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Best homeowners insurance companies for December 2024
Bankrate’s extensive research pinpointed Allstate, USAA and Amica as some of the best home insurance companies in the nation.
Powered by Coverage.com (NPN: 19966249)
Coverage.com, LLC is a licensed insurance producer (NPN: 19966249). Coverage.com services are only available in states where it is licensed. Coverage.com may not offer insurance coverage in all states or scenarios. 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.
The best home insurance companies in December 2024
There’s no single insurer that’s best for everyone, which is why Bankrate included 10 in our roundup of top homeowners insurance companies. To help narrow down your search, we also selected a key characteristic of each provider to highlight what makes it stand out from the rest.
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Best overall
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4.7
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$1,451
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Best for budget home insurance
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4.6
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$1,696
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Best for customer experience
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4.6
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$1,876
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||
Best for unique discounts
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4.5
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$721
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||
Best for robust coverage
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4.4
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$1,871
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Best for high-value home coverage
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4.3
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$3,567
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Best overall
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4.2
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$2,289
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Best for local agents
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4.2
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$1,984
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Best for add-on coverage options
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4.1
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$2,448
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||
Best for digital experience
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3.8
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N/A
|
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Coverage.com, LLC is a licensed insurance producer (NPN: 19966249). Coverage.com services are only available in states where it is licensed. Coverage.com may not offer insurance coverage in all states or scenarios. 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.
How Bankrate picked the best homeowners insurance companies
Finding the right home insurance can be a challenge for first-time buyers and seasoned homeowners alike. Bankrate’s insurance editorial team is dedicated to bringing our readers the information they need to make educated decisions when shopping for home insurance. Our list of the best homeowners insurance companies includes a broad selection of providers with high customer satisfaction scores and financial strength ratings, which we leveraged into a Bankrate Score out of 5.0. To make our list of best homeowners insurance companies, we chose carriers that:
- Earned a Bankrate Score of 3.5 or higher
- Scored within at least 30 points of the segment average for customer satisfaction in the J.D. Power 2024 U.S. Home Insurance Study (for companies that were included)
- Have an AM Best financial strength rating of A (Excellent) or better
- Were ranked by Bankrate as the best company for specific market segments, based on the company’s unique features
Bankrate's trusted insurance industry expertise
Read our full methodologyThe home insurance market can be complicated, but Bankrate's insurance editorial team used our unique perspective to bring readers the information they need to make educated decisions when shopping for new home insurance.
46 years
of industry experience
20.7k
Zip codes examined
122
Carriers reviewed
1.2M
Quotes analyzed
The top 10 home insurance companies
USAA
BEST HOME INSURANCE COMPANY OVERALL (TIE)
4.7
4.7
Avg. premium for $300K dwelling
$121/mo
Avg. premium for $300K dwelling
$1,451/yr
Customer satisfaction
899/1,000
-
Why USAA may be best overall: USAA only offers coverage to active-duty military, veterans and qualifying family members. But, the company has consistently high customer service scores, robust coverage options and low average premiums, so we felt compelled to add it to our list. USAA tied in the 2024 Bankrate Awards for Best Home Insurance Company Overall, the third year in a row it has taken home the title. Unique add-ons, such as no-deductible 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.
Auto-Owners
BEST BUDGET HOME INSURANCE COMPANY
4.6
4.6
Avg. premium for $300K dwelling
$141/mo
Avg. premium for $300K dwelling
$1,696/yr
Customer satisfaction
869/1,000
-
Why Auto-Owners may be for budget home insurance: Auto-Owners’ average premiums tend to be lower than the national average and compared to average premiums in the 26 states in which it operates. Plus, it offers a lengthy list of discounts for even more savings. Auto-Owners operates through a network of independent insurance agents, some of whom may have insurance knowledge specific to your area, which could make it a good choice for homeowners who prefer more personalized service.
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.
