Our team has reviewed the best home insurance companies in 2022. We have ranked the companies according to the number of complaints, annual rates, and customer satisfaction.
What Is Home Insurance?
When your home is damaged or destroyed by any covered perils, home insurance provides you the financial coverage. The home insurance policy will also include the liability coverage options, which is compulsory for the financial protection when some one is injured on your property. And you are at fault!
What factors to consider in home insurance companies?
There are some of the important factors that need to ne considered before buying home insurance policy. These essential factors are:
- Average annual premiums
- Available coverage options
- Claim handling
- Customer loyalty or satisfaction
- Financial stability of the insurance provider
Our team collected the data from numerous authentic reports published by different organizations namely:
What is the Average Annual Insurance Premium By a Carrier?
The market average rate for a 40 year old house keeper with a good credit history and clean claim record is noted as under:
The above rates are for the home owners having $250,000 dwelling coverage, which is the basic coverage ingredient of any standard home insurance policy.
1 USAA
Pros:
- Low average insurance premiums
- Military focused insurance coverage options
Cons:
- Mostly available to military personnels, veterans and family members
- Limited discounts available than other competitors
2 State Farm
Pros:
- Higher than average rankings in J.D Power satisfaction scores
- “excellent” financial strength rankings
- Good number of products available to buy in bundle
Cons:
- Higher premiums rate
- Lower claim satisfaction score in J.D Power report
- New insurance policies are absent in certain states like Massachusetts and Rhode Islands
3 Erie
Pros:
- Average premiums are low
- J.D Power satisfaction scores are higher than average
Cons:
- J.D Power claims satisfaction scores are lower than average
- Service coverage is available in limited states of U.S including Kentucky, Illinois, Indiana, New York, Wisconsin, Virginia, Ohio, Pennsylvania, Washington D.C, Tennessee.
4 NJM
Pros:
- NJM has low average rates
- NJM offers too many discounts
Cons:
- Limited third party facts and figures and data is there for customer satisfaction
- Only present certain states like Ohio, New Jersey, Connecticut and Pennsylvania
5 Lemonade
Pros:
- Promotes the Innovation in technology
- Their claims service is fast
- Lemonade helps the renter
Cons:
- Only limited third party rankings are available
- No official locations or offices are available
What Does Home Insurance cover?
The standard home insurance policy will likely cover you as follows:
- Dwelling coverage
- additional structure damage cover
- damage to personal property cover
- cover including the liability (liability cover)
- extra living expenditure cover
How to choose a best home insurance policy?
- Find your need
- Search for what matters to you most
- Look around for other policy providers
- Revisit your coverage terms and conditions
Our team has tried to cover the best home insurance companies in 2022, The main purpose of this article was to give you the bird eye-view on the home insurance providers working in the industry.