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Best homeowners insurance companies for May 2022

Updated May 18, 2022

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Bankrate’s insurance editorial team reviewed more than 50 homeowners insurance companies across the nation, paying particular attention to those ranked highly by third parties in key market areas. We found that USAA and State Farm may be great choices for many homeowners, while Lemonade topped our list for providing tech-savvy and low-cost home insurance. However, the best home insurance company for you will be a carrier that offers the coverage types, discounts, policy features and other attributes that most closely meet your needs.

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This advertising widget is powered by HomeInsurance.com, a licensed insurance producer (NPN: 8781838) and a corporate affiliate of Bankrate. The offers and clickable links that appear on this advertisement are from companies that compensate Homeinsurance.com LLC in different ways. The compensation received and other factors, such as your location, may impact what ads and links appear, and how, where, and in what order they appear. While we seek to provide a wide range of offers, we do not include every product or service that may be available to you as a consumer. We strive to keep our information accurate and up-to-date, but some information may not be current. Your actual offer terms from an advertiser may be different than the offer terms on this widget. All offers may be subject to additional terms and conditions of the advertiser.
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This advertising widget is powered by HomeInsurance.com, a licensed insurance producer (NPN: 8781838) and a corporate affiliate of Bankrate. HomeInsurance.com LLC services are only available in states where it is licensed and insurance coverage through HomeInsurance.com may not be available in all states. All insurance products are governed by the terms in the applicable insurance policy, and all related decisions (such as approval for coverage, premiums, commissions and fees) and policy obligations are the sole responsibility of the underwriting insurer. The information on this site does not modify any insurance policy terms in any way.

Quick Facts
Moneybag
$382/year
average savings through Bankrate
Two Thirds
2 out of 3 homes
are underinsured
Insurance Home
1 out of every 20
insured homes makes a claim each year
Circle Check
100% of homes
need insurance before getting a mortgage
Bankrate
Why Lemonade? It's a fresh twist on life insurance: easy, accessible and affordable.
See more providers in
Choose from insurers in

Bankrate’s top picks for the best homeowners insurance

Home insurance company Best for Bankrate Score Average annual premium for $250k dwelling coverage
USAA* Overall 4.8 $978
State Farm Overall 4.7 $1,360
Erie Robust coverage 4.6 $959
NJM Unique discounts 4.6 $373
Lemonade Digital experience 4.2 Not available
Amica Customer service 4.2 $2,851
Nationwide High-value home coverage 4.0 $1,075
Allstate Educational insurance resources 3.8 $1,300

*Overall standing affected by limited data availability in the states where coverage is offered.

Comparing the best home insurance companies

When looking for the best homeowners insurance policy, several attributes of each company may be important to think about. Considering a carrier’s available coverage options, ability to handle claims, customer satisfaction and financial stability will help you ensure your homeowners insurance policy fully suits your needs. Bankrate utilized market share percentages, customer satisfaction ratings from the latest 2021 J.D. Power U.S. Home Insurance Study and 2022 J.D. Power U.S. Property Claims Satisfaction Study, and financial strength ratings from major credit rating agencies to help you evaluate the best homeowners insurance companies.

Another common priority when looking for the best homeowners insurance is affordability. Our editorial team analyzed 2022 average quoted premiums from Quadrant Information Services to determine top carrier options. We also reviewed standard discounts that could help decrease your premium. Some discounts are fairly standard, like bundling your home and auto insurance for a multiple policy discount, or earning a home security discount for home monitoring or alarms. Others may be more unique, such as a new home construction discount from Progressive and a nonsmoker discount with NJM. Looking for discount opportunities could be a significant advantage in saving on home insurance.

The rates below are based on a homeowner having $250,000 in dwelling coverage, the primary coverage component of any standard home insurance policy that helps pay to repair or rebuild your home after a covered loss. The home insurance companies we chose to feature offer a variety of coverage options, a combination of competitive rates and discount options, plus unique features that allow you to personalize your policy to your needs.

