Best Home Insurance Providers [2024]
Getting the right policy from the top homeowners insurance providers is key, so determine how much home insurance you need by comparing replacement cost vs. actual cost. Most home insurance companies offer each type of coverage, but replacement cost coverage will have higher insurance rates.
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Heidi Mertlich
Licensed Insurance Agent
Heidi works with top-rated life insurance carriers to bring her clients the highest quality protection at the most competitive prices. She founded NoPhysicalTermLife.com, specializing in life insurance that doesn’t require a medical exam. Heidi is a regular contributor to several insurance websites, including FinanceBuzz.com, Insurist.com, and Forbes. As a parent herself, she understands the ...
Licensed Insurance Agent
UPDATED: Mar 7, 2024
It’s all about you. We want to help you make the right coverage choices.
Advertiser Disclosure: We strive to help you make confident insurance decisions. Comparison shopping should be easy. We are not affiliated with any one insurance provider and cannot guarantee quotes from any single provider.
Our insurance industry partnerships don’t influence our content. Our opinions are our own. To compare quotes from many different insurance providers please enter your ZIP code above to use the free quote tool. The more quotes you compare, the more chances to save.
Editorial Guidelines: We are a free online resource for anyone interested in learning more about auto insurance. Our goal is to be an objective, third-party resource for everything auto insurance related. We update our site regularly, and all content is reviewed by auto insurance experts.
UPDATED: Mar 7, 2024
It’s all about you. We want to help you make the right coverage choices.
Advertiser Disclosure: We strive to help you make confident insurance decisions. Comparison shopping should be easy. We are not affiliated with any one insurance provider and cannot guarantee quotes from any single provider.
Our insurance industry partnerships don’t influence our content. Our opinions are our own. To compare quotes from many different insurance providers please enter your ZIP code above to use the free quote tool. The more quotes you compare, the more chances to save.
On This Page
- The best homeowners insurance companies will offer different types of policies to cover replacement costs or actual costs, depending on your needs
- If you do a lot of upgrades to your home, you should update your insurance coverage to reflect the added-on value
- Compare quotes online to find the top homeowners insurance providers near you
The best home insurance you can buy provides you with ample coverage at affordable rates. It also must come from an insurance company you can trust, so a high financial strength rating is beneficial. Homeowners should be well-informed about their insurance policy to understand precisely what home insurance covers, allowing them to be prepared for any potential risks and secure their investment effectively.
Since there are different types of home insurance, you should consider all of the top homeowners insurance providers near you to buy the right policy for your needs. The last thing you want to do is call your insurance company to submit a claim and find out you are not covered for incidents you assumed were on your policy.
What are the top ten insurance companies?
If you’d like to compare quotes but aren’t sure where to begin, this list of the country’s top 10 insurance companies is a great place to start.
Companies | Average Annual Rates (For $500,000 Home in Pasadena) | A.M. Best Rating | Market Share Percentage |
---|---|---|---|
State Farm | $972 | A++ | 18.50% |
Allstate | $1,047 | A++ | 8.36% |
Liberty Mutual | $1,076 | A | 6.74% |
USAA | $1,154 | A++ | 6.24% |
Farmers Insurance | $1,869 | A | 5.86% |
Travelers | $795 | A++ | 3.81% |
American Family Insurance | $1,127 | A | 3.32% |
Nationwide | $961 | A+ | 3.22% |
Chubb Ltd Group | $2,031 | A++ | 2.87% |
Erie Insurance Group | N/A | A+ | 1.70% |
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While these sample rates give us a window into the top 10 companies’ average premiums, keep in mind that each company’s rates may look very different in your community. Remember that the cheapest home insurance companies aren’t always the best ones.
Amica home insurance is very highly rated but may be more costly than Allstate home insurance. You’ll need to find a balance between rates and customer service. And, of course, location matters. The best homeowners insurance in California won’t be the same as the best choice in New York. When you’re trying to figure out which auto and home insurance is the best, shopping around is your best bet on both counts.
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What are the common types of homeowners insurance coverage?
