Compare top home insurance quotes today

homeowners-landing-phone

Best homeowners insurance companies of June 2022

Amica, State Farm, Hippo, and Allstate topped our list of the best home insurance companies of the year.

Pat Howard 1600

By

Pat Howard

Pat Howard

Senior Editor & Licensed Home Insurance Expert

Pat Howard is a senior editor and licensed home insurance agent at Policygenius, where he specializes in homeowners insurance. His work and expertise has been featured in MarketWatch, Real Simple, Fox Business, VentureBeat, This Old House, Investopedia, Fatherly, Lifehacker, Better Homes & Garden, Property Casualty 360, and elsewhere.

Expert reviewed

Expert reviewed

This article has been reviewed by a licensed Policygenius expert to ensure that sources, statistics, and claims meet our standard for accurate and unbiased advice.

Learn more about oureditorial review process.

By

Fabio Faschi, PLCS, SBCS, CLCS

Fabio Faschi, PLCS, SBCS, CLCS

Licensed Property & Casualty Insurance Expert

Fabio Faschi is a licensed property and casualty insurance agent. His expertise on home and auto insurance has been featured on Forbes, Consumer Affairs, Realtor.com, Apartment Therapy, SFGATE, Bankrate, and Lifehacker.

Updated|13 min read

Policygenius content follows strict guidelines for editorial accuracy and integrity. Learn about our editorial standards and how we make money.

Homeowners insurance protects your home and personal belongings against everything from break-ins to expensive disasters like wildfires and hurricanes. It also includes liability coverage that can help pay for expensive medical or legal bills if you're held liable for a guest's injury. A major disaster or lawsuit puts you at risk of financial ruin, so it's important to choose the right policy from a company that delivers when you need it most.

Our picks for the best homeowners insurance companies take into consideration each insurer’s financial ratings, customer service and claims satisfaction ratings, coverage options, and average premiums according to 2022 Policygenius data. When comparing rates, keep in mind that the national average for home insurance premiums is $1,899 per year.

How we ranked the best home insurance companies

Our editorial team of licensed homeowners insurance experts analyzed rates from actual Policygenius quotes, coverage options, complaint data from the National Association of Insurance Commissioners, financial strength ratings from AM Best, customer satisfaction ratings from J.D. Power, and more to determine the best homeowners insurance companies in 2022. We’ll be updating this list regularly as new data becomes available.

You can check out our full methodology below.

Best home insurance companies of 2022

  1. Best for cheap rates: Erie

  2. Best for first-time homebuyers: Allstate

  3. Best for customer satisfaction: Amica

  4. Best for easy claims filing: State Farm

  5. Best for techies: Hippo

  6. Best for bundling home and auto: Encompass

  7. Best for comprehensive coverage: Safeco

  8. Best for green homes: Travelers

  9. Best for military families: USAA

Still not sure which company is right for you? Let Policygenius do the work for you. Our team of homeowners insurance experts will compare policies and let you know which company offers you the most bang for your buck.

Ready to shop home insurance?

Start calculator

Compare the top homeowners insurance companies

Here’s a look at how the top homeowners insurance companies compare according to their Policygenius rating. Our Policygenius ratings take into consideration each company’s financial stability, home insurance rates, consumer confidence, customer satisfaction ratings, and coverage options.

CompanyAverage annual costBest forPolicygenius rating
Allstate$1,596First-time homebuyers3.9 out of 5 stars
Amica$3,882Customer satisfaction4.2 out of 5 stars
Erie$1,346Cheap rates3.1 out of 5 stars
State Farm$2,039Easy claims filing4 out of 5 stars
Encompass$2,420Bundling home and auto4.3 out of 5 stars
Safeco$1,683Comprehensive coverage4 out of 5 stars
Hippo$1,499Techies4 out of 5 stars
Travelers$3,683Green homes3.8 out of 5 stars
USAA$1,432Military families4.3 out of 5 stars

Best for cheap rates: Erie

Erie

Erie logo

Erie has the cheapest rates of any company on our list. In addition to affordability, Erie's standard policy offering is about as comprehensive as it gets, including guaranteed replacement cost coverage for your house and protection for lost items.

