Best Homeowners Insurance Companies For June, 2024

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Updated: 14 June 2024
Written by Cara Carlone
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Recent reports have shown that home insurance premiums increased by an average of 21% this year. As a result of these increases, many homeowners are shopping for better rates. If you find yourself in a similar situation, keep reading.

I am not only a decades-long insurance professional; I am also a consumer. I’ve been in your shoes and have done the research so you don’t have to. Here are the best homeowners insurance companies in 2023.

Best Homeowners Insurance Companies, 2024

Compare The Best Home Insurance Companies

To narrow down the best home insurance companies, I reviewed each company against a set of certain criteria. Specifically, their AM Best rating, customer service, and claims experience, to which demographic they cater, their average price point, and their overall rating. Below are the results of this research.

Overall Rating Best For A.M Best Rating Price Point Customer/Claims Service Get A Quote
State Farm
4.9

Best Overall

A++

$1,416

3.5
Instant Quote
Amica
4.5

Best Customer Service

A+

$1,378

4
Instant Quote
USAA
4.5

Best For Miltary Families

A++

$1,041

4
Instant Quote
Pure
4.3

Best For High-Value Homes

A

$N/A

3
Instant Quote
Westfield
4.5

Best For Price

A

$1,846

2
Instant Quote
Allstate
4.0

Best For Home Sharing

A-

$1,657

3.5
Instant Quote
Openly
4.5

Best For Extended Coverage

A-

$1,125

2.9
Instant Quote
American Family
4.3

Best For Bundling With Auto

A

$1,689

Instant Quote
Chubb
4.3

Best For High Liability Limits

$1,952

Instant Quote
Erie
4.2

Best For Claim Service

A+

$1,285

Instant Quote
Travelers
4.5

Best For Discounts

A++

$1,521

Instant Quote
Scroll to see comparisons

Our Methodology

In researching which companies to include in the list of best home insurance companies, I reviewed their financial stability via their AM Best rating. Those with a rating of A or better made the cut. I also took the JD Power and Better Business Bureau ratings into consideration to determine the overall score for claims and customer satisfaction. Based on each company’s financial stability, price point, and customer satisfaction, an overall score was calculated on a scale from 1-5. The higher the score, the better the overall rating.

49

Quotes Analyzed

27

Brands Reviewed

15+

Years Of Experience

40+

Research Hours

The Best Homeowners Insurance Companies


Best Overall

Overall Rating
4.9

Key Statistics

8/10 Affordability
7/10 Customer Reviews
7/10 Claims
10/10 Coverage Level

Why We Like Them

State Farm is one of the biggest players in the auto and home space and they have been in business for over 100 years. They have over 19,000 agents throughout the U.S. and they have one of the best AM Best ratings out of all the companies reviewed. In addition to their financial strength, State Farm’s prices are affordable and they have above-average ratings for their claims and customer satisfaction.

With additional products such as life and health insurance, as well as investment services, State Farm is a great option for customers who have more than just their home to protect. They also make it easy to file a claim directly on their website without having to speak to an agent. It is for these reasons that I chose State Farm as the best home insurance company overall.

Benefits & Drawbacks

Benefits
  • Financially strong
  • Competitive prices
  • Above-average ratings for customer/claims satisfaction
  • Multiple policy offerings
Drawbacks
  • Does not write policies in every state
  • Not many discounts are offered

Most Affordable

Overall Rating
4.4

Key Statistics

9/10 Affordability
8/10 Customer Reviews
8/10 Claims
7/10 Coverage Level

Why We Like Them

Westfield is a regional insurance carrier based in Ohio. They offer both home and auto insurance in ten U.S. states via independent agents. Despite being a smaller company compared to the others on our list, Westfield has an A rating from AM Best, highlighting its financial strength.

The average price of a $250,000 home insurance policy with Westfield is $1,198 a year compared to the national average of $1,820. Customers can save an average of $622, in addition to bundling discounts available by insuring their auto as well. On top of its affordability, Westfield insureds are overall very satisfied with their claims and customer service experience.

