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6.6 / 10

GEICO Homeowners Insurance Review

If you’re already a GEICO customer for auto insurance, consider getting a home policy with them for the multi-policy discount. Otherwise, there are other less confusing options out there for homeowners protection.

Tim Torres

Tim Torres

Published May 14, 2020

Methodology
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GEICO

OVERALL

6.6

THE GOOD

    Available in all 50 states

    Industry-best financial strength

THE BAD

    Policy cost and options depend on partner company

    Only one discount available

THE BOTTOM LINE

GEICO partners with other companies for homeowners insurance, so you won’t be dealing with the gecko commercial company for payments, claims, or anything else. If you’re already a GEICO customer for auto insurance, maybe consider getting a home policy with them, too, for the multi-policy discount.

Cost

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6.5

Confidence

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9.7

Customer Satisfac...

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6.8

Customer Experience

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3.5

GEICO COMPANY SPOTLIGHT

N/A

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J.D. Power Rating

A trusted customer satisfaction and product quality research agency

A+

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BBB Rating

A nonprofit organization focusing on marketplace trust and product quality

A+

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A.M. Best Rating

100-year-old U.S. credit rating agency focused on the insurance industry

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The Bottom Line

Since GEICO doesn’t underwrite its own homeowners insurance policies, we recommend going with a more straightforward option. A more direct-to-consumer company will give you better control over your coverage, claims, and payments, and there won’t be any surprises waiting if GEICO pairs you up with a less-than-savory company. If you decide to go with GEICO, get ready to do some extra research into the third-party partner company that will underwrite your policy. Consider, also, bundling your policy with auto for the potential discount. Otherwise, there are other less confusing options out there for homeowners protection.

IN THIS ARTICLE

The Details


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The Good

Available in all 50 states. If you want a policy with GEICO, you won’t have to search very far. They’re available all over the United States, except U.S. territories.

Industry-best financial strength. GEICO garners high ratings from financial institutions A.M. Best, Moody’s, and Standard & Poor’s. Rest assured that if you’re in a jam, GEICO will pay to get you out of it.

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The Bad

Policy cost and options depend on partner company. You’ll see this clarification a lot in this review, but GEICO doesn’t actually handle your policy, its coverage, or even the claims or payments processes. GEICO only acts as a broker for other homeowners policy carriers, which can create confusion for customers, especially when it comes to customer assistance.

Only one discount available. Shoppers can get a home and auto bundle with GEICO. There’s little else in the way of compelling discounts besides that.

The Breakdown

Cost

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6.5

GEICO, one of the most recognizable insurance companies around, has been insuring homes, cars, and just about any type of property you can think of since 1936. The gecko-headlining carrier is a unique case because they’re technically a homeowners insurance broker, not a traditional insurance company. That means GEICO acts as a middleman between other insurance companies, like AIG, Chubb, Travelers, and Stillwater, to insure your home.

This can become confusing, since when you need to discuss your policy or file a claim you have to contact the provider you’re matched with, instead of GEICO. The specifics of your policy will also depend on where you live and which third-party insurance partner underwrites your policy.

As for what to expect as far as premiums go, we used a sample quote for a 2,000-square-foot, single-family home in suburban New York.

Based on an annual premium of $1,742, here are the policy details from our sample:

BASIC COVERAGESAMOUNTS
Dwelling Coverage$341,000
Increased Dwelling Protection$85,250 increase
Other Structures$34,100 limit
Personal Property Coverage$170,500
Loss of Use$102,300 limit
Personal liability$300,000
Medical payments for guests$1,000

Rates current as of May 2020. The above numbers are based on a sample profile. Rates will vary for each applicant based on location, specific details and risks related to the home, and other factors.

Again, like its auto insurance product, GEICO doesn’t underwrite its homeowners policies, so what you actually end up paying can vary depending on the third-party company you’re matched up with. The above sample quote is provided for a sense of what you can pay for GEICO’s homeowners insurance. If you want to compare quotes and find the best rates, you’ll have to contact an independent broker or conduct a quote comparison on your own.

Discounts

A great way to keep your homeowners insurance costs down is to take advantage of discount opportunities. Smoke alarm discounts, claims-free discounts, and new home-buyer discounts are some common ones.

When it comes to discounts, however, GEICO really underperforms, offering a grand total of one possible multi-policy discount — and that’s only if you bundle your homeowners policy with GEICO’s auto insurance. GEICO doesn’t underwrite its policies, so any discounts you may get depend on the company they pair you up with. For comparison, Amica has eight.

Confidence

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9.7

Customers unfamiliar with GEICO’s homeowners options should know that the insurer has industry-best financial backing to protect your home and financial and personal assets in the event of a fire or similar event.

Here’s what the experts say:

  • Year founded: 1936
  • A.M. Best: A++
  • Moody’s: Aa1
  • Standard & Poor’s: AA+

A.M. Best, a reliable credit rating firm that specializes specifically in the insurance industry, rates GEICO an A++. That’s the highest rating a company can get. GEICO has a superior ability to meet the ongoing financial needs of customers.

