Best home insurance companies of 2022

Progressive

Types of Progressive coverage you can purchase include home warranty protection in the event of mishaps such as a faulty water heater or air conditioner. You also can purchase condo, renters and even flood insurance through Progressive. The company also sells vehicle, property, commercial and personal insurance.

Allstate

Allstate has more than 113 million policies in place. It sells home, auto, life and other types of coverage through brands such as Allstate, Esurance, Encompass, SquareTrade and Answer Financial.

The company says it is the first major insurer to offer extra coverage to those who are home-sharing hosts. The program — known as HostAdvantage – reimburses owners for any losses incurred by renters.

Nationwide

For nearly a century, Nationwide has provided insurance coverage, including homeowners, auto and life insurance, as well as specialty coverage for things like accident-medical and identity theft insurance.

With its Brand-New Belongings coverage, you get a check for the depreciated value of a covered item. After you buy a replacement or have the original repaired, Nationwide sends you a check to cover the difference.

Erie

Erie Insurance offers policies in 12 states. It sells home and property, auto and leisure, business and more. The company pledges guaranteed replacement cost coverage, even if you need to rebuild your home from the ground up. It also offers service-line protection coverage in case there is damage to underground service and utility lines near your house.

American Family

American Family sells property, vehicle, personal and commercial policies. One of the company’s biggest perks is its Diminishing Deductible program, which credits you with $100 off your deductible each year, up to your policy maximum limit, if you maintain the policy.

Chubb

Chubb says it is the world’s largest publicly traded property and casualty insurance company. It operates in 54 countries and territories. The company’s Masterpiece homeowners coverage offers a slew of benefits, including extended replacement cost coverage that provides extra funds when you need them — even for upgrades that are necessary due to modern building codes.

Travelers

Travelers has been around for more than 165 years. It sells many types of insurance, including home, auto, and umbrella liability coverage. A wide variety of discounts are available to those who purchase a homeowners policy, including up to 12% if you bundle policies with Travelers and up to 10% when you shop early for a policy.

Farmers

Farmers says it serves 10 million households with 19 million individual policies in the U.S. It offers home, vehicle, life and business coverage in addition to other forms of insurance. Its Smart Plan Home coverage is divided into three tiers — standard, enhanced and premier — depending on your needs.

Best home insurance company for military and veterans: USAA

USAA offers more than a dozen insurance products, from home and auto to life and umbrella liability. The company has 11 million members who not only purchase insurance products from USAA, but also banking, investment and retirement services.

But not everyone can take advantage of what the company offers. To be eligible, you must be one of the following:

• Someone serving in or who has received an honorable discharge from the military
• An eligible family member to a service member or former service member

Choosing the right homeowners insurance policy

While these rankings are a great starting point for searching for coverage, you shouldn’t stop there if you want to get the best homeowners insurance.

“Shop around and talk to local agents, brokers or companies doing business in your area,” says Karen Collins, assistant vice president for personal lines for the American Property Casualty Insurance Association. “Local agents or companies will understand your local market and be able to give you a variety of choices.” 

Educating yourself about your own insurance needs is an essential part of choosing homeowners insurance. But you are unlikely to get the best deal on a great policy if you fail to compare quotes from various providers.

There are several ways to round up quotes. One is to visit the websites of a handful of insurance providers – or to call them – and request quotes from each. A less time-consuming way to gather quotes is to go to a site like Insure.com and to gather quotes from several companies all at once.

To get quotes, you will need to plug in certain information, such as your:

• ZIP code
• Age
• Marital status
• Homeowner status

Other information also may be required to get the most accurate quotes.

If you are looking for more ways to save, remember that many companies offer homeowners insurance discounts that can bring down the cost of your coverage.

Best companies for multi-policy discounts

According to this year’s Insure.com analysis, the top three companies for multi-policy discounts — which offer a price break for having more than one type of insurance coverage with a company — are:

1. State Farm: 5
2. Nationwide: 4.73
3. Farmers: 3.93

Best companies for new home discounts

The top insurers for new home discounts are:

1. Travelers: 5
2. Auto-Owners: 4.44
3. American Family: 4.26