Amica
BEST HOME INSURANCE COMPANY OVERALL (TIE)
4.6
4.6
Avg. premium for $300K dwelling
$156/mo
Avg. premium for $300K dwelling
$1,876/yr
Customer satisfaction
906/1,000
-
Why Amica may be best for customer service: Amica’s highly rated claims and customer satisfaction may be ideal for policyholders seeking a positive customer service experience. The company earned the top spot in the J.D. Power 2024 U.S. 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. To get a quote from Amica, visit its website at amica.com.
Availability: Coverage is available in all states except Alaska and Hawaii.
NJM
Best for unique discounts
4.5
4.5
Avg. premium for $300K dwelling
$60/mo
Avg. premium for $300K dwelling
$721/yr
Customer satisfaction
Not rated
-
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.
Erie
Best for robust coverage
4.4
4.4
Avg. premium for $300K dwelling
$156/mo
Avg. premium for $300K dwelling
$1,871/yr
Customer satisfaction
888/1,000
-
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.
Chubb
BEST FOR HIGH-VALUE HOMES
4.3
4.3
Avg. premium for $300K dwelling
$297/mo
Avg. premium for $300K dwelling
$3,567/yr
Customer satisfaction
876/1,000
-
Why Chubb may be best for luxury home coverage: If you own a luxury home, Chubb offers 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 service, which may help homeowners identify potential issues before they cause property damage claims. It’s features like this that contributed to Chubb being named Best for High-Value Homes in the 2024 Bankrate Awards and its top spot in the 2024 J.D. Power Home Insurance Study.
Availability: Coverage is available in all states.
Allstate
BEST FOR FIRST-TIME HOMEOWNERS
4.2
4.2
Avg. premium for $300K dwelling
$191/mo
Avg. premium for $300K dwelling
$2,289/yr
Customer satisfaction
868/1,000
-
Why Allstate may be best overall: Allstate has an abundance of online tools and various coverage options for homeowners who want to take a proactive approach to their home insurance. And for those who prefer in-person service, 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: Home insurance policies are available in all states except California.
State Farm
Best for local agents
4.2
4.2
Avg. premium for $300K dwelling
$165/mo
Avg. premium for $300K dwelling
$1,984/yr
Customer satisfaction
873/1,000
-
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.
Travelers
Best for add-on coverage options
4.1
4.1
Avg. premium for $300K dwelling
$204/mo
Avg. premium for $300K dwelling
$2,448/yr
Customer satisfaction
845/1,000
-
Why Travelers may be best for add-on coverage options: Although Travelers offers standard endorsements like coverage for jewelry and valuables and water backup coverage, other less common coverage options include green home coverage and identity protection. It also has a free home history tool, so would-be homeowners can know a property’s claim history. Homeowners looking for a customized policy may be interested in Travelers.
Availability: Available in all states except Alaska, Florida, Hawaii, Louisiana and West Virginia.
Lemonade
Best for digital experience
3.8
3.8
Avg. premium for $300K dwelling
Not available
Avg. premium for $300K dwelling
Not available
Customer satisfaction
Not rated
-
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, which has a 4.9 rating on the App Store and 4.3 on Google Play. 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.
Finding the best homeowners insurance company for you
Insurance is a highly individualized product. Finding cheap homeowners insurance with good coverage can be a tough balancing act. But it may be possible if you know your needs and priorities, as well as how your circumstances can affect your rate. Climate and location, for example, can play large roles in how much coverage you need. If you live along a fault line, you may consider adding an earthquake endorsement to your policy. Or, if you live somewhere with a high flood risk, adding flood coverage is probably a wise move.
Home insurance companies typically use more than a dozen factors (that are personal to you) to calculate your rate. In most states, these factors include your credit history, ZIP code, claims history and marital status, among others. As a result, insurance rates, coverage options and savings opportunities differ across people and companies. When in doubt, you might find it helpful to speak with an independent agent or broker who can request quotes from multiple companies on your behalf. They may also be able to give greater insight into your specific coverage needs.