Best home insurance company overall

JD Power:
882 /1000
AM best:
A ++
Avg. annual premium for 250k dwelling
$ 978

Why USAA may be best overall: Although USAA only offers coverage to active-duty military members, veterans and their immediate families, the company has consistently high customer service scores, robust coverage options and low average premium. It ranked as one of the best home insurance companies overall in our 2022 Bankrate Awards. 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 due to eligibility restrictions

How to get started: You can get a USAA home insurance quote by calling 800-531-8722 or visiting one of the few office locations. Online quotes are also available for home insurance.

Best home insurance company overall

JD Power:
835 /1000
AM best:
A ++
Avg. annual premium for 250k dwelling
$ 1360

Why State Farm may be best overall: State Farm is a highly rated, financially strong insurer with more than 19,000 local agents throughout the U.S. It tied for best home insurance companies overall in our 2022 Bankrate Awards. Compared to other home insurance companies, the company’s agency footprint is abundant, which might be attractive if you like handling your insurance needs locally and in person.

Availability: Coverage is available in all states except Massachusetts and Rhode Island.

How to get started: 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.

Best home insurance company for robust coverage

JD Power:
835 /1000
AM best:
A +
Avg. annual premium for 250k dwelling
$ 959

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 super-regional insurer, so it is only an option for homeowners in select locations. But if you live in an area that Erie services, you may find the insurer appealing for its numerous 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.

How to get started: Erie provides quotes through local agents only. The company’s website has a tool that could help you find an agent and even select a preferred language.

Best home insurance company for unique discounts

JD Power:
N/A
AM best:
A +
Avg. annual premium for 250k dwelling
$ 373

Why NJM may be best for unique discounts: New Jersey Manufacturers, or NJM, is a super-regional property and casualty insurer, but may be one of the best home insurance companies for homeowners who want a host of savings opportunities. The company’s premiums are far below the national average, and plenty of discounts are available — like savings for having a backup generator, a home alarm system or storm shutters (in some states). However, keep in mind that the specific type of generator, alarm system or storm shutters may affect the savings you receive.

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

How to get started: You can get an NJM quote by calling 800-232-6600 or using the online quote tool.

Best home insurance company for digital experience

JD Power:
N/A
Demotech:
A
Avg. annual premium for 250k dwelling
N/A

Why Lemonade may be best for digital experience: Lemonade’s artificial intelligence and digital-first approach to insurance is innovative and allows the carrier to offer useful online tools and, according to the insurer, lower-cost policies. Rather than maintaining brick-and-mortar agencies, Lemonade operates via a highly rated mobile app. The interface can process simple claims incredibly quickly; the fastest claim time recorded was just three seconds.

Availability: Coverage available in Arizona, California, 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.

*Rate data is unavailable for Lemonade, and it has not yet been reviewed or rated by J.D. Power or AM Best for home insurance. However, the company has been rated by Demotech for financial stability and received a letter grade of “A,” which is considered exceptional. J.D. Power also awards Lemonade the top position for renters insurance in its 2021 Home Insurance Study.

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.

Best home insurance company for customer service

JD Power:
812 /1000
AM best:
A +
Avg. annual premium for 250k dwelling
$ 2851

Why Amica may be best for customer service: Amica’s consistently highly rated claims service may be ideal for policyholders seeking a positive customer service experience. The company earned the top spot in the 2022 J.D. Power Property Claims Study, which it also held for nine consecutive years between 2012 and 2020. Its 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

How to get started: Amica has an online quoting tool that you can use, or you can call 800-242-6422 for a home insurance quote.

Best home insurance company for high-value home coverage

JD Power:
812 /1000
AM best:
A +
Avg. annual premium for 250k dwelling
$ 1075

Why Nationwide may be best for cheap rates for high-value homes: Offered through its Nationwide Private Client subsidiary, the company’s rates are particularly competitive for high-value homes, based on Bankrate’s study of 2022 quoted annual premiums. Compared to the national average premium for homes that carry $750,000 in dwelling coverage, which averages $3,414 per year, Nationwide’s rates average $2,884 per year — a difference of $530.

Availability: Coverage is available in all states except Alaska, New Mexico, Louisiana, Florida, New Jersey and Massachusetts.

How to get started: You can get a homeowners insurance quote from Nationwide in a few ways, such as by using the online quote feature, calling 877-669-6877 or by working with a local agency.

