4 Best Home Insurance Companies of July 2023
According to NerdWallet, the best three insurance companies are Chubb, NJM, and USAA. Review the best providers right now.
If you want to protect one of your most valuable possessions and financial assets, it makes sense to shop around for the best homeowners insurance policy. Naturally, you’ll want a low price, but you also want the correct balance of coverage from a financially stable provider in the event of a claim. Having dependable customer service is also an advantage.
We evaluated customer complaint data, user experience, and financial strength to narrow down our list of the top homes insurance providers. We also compared the special offers and coverage details of each provider.
select considerations led us to select best house insurance providers for the year 2023.
You can have faith in NerdWallet since our writers and editors are held to high standards of objectivity and accuracy in order to help you select the best insurance policy for your needs. A company’s overall rating on our site may be different than what is seen here because these ratings are home insurance-specific. Learn more about how we rate home owners insurance providers here.
The best home insurance companies of 2023
To select the best homes insurance providers, the editors at NerdWallet looked at a variety of factors, including the availability of discounts, the quality of customer service, the number of complaints filed with the company, and the ratings given to it by independent agencies like AM Best.
Companies with a low amount of customer complaints, a solid financial rating, and a wide variety of coverage options and discounts fare well in our system. We analyzed options like online quoting and claim filing as part of the consumer experience category. We transformed the data into a skewed 5-point scale to determine how each insurance provider performed.
Use these rankings as a starting point, but remember to do your own research and compare multiple insurance quotes to discover the best deal for you.
Executive summary: Chubb focuses on wealthy homeowners since that is who it has the most experience serving. It provides a wide variety of coverage choices, including those that are less common, such HomeScan, which can detect problems with your house and recommend repairs before they become costly disasters.
In addition to this unique feature, Chubb’s regular policy also includes extended replacement cost coverage for your home and replacement value for your goods. This means that Chubb will pay out more than the dwelling limit you choose if the cost to reconstruct your home following a covered calamity exceeds your expectations. It also implies that you will obtain enough money to replace your damaged possessions with brand new ones, rather than only the items’ reduced value.
According to three years of data from the NAIC, Chubb has received far fewer complaints to state regulators than would be expected for a corporation of its size.
An analysis of the company shows that residents of the states it covers would benefit from having Erie provide their insurance. The company’s usual policies in several areas include replacement cost assurance. What this implies is that if your home is destroyed, Erie will pay for its full replacement, even if that cost exceeds the policy’s dwelling limit.
You may tailor your policy even more by including extras like identity restoration, service line protection, and water backup protection. Bundling your home and auto insurance with Erie can save you money, as can installing a burglar alarm or sprinkler system.
When compared to competing insurance providers, Erie’s online offerings are lacking. For example, if you want a quote or to submit a claim, you’ll need to contact an agent over the phone. The company may be an excellent option, though, if you’d rather work with a local representative.
Farmers, as a company, provides numerous options for homeowners to select the insurance plan that best suits their needs. Extended replacement cost coverage for your home’s structure is standard in most Farmers policies, protecting you in the event that it costs more than planned to repair your home after a disaster.
In addition, some policies have “claim forgiveness,” which ensures that customers’ prices remain unchanged even after they’ve filed a claim.
Farmers insurance premiums are more expensive than the national average, however there are many discounts available from the firm. Bundling numerous policies, having a newer house, not smoking, and setting up automatic payments are all ways to lower your premiums.
Summary: Although the company’s service area is limited to just five states, homeowners in those areas can take advantage of NJM Insurance’s extensive policies, which include many types of coverage that are optional with other providers. If your home is destroyed, for instance, and the damage exceeds your dwelling limit, the company’s guaranteed replacement cost coverage will pay to reconstruct it.
The claims procedure is simplified with NJM’s user-friendly online interface. The premiums of both nonsmokers and those above the age of 65 are reduced.
The National Association of Insurance Commissioners (NAIC) reports a lower-than-anticipated number of complaints to state regulators over NJM’s homes insurance.
How to find the best home insurance policy in five common scenarios
That’s not lost on us. Buying a home is a major life change, and securing homeowners insurance may feel like just another chore on a long list of things to complete. But it’s still smart to brush up on the fundamentals so you can safeguard your finances.
Check out the key phrases in your home insurance policy for a fast refresher. Then, you should think about scheduling a call to your insurance six months following the closing date. You’ll have more time to make sure you’ve got everything covered once you’ve moved in.
If your property is in an area prone to floods or earthquakes, for instance, you may need to look into supplemental insurance. You may be subject to a larger windstorm or hurricane deductible than the one that applies to other natural disasters if you make your home near the ocean. Get in touch with a local agent to discuss your concerns and receive advice on how to best protect yourself.
The liability coverage in your homeowner’s insurance policy could come in handy if your dog bites a guest or attacks another dog owner at the dog park. But don’t relax thinking you’re safe.
Some insurers won’t cover animal liability claims unless you purchase extra coverage to your policy, while others won’t cover any animals at all. If you want to make sure your dog is covered by insurance, you should contact your provider or agent.
How to compare homeowners insurance
Determine the level of protection you require. Making sure you’re shopping for the correct coverage is the first step in finding the best homeowners insurance provider for you. Your home and other structures are protected by a standard insurance, but the quantity of protection you require is determined by the cost to rebuild.
Your homeowners insurance deductible (the amount you pay out of pocket if you file a claim) and the purchase of additional insurance for high-value goods are just two of the many choices available to you. Adding earthquake coverage or making sure you get the full replacement cost for your goods in the event of a loss are both good reasons to look into increasing your current policy’s premium. To find out more, read How Much Home Insurance Do You Need?
If you know what you’re looking for in a house insurance policy before shopping around, you can shop with confidence. Companies who don’t provide the features you need can be ignored as well.
Get multiple estimates for home insurance. Your search for home insurance can begin once you have determined your minimum coverage requirements. If you want to find the most affordable policy, you should seek quotations from at least three different providers and compare them side by side.
According to data compiled by NerdWallet, the typical monthly premium for homeowners insurance is $149. However, rates can differ greatly from one another due to the fact that no two homes are same and each insurance company has its own method of determining premiums and discounts.
You can get rates for house insurance online or over the phone, or you can deal with an insurance agent or broker. Before making a final decision, it’s important to shop around for policies that offer comparable levels of protection and deductibles.
A homeowner’s insurance quotation is just an estimate, so keep that in mind as well. If the insurance provider inspects your home and thinks you need more coverage, they may adjust your premium accordingly.