Learn more about how to choose the best home insurance company:
How to buy homeowners insurance
Once you are ready to purchase homeowners insurance, here is an overview of steps to follow:
What customer satisfaction metrics should you consider?
Price shouldn’t be the only thing on your mind when choosing an insurer. After all, if you do end up needing to file a claim, you’ll want to be sure the process is smooth. But, how can you know what a company's customer service experience is like before you've purchased a policy? Fortunately, there are a few different metrics that can give you a glimpse into how current policyholders feel about their home insurance carrier, including:
J.D. Power scores: J.D. Power conducts annual insurance studies by surveying current policyholders, asking them to rate the customer service and property claims experience they've received from their company. You can also learn about a carrier's digital tools by reviewing the J.D. Power 2024 U.S. Insurance Digital Experience Study.
NAIC Complaint Index: The National Association of Insurance Commissioners, or NAIC, records policyholder complaints and translates this data into a complaint index. Most insurance companies have an overall complaint index and a score for each line of available insurance. When interpreting this data, it's important to know that a company with an average number of complaints has a score of 1.00. A score higher than 1.00 means the company gets more complaints on average and vice versa — a score less than 1.00 means fewer complaints than average.
Financial strength ratings: Although a company's financial strength rating may not be directly related to customer service, it's unlikely that a policyholder will be happy with their carrier if it doesn't have the funds to pay for a covered loss. Financial strength ratings issued by AM Best, Moody's, Standard & Poor’s and Demotech reflect a carrier's historical ability to pay out claims when needed. Most insurance agents agree that choosing a financially stable company is essential, as losses can be widespread after a natural disaster like a hurricane or wildfire.
Friends and family: Speaking with friends and family already insured with a company can be a powerful tool in understanding what to expect from a carrier. Word of mouth can go a long way, especially from trusted friends, family and colleagues.
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Compare home insurance rates
Answer a few questions to see personalized rates from top carriers.
Powered by Coverage.com (NPN: 19966249)
Coverage.com, LLC is a licensed insurance producer (NPN: 19966249). Coverage.com services are only available in states where it is licensed. Coverage.com may not offer insurance coverage in all states or scenarios. 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.
Best homeowners insurance companies for different homeowners
Home insurance needs will change based on your unique situation. For example, first-time homebuyers will likely need something different from their provider than someone who purchased an Airbnb property or someone who purchased a historical home. Below, we’ve put together a list of the best home insurance companies for a variety of different scenarios.
The best home insurance company for first-time homebuyers: Allstate
It’s not uncommon for a home insurance company to extend a discount to first-time homebuyers. The companies we’ve chosen to highlight below all offer some type of discount for new homeowners or recent home purchases.
Allstate stands out to us for a few reasons as the best choice for a first-time homeowner. It offers both a 10 percent welcome discount and additional savings for recent homebuyers. Allstate’s high Bankrate Score, Bankrate Award for Best Overall Home Insurance Company and long list of additional coverage options check many of our boxes — and those of a first-time homebuyer. Plus, Allstate’s robust digital tools and expansive network of agents can help give first-timers the extra support they may need when navigating the insurance process.
The best home insurance company for leasing to a renter: USAA
If you purchased an investment property to rent out, you’ll likely need a home insurance provider that offers either short-term rental coverage or a landlord policy. A standard home insurance policy will likely only cover an owner-occupied building. Landlord insurance, among other things, can provide coverage for a tenant-occupied building. Short-term rental insurance can raise your liability limits and offer additional protection for your personal belongings.
USAA’s rental property insurance program offers strong protection for you and your home, whether you rent out your property for a week, a month or longer. If you do not qualify for a USAA policy, Allstate could be a good alternative. Its HostAdvantage policy even includes a discount from Merry Maids.
The best home insurance company for homeowners with high-value homes or valuable items: Chubb
While the definition of a high-value home may change from region to region, they have some insurance commonalities. Owners of high-value homes may seek higher coverage limits, specialized coverage endorsements, broad personal property coverage and dependable customer service.
