Best Homeowners Insurance Companies of 2020. One of the best ways to find cheap home insurance is to compare rates online from multiple companies. Each home insurance company prices risk in its own way, so you increase the likelihood of getting the best price as you compare more insurers. Getting a quote through an online form usually takes no more than ten to fifteen minutes. Cheap homeowners Insurance quote.
You can also save money on homeowners insurance by qualifying for insurer deals and discounts. Most home insurers offer significant deals for bundling multiple policies and for making home improvements to minimize your risk. Individual companies — particularly smaller insurers — often have unique discounts as well.
Selecting a higher deductible for your structure and property coverages will also lead to cheaper home insurance rates. However, raising your deductible means taking more risk on yourself. Make sure that your home insurance deductible is never greater than the amount you’d be able to pay out-of-pocket after an incident.
- A.M. Best Rating: A++ (Superior)
- J.D. Power Rank: 5th of 24 home insurers
- Unique Discount: Impact-resistant roof
State Farm is the best choice for homeowners who want to lower home insurance costs without sacrificing quality. State Farm’s low rates and national coverage give homeowners across the country access to affordable coverage. It offers the best homeowners insurance premiums across several states, including fire-prone places like California.
In addition to offering lower starting rates, State Farm also provides a standard set of discounts and policy tweaks which can help you reduce your homeowners insurance premium.
Lowering your premium
Like many insurers, State Farm offers discounts on your premium if you opt for a higher deductible. Bundling your homeowner policy with car insurance can save you even more. And you also get discounts for taking steps to reduce your risk, such as installing an impact-resistant roof.
The low costs don’t come with substandard service, either: State Farm is rated as one of the most financially secure insurers in the country, and also receives fewer consumer complaints than average for an insurer of its size. This means that State Farm is more likely to address home insurance problems quickly and with a minimum of back and forth.
Amica – Best Homeowners Insurance Quote Companies of 2020
- A.M. Best Financial Strength Rating: A+ (Superior)
- J.D. Power Rank: 1st of 24 home insurers
- Unique value: Loyalty discount starting in second year
We found that Amica is the best choice of insurer for any homeowner who prioritizes quality service. Amica consistently receives top marks for its customer service: It’s been named the best home insurance company for overall customer satisfaction by J.D. Power for 16 years in a row.
The Contractor Connection program is one example of how Amica goes above and beyond for customers. This free program helps policyholders find contractors for home repairs or upgrades and also provides a three-year workmanship warranty on that work.
As a mutual insurance company, Amica is owned by policyholders who share in the company’s profits via annual dividends. Amica dividends can be as much as 20% of the annual premium on a dividend policy. Dividends can vary each year, and dividend policies cost more — but if you like the idea of investing in your insurer’s performance, Amica offers a unique way to do so. Cheap homeowners Insurance.
Farmers – Best Homeowners Insurance Quote Companies of 2020
- A.M. Best Financial Strength Rating: A (Excellent)
- J.D. Power Rank: 11th of 24 home insurers
- Unique value: Discount for Energy Star, EPA or LEED certification
Homeowners looking to insure high-value properties should consider starting with a quote from Farmers. We found that Farmers usually offers the lowest rates for policies with coverage limits above $200,000, along with home upkeep discounts that could help you save even more.
Many of the improvements that qualify you for a Farmers premium discount also align with your long-term interests as a homeowner. These include swapping out heating and plumbing appliances for more energy-efficient versions as well as general maintenance of electrical wiring or insulation, all of which can help lower your utility bills.
Another benefit of home insurance with Farmers is its well-regarded customer service. The company’s approach to customer claims has earned it an above-average J.D. Power rating for several years. You can also rest easy knowing that Farmers’ financial strength rating indicates that there’s little chance of it failing to pay out claims, even in a major disaster.
- A.M. Best Financial Strength Rating: A+ (Superior)
- J.D. Power Rank: 10th of 29 home insurance companies
- Unique value: “Claim RateGuard” prevents rates from going up after a claim — for a fee
Among the largest homeowners insurance companies, Allstate offers the best educational resources for first-time homebuyers. Allstate’s Common and Costly Claims tool allows you to look up the most common home insurance claims in your ZIP code. This can be very useful in helping first-time homebuyers identify which coverages are most important to them. Cheap homeowners Insurance.
First-time homeowners at Allstate can also take advantage of multiple stacking discounts. The homebuyer discount and the new customer welcome discount can save you up to 10% on your annual premium. Put together, the two discounts can save new homebuyers hundreds of dollars per year.
USAA – Best Homeowners Insurance Quote Companies of 2020
- A.M. Best Financial Strength Rating: A++ (Superior)
- J.D. Power Rank: Score tied for 1st of 24 home insurers
- Unique value: Military-only rates and service on all products
The United Services Automobile Association (USAA) combines great features with outstanding service, which makes it the best homeowners insurance company for veterans and servicemembers. USAA offers policyholders a few features free of charge that other insurance companies do not.
USAA provides all policyholders with replacement cost coverage for damaged personal items. This means no deduction for depreciation on the property being repaired or replaced in your claim. Other benefits that cater to servicemembers include:
- Property insurance extends to belongings in war zones
- Uniforms covered under homeowners personal property insurance, with no deductible
USAA’s awareness of the particular challenges in military life make it an ideal insurance option for homeowners in the armed forces. Few other insurance companies are as focused on serving military customers as USAA, and its wide selection of other financial products such as bank accounts and loan options make it an excellent long-term choice for all your money needs. Cheap homeowners Insurance.