Best home insurance company for educational insurance resources

JD Power:
801 /1000
AM best:
A +
Avg. annual premium for 250k dwelling
$ 1300

Why Allstate may be best for educational resources: Abundant informational resources can help policyholders better understand their home insurance policy and make informed choices about coverage. Allstate offers numerous educational resources on its website to help first-time buyers navigate the homeowners insurance buying process. For example, Allstate’s Common and Costly Claims tool provides information about the most common and expensive insurance claims by ZIP code, which can help you assess the need for specific coverage options on your policy.

Availability: Coverage is available in all states.

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

Compare average cost by carrier

Advertising Disclosure
This advertising widget is powered by HomeInsurance.com, a licensed insurance producer (NPN: 8781838) and a corporate affiliate of Bankrate. The offers and clickable links that appear on this advertisement are from companies that compensate Homeinsurance.com LLC in different ways. The compensation received and other factors, such as your location, may impact what ads and links appear, and how, where, and in what order they appear. While we seek to provide a wide range of offers, we do not include every product or service that may be available to you as a consumer. We strive to keep our information accurate and up-to-date, but some information may not be current. Your actual offer terms from an advertiser may be different than the offer terms on this widget. All offers may be subject to additional terms and conditions of the advertiser.
Mortgage

Compare home insurance rates

Answer a few questions to see personalized rates from top carriers.
Location-Icon Created with Sketch.
Your information is kept secure
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Powered by HomeInsurance.com (NPN: 8781838) Insurance Disclosure

This advertising widget is powered by HomeInsurance.com, a licensed insurance producer (NPN: 8781838) and a corporate affiliate of Bankrate. HomeInsurance.com LLC services are only available in states where it is licensed and insurance coverage through HomeInsurance.com may not be available in all states. All insurance products are governed by the terms in the applicable insurance policy, and all related decisions (such as approval for coverage, premiums, commissions and fees) and policy obligations are the sole responsibility of the underwriting insurer. The information on this site does not modify any insurance policy terms in any way.

Quick Facts
Moneybag
$382/year
average savings through Bankrate
Two Thirds
2 out of 3 homes
are underinsured
Insurance Home
1 out of every 20
insured homes makes a claim each year
Circle Check
100% of homes
need insurance before getting a mortgage
Bankrate
Why Lemonade? It's a fresh twist on life insurance: easy, accessible and affordable.
See more providers in
Choose from insurers in

Additional home insurance companies to consider

Best home insurance company for luxury home coverage

JD Power:
N/A
AM best:
A ++
Avg. annual premium for 250k dwelling
$ 1763

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.

Availability: Coverage is available in all states.

How to get started: You can get a homeowners insurance quote from Nationwide in a few ways, such as by using the online quote feature, calling 877-669-6877 or by working with a local agency.

Best home insurance company for home warranties

JD Power:
810 /1000
AM best:
A
Avg. annual premium for 250k dwelling
N/A

Why Safeco may be best for home warranties: Home insurance isn’t designed to cover normal wear and tear, but Safeco offers homeowners the added perk of a home warranty, in partnership with American Home Shield, that can help with various types of unexpected expenses. A Liberty Mutual company, Safeco offers numerous home insurance endorsements that could allow customers to tailor their coverage to their unique needs, including equipment breakdown coverage, service line coverage and identity theft coverage. You can even round out your coverage with a home warranty that could help pay for damage that standard property insurance typically doesn’t cover, like normal deterioration.

Availability: Coverage is available in all states except Hawaii, Delaware and Washington, D.C.

How to get started: Safeco allows you to start quotes online, but policies must be purchased from an independent agent.

What is the best homeowners insurance company for bundling home and auto?

Bundling home and auto insurance means you are buying both policies from the same company. Most companies offer a discount on both auto and home policies (and sometimes other policies as well) as an incentive to policyholders. This has the potential to make both policies cheaper than if you were to purchase the policies from two separate insurance companies. To help give you an idea of how much you could potentially save by bundling policies, we checked each carrier’s website or contacted them to see how significant each company’s bundling discount could be.

