Allstate Homeowners Insurance Review in 2023
Allstate has an A+ AM Best financial strength rating and is ranked third among Arkansas’s home insurance providers. Your home, personal property, guest medical coverage, loss of usage, and personal liability are all covered by standard Allstate policies. It also comes with a lot of add-ons, such as coverage for earthquakes, floods, home-sharing, identity theft, phone protection, and water backup.
RateGuard, another feature of Allstate homes coverage, safeguards your premium when you make a claim. Additionally, the company gives new clients a discount if they haven’t filed any claims with another insurer recently and rewards you with 5% for each year you go without filing a claim. Joining Allstate’s Deductible Rewards programme will save you $100 off your deductible.
Allstate, which was founded in 1931, provides a variety of insurance products, such as home, vehicle, renters, life, pet, and business insurance. Additionally owned by the business situated in Northbrook, Illinois, is National General.
In our ranking of the Top Home Insurance Providers for 2023, Allstate is tied for third place. Customers have a variety of options to choose from, some of which are unique among the providers we looked at, to supplement its basic house insurance offers.
Standard insurance covers the house of the policyholder, guards against personal responsibility, theft, or damage to personal goods, and pays for medical expenses if someone is hurt on the premises.
Additionally, consumers have the option of adding extra coverage to make their property greener in the event that something needs to be replaced or repaired due to a loss. The Green Improvement Reimbursement pays for any additional expenses incurred when substituting more energy-efficient versions of covered items.
The HostAdvantage plan, which is a type of home-sharing insurance, offers additional coverage as well. It provides additional protection from theft and damage while renters are living there.
Other choices include water backup coverage and identity theft restoration coverage, which pays expenses if you become a victim of identity theft.
The highest average sample rate for a company in our assessment for which we have rate information was Allstate’s insurance at $264 per month.
It was revealed in June 2023 that the corporation had stopped creating new home insurance plans in California, in part because the price of earthquakes and wildfires had increased. However, the business is still providing support to current policyholders. Homeowners in California who request quotes from the Allstate website will be forwarded to Hippo, an online insurer that Allstate owns.
Allstate provides the common coverages that homeowners expect, along with a wide range of options to personalise and broaden coverages. However, the cost of regular coverage is among the highest in our ranking. Opportunities to alter a design exist with options that prioritise energy efficiency and protect a house when it is rented out.
Allstate vs. State Farm
In our ranking of the top home insurance companies for 2023, Allstate and USAA are tied for third place with State Farm. In addition to the most typical types of coverage, Allstate and State Farm give consumers the ability to customise their home insurance plans. These include water backup coverage and coverage for valuables. When a home is rented out, Allstate also provides coverage against damage and theft.
Our sample policy, which rates the firms based on a set of common variables, reveals that Allstate is more expensive. The sample monthly fee for Allstate is $264, whereas State Farm’s is $89 per month.
Both insurance companies provide consumers with discounts that might result in cost savings, including loyalty, claims-free, and discounts for bundling house insurance with other types of policies. State Farm does not provide a new home credit, while Allstate does.
Both businesses have mobile apps, and customers looking for a price can get an estimate online from either one. In contrast to Allstate, which has an A+ rating from the independent rating agency AM Best, State Farm has an A++ rating.