What’s more important to your peace of mind than knowing your home and belongings are secure and knowing you are well-insured against life’s unexpected events? Choosing an insurance company to fulfill those needs is a top priority. There are several criteria to consider when choosing the right home insurance, including overall customer satisfaction, claims satisfaction, value for price, purchase experience, financial strength ratings and more. The following homeowner’s insurance companies have consistently received the highest ratings in one or more categories from some of the top insurance rating organizations, including J.D. Power & Associates, A.M. Best, Insure.com People’s Choice Awards, Consumer Reports and the Better Business Bureau.
The 8 Best Home Insurance Policies of 2020:
Erie Insurance is better known for its auto insurance but also is an excellent choice for home insurance. The typical homeowner can save 20 percent in discounts and for some policyholders (depending on the state) those discounts can be as much as 30 percent. Not all discounts are available in every state. The company has a top-ten rating in Insure.com People’s Choice Awards as well as a top-five J.D Power Circle rating. Eric Insurance has an “A+” financial strength rating from A.M. Best and an “A+” rating from the Better Business Bureau. Erie Insurance is in the Fortune 500 U.S. companies list and has more than 4 million policies written. Coverage is offered in 12 states and Washington, D.C.
Erie has three homeowner’s policies: Advantage, Plus and Select, which offer guaranteed replacement costs for home and personal belongings with coverage term limits for 5, 10, 15, 20 and 30 years. Coverage can be added by endorsement for identity recovery, jewelry and other expensive items, business property, waiver of deductible for claims exceeding $50,000 and an option to increase policy limits.
The Hartford has an agreement with American Association of Retired Persons or “AARP” to provide home insurance to seniors. AARP members will find it advantageous to be able to buy multiple lines of coverage from one insurer and receive a significant discount on their premium for having multiple policies. The Hartford has a record of excellence and has received several awards, including being a top-ten insurer in Insure.com People’s Choice Awards and the J.D. Power & Associates Power Circle ratings. The Hartford has an “A+” financial strength rating from A.M. Best and has an “A-“ rating with the Better Business Bureau.
Home insurance programs through The Hartford offer full replacement cost sometimes up to 125 to 150 percent of coverage limits. The company also offers its “ProtectorPLUS Zero Deductible” option where you can get up to $5,000 of your homeowner’s deductible waived if you suffer a catastrophic event with major damage.
Amica Mutual has some impressive statistics in home insurance, including being chosen as the highest rated insurance company based on customer satisfaction among homeowner insurers for 16 years in a row by J.D. Power & Associates. Amica Mutual also is top in claims satisfaction and financial strength ratings with an “A++” rating from A.M. Best.
Amica Mutual offers basic homeowner’s insurance policies with the option to add additional coverage including replacement cost for your home, personal property and expensive items with an option to purchase catastrophic coverage for damages from earthquakes or floods. Amica’s “platinum policy” offers increased coverage limits and policy options including liability and medical payments, added replacement cost coverage, lock replacement, sewer and backup coverage, and additional personal replacement costs for expensive personal items such as jewelry or computers.
Auto-Owners offers more than just auto insurance in spite of its name. It offers a full-line of personal insurance products and business insurance. Auto-Owners Insurance has a financial strength rating of A++ (Superior). One of the things Auto-Owners does really well is claims handling. The company received the highest claims satisfaction reward from J.D. Power and Association for multiple years. Home insurance is available to policyholders in 26 states serviced by more than 35,000 independent agents.
Auto-Owners offers basic homeowner’s insurance coverage with 100% replacement cost plus additional coverage options for: earthquakes, boats, sewer back-up, personal computers, personal umbrella liability, identity theft, snowmobiles, golf or other sports equipment, personal umbrella liability and food spoilage after a power outage. You can get a discount on your homeowner’s insurance for: seasonal dwellings, multiple policy discounts, dwellings under construction, new/renovated home, premium-paid-in-full, mature homeowner’s discount and protection devices.