Keep in mind that the best carrier for you will depend on your individual needs and preferences. One way to find the right fit for your needs is to make a list of the features you are looking for in both your home and auto insurance policies. Then you can get quotes from several carriers who might match your needs.

Home insurance company Potential typical bundle discount*
USAA Up to 10%
State Farm Up to $1,127 annually
Erie Up to 20%
NJM Not stated
Lemonade Not stated
Amica Up to 30%
Nationwide Up to 20%
Allstate Up to 25%

*Note that potential discount amounts for bundling are taken directly from the carrier website and are subject to change. Additionally, there is no guarantee that you would receive the discount advertised by the insurance company. If you want more information about bundling discounts from your insurance company, contact your insurance agent.

What is homeowners insurance?

Homeowners insurance protects your finances if your home is damaged or destroyed by a covered peril. Your policy will likely also include liability coverage, which provides you with essential financial protection if someone is hurt on your property or their belongings are damaged and you are found at fault.

Home insurance isn’t required by law, but if you have a mortgage or home loan, your lender will likely require you to have a policy. Even if your home is paid off, industry experts strongly recommend you consider purchasing home insurance coverage. A home insurance policy is designed to help you avoid financial stress or devastation if your home is extensively damaged.

What does homeowners insurance cover?

Home insurance covers damage to your home, detached structures and personal property from the losses indicated in your policy. Your liability exposure is likely also covered. Standard policies typically contain these coverage types:

  • Dwelling coverage: This is the main coverage in homeowners insurance and covers your home and any attached structures from certain types of damage, like fire, vandalism and wind.
  • Other structures coverage: Also called “detached structures coverage,” this is usually 10-20% of your dwelling amount and covers things like fences, sheds and gazebos.
  • Personal property coverage: This part of your policy covers your belongings, like your furniture, clothing and decor. Your personal property coverage is generally 50-75% of your dwelling amount, although you might be able to increase it if necessary.
  • Liability coverage: If you damage someone’s belongings or if someone is hurt on your property and you are found at fault, your liability coverage may pay the damages and your legal fees.
  • Additional living expenses: Additional living expenses (ALE), also known as loss of use, pays the costs of living while away from your home if it’s uninhabitable due to damage caused by a covered property claim.

Most standard home insurance policies also include medical payments to others coverage, which pays for guest injuries regardless of fault, up to the coverage limit. Keep in mind too that all policies are different; you can often add endorsements to bolster your policy with more coverage. And home insurance comes in several different types, all of which cover different types of losses.

Types of homeowners insurance policies

Given the wide variety of homes, there are many different types of homeowners insurance policies for every situation. While the standard HO-3 policy is what we typically refer to when discussing homeowners insurance, there are actually nine different policy types, each one best suited for a different type of home or insurance need:

  • HO-1: As the most basic type of home insurance, an HO-1 policy provides coverage for the structure of your home for named perils only. There is no coverage for your personal belongings, additional living expenses or liability.
  • HO-2: This policy type offers expanded coverage for personal property, liability and additional living expenses, but for named perils only.
  • HO-3: Widely considered the standard home insurance policy, this policy type comes with all the coverage options in the HO-2 plus medical payments coverage. Unlike the first two types of home insurance policies, the dwelling in an HO-3 is covered on an open perils basis.
  • HO-4: An HO-4 is intended for renters as a solution to insure their personal belongings and provide liability coverage. As renters are not homeowners, this policy does not insure the structure of their home.
  • HO-5: As an open-peril policy, an HO-5 expands coverage for dwelling and personal belongings to all perils except those specifically excluded.
  • Condominium: A condominium owner’s policy insures the interior of their unit, as the exterior and shared spaces may be covered by the master condominium policy. It also insures the owner’s personal belongings and provides liability coverage.
  • HO-8: The HO-8 policy type is a named peril policy that only covers 10 perils. It is intended for homes where the repair or replacement cost may be higher than its resale value, such as older or historical homes, or architecturally significant homes.

