Best Homeowners Insurance Companies For May, 2024

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.