Safeco home insurance review: Cheap rates

Safeco home insurance comes with rates 15% below the national average and single-deductible claims if you bundle your home and auto insurance policies.

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Jennifer GimbelSenior Managing Editor & Home Insurance ExpertJennifer Gimbel is a senior managing editor and home insurance expert at Policygenius, where she oversees our homeowners insurance coverage. Previously, she was the managing editor at Finder.com and a content strategist at Babble.com.

Reviewed by

Ian Bloom, CFP®, RLP®Ian Bloom, CFP®, RLP®Certified Financial PlannerIan Bloom, CFP®, RLP®, is a certified financial planner and a member of the Financial Review Council at Policygenius. Previously, he was a financial advisor at MetLife and MassMutual.

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Safeco

Safeco logo

Policygenius rating

Our proprietary ratings methodology takes multiple factors into account, including customer satisfaction, cost, financial strength, and policy offerings. See the “Ratings methodology” section for more details.
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4.3

AM Best rating

AM Best is a global credit rating agency that scores the financial strength of insurance companies on a scale from A++ (Superior) to D (Poor).

A

Cost

Using a mix of internal and external rate data, we grade the cost of each insurance company's premiums on a scale from least expensive ($) to most expensive ($$$$$).

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The bottom line

Safeco home insurance could be a good pick for homeowners looking to bundle their home and auto insurance policies with one insurance carrier. That’s because Safeco offers both a multi-policy discount and single-deductible claims — meaning you only have to pay one deductible if your home and car are damaged in the same covered event. It's affordable, too: Safe home insurance rates are 15% below the national average.

However, Safeco doesn’t offer water backup coverage or flood insurance — two valuable policy add-ons that many other home insurance companies offer. It also doesn’t score well in J.D. Power’s 2022 overall customer satisfaction study.

Pros

  • Affordable rates — 15% below the national average

  • Extended replacement cost coverage for your home available

  • Only pay one deductible if your home and car are damaged in the same event when you bundle policies with Safeco

Cons

  • Not available in Alaska, Delaware, Florida, or Hawaii

  • Doesn’t offer water backup coverage or flood insurance

  • Below-average score in J.D. Power’s overall customer satisfaction study

Basic coverages offered

Safeco home insurance policies include these six standard coverages to protect your home, belongings, and personal liability:

  • Dwelling coverage: Pays to repair or rebuild the structure of your home after a covered loss.

  • Other structures coverage: Pays to repair or rebuild other structures on your property not connected to your home, including detached garages, storage sheds, and fencing.

  • Personal property coverage: Pays to repair or replace your personal belongings after a covered loss, including furniture, clothing, tech gadgets, and other stuff you own.

  • Loss of use coverage: Pays for hotel stays, restaurant bills, pet boarding fees, and other temporary living expenses after a covered loss if you need to live elsewhere while your home is being rebuilt.

  • Personal liability coverage: Pays for legal and medical expenses if someone is injured or their belongings are damaged while at your home and you’re found legally responsible.

  • Medical payments coverage: Pays for small-dollar medical bills if someone is injured while at your home — regardless of who is at fault.

Additional coverages offered

The following coverages are either included or can be added to your Safeco homeowners insurance policy for an additional cost: 

  • Extended replacement cost for your home: Extends your dwelling coverage limit in the event rebuild costs exceed your policy limit after a covered loss.  

  • Replacement cost for personal property: Pays to replace your personal belongings with new items, regardless of depreciation or wear and tear.

  • Valuable articles: Increased coverage limits for high-value items such as jewelry, art, collectibles, sports equipment, and more.

  • Equipment breakdown: Pays for home equipment repairs to your refrigerator, washing machine, and other appliances due to mechanical or electrical breakdown.

  • Service line: Pays to repair water pipes, power lines, and other utility lines that run through your property if they’re damaged by a covered loss. 

  • Ordinance or law: Pays the extra cost of getting your home up to code after a covered loss.

  • Home warranty: Through its partnership with American Home Shield, Safeco offers a home warranty that pays to repair or replace appliances, electrical systems, plumbing systems, and more.

  • Identity recovery: If your identity is stolen, Safeco will help cover the cost of legal fees, lost wages, and other expenses you incur during the recovery process for just $1 a month.

  • Mold, fungus, or rot damage: Pays for damage to your home and belongings caused by mold, fungus, or rotting.

  • Debris removal: Covers the cost to remove debris after a disaster.

  • Landscaping: Pays to replace plants, shrubs, and trees after a covered loss.

  • Fire department service charge: Reimburses you for out-of-pocket fees if the fire department is called to your home.

  • Arson and criminal conviction reward: Offers a reward to find the perpetrator if you’re the victim of arson, theft, or vandalism.

  • Volunteering coverage: Personal property and liability coverages to protect your belongings and personal liability while volunteering in your community — with no deductible required.

  • Personal umbrella insurance: Provides additional liability protection for expensive medical or legal bills you’re found legally responsible for.

  • Condo insurance: Purchased as a supplement to your condo association’s master policy, condo insurance covers your personal belongings, the interior structure of your condo unit, and personal liability.

  • Renters insurance: Includes coverage for the personal belongings in your rental home or apartment against fire, vandalism, theft, windstorms, and water damage, as well as personal liability and loss of use coverage.

  • Landlord insurance: Covers your rental property against fire, windstorms, and other covered perils.

Other Safeco home insurance perks include:

  • Single-loss deductible: If you have home and auto insurance policies with Safeco and both your home and car are damaged in the same event, you only have to pay one deductible.