There are eight main policy forms for homeowners:
Policy Type | Policy Name | Definition | 2017 Average Annual Rates |
---|---|---|---|
HO-1 | Basic Form Policy | Named peril coverage for single-family dwelling. | $1,657 |
HO-2 | Broad Form Policy | Extended named peril coverage for single-family dwelling. | $1,144 |
HO-3 | Special Form Policy | Standard homeowners insurance; open peril coverage for single-family dwelling. | $1,211 |
HO-4 | Renters Insurance | Personal property coverage for renters. | $180 |
HO-5 | Comprehensive Form Policy | Extended open peril coverage for single-family dwelling. | $1,292 |
HO-6 | Condominium Form Policy | Open peril coverage for condo owners. | $488 |
HO-7 | Mobile Home Form Policy | Open peril coverage for mobile home owners. | N/A |
HO-8 | Older Home Form Policy | Open peril coverage for older single-family dwellings. | $989 |
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Though these eight policies cover a wide breadth of insurance needs, there are several additional insurance types. They are:
- Dwelling Fire Policies
- Landlord Insurance
- Seasonal Insurance
- Flood and Earthquake Insurance
What are named perils vs. open perils?
The first thing to note is whether a policy is a named perils policy or an open perils policy.
A peril is an event that causes damage to your house. It can be anything from a harsh storm to a break-in. If you have a named perils policy, every peril your house is protected from is listed in the policy. Damage from any peril not listed in the policy will not be covered by your insurer.
The HO-1 and HO-2 policy forms are examples of named perils policies. The HO-1 form has ten named perils, while the HO-2 has sixteen. Any peril not listed on those forms will not be covered by your insurer.
If you have an open perils policy, which is sometimes also referred to as a special perils policy or all-perils policy, your house is protected from every peril except those that are specifically excluded in your policy.
The HO-3 policy form, which is widely considered to be the standard form of homeowners insurance, is an example of an open perils policy. It protects you from all perils, with a few listed exceptions. Flood damage, for example, is often not covered by an open perils policy and requires its own type of insurance.
Because it provides comprehensive protection, an open perils policy is generally considered to be the safer and more preferable form of insurance.
How to Determine How Much Homeowners Insurance You Need
There are varying levels of home insurance, from very basic to complete catastrophic coverage. Usually, people will buy insurance somewhere right in the middle. Depending on your home’s value and where you live, you may want to increase your coverage, or you may decide less coverage is sufficient as well.
At the very minimum, buying home insurance will at least provide you with protection against some of the more common risks, such as fire. Theft is also an incident that can cost the homeowner a significant amount of money, so you may want to have coverage for stolen property as well.
Windstorms are unavoidable and leave you at the mercy of the weather, so having protection from these kinds of elements can help you repair or replace your roof, your windows, and even more. For example, if hail destroys your roof and causes a leak in your living room, damaging your walls, your floor, and your furniture, then your insurance will pay for all of this, provided you have the right type of home insurance.
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Replacement Cost Home Insurance vs. Actual Cost Home Insurance
The best home insurance policy will pay for replacement cost instead of actual costs. Be sure to see what your policy states before buying because this could make a large difference to your average cost of homeowners insurance when comparing it to another insurance company.
For example, you might decide to buy insurance from Company A because they are providing you with the exact same benefits as Company B, but for a significantly cheaper premium. However, Company B will pay you the replacement cost instead of the actual home cost. This difference in benefits can be huge.
If your living room gets damaged by fire and all of your furniture is destroyed, the replacement cost policy will pay you for whatever it takes to replace your furniture. If you have an actual cost policy, then you will receive whatever you spent on your furniture originally, minus any depreciation.
The older your furniture is, the more depreciation that will be deducted from your benefit. An actual cost policy may not even pay you enough to buy a new furniture set, let alone one that is comparable in cost and quality.
Therefore, while an actual cost insurance policy will cost you less in premiums, it will not pay out the same benefits as a replacement policy. A replacement policy is the best home insurance policy you can buy if you can afford the premiums.
Dwelling Fire Insurance
A dwelling fire policy is the most barebones form of homeowners insurance. It’s an insurance policy that protects only your dwelling.
Because its coverage is so limited, some insurance companies don’t offer dwelling fire coverage anymore. In 2013, the NAIC found that 2.2 percent of the nation’s homes were insured by dwelling fire policies. In addition, many mortgage lenders won’t approve your mortgage if your only form of insurance is a dwelling fire policy.
However, a dwelling fire policy can sometimes be useful for vacant or seasonal homes. They are also sometimes used in place of landlord insurance.