Pros

  • Average annual premium of $1,346 — among the cheapest in the industry

  • Guaranteed replacement cost coverage is included in the base policy

  • Theft coverage includes lost or misplaced items — a rare perk we don't see often

  • Multiple policy add-ons available, including water backup and service line coverage

  • Among the best customer service ratings in the industry

Cons

  • Can't file claims online — must speak to an Erie agent on the phone

  • Only available in 12 states

Why Erie is best for cheap rates

Erie stands out for the best home insurance rates thanks to its competitive premiums that are below the national average — something we can’t say for a lot of other companies.

It helps that you can score a slew of discounts with Erie, including a multi-policy discount of up to 20% off your premiums and an advanced quote discount.

State availability

12 states, including Illinois, Indiana, Kentucky, Maryland, New York, North Carolina, Ohio, Pennsylvania, Tennessee, Virginia, West Virginia, Wisconsin, and Washington D.C.

How to get a quote

By calling Erie

Best for first-time homebuyers: Allstate

Allstate

3.9

Policygenius rating

How we score: Policygenius’ ratings are determined by our editorial team. Our methodology takes multiple factors into account, including pricing, financial ratings, quality of customer service, and other product-specific features.

Allstate logo

Best for first-time homebuyers

Allstate offers a slew of discounts — including one for new homebuyers — and it offers a variety of customizable policy options for most homeowners and coverage needs.

Pros

  • 8+ discounts, including autopay, bundling, zero claims, new homebuyer, and more

  • File and track claims online or through its mobile app

  • Available in all 50 states, plus Washington, D.C.

Cons

  • More NAIC customer complaints than average

Why Allstate is best for first-time homebuyers 

Allstate stands out for its homebuyer discount, even if it’s not a new construction. It also offers two other standout perks for new homebuyers:

State availability

All 50 states and Washington, D.C.

How to get a quote

Through Policygenius or Allstate

Best for customer satisfaction: Amica

Amica

4.2

Policygenius rating

How we score: Policygenius’ ratings are determined by our editorial team. Our methodology takes multiple factors into account, including pricing, financial ratings, quality of customer service, and other product-specific features.

Amica logo

Best for customer satisfaction

Amica’s customer service and claims process are unrivaled by competitors, but you’ll pay for it.

Pros

  • File and track claims online or through its mobile app

  • Dividend program refunds some of your policy payments at the end of the year

  • Contractor referral program helps you find a certified contractor for repairs after you file a claim

  • Available nationwide, except Hawaii and Alaska

Cons

  • Rates are over 100% higher than the national average — roughly $3,882 per year

  • Special coverage perks aren’t available nationwide

  • Doesn’t offer guaranteed replacement cost dwelling coverage

Read our full Amica review

Get quotes

Why Amica is best for customer satisfaction

Amica took home the top spot in J.D. Power’s 2021 Home Insurance Study, scoring a perfect 5 out of 5 in four key categories: 

  • Coverage options

  • Clarity and accuracy of the billing process

  • Customer interactions

  • Claims experience

While Amica can be pricier than competitors, it may be worth the added expense when you consider the superior level of coverage and customer service you’re receiving.

State availability

All states and Washington, D.C. except Hawaii and Alaska

How to get a quote

Through Policygenius or by calling Amica

Best for easy claims filing: State Farm

State Farm

4

Policygenius rating

How we score: Policygenius’ ratings are determined by our editorial team. Our methodology takes multiple factors into account, including pricing, financial ratings, quality of customer service, and other product-specific features.

State Farm logo

Best for easy claims filing

State Farm’s customer satisfaction and financial strength ratings are through the roof — but you won’t find as many discount opportunities as other insurers.

Pros

  • File and track claims online, over the phone, in person, or through its mobile app

  • High customer satisfaction and financial strength ratings

  • Available in all 50 states, plus Washington, D.C.

