How to Compare the Best Home Insurance Companies of 2023
The Best Home Insurance Companies of 2023
Written by
Christine Lacagnina has written thousands of insurance-based articles for TrustedChoice.com by authoring consumable, understandable content.
Reviewed by
Jeff Green has held a variety of sales and management roles at life insurance companies, Wall street firms, and distribution organizations over his 40-year career. He was previously Finra 7,24,66 registered and held life insurance licenses in multiple states. He is a graduate of Stony Brook University.
Odds are, you spend a lot of time in your home, and you deserve to feel safe there. Your home needs protection from many common disasters like storms, fire, vandalism, and more. Without the proper coverage, you could pay out of pocket for costly repairs.
Fortunately, having the right homeowners insurance can easily solve this issue. For your convenience, we developed a proprietary scoring system to find the 7 best home insurance companies. With the help of an independent insurance agent, you can shop with confidence.
Our best-rated home insurance companies:
| Top 7 Home Insurance Carriers | Accessibility | Strength | Customer Satisfaction | Average Annual Premium |
| Travelers |
|
|
|
$1,249 |
| Nationwide |
|
|
|
$1,153 |
| Erie |
|
|
|
$957 |
| Allstate |
|
|
|
$1,340 |
| USAA |
|
|
|
$969 |
| American Family |
|
|
|
$1,812 |
| Chubb |
|
|
|
$1,775 |
How We Score the Best Homeowners Insurance Companies for 2023
Our scoring system reflects what you, the consumer, are looking for. Most likely, you're in search of a home insurance company that’s easy to get hold of if you have questions or a claim to file, keeps their coverage promises, and values their customers. That’s why we ranked over 200 home insurance companies in each of these areas:
- Accessibility: Measures how easy each company is to communicate with. Companies with 24/7 claims reporting, a strong social media presence, and extended hours (beyond the typical 9-to-5) scored higher.
- Strength: Measures if a company trusts its reputation to speak for itself. Companies that work with independent insurance agents, have high financial security ratings, and have spent more than 20 years in business rank higher.
- Service: Measures how happy the company’s customers are with their coverage and service. We've collected rankings from around the web to create an accurate snapshot of which companies go above and beyond.
We’re not swayed by advertising dollars or under-the-table PR conversations. All the information we considered is publicly available on the Internet. Our job was to collect it for you so you can more easily make informed decisions about your home insurance.
Understanding the Scores for Each Home Insurance Company
One of our goals is to recognize the companies going above and beyond, not just the ones failing to meet the mark. A total of 5 points (i.e., stars) are possible in each area, for a total of 15 points.
Here’s what each rating means in each area:
- 1 star: Below Average
- 2 stars: Average
- 3 stars: Above Average
- 4 stars: Excellent
- 5 stars: Superior. This company earns the Trusted Choice Seal of Approval.
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Our independent agents shop around to find you the best coverage.
Get to Know Our List of the Top Home Insurance Companies
1. Travelers Home Insurance
Travelers was the only company in our rankings to earn a perfect 5-5-5 score in the accessibility, strength, and customer satisfaction categories, easily granting them the top spot. Travelers has one of the best websites in the biz, a spectacular reputation for customer service, and rock-solid financial strength.
Travelers even has an "A++" rating (the highest possible) from AM Best, the insurance industry’s leading credit rating agency. Better yet, they sell their products exclusively through independent insurance agents. This strategy proves that Travelers trusts their products to stand above the competition, without the need for extra help from proprietary sales reps.
Travelers was founded in 1853, making them one of the oldest companies on this list. They’re also one of the largest, offering insurance in 5 countries with more than 30,000 employees dedicated to serving their customers.
2. Nationwide Home Insurance
Nationwide is a practically perfect 5-5-4 runner-up. Their superior online services, size, stability, and choice to work with independent insurance agents pushed them close to the top of our rankings.
Nationwide is especially good if you’re looking for discounts, with potential savings clearly spelled out on their site. Like Erie, their size and range of products lets you mix and match coverage for maximum discounts and benefits for you. Nationwide is also rated "A+" by AM Best.
Nationwide is one of the only insurers on this list that offers a fully bilingual website, making them highly accessible to Spanish-speaking customers. That makes it easier to get covered and file a claim, especially in the aftermath of a disaster that damages or destroys your home.
3. Erie Insurance Home Insurance
We chose Erie to round out the top 3 thanks to their truly spectacular service, access, and stability that they offer customers. Their website was particularly impressive, because, in addition to offering online quotes, their services for existing customers were easy to find, including 24/7 claims reporting and online payments.
Erie also has extended evening and weekend customer service hours and an exceptional "A+" rating from AM Best.
Erie is a Fortune 500 company offering car, life, business, and home insurance through thousands of independent agents nationwide. They’re a great choice if you’re looking to bundle multiple types of coverage, like home and car insurance, at a discount.
4. Allstate Home Insurance
Allstate is another insurance giant. We ranked them in our Top 7 because, despite their enormous size (79,000 staff and independent insurance agents), their customer service has stayed personal and user-friendly.
Allstate offers 24/7 customer support by phone and through their online portal, as well as a mobile app for smartphone users. Their website is also fully available in Spanish. Allstate is rated "A+" by AM Best.
Allstate offers a massive variety of products to choose from, including condo, motorcycle, renters, and home insurance. Their website is full of useful tools, including a home insurance discount checklist, rate comparison tools, and a step-by-step guide to getting covered. This carrier makes their customers feel empowered.
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5. USAA Home Insurance
USAA ranks highly on our list, partially due to the carrier's century-long standing in the insurance industry. USAA's financial strength is also remarkable. A few years ago, the insurance company's total net worth surpassed $35 billion. In terms of financial strength and stability, AM Best also awards them the highest possible rating of "A++."