Let’s break down the three types of dwelling fire policies.
Landlord Insurance
Landlord insurance is a great option for homeowners who are renting out their property. It protects the components of a home that belong to the landlord and is typically comprised of property insurance and landlord liability protection.
A landlord’s property insurance is comprised of three different elements:
- Dwelling insurance – Dwelling insurance protects the outer structure of the landlord’s home.
- Other structures insurance – Other structures insurance protects separate structures like detached garages, sheds, and gazebos.
- Personal property – While landlord insurance does not protect the renter’s personal property, it does protect any personal property the landlord has provided to furnish the rental.
This insurance type also provides landlords with liability protection. Liability protection compensates landlords for any legal or medical bills incurred if someone is injured on the rented property. If a tenant is injured on the property, liability protection prevents the landlord from bearing the financial burden.
All in all, landlord insurance is a great option for homeowners who are renting out their property. If you are a landlord, make sure to explain what is and isn’t covered by your insurance to your renters, and encourage your renters to purchase renters insurance so that they too are covered.
Seasonal Insurance
As we mentioned earlier, some homeowners use named perils policies like the HO-1 and HO-2 to protect seasonal homes. Named perils policies can be a cost-effective way to insure a home that you don’t live in all year round.
However, the limitations of these policies may mean they’re not suited to the parameters of your seasonal home, especially if it has unique architecture or is located in a disaster-prone area.
That’s where seasonal insurance comes in. Seasonal insurance is a great way to get comprehensive coverage designed for the unique features of your seasonal property. It gives you much of the benefits of an HO-3 but can be customized to protect rarer assets like lakefront structures.
Flood and Earthquake Insurance
Most homeowners insurance policies do not provide flood and earthquake coverage, but if you live in a flood or earthquake zone, this type of insurance is vital.
Many insurance companies offer flood and earthquake insurance as separate policies, so inquire with your insurer about purchasing this protection as an add-on.
The federal government also offers flood insurance through the National Flood Insurance Program. The NFIP provides coverage of up to $250,000 for the structure of the home and $100,000 for personal possessions.
Read more: Assurant Flood Insurance Review
As you can see, the NFIP is a helpful resource for homeowners at risk of flood.
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Common Limitations from the Top Homeowners Insurance Providers
The purpose of home insurance is to cover various expenses that can occur to your home or property that are just too great to handle on your own. If you have a $500 deductible and you need repairs from a leak that cost around $600, then you can simply pay for it yourself and not go through the insurance since the difference in benefits is only $100.
However, if you don’t have insurance when more severe damage occurs, you can be left without a home if you don’t have sufficient funds to repair or replace certain things. A devastating event such as a fire can destroy your entire home, and without insurance, you are at a financial loss that you may never recover in your lifetime.
Insurance protects your assets, so the best home insurance is one that has sufficient coverage to help you recover your expenses in order to restore your home to its original value. If you do a lot of upgrades to your home, you should update your insurance coverage to reflect the added-on value as well.
If your home is destroyed and you only have coverage for the initial $100,000 investment, then you are out of pocket on the other $50,000 in upgrades, and you will have to start all over again with your own money.
Too much insurance is better than not enough insurance. The best home insurance you can get will provide you will full coverage for the true value of your home and your property. You can find the best home insurance with the lowest price now by entering your zip code in the provided field.
Read more: Recoverable Depreciation: Insurance Explained
Case Studies: Best Home Insurance Providers
Case Study 1: Protecting Against Natural Disasters
In a hurricane-prone coastal town, Mr. and Mrs. Johnson switched to a leading homeowners insurance provider for better protection. When a Category 4 hurricane caused severe damage to their home, their insurance policy covered repair and restoration expenses. Prompt processing of their claim enabled them to rebuild their home and regain stability after the disaster.
Case Study 2: Swift Response to Fire Damage
The Ramirez family faced a destructive house fire due to an electrical fault but had recently obtained a policy from a leading homeowners insurance provider. They promptly filed a claim and received guidance from the responsive insurance team, who arranged temporary accommodation during the home restoration process.
With efficient and compassionate service, the Ramirez family recovered and returned to their home within a reasonable timeframe.
