The Best Homeowners Insurance Companies In 2019 // Rates & Reviews

Sep 20, 2019 (0) comment

best homeowners insurance companies

Top 3 ​Homeowners Insurance Companies Comparison Chart

1st


hippo insurance logo

Bestow is backed by A rated TOPA Insurance, and is our #1 recommendation. Competitive rates and an instant approval process earned it the 1st spot.
Click below to get an accurate quote.

2nd


lemonade logo

Lemonade is rated A (Exceptional), and is our #2 recommendation. Solid rates, an easy application process and being a registered B-Corp earned it the 2nd spot.
Click below to get an accurate quote.

3rd


Allstate is rated A+ rated and is our #3 recommendation. Allstate has the best options for First Time Home buyers which earned it the 3rd spot.
Click below to get an accurate quote.


Choosing the best home insurance company can be complicated and it's hard to know where to start with hundreds of companies and policies to choose from.

What if I told you we have taken all of the guess work out and narrowed it down and compared 3 of the best homeowners insurance companies in the United States.

In this post we will compare and review these top home insurance companies and explain why they are the best options in 2019.

Let's dive in!

best homeowners insurance companies

As Seen On...

Forbes
The Simple Dollar
Reviews.com
Insurance News Net
Go Banking Rates

Best Homeowners insurance companies

1. ​Hippo

hippo logo large

​Hippo is our #1 recommended ​no exam life insurance company.   

They are the only product on the market that offers a true 100% online experience from the application process all the way through to the approval.

If you need affordable home insurance with quotes in under 60 seconds and approvals in under 5 minutes, there is no better option.

hippo home page

​Features & Benefits

Why buy coverage from Hippo? Here are just a few reasons they're our favorite...

  • Quotes In 60 Seconds
  • Condo Insurance Available
  • Mortgage Payment Protection
  • Coverage For Your Home Office
  • Free Water Leak Sensor For Home
  • Rates Are 25% Lower Than Competitors
  • A Simple, 100% Online Application & E Signature Process
  • Available In: Al, AZ, CA, IL, IN, MD, MN, MO, MS, NM, NV, OH, PA, TN, TX, UT, & WI  

Hippo has also designed a brand new underwriting framework and built one of the best processes for instantly purchasing home insurance online.

Along with the free water leak sensor, and having 25% lower rates on average,  if you are in the process of purchasing a home you can add the coverage to your loan by providing your lender information.

No other home insurance company has an underwriting platform that is designed to function the way Hippo has set theirs up.  Their policies are issued by TOPA Insurance which is rated A-(Excellent) by A.M. Best.

​Hippo Reviews (5/5) 

Hippo has received over 1,100 reviews from verified policy holders, averaging 4.9 out of 5 stars.

In fact, they have an A rating from the Better Business Bureau (BBB), and even though they don't have many reviews on the BBB yet, they have absolutely no complaints filed against them.  

hippo bbb rating

Hippo (How It Works) Video Overview 

*Rates From $60/month
*(Based On Newer Construction In The State Of Texas, A Good Insurance Score, And Other Desirable Factors.)


2. ​Lemonade

lemonade logo large

Coming in at a close second to Hippo is Lemonade, another one of the best places to buy homeowners insurance online.

Just like Hippo, Lemonade allows you to purchase home insurance online very fast and you also have the ability for immediate coverage.

Lemonade even offers Earthquake Insurance in some states and has a solid Give Back program. 

lemonade home page

Features & Benefits

Some reasons why Lemonade made the cut: 

  • No Pushy Sales Calls
  • Instant Online Coverage
  • Earthquake Insurance Rider (CA & AR)
  • Option To Have Zero Deductible For Up To 2 Claims Per Year 
  • Super Fast Claims Processing (Payouts Can Happen In Minutes)
  • Available In: AR, AZ, CA, CO, CT, DC, GA, IA, IL, IN, MA, MD, MI, NJ, NM, NV, NY, OH, OK, OR, PA, RI, TN, TX, VA, & WI.

Lemonade is also one of the first home insurance companies that is focused on Social Impact and hs been designated as a Public Benefit Corporation or B-Corp.

And just like Hippo, if you are in the process of purchasing a home you can add the coverage to your loan by providing your lender information.

their system can underwrite you while you are completing the application for an Immediate Decision.

Lemonade is rated A-(Exceptional) by Demotech.

Lemonade Reviews (4.6/5) 

Lemonade has received just 5 reviews on Trustpilot, so they haven't put much into getting responses from their customers.

