HOME OWNERS INSURANCE COMPANIES
A relative newcomer among insurance companies, Lemonade is also somewhat different in the way it does business. Founded in 2015, Lemonade operates entirely online, and is incorporated as a public benefit corporation. Lemonade takes a fixed percentage of premiums after claims are paid, and lets customers choose a charity that receives up to 40% of whatever is left. Another benefit is that Lemonade includes replacement coverage with a standard homeowners policy, unlike some companies in our rating that make it an extra-cost option. On the downside, Lemonade is more expensive on average than other companies in our rating. (HOME OWNERS INSURANCE COMPANIES)It’s also available in just 27 states and Washington, D.C.
Founded in 1922, USAA provides an array of financial and insurance products to members of the U.S. military, veterans, and their families. The San Antonio-based provider offers homeowners, renters, and small business insurance, along with policies for autos, life, health, pets, and personal property. Standard homeowners policies with USAA include some coverage options that other insurers typically charge extra for, (HOME OWNERS INSURANCE COMPANIES)including dwelling replacement and identity theft coverage. USAA also writes policies for policyholders who list their homes for short-term rentals for extra income, and policies include coverage for military uniforms. USAA is also No. 1 in our Best Home and Auto Bundles of 2023 rating.
Headquartered in Erie, Pennsylvania, Erie Insurance got its start in 1925 as a regional provider of auto insurance. Its portfolio has grown to include policies for homeowners, motorcycles, boats, and recreational vehicles, along with insurance for renters, condo owners, and mobile homes. Erie also offers life insurance, retirement planning, and financial services. (HOME OWNERS INSURANCE COMPANIES) While Erie has expanded beyond the borders of Pennsylvania, availability of homeowners policies is limited to 12 states and Washington, D.C. Erie includes dwelling replacement coverage with a standard homeowners policy, something other companies in our ratings charge extra for. One potential drawback: You must work with a local agent in order to buy a policy.
State Farm, which operates in all 50 states and the District of Columbia, is based in Bloomington, Illinois, and has expanded since its founding in 1922. In addition to policies for autos, homeowners, renters, and condo owners, State Farm writes policies for income property, farms, ranches, and manufactured homes. State Farm also offers life, health, disability, and liability policies. The company earns the highest possible financial strength rating of A++ from AM Best. State Farm is No. 1 (HOME OWNERS INSURANCE COMPANIES)in our Cheapest Homeowners Insurance Companies of 2023 rating and No. 2 in our Best Home and Auto Insurance Bundles of 2023 ratings.
The Automobile Mutual Insurance Company of America got its start in 1907, later expanding into other insurance and financial products and shortening its name to Amica Life. Based in Lincoln, Rhode Island, Amica now sells its products in every state but Hawaii and Alaska. Amica sells insurance for homeowners, renters, and condo owners, along with policies for autos, boats, motorcycles, (HOME OWNERS INSURANCE COMPANIES)along with business and personal liability insurance. Amica offers a fairly standard assortment of standard homeowners coverages and discounts, and offers extras including home business and office equipment coverage.
A privately held insurance company based in Madison, Wisconsin, American Family began as Farmers Mutual Automobile Insurance Company in 1927. Several name changes later, American Family now offers a full portfolio of insurance products in 19 states, primarily in the Midwest and West. In addition to auto, motorcycle, boat, RV and homeowners insurance, American Family writes policies for renters, condo owners, manufactured homes, farms, rental property, businesses, pets, and life insurance. American Family offers the typical homeowners coverages and discounts, while also offering other options such as nursing and assisted living coverage.
Based in Columbus, Ohio, the company now known as Nationwide got its start in 1926. Since then, the Nationwide portfolio has grown to include homeowners insurance, along with policies for life, motorcycle, pet, farm, (HOME OWNERS INSURANCE COMPANIES) and commercial insurance, along with health services and financial products. (HOME OWNERS INSURANCE COMPANIES)Nationwide’s standard homeowners policy includes a few unique coverages not offered by other companies in our rating, such as credit card coverage for unauthorized charges, forged checks, and counterfeit money, as well as an option called Brand New Belongings, which pays the depreciated value of damaged or stolen items and, once you purchase a replacement, will reimburse the difference.
California-based Farmers Insurance began selling vehicle insurance to farmers in 1928. Located in Los Angeles, Farmers offers a broad variety of insurance products, including policies for cars, campers, boats, motorcycles, and collector vehicles, along with insurance for homeowners, renters, condos, manufactured and vacation homes, rental property, pets, and businesses. (HOME OWNERS INSURANCE COMPANIES) The company also offers life insurance, and both earthquake and flood insurance. Farmers is not available in Alaska, Delaware, Hawaii, Maine, New Hampshire, Vermont, and West Virginia, or Washington D.C.
With almost $45 billion in revenue and 87,000 employees, agents, and staff selling policies in all 50 states and the District of Columbia, Allstate has grown to become an insurance giant since its founding in 1931. (HOME OWNERS INSURANCE COMPANIES) Based in Illinois, Allstate has an A+ financial strength rating from AM Best, and owns other insurance companies including Esurance, Encompass, and SquareTrade. Available policies from Allstate include homeowners, renters, rental property, and condo insurance, along with policies for businesses, automobiles, motorcycles, boats, RVs, and life insurance. A wide variety of standard and optional coverages and discounts are available. Allstate also offers coverage for smartphones and short-term home share.
Chubb, the No. 10 company in our rating, provides a range of offerings including homeowners insurance, life and health policies, renters insurance, and policies covering boats and autos. Its homeowners policies differ from many competitors in that standard policies include water backup and dwelling replacement coverage, add-ons with most companies reviewed. (HOME OWNERS INSURANCE COMPANIES)And, unique among insurers in our rating, Chubb offers its own flood insurance, rather than policies through the National Flood Insurance Program (NFIP). Chubb has an A++ rating from AM Best, and its policies are sold only through local agents.