Chubb offers policyholders all of these things and more. It was awarded the 2024 Bankrate Award for Best for High-Value Homes for multiple reasons. Chubb’s policies include complimentary risk consulting and a HomeScan tool to help spot problems before they turn into expensive insurance claims. It has a wealth of coverage options for valuable items, like special endorsements for jewelry, art, collectibles and even wine and spirits.
Best companies based on customer satisfaction
Although price is important, it isn’t the only consideration when choosing a home insurance company. If and when it comes time to file a home insurance claim, it’s important that your provider makes the process as smooth and painless as possible. That’s where customer satisfaction rankings come into play. J.D. Power, a data analytics and consumer intelligence company, publishes annual studies that rank insurers by customer satisfaction metrics like trust, price for coverage, problem resolution and ease of doing business.
Homeowners looking for highly-rated companies that are highly rated by J.D. Power may want to get quotes from:
- USAA
- Chubb
- Amica
- Erie
The best home insurance companies by state
Thanks to a combination of high customer satisfaction scores, low average premiums, discount opportunities, coverage options and more, we’re confident that the companies on this list are an excellent starting point for many shoppers. However, depending on your state, some carriers will be priced more competitively than others. Your location may demand premiums much higher or lower than the national average homeowners insurance cost, and some of the companies on this list may not be available in your state at all.
Risks and insurance markets vary from state to state. Florida, for instance, is grappling with a homeowners insurance crisis, and many of the carriers on this list are no longer writing new business in the state. Instead, Floridians may need to rely on smaller regional companies for coverage or state-supported Citizens Insurance. In California, home insurance companies are limiting coverage in response to increased wildfire risks (among other concerns). No matter where you live, narrowing your research by looking into the best homeowners insurance company in your state could help you find the best coverage at the best price.
Compare the best home insurance rates by state
To help illustrate how rates can differ depending on where you live, we created the interactive map below. Click on your state to see how much the average homeowners insurance policy costs in your area and how it compares to the national average. Please note that these average rates are based on policies with $300,000 in dwelling coverage.
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---|---|---|
Average annual premium
$2,817
|
Average monthly premium
$235
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|
Average annual premium
$986
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Average monthly premium
$82
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|
Average annual premium
$2,229
|
Average monthly premium
$186
|
|
Average annual premium
$2,972
|
Average monthly premium
$248
|
|
Average annual premium
$1,480
|
Average monthly premium
$123
|
|
Average annual premium
$3,222
|
Average monthly premium
$268
|
|
Average annual premium
$1,605
|
Average monthly premium
$134
|
|
Average annual premium
$966
|
Average monthly premium
$81
|
|
Average annual premium
$5,527
|
Average monthly premium
$461
|
|
Average annual premium
$2,014
|
Average monthly premium
$168
|
|
Average annual premium
$1,203
|
Average monthly premium
$100
|
|
Average annual premium
$1,282
|
Average monthly premium
$107
|
|
Average annual premium
$2,407
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Average monthly premium
$201
|
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Average annual premium
$1,717
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Average monthly premium
$143
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Average annual premium
$2,284
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Average monthly premium
$190
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Average annual premium
$4,241
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Average monthly premium
$353
|
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Average annual premium
$3,277
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Average monthly premium
$273
|
|
Average annual premium
$4,296
|
Average monthly premium
$358
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Average annual premium
$1,227
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Average monthly premium
$102
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Average annual premium
$1,561
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Average monthly premium
$130
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Average annual premium
$1,671
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Average monthly premium
$139
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Average annual premium
$2,040
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Average monthly premium
$170
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Average annual premium
$2,578
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Average monthly premium
$215
|
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Average annual premium
$3,285
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Average monthly premium
$274
|
|
Average annual premium
$2,117
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Average monthly premium
$176
|
|
Average annual premium
$2,531
