10 Best and Worst Homeowners insurance companies in 2022

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10 Best and Worst Homeowners insurance companies in 2022

10 Best and Worst Homeowners insurance companies in 2022

Getting the best homeowners insurance can be difficult. It is essential as well to protect your valuable investment. We know that finding the perfect homeowners insurance is almost impossible. Still, we have selected some of the best and worst companies that provide the best service of all.

This article discussed the best and worst homeowners insurance companies to help you decide which option is best for you.

Best Homeowners Insurance Companies

Below, we have listed 5 Best Homeowners insurance companies rated on different platforms and used by most Americans. 

Amica

Amica offers the best competitive rates with other companies on our list. Amica is rated as one of the Cheapest Homeowners Insurance Companies of 2022 and provides various options for additional homeowners insurance coverage, such as add-ons for your laptop, home business, and identity theft coverage.

Amica has a Contractor Connection program that connects customers with licensed and insured contractors. In addition, the company offers discounts for:

  • Staying with the same insurance company for at least two years.
  • Insuring a new or refurbished home.
  • Receiving invoices online and paying them automatically each month.

Amica provides two kinds of house insurance policies: traditional and dividend. According to Amica, dividend policies may allow you to reclaim up to 20% of your annual home insurance payments, and these policies may save you money over time.

In summary, Amica returns a portion of the money you’ve previously paid toward your insurance coverage in the dividend payment option. Payments are typically 5-20% of your annual premium which is better than most insurance companies.

USAA

USAA offers an excellent combination of low premiums and full coverage for military members, as well as exceptional trustworthiness and financial stability.

USAA also provides coverage if you are a victim of identity theft. Identity theft protection is included in the normal USAA policy, although most other companies on our list charge an additional fee for it. USAA has teamed with ADT to provide discounts to homeowners who own its homeowner insurance policy. 

USAA provides replacement cost coverage, which pays for replacing items rather than just the item’s depreciated value. No doubt, USAA is a formidable competitor in the market and is one of the best home insurance companies to look out for in 2022.

Chubb

Chubb’s Masterpiece house insurance goes above and beyond the standard coverage provided by other homes insurance providers. Furthermore, many of Chubb’s homeowner discounts are focused on the safety of the family members. Chubb offers lower premiums rates if your home has a sprinkler system or is otherwise fire-resistant, in addition to reductions for having burglar or fire alarms.

Chubb also offers auto, valuables, cyber, and umbrella insurance. Chubb also provides “bespoke services,” which tailor coverage to customers with specialized hobbies or vocations such as collecting or farming. We all know that Chubb is more expensive than its competitors, but it also includes various benefits that other insurers only provide as add-ons.

Travelers

Travelers provide a wide range of homeowners insurance coverage options for low- and high-value properties. Travelers provide numerous coverage endorsements that are only available from a few insurance carriers. 

You can insure your home with guaranteed replacement cost coverage, expensive appliances with equipment breakdown coverage, and that treasured family heirloom with personal articles coverage with Travelers. To get more information, visit their website.

Hippo

Hippo homes insurance is usually less expensive than its competitors. Although only a few different companies insure Hippo’s policies, Hippo’s house insurance is generally among the cheapest solutions available regardless of your region.

Furthermore, Hippo’s home insurance policies include up to $100,000 in coverage for appliances against electrical or mechanical malfunction. Most other home insurers either charge a premium for this coverage or do not provide it at all.

Hippo is also very convenient. On weekdays, you can reach Hippo’s customer service by phone 24 hours a day, or you can register a claim by calling the company’s helpline. 

Given that it lacks the conventional in-person structure used by other companies, Hippo’s care for its customers has resulted in extremely satisfied consumers.

Progressive

Progressive provides a full range of personal and corporate insurance coverages and financial products such as house mortgages and personal loans. 

Customers can use the Progressive website to request an online insurance quote, file a claim, and price shop. Progressive is the best option after USAA and Amica. 

Cincinnati Insurance

Cincinnati offers many home insurance packages with various levels of protection and upgrades. Executive and Executive Classic are Cini’s two types of typical homeowners policies. You can see the details of these types on their website. 

When it comes to customer service, however, given the challenges of no online pricing and claims processing, many customers are happy with how Cincinnati interacts with them. Most of Clearsurance’s evaluations are about the company’s excellent customer service, friendly representatives, quick actions of claims, and flexible coverages.