How to choose the best homeowners insurance policy

Dozens of home insurance companies might be available in your area, so how do you choose the right provider for you? Here’s a few steps you can take:

  1. Understand your needs. Do you live in an area where wind damage is common? How much would your home cost to rebuild? Do you have specialty belongings that might need additional coverage? Understanding what you need from a home insurance company is often the first step to choosing the best carrier for your circumstances.
  2. Determine what matters to you. Would you feel more comfortable with a local agent who knows the area and can help you navigate the insurance buying process? Or do you like to handle your policies digitally? Is customer service important to you? Analyzing third-party reviews might help you decide if a company will be a good fit.
  3. Shop around. Once you know what you are looking for in a policy, you can get quotes from several different property insurers. Most companies offer a different combination of optional coverage types and discounts, so getting a minimum of three quotes helps you compare, according to the Insurance Information Institute (Triple-I). Also, insurance costs can vary significantly between companies, even for the same level of coverage.
  4. Reevaluate your coverage occasionally. Life changes, and your insurance should change with it. If you experience a life event — maybe you get married, have a child or suffer a home insurance loss — you should talk to your insurance company or agent to evaluate your coverage needs. This helps to ensure you have the coverage and policy features that work best for you. The Triple-I recommends conducting an annual insurance review with your agent to ensure you have the right amounts and types of coverage.

Working with a licensed insurance agent can be very helpful during the process of purchasing homeowners coverage. An agent can assess your needs and help you choose the options that are best for you.

Why location matters when choosing the best home insurance for you

Home insurance companies use multiple rating factors to determine your annual premium, and location — including state, city, ZIP code, claims history and proximity to a fire station and fire hydrants — can have a substantial impact on the cost of home insurance coverage. Nationally, the average cost of homeowners insurance is $1,383 per year for $250,000 in dwelling coverage. However, different areas of the country come with distinct risk factors, which affect premiums. For example, a homeowner living along the coastline may need to consider how hurricanes might affect their property, while someone in the Rocky Mountain region may need to consider the impacts of heavy snow and wildfires.

Becoming familiar with your state’s risks and common causes of loss could help you make a more educated decision regarding your homeowners insurance coverage. Links to Bankrate’s picks for the best homeowners insurers in your state are included in the table below.

Advertising Disclosure
This advertising widget is powered by HomeInsurance.com, a licensed insurance producer (NPN: 8781838) and a corporate affiliate of Bankrate. The offers and clickable links that appear on this advertisement are from companies that compensate Homeinsurance.com LLC in different ways. The compensation received and other factors, such as your location, may impact what ads and links appear, and how, where, and in what order they appear. While we seek to provide a wide range of offers, we do not include every product or service that may be available to you as a consumer. We strive to keep our information accurate and up-to-date, but some information may not be current. Your actual offer terms from an advertiser may be different than the offer terms on this widget. All offers may be subject to additional terms and conditions of the advertiser.
Mortgage

Compare home insurance rates

Answer a few questions to see personalized rates from top carriers.
Location-Icon Created with Sketch.
Your information is kept secure
Caret DownCaret Up
Caret DownCaret Up
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Powered by HomeInsurance.com (NPN: 8781838) Insurance Disclosure

This advertising widget is powered by HomeInsurance.com, a licensed insurance producer (NPN: 8781838) and a corporate affiliate of Bankrate. HomeInsurance.com LLC services are only available in states where it is licensed and insurance coverage through HomeInsurance.com may not be available in all states. All insurance products are governed by the terms in the applicable insurance policy, and all related decisions (such as approval for coverage, premiums, commissions and fees) and policy obligations are the sole responsibility of the underwriting insurer. The information on this site does not modify any insurance policy terms in any way.

Quick Facts
Moneybag
$382/year
average savings through Bankrate
Two Thirds
2 out of 3 homes
are underinsured
Insurance Home
1 out of every 20
insured homes makes a claim each year
Circle Check
100% of homes
need insurance before getting a mortgage
Bankrate
Why Lemonade? It's a fresh twist on life insurance: easy, accessible and affordable.
See more providers in
Choose from insurers in

Frequently asked questions

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Written by
June Sham
Insurance Writer

June Sham is an insurance writer for Bankrate. Before joining the team, she worked for nearly three years as a licensed producer writing auto, property, umbrella and earthquake policies.

Edited By Insurance Editor
Reviewed By Director of corporate communications, Insurance Information Institute