Best Homeowners Insurance Companies for 2024 | Bankrate (2024)

Natalie Todoroff

Amelia Buckley

Mark Friedlander

Amelia Buckley

Mark Friedlander

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46 years

of industry experience

20.7k

Zip codes examined

122

Carriers reviewed

1.2M

Quotes analyzed

4.7

4.7

Read USAA reviewGet a personalized quote

• Why USAA may be best overall: Although USAA only offers coverage to active-duty military and veterans, as well as their immediate families, the company has consistently high customer service scores, robust coverage options and low average premiums. USAA tied for the 2024 Bankrate Award for Best Home Insurance Company Overall, the third year in a row it has taken home the title. Unique add-ons, such as coverage for military uniforms for active duty or deployed policyholders, are also offered.

  Availability: Coverage is available in all states for policyholders that meet USAA’s eligibility criteria.

  *Not officially ranked with J.D. Power due to eligibility restrictions

• Pros

  • Low average premiums
  • Military-focused coverage options

  Cons

  • Only available to military members, veterans and qualifying family members
  • Fewer discounts offered than some other home insurers

• Replacement cost value included

  Identity theft coverage included

  Valuable personal property insurance available

  Below-average NAIC complaint index

  Nationwide availability

• You can get a USAA home insurance quote by calling 800-531-8722. Online quotes are also available for home insurance.

4.2

4.2

Read Allstate reviewGet a personalized quote

• Why Allstate may be best overall: Allstate has an abundance of online tools and unique coverage options for homeowners who want to take a proactive approach to their home insurance. And for those who want help, Allstate also has an extensive network of local agents ready to help with any of your insurance needs. For the second year in a row, Allstate tied with USAA in the 2024 Bankrate Awards for Best Home Insurance Company Overall.

  Availability: Coverage is available in all states. As of November 2022, Allstate stopped accepting new home insurance policy applications in California.

• Pros

  • Educational insurance information available online
  • Common and Costly Claims tool could help you prepare for and mitigate home damage

  Cons

  • Below-industry-average J.D. Power customer satisfaction score
  • Some coverage options may not be available in all states

• Above-average NAIC complaint index

  Near-nationwide availability

  Yard and garden coverage available

  Sports equipment property coverage available

  Electronic data recovery coverage available

  Water backup coverage available

  Green improvement reimbursem*nt

• Allstate offers online home insurance quotes. If you prefer working with an agent, you could call 866-702-6500 or visit a local Allstate agency.

3.8

3.8

Read Lemonade reviewGet a personalized quote

• Why Lemonade may be best for digital experience: Lemonade’s artificial intelligence and digital-first approach to underwriting home insurance is innovative and allows the carrier to offer useful online tools and, according to the insurer, lower-cost policies. Lemonade exclusively operates via a highly rated mobile app. The interface can process simple claims incredibly quickly; the fastest claim time recorded was just 3 seconds. Lemonade’s impressive use of technology earned it a 2024 Bankrate Award for Best Digital Home Insurance Company.

  Availability: Coverage available in Arizona, Colorado, Connecticut, Georgia, Illinois, Indiana, Iowa, Maryland, Massachusetts, Michigan, Missouri, Nevada, New Jersey, New York, Ohio, Oklahoma, Oregon, Pennsylvania, Tennessee, Texas, Virginia, Washington, D.C. and Wisconsin.

  How to get started: Lemonade is known for its technology. Home insurance quotes can be obtained online or through the mobile app. If you need to talk to a representative, you can call 844-733-8666.

• Pros

  • Innovative use of technology
  • AI-approved claims pay out instantly via direct deposit into policyholder's bank account
  • Donates a portion of unclaimed money to a charity of policyholder’s choice

  Cons

  • Limited third-party rankings
  • No physical agency locations
  • Only available in 23 states and Washington, D.C.

• Swimming pool coverage available

  Equipment breakdown covered available

  Buried utility coverage available

• Lemonade’s home insurance is not yet rated by J.D. Power for customer service, but the carrier earned the third-highest ranking for renters insurance in the 2023 J.D. Power study. However, if you prefer to manage your home insurance policy with a live agent, Lemonade’s tech-savvy approach to insurance may not make it a good fit.