  • Guaranteed repair network: Connects you with pre-qualified experts for fast repairs that come with a guaranteed material and labor warranty backed by Safeco.

Ratings methodology

Price

4.4/5

Safeco earns a respectable score on our price rating scale thanks to its average annual home insurance rate that’s 15% cheaper than the national average. It also offers six discount opportunities to save even more on your premiums.

Customer experience

3.8/5

Safeco scores above average on our customer experience rating scale. It takes the top spot in J.D. Power’s 2022 digital experience study, which measures customer satisfaction across an insurance company’s desktop, mobile web, and mobile app experiences. It also received around 60% fewer complaints in 2021 compared to similar-sized insurance companies, according to the National Association of Insurance Commissioners (NAIC) Complaint Index Report. However, Safeco scored below average in J.D. Power’s 2022 overall customer satisfaction study. 

Coverage options

4.4/5

Safeco scores above average on our coverage options rating scale thanks to the slew of coverages you can add on to your policy, including extended replacement cost coverage for your home, replacement value coverage for your personal belongings, and equipment breakdown protection. It also offers two perks: single-deductible claims if you hold an auto and home insurance policy with Safeco and a guaranteed repair network with materials and labor backed by a Safeco warranty.

Financial strength

3.4/5

Safeco scores middle of the pack on our financial strength rating scale. While it earns an excellent A rating with AM Best — the nation’s leading insurance rating agency —  it earns a low A- rating with Standard & Poor’s and mediocre A2 rating with Moody’s. These scores judge a company’s financial stability and ability to pay out claims in the wake of a natural disaster.

How much does Safeco home insurance cost?

The average cost of home insurance with Safeco is $1,633 per year for $300,000 in dwelling coverage, according to Policygenius rate data. That’s around 15% lower than the national average. Keep in mind that your actual rates will vary based on location, policy limits, coverages, claims history, and other factors.

Compare home insurance quotes from Safeco and other top insurers

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What home insurance discounts does Safeco offer?

You can save on the cost of Safeco home insurance if you qualify for any of these discounts:

  • Auto multi-policy: If you bundle your home insurance with a Safeco auto insurance policy.

  • Umbrella multi-policy: If you bundle your home and umbrella insurance policies with Safeco.

  • Security system: If your home has a security system.

  • Fire sprinkler system: If your home is fitted with a fire sprinkler system.

  • New home: If your home is under a certain number of years old.

  • Advanced quote: If you receive a Safeco home insurance quote a certain number of days before your policy’s start date.

Safeco home insurance state availability

Safeco offers home insurance policies in 47 states and Washington, D.C. — it does not write policies in Alaska, Delaware, Florida, or Hawaii.

What to expect with Safeco home insurance

  • How to get a quote: You can get a Safeco home insurance quote online through Policygenius, by calling 800-332-3226, or by contacting a local Safeco agent.

  • Customer service options: You can get in touch with a Safeco customer service rep by calling 800-332-3226 or logging in to your Safeco online account.

  • How to file a claim: You can file a Safeco home insurance claim by logging in to your Safeco account online or through the Safeco app.

  • How to cancel your policy: You can cancel your Safeco home insurance policy by calling your local Safeco insurance agent directly — their contact info should be on your Safeco policy declarations page.

Safeco vs. other home insurance companies

Compare Safeco home insurance to other popular insurers in the industry:

Company

Policygenius rating

AM Best rating

Cost

Safeco

4.3/5

A

$$$

Auto-Owners Insurance

5.0/5

A++

$$

USAA

4.9/5

A++

$$

State Farm

4.8/5

A++

$$$

Amica

4.6/5

A++

$$$

The Hartford

4.6/5

A+

$$$$

American Family

4.5/5

A

$$$

Encompass

4.5/5

A+

$$$$

Erie

4.5/5

A+

$$

Farmers

4.5/5

A

$$$

Nationwide

4.5/5

A+

$$$

Progressive

4.5/5

A+

NA

Stillwater

4.5/5

A-

$$$

Allstate

4.4/5

A+

$$$

Allstate

4.4/5

A+

$$$

Country Financial

4.4/5

A+

$$$$

Travelers

4.4/5

A++

$$

Travelers

4.4/5

A++

$$

AAA

4.3/5

A

$$$

Hippo

4.3/5

A-

$$

Homesite

4.3/5

A

$$

Liberty Mutual

4.3/5

A

NA

Safeco

4.3/5

A

$$$

Mercury

4.1/5

A

$$$

Lemonade

4.0/5

NA

NA

Geico

3.9/5

A++

NA

Swyfft

3.5/5

A-

NA

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Frequently asked questions

Is Safeco a good insurance company?

Safeco is a good insurance company if you’re looking for affordable rates and an above-average AM Best rating. It’s also a good option if you’re looking to bundle your auto and home insurance with the same company and pay only one deductible if your car and home are damaged in the same event.

What is the Safeco home insurance phone number?

The Safeco home insurance phone number is 800-332-3226.

Does Liberty Mutual own Safeco?

Safeco became a part of Liberty Mutual in 2008, though it continues to sell policies under its Safeco name.

Author

Jennifer Gimbel is a senior managing editor and home insurance expert at Policygenius, where she oversees our homeowners insurance coverage. Previously, she was the managing editor at Finder.com and a content strategist at Babble.com.

Expert reviewer

Ian Bloom, CFP®, RLP®, is a certified financial planner and a member of the Financial Review Council at Policygenius. Previously, he was a financial advisor at MetLife and MassMutual.

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