Cons

  • No discounts for first-time homebuyers or going a year without a claim

Why State Farm is best for easy claims filing

State Farm makes filing a claim easy-peasy, with a few different options to choose from:

  • Calling the State Farm claims division

  • Online

  • Through its mobile app

Have questions? No worries! Its robust online information center and mobile app walk you through the entire claims process.

And customers agree: State Farm scores high marks for customer satisfaction ratings from J.D. Power and the NAIC complaint index.

State availability

All 50 states and Washington, D.C.

How to get a quote

Through Policygenius or State Farm

Best for techies: Hippo

Hippo

4

Policygenius rating

How we score: Policygenius’ ratings are determined by our editorial team. Our methodology takes multiple factors into account, including pricing, financial ratings, quality of customer service, and other product-specific features.

Hippo logo

Best for techies

Hippo is paving the way with budget-friendly home insurance policies that offer discounts for tech-savvy homes. The only downside? You can’t file claims online.

Pros

  • Rates are below national average — roughly $1,499 per year

  • Free smart home monitoring system with the purchase of a qualifying policy

  • Even its most basic policies offer coverage and features that rival higher-tier policies with other insurers

Cons

  • Can’t file claims online — it must be done over the phone

  • Not available nationwide

Read our full Hippo review

Get quotes

Why Hippo is best for techies

Though it’s only been around seven years, Hippo offers four times higher coverage limits for computers and home office electronics than most of its competitors.

And you can add on full replacement cost coverage for an additional fee to triple-check all of your TVs, sound bars, and smart home equipment are covered. 

Oh, and did we mention qualifying customers get a free smart home monitoring kit that can alert you to things like water damage, break-ins, and fires? :heart eyes emoji:

State availability

36 states — not including Alaska, Hawaii, Idaho, Iowa, Louisiana, Massachusetts, Michigan, Missouri, New York, North Carolina, North Dakota, Oklahoma, South Dakota, or Wyoming

How to get a quote

Through Policygenius or Hippo

Best for bundling home and auto: Encompass

Encompass

4.1

Policygenius rating

How we score: Policygenius’ ratings are determined by our editorial team. Our methodology takes multiple factors into account, including pricing, financial ratings, quality of customer service, and other product-specific features.

Encompass logo

Best for bundling home and auto

Encompass offers up to a whopping 35% discount for bundling your home and auto policies. But keep in mind its premiums are nearly double the national average.

Pros

  • Score up to 35% off your premiums by bundling your home and auto insurance

  • Offers coverage add-ons for boats, home businesses, water backup, landscaping, mortgage rate protection, and more

  • Accepts homes with ALL dog breeds — rare for insurance companies

Cons

  • Rates are almost double the national average — roughly $2,420 per year

  • Not available nationwide

Why Encompass is the best for bundling

Encompass offers a unique bundling incentive that lets you pay one insurance premium for both policies. Even better? You’ll only have to pay one deductible for losses to your home and car, all while saving up to 35% on your premiums.

State availability

40 states — not including Alaska, Florida, Hawaii, Massachusetts, Mississippi, Montana, North Carolina, North Dakota, South Dakota, or Wyoming

How to get a quote

Through Policygenius or by calling Encompass

Best for comprehensive coverage: Safeco

Safeco

4

Policygenius rating

How we score: Policygenius’ ratings are determined by our editorial team. Our methodology takes multiple factors into account, including pricing, financial ratings, quality of customer service, and other product-specific features.

Safeco logo

Best for comprehensive coverage

Safeco offers four unique policy tiers so you can find the exact level of coverage that’s right for you. Just keep in mind it doesn’t have the best customer service ratings.

Pros

  • Offers equipment breakdown coverage to replace broken appliances for just $2 a month

  • File claims online or over the phone

  • Get property damage claims estimates through video chat

Cons

  • Less-than-stellar customer service ratings

  • No unique discounts for green or tech-savvy homes

Why Safeco is best for comprehensive coverage

Safeco stands out thanks to its guaranteed replacement cost coverage, which means you’ll be reimbursed for the full rebuild amount when your home is damaged — regardless of how much construction prices spike in the wake of a disaster.

