Updated: November 1, 2024
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MoneyGeek also ranked companies at a local level if you want to find which company provides the best service in your state. Whether you're looking to insure a high-value home, want to find the best rates, or need a provider with flexible options, MoneyGeek's list can help you find the best homeowners insurance for your needs.
If you’re looking for the best homeowners insurance company — and not just the cheapest home insurer — you should look for an insurer that balances price and service.
MoneyGeek’s rating system found that Allstate offers the best blend of affordability, customer satisfaction and financial stability. USAA scores highly in every category, but it is not included in this ranking because it is only available to military members, veterans and their families.
MoneyGeek combined data from J.D. Power and AM Best with overall affordability ratings to create a unique ranking scale for some of the most popular insurance companies in the country. Each individual factor is rated on a scale of up to five points, with an overall company rating out of 100.
Homeowners insurance protects what is likely your most significant financial asset — your home. Competition between insurance companies is fierce, so they try to make themselves stand out in different ways. Some companies target specific customers — like USAA and its focus on military members — while others focus on offering unique benefits you won’t be able to find anywhere else.
USAA is the best home insurance provider for veterans and military families, offering coverage exclusively to to active-duty military members, veterans and their families. Because they have such a specific customer demographic, they can charge lower average rates than most of their competitors in almost every category.
In addition to offering affordable insurance, USAA provides resources to help people transition into and out of the military and helps those who are currently deployed. Its goal is to be a one-stop shop for American military members, so in addition to offering traditional insurance products (homeowners, renters, auto, etc.), it also has life, health, dental and vision coverage and personal banking and financial services for its customers.
Pros
Cons
Discount or Feature | What It Offers |
|---|---|
Claims Free Discount | Homeowners with no claims for five or more years get 10% off their premium. |
Bundling Discount | Members get a discount for having two or more policies in place with USAA. |
Protective Device Discount | Members with an ADT security system may be eligible for a credit on their policy. |
Home Sharing Coverage | This is coverage designed to protect you if you rent out part (or all) of your house. |
External Discounts | USAA pairs with many companies to offer discounts to members, allowing them to save money on tires, security systems and more. |
Flood Coverage | Flood coverage is part of their standard policy. |
Lemonade, an insurtech startup, offers relatively low premiums and an artificial intelligence-driven approach to quoting new policies and quickly processing claims. Lemonade is a public benefit corporation, which means that it is legally allowed to prioritize its customers’ needs and wants over those of its shareholders.
Lemonade will take a percentage of your premium to pay for company operations (salaries, overhead, etc.), and the rest is used to pay claims — you can donate anything leftover to a charity of your choosing. Keeping all of its business online helps Lemonade keep its overhead costs low. This distinctive approach to insurance, paired with its Demotech financial stability rating of A and excellent customer reviews, makes Lemonade one of the top digital homeowners insurance companies.
Pros
Cons
Discount or Feature | What It Offers |
|---|---|
Bundling Discount | It provides this discount if you have both pet, term life or auto and home insurance through Lemonade. |
Fire Protection Equipment | Sprinkler systems, smoke alarms and other equipment could earn you a discount. |
Material Discount | If your home is built of fire-resistant materials, you may be entitled to a discount. |
No Deductible | For an additional fee, you can have a policy with a $0 deductible. |
Extra Jewelry Coverage | Lemonade covers up to $1,500 for jewelry, so people who need more coverage than that can elect additional jewelry coverage. |
Giveback | Because it takes a flat fee instead of keeping an additional premium as profit, Lemonade donates any leftover money at the end of the year to a charity of your choice. |
Typically, when people think of the best home insurance, they think of the lowest price or the most comprehensive coverage. Erie gives this concept a twist by offering a significant range of policy options for its customers.
Though Erie provides the same basic packages as most other insurance companies (homeowners insurance, renters insurance, condo insurance, etc.), it also offers coverage for mobile homes and RVs.
While most companies encourage their customers to reach out to FEMA, for flood insurance, Erie offers flood insurance as one of the many coverages it carries. It even offers auto insurance for almost any vehicle, from your daily-use sedan to ATVs and golf carts.
