Best Home Insurance Companies of May 2022


 A home is one of the most significant investments you'll likely make in your life, and naturally, you'll want to protect it. That's where homeowners insurance comes into play. Most homeowners insurance companies offer the same basic coverage. Still, some companies are one step ahead in customer service and provide more extensive coverage at a better value than others.


If you're shopping for homeowners insurance, you'll want an insurance with affordable rates, good customer service, and quality coverage. If you don't know what to look for in a home insurance provider, you might end up paying more for inappropriate coverage.



To help you find a homeowners policy that works for you, NextAdvisor looked at over a dozen insurance companies and took into consideration their financial ratings, customer service and claims satisfaction ratings, discounts, additional and coverage options.


Based on our research, here are the homeowners insurance companies that we think stand out in 2021.


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Our Picks for the Best Home Insurance Companies

  • Nationwide
  • Travelers
  • Progressive
  • Company Overview


Nationwide

Established nearly 100 years ago, Nationwide has become one of the largest insurance companies on the market, offering coverage in all 50 states. The company is well known for its auto insurance policies, but it also offers a variety of home and life insurance products. Nationwide's broad range of policies in home, auto, and life allows you to consolidate your coverage with the same brand while getting policy discounts — and when it comes to discounts, Nationwide is your best bet. It offers eight different discounts for homeowners insurance, making it relatively easy to reduce your insurance premiums.


Average annual premium for a $250K dwelling: $1,042


Nationwide Coverage Types

  • Personal liability insurance
  • Medical payments insurance
  • Dwelling insurance
  • Personal property insurance
  • Other structures insurance
  • Loss of use insurance
  • Ordinance insurance
  • Credit card coverage
  • Identity theft insurance
  • Replacement cost plus insurance
  • Values ​​plus coverage
  • Water backup coverage
  • Earthquake insurance
  • Flood insurance
  • Brand new property coverage
  • Better roof replacement coverage 

Nationwide Home Insurance Discounts
  • Multi-policy discount: You can get a lower rate by bundling your home, auto, and life insurance policy.
  • Protective device discount: If your home is equipped with smoke detectors, fire alarms, or a security system, you can qualify for a discount.
  • Claims-free discount: If you have no insurance claims on your record within the last several years, you may be able to get a discount on your premium.
  • Home renovation discount: If you have recently renovated your home's plumbing, heating, cooling, or electrical systems, you can get a lower rate.
  • Roof rating discount: Nationwide policyholders can save money on their insurance policy based on their home's roof age and surface type.
  • New home discount: If you insure a home purchased in the last year, you might be able to qualify for a discount.
  • Prior insurance discount: If you switch to Nationwide from a different insurance provider, you can qualify for a discount based on how long you were insured by the other carrier.
  • Gated community discount: Homeowners who live in a gated community protected by security guards, residence cards, or key-lock devices can get a lower rate on their home insurance.
Travelers
Travelers isn't the biggest player in the auto insurance space, but it is mighty when it comes to homeowners insurance.

Not only does the company offer all the basic protections for a home, but it also offers home insurance policies for eco-conscious homeowners and plenty of optional add-ons. It offers a 5% green home discount and green home coverage, which provides extra protection for the use of green materials when rebuilding after a covered incident. In addition to its green home discount, it also offers several other policy discounts. For example, you can save up to 12% on average on home insurance when you have an auto policy and three other policies with Travelers, according to its website.

Travelers' home insurance policies tend to be competitively priced. Travelers' average annual premium costs $1,269, slightly below the national average of $1,312, according to Bankrate data.

Average annual premium for a $250K dwelling: $1,269

Travelers Coverage Types
  • Dwelling insurance
  • Personal property
  • Personal liability
  • Loss of use
  • Other structures coverage
  • Green home coverage
  • Special personal property coverage
  • Jewelry and valuable items
  • Identity fraud coverage

Travelers Home Insurance Discounts
  • Multi-policy: Just as with auto, bundling policies saves money.
  • New homeowner: New homebuyers get a special discount.
  • Loss-free: Expect to see a better rate if you haven't made claims against your home insurance policy.
  • Green home discount: If your home is a certified green home with LEED, the Leadership Energy and Environmental Design organization, you'll save 5%.
  • Protective device: Install protective devices such as smoke detectors, smart home technology, or interior sprinkler system to reduce premiums.
Progressive
Founded in 1937, Progressive is the third-largest insurance provider, holding 12.2% of the U.S. overall insurance market, behind Geico and State Farm. The Ohio-based company offers 34 insurance products, as well as a personal loan program.

Progressive gets high marks for some of the most innovative insurance technology and online resources of any provider. It’s one of the few companies that mostly uses online tools to offer its pool of services.

Progressive home insurance is fairly basic in terms of coverage, but the company offers more than five homeowners insurance discounts and extra ways to save on your policy’s cost. For example, you can save an average of 5% when you bundle homes and auto insurance with Progressive. Progressive also has a HomeQuote Explorer tool that lets you compare Progressive’s rates with some of its biggest competitors. The average cost of home insurance with Progressive is the lowest among our top picks, at $1,026.

Average annual premium for a $250K dwelling: $1,026

Progressive Coverage Types
  • Dwelling insurance
  • Other structures coverage
  • Personal liability
  • Personal property
  • Loss of use coverage
  • Medical payments coverage
  • Water backup coverage
  • Personal injury coverage

Progressive Home Insurance Discounts
  • Multi-policy discount: You can save an average of 5% when you bundle a home and auto insurance policy with Progressive.
  • Safety and alarms discount: If your home is equipped with a security system, fire alarms, or automatic sprinklers, you qualify for a discount.
  • Quote in advance discount: Getting a home insurance quote from Progressive at least 10 days before your policy starts can lower your rate.
  • Pay in full discount: Policyholders who pay their annual premium upfront and in full can save some money on their insurance.
  • New home discount: If you recently purchased a new home or switched from a Progressive renters insurance policy, you'll get a lower rate.
  • Newly built home discount: Newly built homes qualify for a discounted insurance rate.
  • Digital documents discount: Policyholders who sign up for emailed statements can get a discount.

Honorable Mentions for the Best Home Insurance Companies

USAA
USAA has been providing auto, life, homeowners, health, and property insurance exclusively to active duty military, veterans, and their families since 1922. While it's not available to civilians who have never served, USAA still serves more than 13 million members and has a strong reputation for financial stability, customer service, and claims satisfaction.

USAA homeowners insurance offers all the standard protections, including coverage for fire, theft, vandalism, or weather-related events, and even helps cover liability costs and identity theft losses. According to the latest Bankrate data, the average annual premium from USAA for a $250,000 dwelling is $992, which is cheap compared to the national average of $1,312.

Average annual premium for $250K dwelling: $992

USAA Coverage Types
  • Dwelling coverage
  • Personal belongings
  • Loss of Use
  • Personal liability
  • Other structures
  • Home-sharing coverage
  • Earthquake coverage

USAA Home Insurance Discounts
  • Multi-policy discounts: If you bundle your home insurance with auto insurance from USAA, you can save 10% on your premiums
  • Claims-free discount: Policyholders who don't file any claims for five years will receive a 10% discount
  • Protective device discount: USAA partners with ADT and offers discounts to homeowners who install their home security systems


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