And its guaranteed repair network gives you access to pre-qualified experts to help repair your home after you file a claim. Plus, using one of SafeCo’s recs includes a guaranteed materials and labor warranty — talk about a win-win.

State availability

Available nationwide except Alaska, Arkansas, New Jersey, Delaware, Florida, Hawaii, Rhode Island, Maine, and Washington, D.C.

How to get a quote

Through Policygenius or by calling Safeco

Best for green homes: Travelers

Travelers

3.8

Policygenius rating

How we score: Policygenius’ ratings are determined by our editorial team. Our methodology takes multiple factors into account, including pricing, financial ratings, quality of customer service, and other product-specific features.

Travelers logo

Best for green homes

Travelers shines thanks to its four comprehensive coverage packages and extra add-ons specifically for green homes. But its rates aren’t the lowest out there.

Pros

  • Offers green home coverage and discounts

  • Protect expensive family heirlooms and appliances with equipment breakdown, guaranteed replacement cost, or personal articles coverage

  • Add on extended replacement cost or water backup coverage for an additional fee

  • File claims online — plus, Travelers has special catastrophe centers for claims after a natural disaster

Cons

  • Average annual premium is $3,683 per year — significantly higher than the national average

  • Subpar customer service and claims satisfaction ratings from J.D. Power

  • Not available nationwide

Why Travelers is best for green homes

Travelers’ green home coverage add-on gives you extra protection to repair, replace, or rebuild your house with designated green materials after a covered loss.

And if you’re looking to reduce your carbon footprint before filing a claim, Travelers also offers a green home discount of up to 5% on your premiums if your home has a Leadership in Energy and Environmental Design (LEED) certification.

State availability

Available in 42 states except Alaska, Hawaii, Louisiana, Missouri, North Dakota, South Dakota, West Virginia, and Wyoming

How to get a quote

Through Policygenius or Travelers 

Best for military families: USAA

USAA

4.3

Policygenius rating

How we score: Policygenius’ ratings are determined by our editorial team. Our methodology takes multiple factors into account, including pricing, financial ratings, quality of customer service, and other product-specific features.

USAA  logo

Best for military families

USAA is a solid choice for military families looking for both homeowners insurance and a new home security system — its partnership with ADT means you’ll save on both.

Pros

  • Score discounts for zero claims, being a loyal USAA member, opting into e-billing, and more

  • Offers earthquake coverage — which is hard to come by 

  • Get discounted home security systems and a discount on premiums through its partnership with ADT

Cons

  • Doesn’t offer extended or guaranteed replacement cost dwelling coverage

  • Only available to military families

Read our full USAA review

Get quotes

Why USAA is best for military families

USAA stands out for offering coverage solely to current members of the military, veterans, and their families. It’s consistently rated at the top of its class for claims satisfaction and customer service.

And if home security is important to you, it offers discounted home security systems as well as premium discounts thanks to its partnership with ADT.

Another perk? If your uniform is damaged or stolen and you’re on active duty or deployed, USAA will cover the cost without you having to pay a deductible.

State availability

All 50 states and Washington, D.C.

How to get a quote

Online through Policygenius or USAA

Compare additional home insurance companies in 2022

Our top picks aren’t the only game in town. Here’s our complete list of the top home insurance companies of 2022. 

Each company’s Policygenius rating takes into consideration its financial stability, home insurance rates, consumer confidence, customer satisfaction ratings, and coverage options.

CompanyPolicygenius rating
Openly3.3 out of 5 stars
Plymouth Rock4 out of 5 stars
Homesite3.3 out of 5 stars
Acuity4 out of 5 stars
Swyfft3.8 out of 5 stars
Farmers3.7 out of 5 stars
Hippo4 out of 5 stars
State Farm4 out of 5 stars
Travelers3.8 out of 5 stars
Stillwater3.8 out of 5 stars
Allstate3.9 out of 5 stars
Safeco3.6 out of 5 stars
Progressive3.4 out of 5 stars
Nationwide3.8 out of 5 stars
GEICO3.2 out of 5 stars
Tower Hill3.7 out of 5 stars
State Auto3.7 out of 5 stars
VelocityN/A
Erie3.4 out of 5 stars
Mercury3.6 out of 5 stars
Amica4.2 out of 5 stars
USAA4.3 out of 5 stars
Encompass4.1 out of 5 stars
MetLife3.2 out of 5 stars
AIG3.5 out of 5 stars
Chubb4 out of 5 stars
Foremost4.2 out of 5 stars
Liberty Mutual3.8 out of 5 stars