Financial analysis firm Moody’s measures a company’s expected losses if it were to go into default. They give GEICO an Aa1, the second-highest rating possible, making GEICO a high-grade investment quality firm that’s subject to very low credit risk.

Standard & Poor’s measures the long-term financial stability and creditworthiness of companies. GEICO gets an AA+ from S&P, which is the second-best rating there is. That means the insurer has a “very strong” capacity to meet its financial commitments, and has lots of cash on hand to fulfill debts.

Customer Satisfaction

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6.8

Financial and credit rating agencies are pretty thrilled about GEICO. You’ll see that the carrier’s customers, and the websites that gather customer sentiment, are less enthused, though that’s mainly due to negative reactions related to GEICO’s auto insurance products. Keep in mind there are over 17 million auto policyholders and the complaints aren’t that much of a big deal.

Here’s what customers and customer rating agencies think about GEICO:

  • BBB: A+
  • Consumers Advocate: 4.1 / 5
  • Consumer Affairs: 3.4 / 5
  • J.D. Power: N/A
  • Trustpilot: 2 / 5
  • NAIC complaint index: 0

The Better Business Bureau grades companies based on factors such as truth in advertising and customer complaints. GEICO gets an A+ from the BBB, despite numerous complaints which are not included in the score.

Consumers Advocate is a third-party review site that focuses on a company’s reputation, coverage options, customer service, and stability. They give GEICO’s homeowners insurance product an “excellent” 4.1 out of 5.

Consumer Affairs gives GEICO an average 3.4 out of 5 based on reviews written by customers. Most of the complaints are about GEICO’s auto insurance.

J.D. Power ranks insurance companies based on their clarity of billing, policy information, and pricing. GEICO was not included in J.D. Power’s latest homeowners insurance customer satisfaction survey, which ranks companies based on a 1000-point scale that then translates to an X out of 5 Power Circle rating.

Another customer review site, Trustpilot, gives GEICO a 2 out 5, though the complaints are mainly about auto insurance.

Finally, the National Association of Insurance Commissioners (NAIC) tracks complaints submitted to state insurance departments. Based on their complaint index, GEICO’s homeowners insurance has a rating of zero. A score of 1 represents the baseline average, and a zero means there weren’t enough customer complaints to count.

Policy Options

Since homeowners insurance from GEICO is dependent upon the coverage options of third-party partner companies, we have not included their Policy Options as part of our final score average.

Since GEICO doesn't underwrite its own policies, the exact coverage you get will vary depending on the company you’re matched with. But some policy options are guaranteed to come with most homeowners insurance plans.

For example, you can count on receiving protection for damage to your house from fire, hail, wind, and water. Most companies will also cover repairing or replacing personal belongings like appliances, clothing, and furniture. Jewelry protection that covers expensive rings and precious gems is another common option.

Here's some of the highlights you can expect from GEICO partners:

  • Property damage - This coverage helps pay for the repair of your home or structures on your property (like an attached garage) from fire, rain, wind, and other damage.
  • Personal belongings - If your microwave, sofa, or TV gets busted or stolen, this coverage will help pay for the damage or theft of your personal items.
  • Jewelry - Some companies provide coverage of more valuable items such as diamonds, wedding bands, or priceless jewelry.
  • Personal liability - If someone sustains an injury on your property, or if you accidentally ruin someone else’s property, this will cover legal and medical expenses.
  • Medical bills - This will cover medical expenses if someone gets hurt on your property.
  • Additional expenses - If you can't stay in your home because of a fire, flood, or similar emergency, this will help pay for staying at a hotel.

Again, the above policy options may vary, but they’re generally the most common components you’ll find in most homeowners insurance packages. For a personalized look at your coverage options, you should speak to a licensed insurance expert.

For more information about what homeowners insurance can cover, refer to our comprehensive homeowners insurance explainer.

Customer Experience

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3.5

GEICO’s website and mobile app are both easy to use and navigate. A 24/7 phone line and virtual chat bot are available for basic questions, and you can get in touch with customer service representatives over Twitter.

However, as noted a couple times in this review, you’ll need to contact the company in charge of your homeowners policy in order to sort anything out. Thankfully, GEICO has multiple links to other carrier websites and phone numbers available for policyholders.

State availability

GEICO is available nationwide, including District of Columbia.

Digital tools

  • Online application
  • Mobile app

The application

GEICO’s application process is about as simple as it gets. You simply enter 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. There are a few other pages and questions after that, but for the most part the application is over quickly.

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 new homeowners policy.

Ease of claims

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 of phone numbers and links to websites on their claims website.

Payment methods

Policyholders must pay their bills through the company that underwrites the policy. GEICO has a list of phone numbers and websites on their own website that customers can refer to.

Policygenius offers insurance policies from many of the nation's top insurers, who pay us a commission for our services. However, all editorial choices are made independently.

About the author

Reviews Expert

Tim Torres

Reviews Expert

Tim Torres is the reviews editor at Policygenius. His work has appeared in Computer Shopper, Tom's Guide, and numerous other outlets over the last ten years.

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. Consult a professional to learn what financial products are right for you.

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