4.3

4.3

Read Chubb reviewGet a personalized quote

• Why Chubb may be best for luxury home coverage: If you own a luxury home, Chubb’s specialized homeowners insurance policies offer risk consulting, which involves a trained risk consultant evaluating your home’s features to determine your home’s rebuilding cost. In addition, Chubb offers a HomeScan tool, which may help homeowners identify potential issues before they cause property damage claims. It is features like these that helped Chubb win the Best for High-Value Homes 2024 Bankrate Award.

  Availability: Coverage is available in all states.

• Pros

  • Coverage can be tailored for luxury homes
  • HomeScan tool may help identify issues before they cause claims

  Cons

  • Lower-than-average overall customer satisfaction from J.D. Power
  • May be expensive for lower-value properties

• Below-average NAIC complaint index

  National availability

  Extended replacement cost coverage included

  Water backup coverage included

  Complimentary home assessment services

  Wine and spirits coverage available

  Multiple options for valuables coverage

• Chubb sells its coverage exclusively through local independent agents. You can use the company’s Find an Agent tool to locate a Chubb office in your area.

4.6

4.6

Read Amica review

• Why Amica may be best for customer service: Amica’s highly rated claims and customer service may be ideal for policyholders seeking a positive customer service experience. The company earned the second spot in the 2023 J.D. Power Property Claims Study. For the past decade, Amica has ranked either in first or second place in this study. Amica’s high customer satisfaction performance is coupled with “Superior” financial strength, as rated by AM Best.

  Availability: Coverage is available in all states except Alaska and Hawaii.

• Pros

  • Homeowners and renters insurance policies rank highest with J.D. Power for customer satisfaction
  • Dividend policies may allow you to recoup some of your premium

  Cons

  • Average premium is higher than the national average
  • Certain types of structures, such as mobile homes, farms and ranches, are not typically eligible for coverage

• Below-average NAIC complaint index

  See Also

  Top 3 Credit Bureaus: How They Work and What They Know About You

  Near-nationwide availability

  Special computer coverage available

  Credit card coverage available

  Increased liability and medical payment coverage available

• Amica has an online quoting tool that you can use, or you can call 800-242-6422 for a home insurance quote. To learn more about Amica, visit amica.com.

4.1

4.1

Read Travelers reviewGet a personalized quote

• Why Travelers may be best for add-on coverage options: Although Travelers offers standard endorsem*nts like coverage jewelry and valuables and water backup coverage, some unique options include its green home coverage and identity protection. It also has a free home history tool for home buyers to explore if considering a home.

  Availability: Available in all states except Alaska, Florida, Hawaii, Louisiana and West Virginia.

• Pros

  • Unique green home discount available
  • OpenHouse, a free home history tool, is available to customers

  Cons

  • Not available nationwide
  • Below-average J.D. Power customer satisfaction score

• Below-average NAIC complaint index

  Near-nationwide availability

  Personal articles floater available

  Contents replacement cost coverage available

  Additional replacement cost protection available

• How to get started: For quotes, interested homeowners should call 866-218-5587, contact a local Travelers agent or explore its website.

4.5

4.5

Read NJM reviewGet a personalized quote

• Why NJM may be best for unique discounts: New Jersey Manufacturers, or NJM, is a regional property and casualty insurer with ample savings opportunities. The company’s premiums typically fall far below the national average, and several discounts are available — like savings for having a backup generator, a home alarm system or storm shutters (in some states). Keep in mind that discount eligibility will vary.

  Availability: Coverage is available in Connecticut, Maryland, New Jersey, Ohio and Pennsylvania.

• Pros

  • Low average rates
  • Numerous discounts

  Cons

  • No mobile app availability for NJM’s homeowners insurance policy
  • Limited third-party data available for customer satisfaction

• Below-average NAIC complaint index

  Assisted living care coverage available

  Fungi, wet or dry rot or bacteria coverage available

  Earthquake coverage available

• You can get an NJM quote by calling 800-232-6600 or using the online quote tool.