→ Check out our full list of homeowners insurance company reviews

How to find the best home insurance company for you

Not all home insurance companies are created equal. Follow these steps to compare your options and find a policy that’s a perfect fit for your coverage needs at the best home insurance rates. 

1. Decide what’s most important to you.

Are you most concerned with low premiums? Extensive coverage? Ease of filing claims? Figuring out what’s most important to you first will help you find a company that best meets your needs. 

For example, if you hate talking on the phone, finding a company that lets you apply, pay your premiums, and file claims all online or through a mobile app would be life-changing.

Alternatively, if you’re just looking for the most basic coverage at the lowest price, then you likely won’t want to go with a company like AIG or Chubb that offers more extensive coverage at higher rates.

2. Nail down how much coverage you need.

Standard home insurance policies cover your home, other structures like a shed and fences, belongings, living expenses if you’re forced to live elsewhere, and medical and legal bills if you’re sued or someone’s injured on your property. 

But the amount of coverage you need depends on how much it will cost to rebuild your home — and whether construction and material prices stay the same.

Most companies also require you to add on extra endorsements if you want coverage for flooding, earthquake, wildfire, tornado, or hurricane damage. 

You can also increase coverage if you have a lot of high-value belongings like antique cars, rare artwork, and lots of expensive jewelry. Or if you work from home and have a lot of costly tech equipment, you might want to consider extra coverage for your home business. 

Knowing what types of coverage you’ll need can help you weed out insurers that don’t fit the bill.

3. Compare home insurance quotes from a few companies.

You know what you care about in a company and how much coverage you need. Now it’s time to shop around. We recommend comparing quotes from at least three different companies to help you find the cheapest policy you qualify for.

Our homeowners insurance experts at Policygenius can do all of the work for you — you simply need to enter some basic information about yourself and your home to get online quotes in just minutes.

When comparing costs, keep in mind that the average homeowner pays roughly $1,249 per year or $104 per month on homeowners insurance. But how much you pay will vary since no two houses and homeowners are the same.

Ultimately, rates will vary based on coverage levels, your deductible, discounts you qualify for, and how the insurance company determines your risk.

Keep in mind that the premium you’re quoted is just an estimate and might change after your home is inspected, your credit is checked, and you complete the full application process.

4. Check customer service and complaint ratings for each company.

Once you have your quotes, check the customer service and complaints ratings for each company. 

You can do this by reading our detailed reviews of popular home insurance companies. In these, you’ll find each company’s J.D. Power rating, which is based on feedback from customer satisfaction surveys of over 10,000 homeowners and renters annually. [1]

Another good place to check customer sentiment is by looking at the National Association of Insurance Commissioners complaint index for homeowners insurance companies. It lists out how many complaints were filed for each insurer, the reasons for the complaints, and whether there were more complaints than expected for an insurance company of its size.

5. Read up on the claims filing process.

Can you file claims online or through a mobile app? Or do you have to call to speak with a representative? If you prefer one or the other, make sure you read up on the filing process to find a company that works for you.

If you live in an area prone to severe weather, we also recommend asking if the insurer sets up special claim catastrophe hotlines to deal with the influx in claims after a natural disaster. This can help with wait times and getting your claim filed — and paid out — faster.

6. Scope out discounts or opportunities to save.

Dig into what discounts are available through each of the companies you received quotes from to maximize your savings.

You might be able to score a discount for bundling your home and auto policies, buying a new home, going years with no claims, paying your premiums in full for the year, installing safety devices through your home, and more.

No one company offers all of the same discount opportunities, so do your research to find the one that helps you score the best homeowners insurance rates for your coverage needs.

Feel overwhelmed? Have no idea how much coverage you need? Do. not. stress.