This company is best for homeowners living in their coverage area who are on a budget and don’t need a policy with all the bells and whistles. While Westfield does offer additional coverages, they don’t have as many endorsement options as other carriers. They also have limited digital options for customers who want a more traditional carrier.

Benefits & Drawbacks

Benefits
  • Affordable premiums
  • Financially strong
Drawbacks
  • Not available in every state
  • Limited coverage
  • No online purchase options

Best For High-Value Homes

Overall Rating
4.5

Key Statistics

7/10 Affordability
9/10 Customer Reviews
9/10 Claims
10/10 Coverage Level

Why We Like Them

Pure is a national insurer that is well known within the industry as the premier source of insurance for high-valued homes. These homes have unique exposures and require an insurance company that specializes in insuring luxury properties and furnishings.

Pure offers extended coverage to its customers, such as flexible rebuilding options, guaranteed replacement cost, jewelry coverage, increased coverage for sewer and drain backups, and deductible waivers in certain situations. One of the most unique features of a Pure home insurance policy is its Member Advocate role.

This individual works directly with you before, during, and after a claim to prevent loss, support you during a loss, and then work with you to take steps to avoid a loss in the future. This concierge service is rare among home insurers and is a great benefit to Pure’s insureds.

Pure is a recommended choice for customers who have homes valued closer to $1,000,000 and want a specialized product. These policies can only be purchased over the phone or through an agent, so Pure is a good option for those who do not need mobile services.

Benefits & Drawbacks

Benefits
  • Increased coverage options
  • Member Advocacy services
  • Available in all states
Drawbacks
  • Pricier than other insurance companies
  • Only for homes valued $1,000,000 and higher

Best For Extended Coverage

Overall Rating
4.4

Key Statistics

7/10 Affordability
8/10 Customer Reviews
8/10 Claims
10/10 Coverage Level

Why We Like Them

Most insurance companies offer coverage for your home on an open peril basis and your personal property on a named peril basis. This means that while the structure of your home is covered for all events, except what is specifically excluded, your personal property is only covered for certain events named in the policy. Openly provides coverage on an open peril basis for both your home and personal property.

This extended coverage is a great benefit for homeowners who want broad coverage from their insurer without a hefty price. Openly works exclusively through independent agents so it’s also a good option for consumers who prefer a more hands-off approach to their insurance. However, Openly home insurance is currently only offered in twenty-one states, although they are looking to expand to other states in the future.

Openly launched in 2017, so it’s a relatively new company.  But despite its youth, coverage is provided by Rock Ridge Insurance, which has an A- AM Best rating. Openly also has good ratings for its claim and customer service experience.

Benefits & Drawbacks

Benefits
  • Automatic extended coverage
  • Strong financial stability
Drawbacks
  • Only offering home insurance
  • Not available in every state
  • Fewer discounts available

Best For Military Families

Overall Rating
4.9

Key Statistics

9/10 Affordability
9/10 Customer Reviews
9/10 Claims
10/10 Coverage Level

Why We Like Them

Based in San Antonio, TX, USAA has been in business for over a century specializing in insurance for members of the military, veterans, and their families. Some of the benefits offered to members of active military include coverage for uniforms with no deductible and military equipment, as well as coverage for personal property if lost or damaged due to war. They also offer auto insurance, banking, and investment products for their members.

USAA is known throughout the industry for its incredible claims and customer service experience. They also have an A++ rating for financial strength from AM Best, which is the highest given. Due to its impressive coverage options, financial stability, and overall customer experience, we recommend USAA as the best insurer for military families.

Benefits & Drawbacks

Benefits
  • Specialized coverage for those in the military
  • Strong financial stability
  • Available in every state
Drawbacks
  • Not available to customers outside of the military

Best For Bundling With Auto

Overall Rating
4.3

Key Statistics

6/10 Affordability
8/10 Customer Reviews
8/10 Claims
8/10 Coverage Level

Why We Like Them

American Family is a large mutual company that writes personal and small business insurance in 19 states throughout the U.S. They are based in Madison, Wisconsin and have been in business for almost a century. American Family home insurance offers the largest discount I found during my research for bundling with auto.

