Amica earned 4.6 out of 5 stars on our best home insurance companies list for 2024 for the second place spot. It offers the cheapest home insurance of the companies we ranked with an average rate of $2,000 a year.
Leslie Kasperowicz is an insurance educator and content creation professional with nearly two decades of experience first directly in the insurance industry at Farmers Insurance and then as a writer, researcher, and educator for insurance shoppers writing for sites like ExpertInsuranceReviews.com and InsuranceHotline.com and managing content, now at Insurance.com.
John is the editorial director for CarInsurance.com, Insurance.com and Insure.com. Before joining QuinStreet, John was a deputy editor at The Wall Street Journal and had been an editor and reporter at a number of other media outlets where he covered insurance, personal finance, and technology.
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Amica earned the No. 2 spot on the 2024 list of the Best home Insurance Companies, based on Insure.com’s comprehensive analysis of rates, third-party ratings and our own survey of home insurance customers.
Second only to Erie, Amica is the top-rated national insurance company and is also the cheapest with an average annual rate of $2,000, well below the average. Amica is a direct-buy company that doesn’t work with agents, allowing it to keep rates down; however, our survey found the weak spot in the customer experience to be the app and website. Still, 91% of customers surveyed plan to renew with Amica.
Amica has earned top marks from J.D. Power for years, creating a longstanding reputation for excellent customer service, and its home insurance is available in almost every state.
AM Best's Financial Strength Rating is an independent opinion of an insurer's financial strength and ability to meet its ongoing insurance policy and contract obligations.
Below is Insure.com’s review of the company. It’s based on third-party metrics, including two J.D. Power studies (Home Insurance Study and Property Claims Satisfaction Study) and an in-depth survey of insurance customers. Find the full methodology here.
Of the companies we ranked, Amica offers the cheapest home insurance, with an average annual rate of $2,000, hundreds below the national average of $2,604. Allstate and Auto-Owners are close in terms of rates, but Amica is well below big competitors like Progressive.
Although Amica didn’t score as well as competitors on our survey, it took second place in J.D. Power’s overall home insurance satisfaction survey in 2023. Erie was the No. 1 company in that ranking, as in ours.
Policy offerings wasn’t Amica’s best category in the survey; 73% of respondents were satisfied. Several other companies fared better in this category, although some competitors scored lower.
Ease of service was again a weaker spot for Amica. Survey respondents reported a 64% satisfaction rate with the ease of getting the service they need from Amica. At 89%, American Family topped this category.
Despite a few weak spots in the survey results, 88% of the Amica customers surveyed said they would recommend the company to others. That’s a solid percentage, although several companies rated higher on this question.
Trust is a difficult category for insurance companies, but Amica performed relatively well, with 76% of customers saying they trust the company. At 89%, American Family was the most trusted in our survey, but it was one of only two companies to break 80%.
Our survey found that 91% of Amica customers plan to renew their home insurance policy. Several companies rated a bit higher, with Erie at an impressive 97%, but overall, Amica does seem to have earned its customers’ loyalty.
Although Amica won the No. 2 spot on J.D. Power’s Property Claims Satisfaction survey, in our survey only 63% of customers who filed a claim with the company were satisfied with how it was handled. Amica’s 903 out of 1,000 with J.D. Power is well above the industry average of 874.
Digital experience is a major weak spot for Amica, with only 27% of customers choosing digital experience as one of Amica’s top three best attributes. However, customers in the survey didn’t generally choose digital experience as one of any company’s best attributes. The highest score in this category was 44%.
The Amica app is rated better in the Apple store, at 4.8 stars than on the Google Play store at 3.4 stars.
An average 42% of customers chose auto and home bundling as one of the three areas where Amica is best. Most companies scored in the 40s here. Amica’s average home and auto bundle discount is 15%, which is average for the industry as a whole, although some companies offer larger discounts. Erie led this category.
Only 36% of customers chose discounts as one of the top three areas where Amica excels. American Family had the best showing in this category, with 54% of respondents choosing discount as one of its top three best areas.
Amica does offer a good selection of home insurance discounts, including a loyalty discount and a discount for remodeling your home.
Founded in 1907, Amica is the oldest mutual auto insurance company in the U.S. and has been writing homeowners insurance since 1956. Amica continues to operate as a mutual company and offers dividend policies that pay customers back when the company performs well, up to 20% of premiums paid.
Sources:
Amica. “About Us.” Accessed January 2024
Amica. “All Products.” Accessed January 2024
J.D. Power. “2023 U.S. Home Insurance Study.” Accessed January 2024
J.D. Power. “2023 U.S. Property Claims Satisfaction Study.” Accessed January 2024.
Insure.com in the fall of 2023 surveyed more than 1,750 insurance consumers (1,151 people with home insurance). The survey was conducted by online market research company Slice MR.
Respondents were asked to name their home insurer and then grade it in the following categories: customer satisfaction, ease of service, claims satisfaction and policy offerings. The percentage of respondents who said they were satisfied or very satisfied with their insurer is presented in the results.
Respondents were then asked to pick their insurer’s top three attributes out of more than a dozen presented – including digital experience, discounts best for auto/home bundling and best for discounts. The number of responses for each attribute were totaled before dividing by the number of each company’s customers who responded to that survey question to create a percentage.
Respondents were then asked if they would recommend their home insurer to someone else and if they planned to renew their policies. The percentage who said yes is presented in the results.
Finally, respondents were given the statement “I trust my insurance company” and asked if they strongly agreed, agreed, disagreed or strongly disagreed with the statement. The percentage of those who said they agreed or strongly agreed is presented in the results.
The editors compiled the survey results and then selected – based on the number of survey responses – the top companies for further evaluation.
They then collected AM Best data, which measure financial strength, and National Association of Insurance Commissioners’ complaint data, which ranks a company by the number of customer complaints it receives. The Insure.com team identified the NAIC company code or codes that were the primary underwriting companies for each carrier and line of business using total annual premiums. The associated NAIC complaint index score was used in the calculations. If more than one underwriting company was identified for a line, the editors used a weighted average of the NAIC complaint index scores.
They also collected insurance rate data from Quadrant Information Services.
With the help of Prof. David Marlett, Ph.D., Managing Director of the Brantley Risk and Insurance Center at Appalachian State University, the editors created a rating system to determine which insurance companies were best in each sector. For home insurers, we took the following and gave each a weight.
Each insurer was awarded between half a star and 5 stars. No company in the ranking received less than half a star in any category, and 5 stars was the most any insurer could receive.