Review: Best Homeowners Insurance Plans

Here at CouponXoo, we aim to help consumers save money on all aspects of their lives. In that spirit, protecting your home with quality homeowners insurance is so important. Homeowners insurance provides financial protection if your home is damaged by events such as fires, hurricanes, theft or falling trees. It can help cover the costs of repairs as well as living expenses if you can't live in your home temporarily after a covered loss occurs.

With so many insurance providers and policy options to choose from, selecting the right homeowners plan can feel overwhelming. In this CouponXoo blog post, we will review some of the top-rated insurers and breakdown important factors to consider like coverage types, discounts and price. By investigating your choices thoroughly, you can find a policy that fits your budget while giving you peace of mind.

Coverage Options to Consider

The first step is understanding the basic types of coverage available with most homeowners insurance plans. These core areas of protection include:

Dwelling coverage - This replaces your home if it's completely destroyed or repairs the structural part of your home. Payments are typically based on the home's rebuilding cost.
Other structures - Insures detached structures on your property like garages, sheds, fences etc. against risks like fire, wind or hail damage.
Personal property - Covers your belongings inside the home against risks like theft, fire or water damage. Supplemental personal property coverage can also extend this protection to items outside the home, like a patio set.
Loss of use - Provides funds to pay additional living expenses such as hotel costs if a covered incident makes the house uninhabitable temporarily. This allows you to maintain your standard of living while your home is repaired.
Liability protection - Covers you against lawsuits and legal responsibility if someone is injured on your property or you're accidentally responsible for damage to someone else's belongings. Premium levels vary based on liability limits which can range from $100,000 to $1 million or more.
Medical payments to others - Provides medical expense coverage for people injured on your property, regardless of fault. It also covers your family members if injured off premises.

In addition to these core areas, consider supplemental coverage options too for enhanced protection. Options like water backup, identity theft or earthquake coverage may be right for your situation depending on your locale's risks. Discuss adding endorsements with your insurer.

Best Homeowners Insurance Companies

With the key coverages understood, let's explore top-rated insurers to consider for homeowners protection. Based on multiple rating factors like financial stability, customer satisfaction and claims handling, here are some highly recommended providers:

State Farm

As the largest home insurance provider in the U.S., State Farm has strong brand recognition. The insurer offers a wide agent network for service and multiple discounts upfront like bundling policies and new home discounts. While not the most affordable, State Farm earns high scores for loyalty and claims processing.

USAA

USAA is only available for active military, veterans, and their families but offers top-notch service. Along with very good rates, USAA clients appreciate remarkable online and mobile tools, 24/7 agent access and a reputation for quick claims reimbursements. The insurer is a loyal choice for those who qualify.

Farmers Insurance

A major national carrier, Farmers provides homeowners protection in 47 states. Their agents are helpful and policyholders feel rates are fair even if not the absolute lowest. Farmers remains popular for bundling auto plus homeowners coverage, along with perks like good student, alarm system and new roof discounts.

Liberty Mutual

Offering homeowners policies in all 50 states, Liberty Mutual is a financially strong insurance giant. While their prices are mid-range, coverage options are flexible and Liberty Mutual prioritizes loyal customers with discount programs. The company handles the majority of claims quickly, though their customer service can be average.

AAA

Exclusive to AAA members, their private home insurance subsidiary is a solid choice. Rates are generally affordable and coverage plans have competitive liability maximums and enhancement endorsements. AAA also offers helpful perks like roadside assistance and travel discounts through membership.

Amica Mutual

While smaller than national heavyweights, Amica consistently earns top ratings for overall customer satisfaction and loyalty. Their highly-rated agents provide knowledgeable guidance and Amica is quick to reimburse claims. Amica stands out for exemplary service, though policyholders pay slightly higher premiums and it's best for locations where Amica operates offices.

The Hartford

Providing home and renters protection nationwide, The Hartford's ease of use makes it a favorite, especially for first-time homeowners. Their online account management tools are robust and agents provide knowledgeable help. Though rates aren't lowest, Hartford customers tend to stay long term due to reliable claims servicing.

Factors That Impact Homeowners Insurance Rates

Understanding factors that affect your premium costs allows you to obtain competitive quotes and potentially reduce rates. Major determinants include:

Location - Premiums vary greatly by region due to differences in risk of hazards like hurricanes, fires, hail or flooding. Coastal areas tend to cost more to insure.
Dwelling age/construction - Older homes built prior to 1950s generally have higher premiums due to increased repair costs. Also, more affordable building materials correlate to pricier insurance.
Liability limits - Choosing higher liability coverage causes higher rates, so select what your assets require but not excessively high amounts.
Claims history - Filing frequent claims indicates higher risk and premium boosts, so stay accident-free whenever possible. One at-fault loss can hike rates notably for three years.
Deductible - Selecting a higher deductible (e.g. $1,000 instead of $500) lowers your costs since the deductible is the amount you pay per claim.
Discounts - Bundling policies, having security systems, good credit or staying claim-free can all reduce rates through multiple carrier discounts. Ask about all available discounts upfront.

By taking the time now to fully protect your most valuable asset, your home, you can give yourself added financial peace of mind for the future. At CouponXoo, we aim to simplify the shopping experience and help you save on all your needs. Let us know if you need any other recommendations on insurance or have questions about deals in any other categories on our site. Finding the right homeowners insurance coverage is an important process, but we hope this review from CouponXoo has helped make your selection a bit easier.