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Average monthly premium
$211
|
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Average annual premium
$5,544
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Average monthly premium
$462
|
|
Average annual premium
$958
|
Average monthly premium
$80
|
|
Average annual premium
$980
|
Average monthly premium
$82
|
|
Average annual premium
$1,162
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Average monthly premium
$97
|
|
Average annual premium
$2,071
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Average monthly premium
$173
|
|
Average annual premium
$1,745
|
Average monthly premium
$145
|
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Average annual premium
$2,459
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Average monthly premium
$205
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Average annual premium
$2,880
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Average monthly premium
$240
|
|
Average annual premium
$1,312
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Average monthly premium
$109
|
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Average annual premium
$5,049
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Average monthly premium
$421
|
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Average annual premium
$1,015
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Average monthly premium
$85
|
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Average annual premium
$1,233
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Average monthly premium
$103
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Average annual premium
$2,094
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Average monthly premium
$174
|
|
Average annual premium
$2,420
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Average monthly premium
$202
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Average annual premium
$2,857
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Average monthly premium
$238
|
|
Average annual premium
$2,321
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Average monthly premium
$193
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|
Average annual premium
$3,884
|
Average monthly premium
$324
|
|
Average annual premium
$1,200
|
Average monthly premium
$100
|
|
Average annual premium
$806
|
Average monthly premium
$67
|
|
Average annual premium
$1,520
|
Average monthly premium
$127
|
|
Average annual premium
$1,434
|
Average monthly premium
$119
|
|
Average annual premium
$995
|
Average monthly premium
$83
|
|
Average annual premium
$1,198
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Average monthly premium
$100
|
|
Average annual premium
$1,352
|
Average monthly premium
$113
|
|
Average annual premium
$1,405
|
Average monthly premium
$117
|
How do I save on home insurance?
One of the easiest ways to maximize savings on your home insurance is to take advantage of home insurance discounts. Every insurance company has its own discounts, but common savings opportunities could include being claims-free or buying a new home. In some states (Florida and Louisiana, for instance), you could get a discount for adding wind mitigation features to your home. Stacking home insurance discounts could mean significant savings on your home insurance premium — and more money back in your pocket. Be sure to ask your insurance agent about all available discounts you qualify for to make sure you don’t miss out on savings opportunities. Raising your insurance deductible may also result in a cheaper premium, but be cautious not to raise it too high. It is important that your deductible remains at a level you can reasonably afford to pay out at the drop of a hat.
Best companies for bundling home and auto insurance
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. In some cases, homeowners can find lower rates by keeping their home and auto policies with different insurance providers. One way to find the right fit 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 that might match your needs.
Home insurance company | Potential typical bundle discount* |
---|---|
USAA | Up to 10 percent |
Allstate | Up to 25 percent |
Lemonade | Not stated |
Chubb | Not stated |
Amica | Up to 30 percent |
Travelers | Up to 15 percent |
NJM | Not stated |
Auto-Owners | Not stated |
State Farm | Up to $1,127 annually |
Erie | 12 to 25 percent |
Home insurance industry trends
Signs show that our red-hot inflation could be cooling, but the economic situation remains uncertain. According to Bankrate’s 2024 Annual Emergency Savings Report, about 30 percent of American adults have more money saved compared to last year.
Still, some homeowners may try to cut costs by scaling back on their home insurance, but this can be a risky financial move. According to proprietary premium data from Quadrant Information Services, the 2024 national average homeowners insurance rate for $300,000 in dwelling coverage rose to $2,304 per year. However, rates in some states have risen more than in others. For instance, many Florida homeowners have faced significantly higher rates. By choosing lower coverage limits, homeowners could get a cheaper premium — albeit at the cost of exposing themselves to greater financial risk.
Historic labor shortages and inflation are some of the post-pandemic woes plaguing the home insurance market. An increased frequency of extreme weather events, high reinsurance costs, excessive litigation and, in some states, rising insurance fraud are also factors. While shopping for a lower home insurance quote may still be worthwhile, finding a lower rate could take more work than in years past.
