Insurance protects your most expensive possession, covering the costs to rebuild or replace your home. USAA and State Farm may be great choices for many homeowners. Lemonade topped our list for providing tech-savvy and low-cost home insurance. Bankrate’s insurance editorial team reviewed more than 50 homeowners insurance companies across the nation.
Lemonade is an online-only insurance company that uses artificial intelligence to provide notably fast home insurance quotes and claim payments. The company can provide a quote in a few minutes — you simply fill out a form on their website and choose the coverage amount you want. Lemonade also offers renters insurance, life insurance and even pet insurance, and customers can receive discounts for multi-policy bundling.
The Allstate Corporation is an American insurance company, headquartered in Northfield Township, Illinois. With 2018 revenues of $39.8 billion it ranked 79th in the 2019 Fortune 500 list of the largest United States corporations by total revenue. It’s an A+ (Superior) rating by AM Best. In 1925, Sears held a national contest to decide the name of a new brand of car tires. After over two million name submissions, “Allstate” was chosen.
The company’s “You’re in Good Hands with Allstate” slogan was created by Davis W. Ellis. Allstate began selling insurance to Canadians in 1953. Allstate Insurance Company of Canada was incorporated in 1964. The company’s home office was moved from Skokie to Northbrook, Illinois in 1967. In 1991, the company went public before becoming completely independent in 1995.
State Farm is one of the largest insurers in the nation and available in all 50 states. The provider uses a network of local agents to serve its customers, offering a personal customer service and claims experience. Extra protection for jewelry and furs, silverware, business-related property and firearms are automatically included. The bank opened in May 1999 and is operated by State Farm Financial Services, FSB, a subsidiary of State Farm Mutual Automobile Insurance Co. Its regular banking services include checking and savings accounts, certificates of deposit, and money market accounts.
As of December 2017, State Farm had 70,000 employees and 19,000 agents. The State Farm interlocked red tri-oval logo was created in the mid-to-late 1940s and later updated in 1953. For nearly 60 years, this design was critical to its brand image. The new logo was introduced January 1, 2012, in celebration of the company’s 90th anniversary.
Travelers Homeowners Insurance has 138 years of experience, which is more than most competitors. You can choose from nine deductible options between $1,000 and $50,000. 24/7 customer support and a claims center help customers fine-tune their policy coverage.
USAA is a homeowners insurance provider that’s available to those who have served in the U.S. Armed Forces and their families. USAA has more than 13 million customers, which is a testament to its excellent coverage. Members are eligible for discounts if they bundle multiple policies. USAA was founded in 1922 by a group of 25 U.S.
Army officers as a mechanism for mutual self-insurance. It was originally called the United States Army Automobile Association. Most of its business is conducted over the Internet or telephone using employees instead of agents. In 2015, USAA employed more than 32,000 people at its offices throughout the world. USAA offered restricted membership to civilians between September 2009 and August 2013.
The Charles Schwab Corporation announced it would acquire USAA’s investment and brokerage accounts for $1.8 billion. USAA’s focus is primarily on members of the U.S. military and their immediate families. Financial services can be accessed in person, by mail, by phone, or through the internet. Members are referred to Charles Schwab Corporation and Victory Capital Management for other investment services.
American Family Insurance, also abbreviated as AmFam, is an American private mutual company that focuses on property, casualty, and auto insurance. A Fortune 500 company, its revenues were over $9.5 billion in 2017. It should not be confused with American Family Home Insurance or American Family Life Assurance. The American Family Insurance Group is based in Madison, Wisconsin. As of 2011 had 4 regional corporate headquarters in Minnetonka/Eden Prairie, Minnesota; Saint Joseph, Missouri; Denver, Colorado; and Columbus, Ohio.
The company also offers a reward system for their insureds titled “Dreamkeep Rewards”. American Family Insurance became the first mutual auto insurance company to appear on the Fortune 500 list in 1986. The company is the naming rights sponsor of the stadium of the Milwaukee Brewers, American Family Field. It was founded in Milwaukee, Wisconsin, in 1885 and has operations in 19 states across the United States.
Erie Insurance is No. 1 in our rating of the Cheapest Homeowners Insurance Companies of 2022. Erie homeowners insurance policies are available in fewer than half the states in the U.S. ERIE has more than 6 million policies in force and operates in 12 states. Co-founder H.O. Hirt’s mantra was “The ERIE is Above all in SERvIcE,” with the letters “E-R-I-E” raised out of the word service. The company later expanded into home, business and life insurance.