the family home is their most valuable asset and to choose a carrier based on a monthly premium is simply ludicrous. I mean, do you choose a car seat for your child because it’s cheap? I hope not.

Probably, the most difficult thing about choosing a homeowner’s insurance policy is that the best choice depends on where you live. Certainly, an insurance policy in Bozeman, Montana is going to differ from an insurance policy in Miami, Beach.

Knowing this, it will be difficult to point you to the best homeowner’s insurance company in your state, but, we can offer you the information you need to know which one out of the top five will likely meet your needs as far as product,  customer service, claims service, and financial stability.  We do know that bundling auto insurance with your home insurance can save you money too.

 

Top 5 Homeowners’ Insurance Companies According to Consumer Feedback

 

Anytime you want the best-of-the-best, you should look at consumer feedback and ratings. Consumer approval is a good determining factor that policyholders will be more inclined to shop with these companies because they do more business across the country.

Here are the top 5 homeowner insurance companies according to consumer approval.

 

1. Amica Mutual Insurance Company

The stats on Amica

Features & BenefitsComments
States ServicedCurrently all states except Hawaii
Best Suited forHomeowners who are most concerned about outstanding service
RatingsA.M. Best A++
DiscountsAlarm system, auto-detection device, claim-free, auto-pay, electronic file delivery, multi-policy, new home, company loyalty
Outstanding FeaturesExcellent customer service, large discount offerings, dividends, customized coverage.

Amica Mutual is awarded almost every accolade in the industry. They were the only insurance company to receive the 5-star customer satisfaction rating from J.D. Power survey in 2017.

Being ranked at the top for customer satisfaction is no easy feat since the internet allows every person who has a problem with a homeowner claim to make it known to the world.

As far as rates are concerned, Amica Mutual rates are very competitive and if that is your only concern you can stop reading here. If, however, you are concerned about financial stability, in other words, will they pay claims even in a disaster, the answer is yes according to A.M. Best rating services who awarded Amica Mutual with an A++ rating.

 

2. Erie Insurance Company

The state on Erie Insurance Company

Features & BenefitsComments
States ServicedErie is a regional company operating in 12 states
Best Suited forHomeowners who are concerned with getting 100% replacement cost
RatingsA.M. Best A+
DiscountsAlarm system, auto-detection device, claim-free, auto-pay, electronic file delivery, multi-policy discount up to 20%
Outstanding Features100% replacement cost along with the best coverage for theft, valuables coverage, cash and precious metals, and animals, birds, and fish.

As with other top-rated carriers, Erie will be there for you 24/7 for customer service or claims service. Their coverage even pays when you have to relocate while your home is under repair or being replaced. The liability coverage applies on a worldwide basis to provide protection when you need it most.

Erie has been awarded accolades for their performance from J.D. Power, WARD’s 50, Fortune 500, and all of the national rating services. With Erie Insurance, price should not be an issue or concern.

 

3. State Farm Insurance Company

Like the other companies listed here, State Farm offers substantial discounts when policyholders bundle their coverage using home, auto, renters, and life insurance. Additionally, homeowners who are also business owners can get small business coverage from State Farm as well.

The stats on State Farm

Features & BenefitsComments
States ServicedState Farm offers homeowner’s insurance nationally.
Best Suited forHomeowners who are concerned with getting 100% replacement cost
Ratings• A.M. Best A++
• S&P Global AA
• J.D. Power 825 (out of 1,000)
• Consumer Reports Reader Score 85
DiscountsMulti-policy, home security, impact-resistant roofing and windows, and gated community
Outstanding Features100% replacement cost along with the best coverage for theft, valuables coverage, cash, and precious metals. Helpful agents on practically every corner.

State Farm is one of the few homeowners’ carriers willing to insure practically any structure including farms and ranches. In fact, most individuals and families refer to State Farm as their number one resource for personal insurance because they also offer life, health, disability, umbrella, and banking services.

 

4. Liberty Mutual

Liberty Mutual made our top 5 list of homeowners’ insurance companies because of its 6% market share across the country and solid consumer satisfaction ratings. In Consumer Report’s ratings (Reader Score) for 2018 Liberty rated 81 out of a possible 94.

The stats on Liberty Mutual

Features & BenefitsComments
States ServicedLiberty Mutual offers homeowner’s insurance nationally and globally.
Best Suited forConsumers who prefer a one-stop shopping experience for home, auto, renters, and condo.
Ratings• A.M. Best A
• S&P Global A
• J.D. Power 825 (out of 1,000)
• 6.7% market share
DiscountsMulti-policy, new home or newly remodeled home, smart lock, and auto-pay
Outstanding Features100% replacement cost including inflation protection, replacement cost on belongings and extra living expense if displaced resulting from a claim

 

5. Allstate Insurance Company

As far as market share is concerned, Allstate is second behind State Farm. Both insurance companies are competitively priced but Allstate separates itself when it comes to consumer resources and customizable coverages. Allstate policyholders have access to valuable tools and resources on their website and like State Farm, they have agents on virtually every corner.

The stats on Allstate Insurance Company

Features & BenefitsComments
States ServicedAllstate offers its insurance products in all 50 states.
Best Suited forConsumers and small businesses who prefer a one-stop shopping experience for home, auto, renters, condo, RV and boat insurance, and motorcycle insurance. Allstate also provides commercial business and vehicle insurance for small to mid-size businesses.
Ratings• A.M. Best A+
• Consumer Report Reader Score 80/100
• J.D. Power 825 (out of 1,000)
• 8.4% Market Share
DiscountsMulti-policy, new home, claim-free, auto-pay and pay-in-full.
Outstanding Features100% replacement cost along with inflation protection, replacement cost on belongings and extra living expense if displaced resulting from a claim.

 

The Bottom Line

Having so many insurance carriers to choose from can make the homeowners shopping experience cumbersome and stressful. But, on the other hand, having a great deal of competition will reduce the cost of insurance to consumers. There are as many resources that rate insurance as there are insurance companies so we recommend always checking with companies like J.D. Power and Consumer Reports since their information is based on consumer feedback rather than an insurance company’s PR releases.

About Doug Mitchell
About Doug Mitchell

Doug Mitchell, CLU holds a BA degree in Finance from Auburn University as well as having obtained a Chartered Life Underwriter (CLU) designation from The American College in Bryn Mahr, PA.  Doug has spent over 20 years in the life insurance industry and has also held licenses to sell securities, long-term care insurance, home and auto insurance.  For two years, Doug served as President of the Auburn Opelika Association of Financial Advisors and has been a member of the Million Dollar Round Table.  He obtained Life Millionaire status at Horace Mann Insurance Company and was awarded the Life Agent of the Year Award.  Later in his career with New York Life he was an Executive Council Member.  Doug currently serves as President of Ogletree Financial, a life insurance marketing organization with over 1000 life insurance agents.  Today, Doug’s main focus is servicing 1000s of policyholders and growing his agency through the reach of www.insurancequotes2day.com.

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