Customers can expect to save up to 23% for insuring both their autos and home with AmFam. While the average price of home insurance with American Family is higher than the national average, they do offer a significant number of discounts for things such as having safety features or smart devices, insuring a home less than 15 years old, going paperless, signing up for automatic billing, and purchasing a home within the past three years. These discounts are offered in addition to the bundling discount, so customers have the opportunity to save some money.

With an AM best rating of A, American Family is financially stable and has few customer complaints. This company is recommended for customers who live within their coverage territory and have a need for both auto and home insurance.

Benefits & Drawbacks

Benefits
  • Significant discount for bundling home and auto
  • Financially stable
  • Many other discounts offered
Drawbacks
  • Not available in all states
  • Prices can be higher than national average

Best For High Liability Limits

Overall Rating
4.3

Key Statistics

6/10 Affordability
8/10 Customer Reviews
8/10 Claims
8/10 Coverage Level

Why We Like Them

Chubb is a widely recognized global insurer that offers home, auto, boat, and other personal insurance products. They offer a Masterpiece home insurance program where customers can purchase liability limits from $1,000,000, up to $100,000,000. Liability limits this high is often a rarity for homeowners insurance, which is why Chubb made my list.

But the liability limits are not the only perk. Customers who insure their homes via Chubb’s Masterpiece program also receive additional coverage such as extended replacement cost, a cash-out option, and a personalized risk consultant to help mitigate losses. It is available in all fifty states via insurance agents and has a strong financial rating.

While the price of Chubb’s homeowner insurance is on the higher end, it is due, in part to the increased coverage options and also to the fewer discounts offered to homeowners as compared to other carriers. However, homeowners who have larger, more expensive homes should consider purchasing to protect their biggest asset. In addition, Chubb has high customer and claim satisfaction, making this the best option for those who need higher liability limits.

Benefits & Drawbacks

Benefits
  • Strong financial stability
  • Available in all states
  • High liability limits available
Drawbacks
  • Prices can be higher than other companies
  • Fewer discounts available

Best For Claim Service

Overall Rating
4.2

Key Statistics

7/10 Affordability
8/10 Customer Reviews
10/10 Claims
7/10 Coverage Level

Why We Like Them

Erie Insurance is based in Pennsylvania and is known for its personal insurance offerings. They write in 12 states, as well as Washington D.C., and have an A+ AM Best rating, indicating their financial stability. Erie utilizes independent agents to sell its products and was ranked as number one in Independent Agent Satisfaction by J.D. Power in 2022.

In a 2023 J.D. Power property claims satisfaction survey, Erie Insurance ranked number one as well. This survey was based on final settlement amounts, interaction with the company, the estimate and repair process, and the company’s response time. This is the reason Erie was chosen as my pick for best claim service.

Although Erie has independent agents, customers are able to start the claim process on Erie’s website and can track the process via their online account. They also offer 24/7 customer support, making it easy for their insureds to stay in touch. Erie is a recommended home insurer for those who live in their coverage area and want a company that will pay claims quickly.

Benefits & Drawbacks

Benefits
  • High claims satisfaction
  • Financially stable
Drawbacks
  • Not available in all states
  • Can only be purchased through independent agents

Best For Customer Service

Overall Rating
4.8

Key Statistics

7/10 Affordability
9/10 Customer Reviews
9/10 Claims
9/10 Coverage Level

Why We Like Them

Amica has consistently been rated in the top three for J.D. Power’s overall home insurance satisfaction since 2002. They were also named with Erie Insurance in J.D. Power’s claim satisfaction survey in 2023, and Forbes included them in their America’s Best Insurance Companies list.

What makes them so great? Amica has been in business for over 115 years and has an AM Best Rating of A+ from AM Best. In addition to their above-average customer service, Amica writes personal lines policies in 48 states, has regional offices for more personalized service, and offers their customers the option to earn dividends.

I recommend Amica to every homeowner, but especially those who are not on a budget. While their prices tend to be higher than some other companies, you are paying for the amazing service you get with every interaction, as well as the peace of mind they provide.