Our team of expert agents at Policygenius will walk you through this entire process — helping you nail down the best coverage limits, discounts, and more. And they’ll continue to help when it comes time to file a claim or renew your policy.

Ready to shop home insurance?

Start calculator

Finding the best homeowners insurance in your state

The cost of homeowners insurance varies by state, city, and even ZIP code. You’ll find that states that experience more severe weather — like hurricane-prone Florida and tornado-prone Oklahoma — have higher homeowners insurance rates than states that experience milder weather.

Consider the kind of damage your state is at risk for to help you determine how much coverage you need and if you need to add any endorsements to your policy.

StateAverage annual costAverage monthly cost
Alabama$2,063$172
Alaska$1,446$120
Arizona$1,897$158
Arkansas$3,391$283
California$1,565$130
Colorado$2,496$208
Connecticut$1,571$131
Delaware$980$82
District of Columbia$1,154$96
Florida$2,643$220
Georgia$1,988$166
Hawaii$486$40
Idaho$1,363$114
Illinois$2,053$171
Indiana$2,045$170
Iowa$1,830$153
Kansas$3,159$263
Kentucky$2,705$225
Louisiana$2,719$227
Maine$1,103$92
Maryland$1,733$144
Massachusetts$1,382$115
Michigan$1,712$143
Minnesota$1,966$164
Mississippi$2,919$243
Missouri$2,876$240
Montana$2,778$231
Nebraska$4,567$381
Nevada$1,239$103
New Hampshire$974$81
New Jersey$926$77
New Mexico$1,792$149
New York$1,186$99
North Carolina$1,678$140
North Dakota$1,908$159
Ohio$1,586$132
Oklahoma$4,331$361
Oregon$943$79
Pennsylvania$1,303$109
Rhode Island$1,470$122
South Carolina$1,793$149
South Dakota$2,426$202
Tennessee$2,526$211
Texas$3,080$257
Utah$949$79
Vermont$1,046$87
Virginia$1,516$126
Washington$1,280$107
West Virginia$1,499$125
Wisconsin$1,211$101
Wyoming$1,599$133

What is homeowners insurance?

Homeowners insurance is a financial safety net for anyone who owns their home. It pays to rebuild your home or replace your belongings if they’re damaged by a covered peril — like a fire or windstorm — or if they’re stolen. It also protects your financial assets if you’re found responsible for an accident, like if a guest is injured in your home and sues you for damages.

→ Learn more about how homeowners insurance works

What does homeowners insurance cover?

A standard homeowners insurance policy includes six basic protections

  • Dwelling coverage: Pays to repair or rebuild your home and attached structures — like an attached garage — if it’s damaged by a covered peril, like a burst pipe. 

  • Other structures coverage: Pays to repair or rebuild other structures on your property — like a shed or detached garage — if they’re damaged by a covered peril.

  • Personal property coverage: Pays to repair or replace your belongings if they’re stolen or damaged by a covered peril. 

  • Loss of use coverage: Pays for additional living expenses — like hotel stays, restaurant meals, and gas — if you need to temporarily live elsewhere while your home is being repaired.

  • Personal liability coverage: Pays for someone else’s medical expenses or property damages if you’re legally responsible — like if your dog attacks a guest. Also pays for your legal fees if the injured party takes you to court over the matter.

  • Medical payments coverage: Pays for more minor medical expenses if a guest is injured at your home  — like an ambulance ride or an X-ray — regardless of who’s at fault. 

→ Learn more about what homeowners insurance covers

How to file a homeowners insurance claim

Purchasing high-quality homeowners insurance from a reliable company is important, but you’ll also want to know how to use your coverage if you ever need to file a claim for damage or loss. Here’s five important steps to remember when you file a home insurance claim.