Case Study 3: Comprehensive Coverage for Theft and Vandalism
After a break-in left their house ransacked, the Parker family sought the assistance of the top homeowners insurance provider. They were impressed by the comprehensive coverage offered by the insurance policy, which included theft and vandalism protection.
The insurance company promptly reimbursed them for the stolen items and covered the repair costs for the damages caused during the break-in. The Parkers appreciated the peace of mind provided by their insurance coverage and were able to restore their home to its former state.
Case Study 4: Water Damage Mitigation and Restoration
When the Petersons’ home suffered extensive water damage due to a burst pipe, they turned to the top homeowners insurance provider for help. The insurance company immediately dispatched professionals to assess the situation and mitigate further damage.
The policy’s coverage included the cost of water extraction, structural repairs, and mold remediation. The Petersons were relieved to have their home restored to its original condition without having to bear the financial burden alone.
Case Study 5: Personal Liability Coverage in Action
The Thompsons experienced a situation where their dog bit a guest at their home, resulting in medical expenses and potential legal implications. Luckily, they had chosen the top homeowners insurance provider, which offered robust personal liability coverage.
The insurance company supported them throughout the legal process and covered the medical costs, helping the Thompsons navigate the situation with minimal stress.
Best Home Insurance Providers: The Bottom Line
Above all, your insurance policy should be just as carefully selected as your home. Whether you’re opting for a standard or more customized policy, make sure you’ve considered each of these factors:
- Policy type and coverage options (HO-1, HO-2, HO-3, HO-4, HO-5, HO-6, HO-7, HO-8)
- Open versus named perils
- Actual cash value versus replacement cost
- Coverage limits
- Add-ons, endorsements, and riders
- Average premiums
Once you’ve done so, you’ll be well on your way to keeping your home, belongings, and self safe from peril. It’s also a good idea to review your insurance annually. The answer to which home insurance is best for 2019 may well change in 2020.
Now that you know all about the different types of homeowners insurance, we’d like to hear from you: Which insurance type will you be using to protect your home?
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Frequently Asked Questions
What is the best homeowners insurance in the market?
Allstate is popular among many homeowners, and military families get the best rates from USAA. Compare quotes online to find the top homeowners insurance provider in your neighborhood.
What is the cheapest homeowners insurance?
You will have to compare home insurance quotes online from multiple companies to find the cheapest homeowners insurance rates for your property.
Which is the highest-rated home insurance customer service?
According to the J.D. Power home insurance study, Amica Mutual has the highest customer satisfaction, while Nationwide has the best customer service among renters.
What is the most trusted homeowners insurance provider?
The most trusted home insurance provider will depend on the kind of policy you need and the companies available in your state. Use our free quote tool below to find highly-rated home insurance companies near you.
How can I find home insurance companies near me?
Most of the major home insurance companies offer coverage nationwide. If you’re looking for a local agent, try the agent search on the company website. You can also contact your state insurance department for information on which companies operate in your area.
Which homeowners policy provides the most coverage?
If you want the most home insurance coverage possible, consider an HO-5 policy that covers all damages except those clearly excluded, such as flood and earthquake damage.
How do I determine the right kind of home insurance for my needs?
There are varying levels of home insurance coverage, so it’s important to consider factors such as your home’s value, location, and your specific needs. Assess the risks you want to protect against, such as fire, theft, and windstorms, and choose a policy that provides adequate coverage for those risks.
What is the difference between replacement cost and actual cost home insurance?
Replacement cost home insurance pays for the cost to replace damaged items with new ones, while actual cost home insurance reimburses you for the original cost of the items minus depreciation. Replacement cost coverage is generally preferable as it provides greater benefits, but it may come with higher premiums.
What are the coverage limitations for home insurance?
Home insurance coverage limitations can vary based on the type of policy and the value of your home and property. It’s crucial to have sufficient coverage to protect your assets in the event of severe damage or loss. Regularly review and update your insurance coverage to account for any upgrades or changes to your home.
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Heidi Mertlich
Licensed Insurance Agent
Heidi works with top-rated life insurance carriers to bring her clients the highest quality protection at the most competitive prices. She founded NoPhysicalTermLife.com, specializing in life insurance that doesn’t require a medical exam. Heidi is a regular contributor to several insurance websites, including FinanceBuzz.com, Insurist.com, and Forbes. As a parent herself, she understands the ...
Licensed Insurance Agent
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