As for customer service, USAA consistently ranks highly in that category as well. The carrier offers the standard coverages you'd expect in a home insurance policy, as well as home-sharing coverage if you rent out a room or your whole house. USAA also offers earthquake coverage for your home and provides several discount options.
Since 1922, USAA has been offering insurance, starting with auto coverage. But over the last century, the carrier has greatly expanded, now offering a variety of coverage solutions, including umbrella insurance, life insurance, health insurance, and more. Please note, however, that USAA's coverage is only available to active service members, veterans, and their families.
6. American Family Home Insurance
American Family currently holds ratings of "A" or "excellent" by both AM Best and the BBB. The carrier offers standard home coverage with a perk of optional hidden water damage endorsements for out-of-sight leaks, including those hiding in ceilings, cabinets, under the floor, or above the ceiling.
Several discounts are available for American Family's home insurance. American Family also receives consistently positive customer feedback and offers a 24/7 claims reporting service.
American Family was originally founded back in 1927, providing them with just shy of a century of experience in the industry. American Family has proven to be a top-choice carrier for many types of customers, thanks to its many coverage options and quality service.
7. Chubb Home Insurance
Chubb also ranked in our Top 7, thanks to its higher-than-average volume of customer satisfaction. The carrier also earns a high ranking thanks to offering a ton of discounts on home insurance. Chubb also offers perks on their home insurance coverage, such as water backup, extended replacement cost, and replacement value for contents, that other carriers would only include as extras.
While Chubb's home insurance rates are more expensive than some, they're not the most expensive carrier on this list. Further, Chubb's many discount options can help customers greatly reduce their average premium rates.
Chubb dates all the way back to 1882, so customers can enjoy coverage from a longstanding and trusted carrier. The home insurance company also has an "A++" rating from AM Best, demonstrating continued outstanding financial strength.
How to Choose the Best Home Insurance Companies & Policies
Your independent insurance agent can help you examine each piece of your home insurance policy, but it's helpful to know what you're looking for ahead of time, too. When selecting your coverage, you'll need to make sure you get high enough limits in the dwelling and contents categories to protect your home's structure and your personal property from many threats, including theft and fire damage. You'll also need to make sure you get enough liability insurance to protect yourself in case of a lawsuit.
A standard home insurance policy should also include additional living expenses coverage. This coverage can reimburse you for extra, unexpected costs if you have to stay somewhere else while your home undergoes repairs following a major disaster. Knowing which coverages to look for can help you choose the best home insurance policy from the best home insurance company for you, and so can these tips:
Know your coverage needs
Consider whether you have especially valuable property that may require additional coverage, including things like jewelry, fur, antiques, or artwork. Also, consider whether your home has any particular elements that may be seen as a risk by your insurance company, like a trampoline or swimming pool, because you may need additional coverage for those as well.
Work with an independent insurance agent
Not only does an independent insurance agent know the best home insurance companies in your area, but they can also shop multiple carriers for you to find the lowest rates. Your agent will help you find the right types of coverage while saving you as much money as possible.
Compare quotes
You'll want to compare quotes from several different home insurance companies before choosing your policy, though an independent insurance agent can shop around with new companies and maybe even improve your rate. Also, be sure to ask about available coverage discounts that can save you even more money.
Update your coverage often
Your coverage needs are likely to change over time, especially if you plan to expand your property or your family. Review your homeowners insurance policy together with your independent insurance agent annually to determine if you need to add or change any of your coverage.
Frequently Asked Home Insurance Questions
Check out some quick answers to a few of the most commonly asked questions about homeowners insurance.
Our analysis of the best homeowners insurance company for highest customer satisfaction revealed that Travelers Home Insurance came out on top. The carrier dates back to 1853 and has a long history of exceptional customer service. Travelers also works exclusively with independent insurance agents who offer customers a more personalized and efficient experience.
Our analysis found that Travelers Home Insurance is the most trusted, best homeowners insurance company. Travelers offers exceptional customer service, a highly user-friendly website, several discounts, and long-term strong financial stability.
Travelers also works with independent insurance agents, who can provide a more personalized and comprehensive experience for insurance customers, increasing the trust factor even more. Further, as one of the oldest insurance companies on our list (dating back to 1853), Travelers has built up a reputation as being a trustworthy carrier for over a century and a half.
Homeowners insurance covers water damage if the cause is considered "sudden and accidental." So, water damage resulting from a busted pipe could be covered by home insurance. However, home insurance doesn't cover water damage caused by heavy rainfall from hurricanes, etc., or from negligent acts by the homeowner, such as failing to leave the heater on when going away for vacation.
Usually, yes, sink overflow should be covered by home insurance if the cause of the overflow can be proven to have been sudden and accidental or due to a defect in your home's plumbing. Home insurance typically covers overflow from plumbing and the resulting water damage.
When you work with an independent insurance agent, you’ll never have to wonder if you should have looked at more policies from different companies. An independent insurance agent can reassure you that you've made the right choice for your home insurance by shopping and comparing multiple carriers for you, and providing several quotes together in one place.
Save on Home Insurance
Our independent agents shop around to find you the best coverage.
What Are the Benefits of an Independent Insurance Agent?
It’s simple. Independent insurance agents simplify the process by shopping and comparing insurance quotes for you. Not only that, but they’ll also cut the jargon and clarify the fine print, so you know exactly what you’re getting.
There’s no business too small for our independent insurance agents. They have access to multiple insurance companies, ultimately finding you the best home insurance coverage and competitive pricing while working for you.
https://www.nerdwallet.com/article/insurance/chubb-home-insurance-review
https://www.bankrate.com/insurance/homeowners-insurance/best-home-insurance-companies/#best-companies
https://www.valuepenguin.com/best-homeowners-insurance-companies