Benefits & Drawbacks

Benefits
  • High customer satisfaction
  • High claims satisfaction
  • Financially stable
Drawbacks
  • Not available in Alaska and Hawaii
  • Can be more expensive than other companies

Best For Discounts

Overall Rating
4.5

Key Statistics

7/10 Affordability
6/10 Customer Reviews
7/10 Claims
9/10 Coverage Level

Why We Like Them

Many home insurance companies offer discounts, but per my research, Travelers is the best. In addition to the standard discounts offered for multi-policies, protective devices, and for being claim-free, Travelers also has affinity discounts and a “Green Home” discount. Customers who have a certified “green home” by the Leadership Energy and Environmental Design (LEED) organization, can save up to 5%. While this discount is not significant in terms of savings, it is one of the only of its kind.

Travelers is one of the oldest insurers on my list having been in business for over 165 years. They have an A++ rating from AM Best, which is the best rating given. It is a stable company that allows customers to purchase via agents or directly online.

I would recommend a Travelers home insurance policy to eco-friendly customers who want a stable company they can trust. Since they also offer additional coverage to repair or rebuild your home with green materials, Travelers is the best option for these consumers.

Benefits & Drawbacks

Benefits
  • Offers green home coverage and discount
  • Financially stable
  • Available in all 50 states
Drawbacks
  • Can be pricier than other companies
  • Has lower customer satisfaction ratings

Cheapest Homeowners Insurance Companies

Insurance Company Annual Premium ($250,000 Dwelling Limit) Annual Premium ($350,000 Dwelling Limit) Annual Premium ($450,000 Dwelling Limit)
Erie $957 $1,269 $1,601
USAA $973 $1,208 $1,440
Auto-Owners $1,049 $1,309 $1,584
Nationwide $1,153 $1,521 $1,892
Travelers $1,249 $1,654 $2,051
Allstate $1,340 $1,772 $2,207

How To Find The Best Home Insurance Company For You

To find the best home insurance company, you should narrow down what is important to you as a consumer. Is price the most important factor or are you more concerned with coverage or customer service? Once you figure that out, you can better search for a company that fits into this niche.

Since insurance prices can vary, I recommend using a price comparison site to get quotes more efficiently. Many of these sites will also provide additional information, such as comparison guides to help you make your decision.

Another good way to find the best company is to utilize an independent agent. These licensed professionals work with multiple carriers and can steer you in the right direction of which might be the best fit for you. They can also ensure your coverage aligns with your insurance needs as well.

Average Cost Of Home Insurance

Home insurance premium is determined, in part by the type of home you have and the coverage limits you choose. The type of home you live in, the ownership, and occupancy will also determine what type of insurance policy you need. Different policies will afford various coverage, which can affect price.

For example, a person who owns their home and lives in it year-round will most likely have a different policy than someone who owns a multi-family and rents out the units. Here are the average costs of home insurance by dwelling type and coverage.

Average Cost Of Home Insurance – By Dwelling Type

Dwelling Type Average Annual Premium
Owner Occupied Home $1,428
Tenant Occupied Home $2,130
Owner Occupied Condo $474

Average Cost Of Home Insurance – By Coverage Amounts

Dwelling Coverage Limit Average Annual Premium
$150,000 $978
$250,000 $1,429
$350,000 $1,881
$450,000 $2,352
$750,000 $3,768

Average Cost Of Home Insurance – By State

State Average Rate ($200,000 Dwelling Coverage)
Alabama $1,406
Alaska $769
Arizona $939
Arkansas $1,487
California $720
Colorado $1,540
Connecticut $781
Delaware $570
Florida $1,563
Georgia $1,516
Hawaii $264
Idaho $791
Illinois $1,066
Indiana $996
Iowa $1,106
Kansas $1,737
Kentucky $1,506
Louisiana $2,271
Maine $634
Maryland $877
Massachusetts $835
Michigan $794
Minnesota $1,035
Mississippi $1,919
Missouri $1,308
Montana $1,019
Nebraska $1,795
Nevada $538
New Hampshire $563
New Jersey $576
New Mexico $847
New York $737
North Carolina $884
North Dakota $1,183
Ohio $752
Oklahoma $2,436
Oregon $583
Pennsylvania $615
Rhode Island $899
South Carolina $930
South Dakota $1,312
Tennessee $1,202
Texas $1,740
Utah $528
Vermont $566
Virginia $783
Washington $773
West Virginia $875
Wisconsin $644
Wyoming $748