There is nothing worse than being put on hold or transferred countless times when you need to call in to your insurance company to service your home insurance. That’s one thing that you shouldn’t have to worry about with Country Financial. Country Financial’s Auto and Home Contact Center was recognized by J.D. Power & Associates for outstanding customer service through its live phone channel. The company also has an “A+” financial strength rating from A.M. Best. Country Financial has an “A-“ rating with the Better Business Bureau.
There are three basic options for home insurance through Country Financial, including basic coverage, premium coverage and combination coverage. The basic homeowner’s insurance policy includes coverage for specific risks such as fire/lightning, theft/vandalism, wind/hail and freezing of plumbing. The premier policy adds coverage for countertop burns, paint spillage and power surge damage to appliances. With a combination coverage policy through Country Financial, you have basic home insurance coverage plus the premier coverage for your home. In addition, you can choose a policy with actual cash value replacement, replacement cost, extended replacement cost or additional replacement cost, which pays to rebuild your home up to a max of 125 percent of your policy limits. The additional replacement cost option is not available in all states. There is also coverage for liability and medical included with your homeowner’s policy. Discounts include multi-policy, alarm credit, age of wiring, dwelling age, roof, safe heat and an extra discount for hail-resistant roofing.
State Farm’s financial strength is among the very highest in the industry with an “A++” rating from A.M. Best. There is no worry State Farm will be fully capable of paying any claims presented. The company also received a top-five rating from Insure.com People’s Choice awards and has a top-ten rating in the J.D. Power & Associates Power Circle Ratings. There is convenient online quoting capabilities as well as 24/7 claims reporting service.
Basic homeowner’s insurance through State Farm includes coverage against losses caused by fire, wind, lightning, theft, vandalism, riots, freezing of your plumbing system and windstorm or hail damage. Additional coverage is available for expensive personal items, flood insurance, home businesses and identify theft. Several discounts are available, including home security devices, claims-free, fire sprinklers, roofing material, utility rating plans and multi-policy discounts. State Farm also offers coverage for farm and ranches as well as manufactured homes.
Cincinnati Insurance includes earthquake coverage in 39 states within its territory with the exception of Oregon. If you live in an area prone to earthquakes, it makes sense that you have this coverage. Additionally, Cincinnati Insurance has a top-ten rating in the J.D. Power & Associates Power Circle ratings and has an A+ (Superior) financial strength rating from A.M. Best.
Several homeowners’ policy options are available through Cincinnati Insurance with the purchase of the “executive policy” and the “executive classic policy.” With the executive policy, you can customize coverage for your home, other structures, personal property, additional living expenses and legal liability coverage. The executive classic policy adds coverage for home survey to establish reconstruction costs, a non-deductible option for depreciation of contents, coverage to pay for reconstruction with the same quality or higher building materials, identity theft, legal expenses up to $25,000 and coverage for sewer back-up. There is also home business and professional liability coverage options available. Discounts include multi-policy, no-claims, new home and home alarm discount.
A great perk of the homeowner’s insurance offered through Chubb is its option for extended replacement cost. This means that if the costs to rebuild your home after a loss is more than your policy limits, it is still covered. This is great news for homeowners who have newer and more expensively built homes. Chubb has great ratings as well. It received the No. 2 rating from Insure.com People’s Choice Awards, as well as a top-five rating in claims satisfaction from J.D. Power & Associates. The company has an A++ (Superior) financial strength rating from A.M. Best.
Chubb offers homeowner’s insurance with replacement cost value and other extra coverage options for a free appraisal to determine replacement cost, wildfire defense services (in some states), identity fraud prevention and property restoration claim referrals. The basic policy includes extended replacement cost, cash settlement option, home appraisal service, additional living expenses and replacement cost coverage. Several discounts are available, including multi-policy, home security systems, new/renovated home, loss-free, gated community patrol service, suburban rating and masonry construction.