The best home insurance companies offer policies to protect everything that makes your house a home without breaking your budget. You also want to work with a home insurance company that’s ready to help when you have a claim. This guide can help you find that company. We evaluated dozens of companies on several key factors, including cost, customer reviews, and Net Promoter Scores (NPS), so you can find the best home insurance for you.
We’ve included ourselves in the analysis so you can see how our performance stacks up against some of the best homeowners insurance companies in the country. You’ll also find some tips on how to compare home insurance companies so you can make informed choices and pick the best homeowners insurance to protect your home and your family.
Homeowners’ insurance costs vary drastically from state to state and even county to county. So while looking at average premiums to get an idea of what you’ll pay for coverage, it doesn’t show anything specific to your situation.
That said, below is an apples-to-apples cost comparison of the average annual premiums on a newly constructed home with $300,000 in dwelling coverage based on filings with the Florida Office of Insurance Regulation. This gives you a solid idea of who has the best rates in Florida - one of the most expensive places to buy home insurance.
What we found wasn’t surprising – at least, not to us. Kin came in with the lowest rates in Florida at $1,316 per year on average. That makes us 15 percent less expensive than the next cheapest option (First Protective at $1,523 per year) and 68 percent cheaper than the most expensive option (Bankers Insurance at $2,222 a year).
While price is important, it’s not the only factor to consider when choosing the best home insurance company. Customer reviews can tell you a lot about a home insurance company, such as:
You definitely want to read a handful of reviews to learn about the individual customer experience, but you can get an overall impression of customer satisfaction from review score averages.
For all the homeowner’s insurance companies below, we took a look at online review sites (including Trustpilot, Google Reviews, and Clearsurance) that allow users to rank their experience on a scale of one to five.
As you can see, Kin customers think highly of their experience, but GeoVera’s customers are generally less satisfied with its service. Some companies like Bankers Insurance and Universal Property and Casualty Insurance have favorable ratings, but several of these home insurance companies fall far below even a mediocre customer experience. Many reviews for low-rated companies cited expensive premiums and a bad claims experience as the source of their dissatisfaction.
A Net Promoter Score indicates whether a customer is likely to recommend a company to a friend or family member. As you can imagine, that’s pretty valuable to an insurance company. A high score means a customer was so impressed with their experience that they’d trust the company to protect people they care about.
The average NPS for the home insurance industry is 42 out of 100, a tragic score by any standard. That means folks are not impressed with their home insurance companies.
Our NPS is 85 – more than double the industry average. The next national insurance company to come close to that score is USAA at 77. See the chart below to find out how other national carriers stack up.
Choosing the best home insurance can be a daunting task. But keep in the mind the following:
2 ) If you live in an area prone to natural disasters, look for an insurance company that offers hurricane insurance and flood insurance.
The best home insurance providers are those that don’t compel you to settle for less coverage and are financially strong enough to pay your claims. They can work within your budget, offer customized coverage, and have both good customer reviews and ratings.
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