Factors That Impact The Cost Of Your Home Insurance Policy

There are many factors that go into calculating your home insurance premium. Some are related to the specifics of the home itself, while others are related to the location, and some are based on the insured. Here are some of the most common factors that affect the price of your home insurance policy.

Your Home’s Characteristics

The biggest driver of your home insurance premium is its replacement cost. The replacement cost of your home is based on your home’s square footage, age, building materials, construction type, and special features such as bay windows, pocket doors, crown molding, or fireplaces. The more it costs to replace your home in a loss, the higher your premium will be.

Your Location

Where your home is located is also an important factor in determining the price of your home insurance policy. The location includes not only the state but the specific area as well. Whether you are in a flood zone, your home’s proximity to a fire station and fire hydrant, and how close you are to a body of water will also affect your price.

Insurers often base the price of your policy on the amount of risk associated with that type of insurance. For example, if you live in a log cabin in a remote area where the nearest fire hydrant and fire station are further away, the risk of your home burning down is more than someone who lives in a brick home, across the street from a fire hydrant. As such, the price of your policy will be higher.

Similarly, the closer you live to a body of water, the higher your home insurance price will be. This is because the risk of damage from hurricanes or other wind storms is greater.

You

Like most other insurance policies, insurers will look at certain characteristics of the insured to base the price as well. Factors such as your credit score, prior claims, and marital status give the insurance company information regarding how risky you are to insure. For example, homeowners with lower credit scores statistically tend to file more claims and will be charged more for their insurance.

Home Insurance Discounts

Homeowners can take advantage of the discounts offered by home insurers to save on their premiums. Some of the more common discounts offered are as follows:

  • Claim Free Discount- Customers who have not filed any claims within a certain time period can often qualify for discounts between 5%-8%.
  • Protective Device Discount- Installing burglar or central fire alarms in your home can often provide a discount of 5%-10%, depending on the company.
  • Loyalty Discount- Some companies will offer a loyalty discount to customers who have been insured with them for a specific amount of time. The amount of the discount will vary by company.
  • Affinity Discount- Some companies may also offer members of certain groups, such as employers, universities, or professional organizations affinity discounts.

One of the most significant ways you can save on your home insurance through discounts is by bundling your home and auto with the same company. Here are some of the multi-policy discounts offered by some of the companies on our list.

Company Average Multi-Policy Discount
American Family 18%
State Farm 23%
USAA 6%
Travelers 11%
Erie 15%

How To Get An Online Home Insurance Quote

While not every home insurance company allows customers to obtain quotes online, there are many that do. The most efficient way to get quotes online from multiple companies at one time is to use a pricing comparison website.

It’s important to note that not all insurance companies will share their rates with these websites. If you have a specific company in mind that you would like a quote from and they are not available on a comparison site, your best option is to obtain a quote directly from their website. On the off chance they don’t allow online quoting, you may be able to get a quote over the phone with an agent.

FAQs

What is the best home insurance?

The best home insurance company will vary depending on who you ask and what criteria on which you are basing your assessment. In my experience, State Farm, USAA, and Amica are the top home insurance companies based on financial stability, reliability, and claim and customer service satisfaction.

How much does a homeowners insurance policy cost?

The national average for homeowners insurance is $1,428 annually for $250,000 worth of dwelling coverage. However, this amount will vary widely depending on your location, your home’s specifics, and your specific information as well.

Does homeowners insurance cover earthquakes?

In general, homeowners insurance does not cover damage from earthquakes. But depending on where you live and the insurance company, you may be able to purchase earthquake insurance to protect your home from damage.

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