Best Homeowners Insurance Companies 2022:
Homeowners insurance protects your finances if your home is damaged or destroyed by a covered peril.
Your policy will likely also include liability coverage, which provides you with essential financial protection if someone is hurt on your property or their belongings are damaged and you are found at fault.
Home insurance isn’t required by law, but if you have a mortgage or home loan, your lender will likely require you to have a policy.
Best Homeowners Insurance Companies
USAA
Although USAA only offers coverage to active-duty military members, veterans, and their immediate families, the company’s consistently high customer service scores, robust coverage options, and low average premium across the country make it a great option overall to consider for those who qualify.
In addition to its average premium being lower than the national average, USAA offers a few homeowners insurance discounts, including savings for being claims-free for five years, purchasing multiple policies (bundling home and auto insurance), and having a protective device like a home security system.
State Farm
State Farm is a highly rated, financially strong insurer with more than 19,000 local agents throughout the U.S. For homeowners looking for a top-rated insurer, State Farm has a major presence in the industry. Its very active when comes to Homeowners Insurance Companies.
State Farm is the largest home insurance company in the country based on direct premiums written, with over 17% of the total market share. The carrier provides multiple insurance products in addition to its other financial service offerings.
The company’s agency footprint is abundant, which might be attractive if you like handling your insurance needs locally and in person. State Farm is not currently writing new homeowners policies in Massachusetts or Rhode Island, although existing home policies are still serviced in those two New England states.
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Erie
Erie offers numerous coverage options, from water backup to guaranteed home replacement coverage, to help you customize a policy that fits your specific coverage needs.
Erie is a super-regional insurer, so it is only an option for homeowners in select locations. Its also a good Homeowners insurance company.
But if you live in an area that Erie services, you may find the insurer appealing for its numerous optional coverage types, high overall customer satisfaction scores, and strong financial standing.
NJM
New Jersey Manufacturers, or NJM, is a super-regional property and casualty insurer that offers a host of savings opportunities for its home insurance policyholders.
Although its availability is limited, NJM may be a great choice for customers living in Connecticut, Maryland, New Jersey, Ohio, or Pennsylvania who are looking for ways to save on their home insurance.
The company’s premiums are far below the national average, and plenty of discounts are available — like savings for having a backup generator, a home alarm system, or storm shutters (in some states).
However, keep in mind that the specific type of generator, alarm system, or storm shutters may affect the savings you receive.
Lemonade
Lemonade’s artificial intelligence and digital-first approach to insurance is innovative and allows the carrier to offer useful online tools and, according to the insurer, lower-cost policies.
Rather than maintaining brick-and-mortar agencies, Lemonade operates via an advanced mobile app, which earned a 4.3 out of 5.0 rating from Android users and a 4.4 out of 5.0 rating for its iOS interface.
Claims are filed through the app and most are settled using Lemonade’s AI technology. The interface can process simple claims incredibly quickly; the fastest claim time recorded was just three seconds.
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