Pros
Cons
Discount or Feature | What It Offers |
|---|---|
Multi-Policy Discount | Members who bundle two or more policies through Erie can save anywhere from 16–25%. |
Safety Features | Burglar alarms, sprinkler systems and other security features can earn you a discount. |
Advanced Quote Discount | Getting a quote 7–60 days before your policy renews can earn you a discount. |
100% Guaranteed Replacement Cost | Erie provides guaranteed replacement cost instead of actual cash value for personal belongings. |
Gift Card Reimbursement | If you purchase a gift card from a retailer that closes, Erie will reimburse you for your loss. |
Animals, Birds and Fish | Eric provides up to $500 of coverage in the event of a covered loss. |
When it comes to customer satisfaction, Farmers is at the top of the list. MoneyGeek’s research shows that Farmers ranks highly with J.D. Power for customer service, making it a great option if you prioritize customer support.
Customers seem to love working with Farmers, in large part because Farmers uses an exclusive agent approach to selling insurance. Buying a policy or getting a quote online might be easy and convenient, but having a local agent who builds a relationship with you over time provides a top-notch customer service experience.
Pros
Cons
Discount or Feature | What It Offers |
|---|---|
Claims-Free Discount | Customers who go three years or longer without a claim are eligible for a discount. |
Multi-Line Discount | If you have more than one insurance policy with Farmers (auto, homeowners, etc.), you can bundle your policies for a discount. |
Claim Forgiveness | Customers who stay with Farmers for five years or more won’t see their premium increase because of one claim. |
Declining Deductibles | Earn $50 toward your deductible each year your policy remains in force. |
Cosmetic Damage | If you file a claim for functional damage, Farmers will cover cosmetic damage as well. |
People with expensive or luxury property will find policies specifically designed to meet their needs at Chubb. A Chubb policy also has the option to select higher liability limits than standard homeowners insurance, with coverage of up to $100 million.
The Chubb Masterpiece insurance policy covers many things that are important to wealthy clientele, including the restoration of electronic data destroyed by a computer virus and property management services. Chubb even has contracts with certified wildfire firefighters to help protect homes from the wildfires that are so common in the Western U.S.
Chubb claims its agents have the authority to pay a claim immediately but cannot deny a claim without a manager’s approval because they want to make filing a claim as painless as possible.
Pros
Cons
Discount or Feature | What It Offers |
|---|---|
Free Appraisals | Chubb offers home appraisals to all customers free of charge. |
Bundling Discount | Insuring your primary home and vehicle through Chubb can get you a discount on your premium. |
Gated Community | If you live in a gated community, you are eligible for a discount. |
Lock Replacement | If your keys are lost or stolen, Chubb will pay to replace your locks. |
Property Management | If you own a second home, property managers can help you take care of your property in case of an emergency, such as a wildfire or hurricane. |
HomeScan | Scan your home using infrared rays to check for leaks, missing insulation and faulty electrical issues. |
Allstate ranks first in this category because of its low overall rates. The average premium range for home insurance across the nation is $1,795–2,283 per year, with Allstate offering the lowest rates in that range. However, these rates are averages, and it's important to get your own quote from at least three insurers to compare costs.
Part of the reason Allstate’s rates are reasonable is the incredible discounts it offers, such as a multi-policy discount of up to 25% and a claim-free discount of up to 20%. Allstate also provides a responsible payment discount, a protective device discount and an early signing discount.
Pros
Cons
Discount or Features | What It Offers |
|---|---|
Multiple Policy Discount | This provides up to a 25% discount for bundling home and auto insurance. |
Responsible Payment Discount | Allstate offers discounts for on-time payments and by payment type (escrow, in-full, etc.). |
Claim-Free Discount | Enjoy a discount up to 20% when you switch to Allstate without a recent claim. |
Claim RateGuard | Your premium won’t go up just because you file a claim. |
Deductible Rewards | Get $100 off your deductible when you sign up and an extra $100 off your premium each year you don't file a claim, up to $500. |
HostAdvantage | Allstate covers your belongings even when you’re home-sharing. |
Bundling homeowners insurance and auto insurance with the same company is a great way to save money. But you’ll want to make sure you’re getting great rates and great service for both product types. Our pick for the best home and auto bundle company is State Farm, the nation's largest home insurer.