4.6

4.6

Read Auto-Owners reviewGet a personalized quote

• Why Auto-Owners may be for budget home insurance: Auto-Owners’ average premiums tend to be lower than the national average and lower than average premiums in the 26 states in which it operates. Additionally, it offers a lengthy list of discounts for even more savings. Auto-Owners operates through a network of independent insurance agents, some of which may have specialized insurance knowledge for your area.
  Availability: Auto-Owners is available in Alabama, Arizona, Arkansas, Colorado, Florida, Georgia, Idaho, Illinois, Indiana, Iowa, Kansas, Kentucky, Michigan, Minnesota, Missouri, Nebraska, North Carolina, North Dakota, Ohio, Pennsylvania, South Carolina, South Dakota, Tennessee, Utah, Virginia and Wisconsin.

• Pros

  • Average home insurance premiums may be cheaper than state and national average
  • Local agents available to help with policy servicing

  Cons

  • Not available nationwide
  • Limited digital tools

• Below-average NAIC complaint index

  Ordinance/law coverage available

  Homeowners Plus coverage package available

  Home cyber protection available

• You can visit Auto-Owners’ website to locate a nearby agent to prepare a quote.

4.2

4.2

Read State Farm reviewGet a personalized quote

• Why State Farm may be best for local agents: State Farm is a highly rated, historically financially strong insurer with more than 19,000 exclusive agents throughout the U.S. Its low NAIC complaint index for home insurance and above-average J.D. Power score indicate that State Farm home insurance policyholders are generally satisfied with the company’s service.

  Availability: Coverage is available in all states except Massachusetts and Rhode Island. As of May 2023, State Farm is no longer accepting new home insurance policy applications in California.

• Pros

  • “Superior” financial strength rating per AM Best
  • Higher-than-average J.D. Power overall satisfaction score

  Cons

  • Fewer discounts than some competitors
  • Not currently available nationwide

• Below-average NAIC complaint index

  Near-nationwide availability

  Home systems coverage available

  Dwelling foundation coverage available

  Premier Service Program

  Water backup coverage available

  Green improvement reimbursem*nt

• State Farm makes getting a homeowners insurance quote easy. You can get a quote online, call 800-782-8332 or visit a State Farm agency in your area.

4.4

4.4

Read Erie reviewGet a personalized quote

• Why Erie may be best for robust coverage: Erie offers numerous coverage options, from water backup to guaranteed home replacement coverage, to help you personalize a policy that fits your specific coverage needs. Erie is a regional insurer, so it is only an option for homeowners in 12 states and Washington, D.C. But if you live in an area that Erie services, you may find the insurer appealing for its array of optional coverage types, high overall customer satisfaction scores and strong financial standing.

  Availability: Coverage is available in Illinois, Indiana, Kentucky, Maryland, New York, North Carolina, Ohio, Pennsylvania, Tennessee, Virginia, Washington, D.C., West Virginia and Wisconsin.

• Pros

  • Low average premiums
  • Ranked first in the 2023 J.D. Power Home Insurance and in 2023 Property Claims Satisfaction studies

  Cons

  • Limited mobile app accessibility and usability compared to other insurance carriers
  • Not available nationwide

• Below-average NAIC complaint index

  Identity theft coverage available

  Service line coverage available

  Sewer backup coverage available

  Equipment breakdown coverage available

• Erie only provides quotes through its distribution network of local independent agents. The company’s website has a tool that could help you find an agent and even select a preferred language.

With climate change comes an increasing rate of natural disasters. We were curious if these catastrophic events could impact average rates across the board, even in areas that didn’t experience the disaster. Mark Friedlander explains: “Global economic losses from tornadoes, hurricanes, severe storms, wildfires, floods, and other natural disasters reached $270 billion in 2021. Of those losses, $111 billion were insured. Much of this loss trend is due to people moving into risk-prone areas. More people, homes, businesses and infrastructure means more costly damage when extreme events occur. More damage to insured properties means a higher claims volume and larger insured losses. Because of the way insurers are regulated, their options for responding to rising claims, other than by raising rates, are severely limited. Without substantial rate increases, they might have to draw heavily from their policyholder surplus. If surplus approaches defined regulatory thresholds, insurers will be required to raise rates, write less coverage, or, potentially, go out of business. Based on the trends described above, we expect homeowners’ premiums to continue to rise significantly across the U.S. in the years to come. Even if general inflation levels off, labor and replacement costs will continue to rise, albeit more slowly than what we experienced from 2020 through 2022."

Rating: 5 stars out of 5

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