  1. File a police report, if necessary. If you're the victim of theft or vandalism, call the police and report the crime immediately. Your homeowners insurance company will require this information when you file a theft claim, so make sure to file the police report in advance of filing your claim to ensure a faster reimbursement. In its guide to filing home insurance claims, the Insurance Information Institute (III) recommends getting the names and additional information of every officer you spoke with, as having this information will improve your chances of a successful claim. [2]

  2. Contact your insurance company. If your home was damaged in a fire or storm and you’re not in danger, then you can skip the first step and call your insurance company immediately to report the damage and get your claim underway. When you do this, the III recommends asking your claim representative if the damage is covered, how long you have to file a claim, whether or not the loss exceeds your policy deductible, and any other questions you may have about the claims process.

  3. Promptly fill out your claim forms. After you’ve reported the claim, you’ll need to fill out your claim forms, which your insurer will likely refer to as your proof of loss forms. This is likely the most important step of your claim, as it’s where you detail everything that was damaged or stolen, the cause of the loss, and other details related to your claim. It can also be the most difficult part of your claim if you don’t have receipts or an organized way to keep track of your things. That’s why we recommend keeping an inventory of your personal belongings.

  4. Prepare for a visit from the insurance adjuster. If you’re filing a claim for extensive damage, like after a major storm or house fire, your insurance company will most likely send an insurance adjuster to your home to inspect the damage and gather additional information related to the claim. This is your opportunity to provide evidence of the damage or loss, so be prepared to share everything from photos to videos to a list of damaged personal belongings to improve your chances of a prompt reimbursement.

  5. Hold onto receipts if you’re forced to evacuate. If your home is too damaged to live in and you require temporary lodging throughout the repairs process, be sure to hold onto all of your receipts while you’re away. If the damage is covered, your policy’s loss of use coverage can reimburse you for any additional living expenses you incur while you’re on the road. This includes everything from hotel stays to pet boarding and restaurant meals.

How your home insurance claim is paid

The amount you receive from your homeowners insurance company reimburses after a claim will depend on whether you have actual cash value or replacement cost coverage.

  • If you have an actual cash value (ACV) policy, the amount you're reimbursed by your homeowners insurance is based on the depreciated value of your stolen or damaged property. That means if your 5-year-old TV is stolen, you'll be reimbursed for the value of a new TV minus six years of wear and tear or depreciation.

  • If you have replacement cost value (RCV) policy, your insurer will reimburse you the value of whatever was damaged or stolen without deducting for depreciation. That means if that same TV was stolen and you had an RCV policy, your claim payment would be the value of a new TV. 

How much homeowners insurance does cost?

Homeowners insurance costs on average $1,899 per year, according to our analysis of 2022 home insurance rates provided by Quadrant Information Services. That said, rates vary greatly by state, city, and ZIP code. How much your homeowners insurance costs depends on a variety of factors, including:

  • How much coverage you buy

  • The age and build of your home

  • The age of your roof

  • Your credit score

  • Your claims history

→ Learn how to estimate your homeowners insurance costs

Best home insurance discounts

Most homeowners insurance companies will discount your premiums if you take steps to make your home safer or if you go a certain number of years without filing a claim. Whether your homeowners insurance rate skyrocketed recently or you’re interested in taking proactive steps to keep costs down, make sure to ask your insurance professional about these three widely available discounts. 

  • Home & auto bundle: Most major and regional homeowners insurance providers offer multi-policy discounts if you combine your home and auto insurance into a single policy package, or bundle. 

  • Claims-free: If you go a certain number of years without filing a claim, your insurance company may reward you with a generous discount. If you’ve been claim-free for over five years and you don’t see this discount on your policy’s declarations page, be sure to contact your provider to let them know.

  • Protective devices: Your insurance company will also reward you with savings if you take steps to protect your home against everything from burglary or extreme weather. Consider installing a security system or weather-proof features like storm shutters to save on coverage.

Ready to shop home insurance?

Start calculator

Frequently asked questions

What company has the best homeowners insurance?

It all depends on your unique needs. In general, the best home insurance policy for you should be affordable, cover the right amount for your home and possessions, and match your circumstances, whether you’re a first-time homebuyer or live in a high-risk disaster area. Comparing quotes from several companies side by side can help you find the best fit for you.

What company is best for bundling home and auto insurance?