State Farm ranks above average for customer satisfaction for both home insurance and auto insurance, according to J.D. Power. You’ll get great value for your money, too, as State Farm is the most affordable widely-available insurance company when accounting for bundling discounts. MoneyGeek found that a State Farm auto and home bundle costs an average of $2,534 per year.
Because laws and regulations vary from state to state, the best company in each state may vary. Just because a company has the best combination of rates and service in Texas doesn’t mean it also will in Michigan. Therefore, it’s essential to research which company has the best coverage and rates based on your location and circumstances.
MoneyGeek rated the best homeowners insurance companies based on insurance costs and customer service reputations within that state. The companies that ranked as the best in the most states include:
This analysis excludes USAA because of its eligibility requirements. Homeowners who have a military background should look into USAA, which consistently rates as one of the best home insurance companies across the country for members of the military community.
In all, MoneyGeek found that 10 different companies rank as the best insurance company in at least one state. Find your state below and use our resources to learn more about the top homeowners insurance companies where you live.
State | Best Company |
|---|---|
Farmers | |
COUNTRY Financial | |
Nationwide | |
Travelers | |
Allstate | |
Auto-Owners Insurance Co | |
Farmers | |
Nationwide | |
Travelers | |
Farmers | |
Allstate | |
Allstate | |
Allstate | |
Nationwide | |
Travelers | |
State Farm | |
Travelers | |
State Farm | |
MetLife | |
Travelers | |
State Farm | |
Auto-Owners Insurance Co | |
Travelers | |
Travelers | |
Travelers | |
Travelers | |
Nationwide | |
Travelers | |
Travelers | |
Travelers | |
Travelers | |
State Farm | |
Travelers | |
COUNTRY Financial | |
Travelers | |
Allstate | |
Farmers | |
Farmers | |
State Farm | |
Allstate | |
Travelers | |
Allstate | |
Farmers | |
Farmers | |
Allstate | |
Nationwide | |
Travelers | |
Erie | |
Erie | |
Allied |
There are many factors you should consider when choosing an insurance company, including:
Some of these things may be more important to you than others, so consider your priorities and research which companies offer the best coverage for your situation.
All areas of the U.S. are at risk of flooding, and 90% of natural disasters involve flooding, according to the Insurance Information Institute. Flood insurance is not typically included in a standard home insurance policy. Homeowners can purchase a flood policy through the federally-backed National Flood Insurance Program or dozens of private flood insurers. — Mark Friedlander, Director, Corporate Communications, Insurance Information Institute
A lot of factors should be taken into account when choosing a home insurance company. The following are some of the most common questions shoppers have about home insurance policies.
Rates for homeowners insurance are determined based on various factors, which means that you and your neighbor could have identical houses but still pay different premiums to insure your property. The factors insurers use to determine your premium include your location, the age and construction cost of your property, your coverage limits, your claim history and your credit score.
Since many factors go into determining your insurance rate (claims history, deductible level, roof condition, etc.), home insurance costs can vary significantly. The average rate of top home insurance companies in MoneyGeek’s study is $1,973 per year. You should compare insurance quotes from at least three companies before making a purchase to guarantee you are getting the best possible rate.
To compile a list of the best home insurance companies, MoneyGeek reviewed dozens of insurance companies and ranked them for several factors:
We looked for companies that served a broad section of the U.S. Most of the companies have national or near-national coverage. Some — like USAA — serve a more limited population but have such excellent reputations that we included them. It's an important reminder that some of the best insurers may be regional in scope, so check on local providers in your area.
Your home is probably your most important asset, and you want to be sure the insurance company will be able to pay out if needed. For that reason, the financial strength of insurance companies is an important consideration. We only included companies with at least an A rating from AM Best rating agency.
A financially stable company isn't of much use if it doesn't efficiently and fairly pay claims. We looked at customer satisfaction surveys from J.D. Power to determine how these companies treat their clients.
We made sure all of our top selections offered standard coverage options, including:
Remember, if you want earthquake or flood coverage, you will need a separate policy. And homeowners insurance never covers damage from termites or other pests.
About Rachael Brennan
Rachael Brennan is a professional freelance writer. She has been published on a number of websites, including Adweek, Glamour and Cracked. She has also worked in the insurance industry for more than a decade, earning her P&C license in all 50 states and her Life, Health and AD&D license in New York and the surrounding states.
