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GEICO is one of the most recognizable insurance companies around, they’ve been insuring homes, cars, and just about any type of property you can think of since 1936. GEICO is a unique case because they’re technically a homeowners insurance broker, not a traditional insurance company. In fact, GEICO is partnered with many of the same insurance companies we at Policygenius have written about and service ourselves, like AIG, Chubb, Travelers, and Stillwater, to name a few.
So what does GEICO do, exactly? Basically they're an independent network of agents that work as a middleman between you and the company insuring your home. When you need to discuss your policy or file a claim, you do that with the provider you’re matched with. The specifics of your policy also depend on where you live and which GEICO insurance partner underwrites your policy.
Where GEICO earns points is the ease of the application process and coverage options. Rather than going to individual insurers and filling out meticulous applications for each one, you simply fill out one application and GEICO will find you the best coverage for the best rates in your area.
However, when it comes to discounts, GEICO really underperforms, offering a grand total of three possible discounts (for comparison’s sake, Amica has eight). The claims process could also be confusing to for customers. Since GEICO doesn’t underwrite the policies they sell, all claims are directed to the company in your area that you were matched with. If you're paired with an insurance company with poor claims handling, you’re stuck dealing with that company in the event of a claim.
Market share: N/A
A.M. Best rating: A++
Better Business Bureau rating: B+ (unaccredited rating)
Consumer Reports: N/A
J.D. Power: N/A
When it comes to cost, GEICO is one of the more affordable insurance options in the industry.
Below is a sample quote for a 2,000-square-foot, single-family home in suburban Chicago.
|Primary coverages||Policy limits|
|Medical payments for guests||$1,000|
Here’s how GEICO stacks up against the competition in terms of the most common coverage endorsement offerings:
GEICO’s application process is about as simple as it gets. You simply plug in your personal information and home address, and GEICO will autofill most of your home’s physical characteristics, like its age, roof-type, and square footage.
From there, GEICO matches you with an insurance company in your area and generates a quote for you within a matter of minutes. After you’ve adjusted your coverages and finalized your policy, you’re all set to go with a GEICO homeowners policy.
If you need to file a claim, GEICO can put you in touch with the home insurance company handling your policy. They have a company list and locator on their website.
GEICO offers several types of property insurance. If you’re looking to buy home insurance and you have other coverage needs, consider bundling insurances.
Phone: (800) 841-3000
Headquarters: One GEICO Plaza, Washington D.C. 20076
Policygenius’ editorial content is not written by an insurance agent. It’s intended for informational purposes and should not be considered legal or financial advice. The review on this page is only for the carrier’s homeowners insurance products. Not all carriers are currently available through Policygenius. Speak to one of our licensed experts for more information on carrier availability.
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Yes, we have to include some legalese down here. Read it larger on our legal page. Policygenius Inc. (“Policygenius”) is a licensed independent insurance broker. Policygenius does not underwrite any insurance policy described on this website. The information provided on this site has been developed by Policygenius for general informational and educational purposes. We do our best efforts to ensure that this information is up-to-date and accurate. Any insurance policy premium quotes or ranges displayed are non-binding. The final insurance policy premium for any policy is determined by the underwriting insurance company following application. Savings are estimated by comparing the highest and lowest price for a shopper in a given health class. For example: for a 30-year old non-smoker male in South Carolina with excellent health and a preferred plus health class, comparing quotes for a $500,000, 20-year term life policy, the price difference between the lowest and highest quotes is 60%. For that same shopper in New York, the price difference is 40%. Rates are subject to change and are valid as of 2/17/17.
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