Homeowners insurance is one of the best ways to protect your most expensive asset: your home. It’s easy to think things like fire, major storms, and burglary won’t happen to you – until they do. Whether it is severe damage from weather-related incidents or the theft of your jewelry, TV, and other valuables, a home insurance policy can help cover you from a serious financial setback.
Your home insurance protects you in the case of damages caused by perils such as fire, smoke, water (although usually not flooding), theft, vandalism, a storm, or some other event named in the policy. If your home is damaged, your policy will cover the cost of repairing or replacing your home and its contents following the incident. Many home insurance policies will also cover outbuildings like a garage. Homeowners insurance also will replace your stolen or damaged personal property that is stored in your home. If a guest is injured on your property, your policy will also help you pay legal and medical costs. Finally, home insurance will pay your living expenses if you have to move out of your home because it has become uninhabitable due to a covered event.
Homeowners insurance is an investment in protecting your most expensive asset, everything you keep inside it, and yourself from unforeseen financial setbacks. Read on for more about homeowners insurance and the Best Homeowners Insurance Companies of 2021. Based on data from our extensive research conducted in January 2020, we created this list of the top home insurance companies.
Below are the best home insurance companies:
Amica Mutual Insurance: Rhode Island-based Amica Mutual Insurance comprises three separate companies with 44 offices around the U.S. It sells homeowners insurance, life insurance, auto insurance, and a variety of other insurance and financial products. Amica sells dividend homeowners policies that pay as much as 20% of the annual premium back to policyholders.
USAA offers an array of insurance and financial products for members of the U.S. armed forces and reserves of any rank, along with veterans and their families. In addition to homeowners insurance, it sells insurance for life, health, autos, small businesses, pets, and personal property, along with a variety of financial products. It has about 34,000 employees worldwide, about 12.8 million members, and an A++ Financial Strength Rating from A.M. Best.
- Erie Insurance
In addition to homeowners policies, Erie sells auto insurance, life insurance, and policies for motorcycles, boats, and recreational vehicles. It also offers retirement planning and an array of business products. However, Erie only sells insurance in limited parts of the East and Midwest, and you can only buy policies through independent agents.
Allstate is one of the largest insurers in the U.S., with almost $45 billion in revenue in 2019 and 16 million customers. Available in all 50 states and Washington, D.C., Allstate has more than 113 million policies in the United States. Allstate owns Encompass Insurance, SquareTrade, and Esurance. It sells all types of insurance, and its homeowners insurance policies feature incentives for energy-efficient upgrades and discounts for seniors and smoke-free homes.
- State Farm
State Farm is a large insurer with about 58,000 employees and 19,000 independent agents servicing about 83 million policies and accounts throughout the U.S. In addition to homeowners insurance, State Farm offers life insurance, disability insurance, and other policies, such as insurance for income property, manufactured homes, farms, ranches, and personal. The company has an A++ rating for financial strength from A.M. Best.
So these were the Top 5 Home Insurance Companies that we listed. We want to tell our users that any user who wants to Insurance their homes that don’t depend on our Rankings, we just provide the ranking based on our personal experience. We are not responsible for any loss incurred by anyone using these insurance companies.