Encompass topped our list of the best insurance company for bundling home and auto thanks to its hefty 35% discount. Check out our list of bundling discounts by insurance company for a deeper dive into how much you stand to save.

What company has the cheapest homeowners insurance?

Acuity won our category for cheapest homeowners insurance thanks to its average annual premium of $1,257. However, the cheapest company for you will depend on factors like your deductible, coverage amount, add-ons, discounts you qualify for, and more.

What insurance company is best for high-value homes?

Chubb and AIG top our list of the best homeowners insurance companies for high-value homes thanks to their robust coverage packages that offer extra protection for high-value homes with expensive property.

Methodology: How we evaluated the best homeowners insurance companies

The insurance experts at Policygenius analyzed data from Policygenius quotes, the National Association of Insurance Commissioners, AM Best, S&P, and third-party review sites across nearly 30 insurance carriers to compile our list of the best homeowners insurance companies.

We focused on data across five key areas and weighted each category to correspond with the importance homeowners place on each when choosing a policy:

  • Rates (30%)

  • Customer experience (25%)

  • Policy options (25%)

  • Third-party reviews (10%)

  • Financial confidence (10%)

Rates (30%)

We analyzed actual quotes from Policygenius homeowners insurance sales agents across all 50 states to determine the average rate for customers across different carriers. 

We then scored each company based on the following 10-point scale:

  • 125% above average rates: 1

  • 100% above average rates: 2

  • 75% above average rates: 3

  • 50% above average rates: 4

  • 25% above average rates: 5

  • 10% above average rates: 6

  • Average rates: 7

  • 10% below average rates: 8

  • 15% below average rates: 9

  • 20% below average rates: 10 

We put the highest weight on this category since customer research showed this is the most important factor they look at when choosing a policy.

Customer experience (25%)

To determine a company’s score for customer experience, we gave each company 1 point for every option available — maxing out at 10 points:

  • Online application

  • Online bill pay

  • Online quote tool

  • Online estimator

  • Online forms

  • Online claims filing

  • Online policy management

  • Electronic policy delivery

  • Mobile app

  • Clarity of policy offerings

  • FAQs, blog, or online educational resources

We also considered what types of customer service options were available. Every company received 2 points for every option available from this list:

  • Live chat

  • Email

  • Phone

  • 24/7 customer service

  • Financial advisor or broker assistance

Policy options (25%)

The majority of homeowners insurance companies offer coverage options across six main areas:

  • Dwelling

  • Other structures

  • Personal property

  • Additional living expenses

  • Personal liability

  • Medical payments

We gave each company 5 points for offering all six of the above coverage options. Any additional coverage options offered earned the company 1 additional point for each.

Third-party reviews (10%)

To rank companies based on third-party reviews, we dug into the NAIC consumer complaint index and determined scores based on the following 7-point scale:

  • Not enough complaints to count: 0

  • 300% above average number of complaints: 1

  • 250% above average number of complaints: 2

  • 150% above average number of complaints: 3

  • Average number of complaints: 5

  • Below average number of complaints: 6

  • No complaints at all: 7

We also looked at customer satisfaction scores from third-party review sites including Consumer Affairs, Consumer Advocate, and Trustpilot. We multiplied the Consumer Affairs and Consumer Advocate scores by 2 since they’re originally based on a 5-point rating scale. We left Trustpilot scores as is since they’re based on a 10-point rating scale.

We weighted the NAIC consumer complaint index score more heavily since this data is more reliable than those other third-party review sites.

Financial confidence (10%)

We looked at financial strength ratings available through AM Best, Moody’s, and S&P to determine the financial stability of each company and how likely they are to have the money to pay out claims. 

Insurers with the highest possible rating for each earned 10 points. A rating any lower than that decreased by 0.5 points based on the company’s own rating scale.


Once we determined each company’s Policygenius score, our team of insurance experts analyzed the list to choose the best options for first-time homebuyers, green or tech-friendly homes, cheap rates, and more. 

Policygenius prides itself on providing transparent, unbiased reviews of home insurance companies. Though we make money when you purchase a policy through our site, this does not affect our editorial independence and rigorous editorial standards.