Bankrate continually monitors homeowners insurance rate trends to give our readers information they can use to make empowered, informed decisions about their policies. We also asked industry experts to shed some light on the current market and to provide tips that consumers might use to ease some of the pressure they may feel when receiving their policy renewal this year.
Industry experts weigh in
With climate change comes an increasing rate of natural disasters. Will these catastrophic events impact average rates across the board, even in areas that didn’t experience the disaster?
Mark Friedlander
Director of corporate communications, Insurance Information Institute
“Rising homeowners insurance costs across the U.S. since the pandemic began in 2020 have been driven by a combination of general inflation, replacement-cost inflation due to supply chain issues and labor shortages that increase home repair and replacement costs (55 percent cumulative increase from 2020 through 2022, nearly four times the U.S. inflation rate during the same period) and losses related to natural disasters, which vary by state. Consumers and policymakers should be cognizant of the dynamics underlying these price shifts and understand why insurers must be forward-looking in their approach to pricing these policies. Average home insurance premiums rose consistently from 2001 to 2021, according to a study conducted by the Insurance Research Council (IRC). These costs surpassed household income growth, leading to decreased affordability among U.S. consumers. As expected, disaster-prone states have the least affordable home insurance — the IRC ranks Florida as the least affordable market in the country. Also embedded in the rising costs of insurance is legal system abuse, which includes false claims of damage to homes. This has been a common issue in disaster-prone areas, where fraudulent claims of roof damage, in particular, dramatically increase the costs of insurance for all consumers. Legal system abuse will be a factor in losses incurred during this year's hurricane and wildfire seasons.”
Frequently asked questions
Methodology
Bankrate utilizes Quadrant Information Services to analyze November 2024 rates for all ZIP codes and carriers in all 50 states and Washington, D.C. Quoted rates for our base profile are based on the following characteristics and coverage levels:
Dwelling coverage
$300,000Other structures coverage
$30,000Personal property coverage
$150,000Loss of use coverage
$60,000Liability coverage
$500,000Medical payment coverage
$1,000The homeowners also have a $1,000 deductible, a $500 hail deductible and a 2 percent hurricane deductible (or the next closest deductible amounts that are available) where separate deductibles apply.
These are sample rates and should be used for comparative purposes only. Your quotes will differ.
Additional profiles:
- Coverage A, Dwelling: $150,000, $350,000, $450,000, $750,000
- Coverage B, Other Structures: $15,000, $35,000, $45,000, &75,000
- Coverage C, Personal Property: $75,000, $175,000, $225,000, $375,000
- Coverage D, Loss of Use: $30,000, $70,000, $90,000, $150,000
- Coverage E, Liability: $500,000
- Coverage F, Medical Payments: $1,000
Bankrate Scores
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Cost & ratings 50%
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Coverage & savings 30%
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Support 20%
Each category was assigned a metric to determine performance, and the weighted sum adds up to a company’s total Bankrate Score — out of 5 points. Our scoring model provides a comprehensive view, indicating when companies excel across several key areas and highlighting where they fall short.
- Tier 1 (Cost & ratings): To determine how well auto and home insurance companies satisfy these priorities, average quoted premiums from Quadrant Information Services (if available), as well as any of the latest third-party agency ratings from J.D. Power, AM Best, Demotech and the NAIC, were analyzed.
- Tier 2 (Coverage & savings): We assessed companies’ coverage options and availability to help policyholders find a provider that balances cost with coverage. Additionally, we evaluated each company’s discount options listed on its website.
- Tier 3 (Support): To encompass the many ways a home insurance company can support policyholders, we analyzed avenues of customer accessibility along with community support. This analysis incorporated additional financial strength ratings from S&P and Moody’s and factored a company’s corporate sustainability efforts.
Tier scores are unweighted to show the company's true score in each category out of a possible five points.