Top 10 Best Home Insurance Companies by Rating
When it comes to the search for proper home insurance, few things can be as stressful. Just like with other forms of insurance most of us have the same end-goal: to find the best amount of coverage with the most reputable agency for the most affordable price.
Having the capability to pick the correct home insurance for your house is crucial, however in order to do this one has to maintain a certain degree of competency. Unfortunately, we never grew up with courses teaching us how to get the best home insurance or any sort of additional educational opportunities on the subject.
As a result, we go to financial specialists and we try to get their opinions and assistance on matters as such. Regardless of which route you take it is unbelievably important to have a fundamental understanding of the process and terminology before getting into the nitty gritty details. As a consumer, the last thing anyone wants to be is in over their heads. It is only through competency and knowledge that we can effectively generate the best outcome or ourselves.
Taking questions into consideration surrounding the coverage you would like for your belongings is also crucial. Most home insurance policies include some kind of coverage for your possessions but they tend to be overly generic. Additional benefits such as flood insurance sometimes should be purchased separately depending on the geographic location of your home. For those living in areas which have a frequency towards flooding, it may often times be better to obtain separate flood insurance.
It is also important to keep in mind the various discounts available. By modifying your house with certain security features, you'll be far more inclined to be eligible for an affordable home insurance policy quote. Shopping for both bundled car and home-owner plans is also a great idea.
So, in order to assist you just a bit more in the process, we are here to bring you the seven best rated home insurance companies. They are organized in terms of rating by AM Best, which offers financial strength ratings (FSRs) on insurers based on a number of criteria such as the company’s ability to meet their policies and contractual obligations. Companies are rated on a scale of A++ to D and are listed below for your convenience.
GEICO is perhaps one of the more popular names on the list. The company received an A.M. Best financial strength rating A++, which means that they have an excellent ability to meet their obligations. They were also noted for having the best financial outlook when compared to the other insurance companies. While there was no JD Power Score and no Consumer Reports Reader Score, only three out of the ten companies chosen received an A++ rating, so we had to list them as one of the top ones.
State Farm remains one of the most popular companies on the list as well due to their frequent advertising. I mean who could forget the infamous late night calls to “Jake from State Farm”.
The company won out for “Most Popular” on the list and rank in well for their online quote tool and 24/7 claims service. They also received an A.M. Best financial strength rating A++ , as well as a JD Power Overall Satisfaction Score of 3 out of 5. They also have a Consumer Reports Reader Score of 82 out of 100.
Travelers is not necessarily as much of a mainstream name, however that doesn’t stop them from being the second largest writer of commercial real estate casualty insurance in the United States. Additionally, they are the third largest writer of personal insurance.
They’re point of singularity? They were marked “Best for green homes”. They too offer an online quote tool and 24/7 claims service. Their A.M. Best financial strength rating came in also at a stellar A++, with a JD Power Overall Satisfaction Score of 3 out of 5. They also have a Consumer Reports Reader Score of 82 out of 100.
Amica is definitely by far one of the less well-known companies on the list. However, they’re a consumer favorite and were marked as having the easiest claims processing. They also offer an online quote tool and 24/7 claims service – something which has become the standard in today’s market.
They have an A.M. Best financial strength rating of A+, so they’re still pretty much ivy league for all intents and purposes. Their JD Power Overall Satisfaction Score was a whopping 5 out of 5 as well – the highest on the list. With a Consumer Reports Reader Score of 94 out of 100, we’re wondering what exactly we’ve all been missing with this low-key allstar.
AllState is pretty awesome not just because they rank well by A.M. best, but who on earth could forget their line of spokesmen. I mean Dennis Haysbert and those wonderfully caring and compassionate family-oriented speeches he used to give! We just love him and there’s no way you didn’t almost fall out of your chair laughing during those Dean Winters “Mayhem” commercials.
AllState was marked as being best for first-time homebuyers and received an A.M. Best financial strength rating of A+. Their JD Power Overall Satisfaction Score was 3 out of 5 and their Consumer Reports Reader Score came in at 80 out of 100. They also conveniently offer an online quote tool and 24/7 claims service.
One word: Flo!!!!! Okay – we absolutely love her. I mean, how could you not.
We were happy to find that Progressive came in ranking pretty nicely in the face of its competitors with an A.M. Best financial strength rating of A+ . Their JD Power Overall Satisfaction Score was 3 out of 5 and they also had a Consumer Reports Reader Score of 80 out of 100 in addition to an online quote tool and 24/7 claims service.
MetLife is pretty well-known across the board for other types of insurance but their home insurance is well-above standard. They were voted best for replacement coverage and received an A.M. Best financial strength rating of A+. They additionally have a JD Power Overall Satisfaction Score of 3 out of 5 and a Consumer Reports Reader Score of 89 out of 100. However, we were kind of sad to find they didn’t offer an online quote tool but they still have 24/7 claims service.
Liberty Mutual is a pretty mainstream insurance company and was voted best for emergency response. Their A.M. Best financial strength rating was A – so, pretty darn good -- and they had a JD Power Overal Satisfaction Score of 3 out of 5. They also have a Consumer Reports Reader Score of 83 out of 100 and like many of the others offer both an online quote tool and 24/7 claims service.
Farmers is another insurance company that’s slightly less well-known, however actor JK Simmons has worked to make them significantly more memorable. After all, who doesn’t want a ruthless neo-Nazi promoting their family-oriented brand (we kid – that was just his character on the prison-drama television show Oz – he’s actually super darn awesome).
Farmers was ranked best for condo owners and received an A.M. Best financial strength rating A and a JD Power Overall Satisfaction Score of 3 out of 5. Their Consumer Reports Reader Score information was unavailable however we did see that they offered an pnline quote tool and 24/7 claims service.
Safeco – with a name like that how could you go wrong? Unfortunately they are probably one of the least well-known companies on the list, but that doesn’t stop them from holding naming rights to the Seattle Mariners baseball stadium.
They were voted best for unique bundled deductible and received an A.M. Best financial strength rating of A. They additionally received a JD Power Overall Satisfaction Score of 3 out of 5, but their Consumer Reports Reader Score information was unavailable. Regardless, just as the rest they offer an online quote tool and 24/7 claims service.
Overall, opportunities to get the affordable home insurance are all around you. So take advantage of the internet. Don’t be afraid to shop around and get several quotes. Yes, it takes time. Yes, it takes a lot of time. However, doing your research properly and shopping around so that you are able to familiarize yourself with the process, terminology and standards is crucial. Do your research and make the best decision for yourself and your family.