 Lemonade Insurance

Lemonade Insurance is an online-only insurance company that uses artificial intelligence to give swift home insurance quotations and claim settlements. The company delivers an estimate in a matter of minutes; fill out a form on their website and select the amount of coverage you require.

Besides homeowner insurance, Lemonade also provides renters insurance, life insurance, and pet insurance, with discounts available for multi-policy bundling.

Lemonade homeowners insurance is currently available in Arizona, California, Colorado, Connecticut, Georgia, Illinois, Indiana, Iowa, Maryland, Massachusetts, Michigan, Missouri, Nevada, New Jersey, New York, and many other states in the US. 

State Farm Insurance

State Farm is one of the few companies on our list that provides homeowners insurance. Its standard policy is competitive with the policies of the other companies when compared.

State Farm has a significant presence in the industry. State Farm is the largest home insurance provider in the country by direct premiums written, accounting for more than 17% of the total market share. It also provides several discounts, such as installing an impact-resistant roof. Identity theft and sewer backup coverage are among the policy options available for customers.

Erie

Erie Insurance is one of the few companies that include guaranteed replacement costs in its standard policy. However, many other companies only provide it as an option or not at all.

Guaranteed replacement cost coverage is included in the company’s standard plans in some locations. Erie also provides a 16 percent to 25 percent discount for bundling, as well as additional discounts for installing automatic sprinklers, smoke detectors, and burglar alarms.

The only major drawback of Erie Insurance is that it is not as readily available as many firms in our category. Erie homeowners insurance coverage is accessible in only about half of the states in the United States.

Worst Homeowners Insurance

The companies listed below are the worst-rated homeowner’s insurance companies in 2022. Reviews and forums evaluate the rating for these companies.

Allstate

Allstate ranks number one when it comes to the worst companies in 2022. Allstate has also been criticized for using ambiguous policy language that leads policyholders to believe they have thorough coverage when their claims are declined. 

According to experts, the company’s goal is to collect payments from customers who believe they have full coverage but have little or no option when calamity strikes. All of this has earned Allstate a notorious reputation in the insurance industry.

AIG

AIG is the largest insurance company globally, and According to experts, CEO Brian Duperreault made more than $19 million in 2019. Profits at the company continue to rise, mainly owing to the company’s policy of paying out on as few claims as possible. 

AIG is now known as the worst homes insurance company due to billions of dollars in corporate fraud, including price increases after major disasters and a $68 million pending payout to its ex-CEO.

Global Life

Formerly called Torchmark, this recently renamed insurance company primarily focuses on Alabama, Texas, and other southern states. After 100 years in business in various incarnations, the corporation uses pretty unpleasant methods.

The company targets low-income Americans offers coverage to non-English-speaking Americans, and sells fraudulent Medicare and homeowner insurance to senior citizens.

Liberty Mutual

According to sources, Liberty Mutual started abandoning and rejecting renewal to clients in high-risk locations such as those susceptible to hurricanes or floods.

However, Liberty Mutual’s NAIC rating is 2.22, indicating that it has had more complaints than the average vehicle and home insurance provider. Many Liberty Mutual customer complaints include bad customer service, sudden rate increases, and slow claims procedures.

Anthem

Anthem, known initially as WellPoint, is just an insurance company that provides coverage to many individuals through its Blue Cross and Blue Shield policies, among others. However, Anthem frequently fails to provide such coverage, despite repeated government reprimands and fines in recent years for canceling coverage or withholding payment on covered claims.

According to reports, the firm has even demanded that medical professionals submit their personal information about policyholders’ pre-existing diseases to cancel their coverage.

Service Plus

Service Plus has been one of the worst companies regarding claims and damage claims. Customers have posted to stay away from this company as they never got their damage claims for more than 6 months. It is better to stay away from this company and keep your appliances and money in safe hands.

 Conseco

Conseco, an Indiana-based long-term care insurer, was named one of America’s 10 worst insurance firms by the American Association for Justice (AAJ) for its denial and delay of long-term care claim payments. This is one of the reviews we have attached of Conseco customers:

“Three family members owned a life insurance policy on our father. Delay tactics have drawn out payment over two months already. Stay away from these guys. [They] will give you the long-term run-a-round for as long as possible before paying a cent!”.

Conclusion

This article discussed the best and worst homeowners insurance companies in 2022. We explained each point about the company, which is good or bad according to its reports and customer reviews, as we have collected and researched the data ourselves about each detail of the above home insurance companies in 2022. Make sure to subscribe to our newsletter by signing up with your email for further updates and the latest news about insurances and other information.