On top of that, even though they have an A+ rating with the BBB they aren't an accredited business and they have had 39 customer complaints over the last 3 years alone.

lemonade bbb

Lemonade (How It Works) Video Overview 

*Rates From $25/month
*Based On Newer Construction In The State Of Georgia, A Good Insurance Score, And Other Desirable Factors.


3. Allstate

Allstate has been putting a twist on home insurance since it started.


allstate home page

Features & Benefits

Allstate made the top 3 due to their fast application process and low rates:

  • ​Up to $1,000,000 in no-exam coverage (for those who qualify).
  • ​Get A ​Quick Approval In 5 Minutes
  • ​Free Personal Wills
  • No Pushy Sales Calls
  • Secure And Simple Online Application
  • ​10 Day ​Free Look Period
  • ​Easy System To Share Your Policy With A Beneficiary


Allstate Reviews (4.4/5) 

Allstate doesn't have a section where they have direct customer reviews but they did have a BBB account.

They have been accredited with the BBB for 88 years, and have an A+ rating with the BBB

allstate bbb rating

Complete review of Allstate coming soon.

Allstate How It Works (Video Review)

Rates From $70/month


Types Of Homeowners Insurance Coverage

There are about eight different types of homeowners insurance and we go over them briefly below:

H01: Basic Form

Your basic form home insurance policy is very simple, it will only cover what is outlined in your policy.

These types of policies are known as "named peril" policies which simply mean that if the type of peril isn't named, it isn't covered.

These perils are theft, Lightning,  Vandalism, Explosions, Fire Or Smoke, Volcanic Eruption, Hail And Windstorms, Damage From Aircraft, Damage From Vehicles, Riots, And Civil Commotion

H02: Broad Form

Think of the broad form policy as an upgrade to the basic form policy, it will cover all the perils in your HO-1 policy and cover: 

Falling Objects, Weight Of Ice, Snow, Or Sleet, Freezing Of Household Systems Like AC Or Heating, Accidental Discharge Or Overflow Of Water Or Stream , sudden And Accidental Damage From An Artificially Generated Electrical Current, Sudden And Accidental Tearing Apart, Cracking, Burning, Or Bulging Of Pipes And Other Household Systems.

HO3: Special Form

You will find the HO-3 or the special form policy to be the most common type of homeowners insurance.

It is most used because it has large range of coverage and some of the most affordable premiums.

It covers all of the perils mentioned in the HO-1 and HO-2 policies and then goes even further. 

The HO-3 policy​ is actually known as an "open perils" policy because as long as a peril isn't excluded it is covered.

​The special form policy will usually cover your home and attached structures, your personal property and personal liability.

Keep in mind; however, this policy will not cover earthquakes or floods, you would need a separate policy for that.

H04: Tenant's Form - Renters Insurance

The HO-4 policy is going to be the easiest to remember because it is actually renters insurance.

This policy was created to protect a renters personal property and their personal liability and some of them will cover loss of use.

Your belongings are covered by the same perils in an HO-2 broad form homeowners insurance policy.

This policy type is specifically for renters, since it covers only belongings and personal liability — not the building structure, which should be covered by the landlord's insurance.

Belongings are typically covered against the same perils as an HO-2 broad form homeowners insurance policy.

H05: Comprehensive Form 

A comprehensive form policy is going to be the most expensive of all the home insurance policies.

However, it will also have the most coverage options available.

It will cover moer perils than other policies and is also an "open peril" policy. 

H06: Condo Form

This policy is going to be for a condo owner and it will cover your personal property and personal liability when you live in a condo.

It will protect the walls, floors and ceilings of your condo as well.

However, just like renters insurance, it doesn't cover the actual structure of the unit nor will your homeowner's associations master policy cover your personal items.

HO7: Mobile Home Form

When it comes to Mobile homes and recreational vehicles you are going to need the mobile home form policy.

It is basically the same as an HO-3 Policy, but it is designed specifically for mobile or manufactured homes. 

H08: Older Home Form

An HO-8 policy is ​created for coverage for older homes. 

​The older home form policy is basically the same as the HO-3 policy but with a few adaptations for older homes. 

This coverage can be found on historic homes and registered landmarks. 

Usually it is for coverage for homes that are Over 40 Years Old or that Don’t Meet All Of The Structural And Cosmetic Update Requirements.

How Much Home Insurance Do You Need?

When it comes to the amount of homeowners insurance you need it's always a great idea to have a replacement cost policy. 

Replacement cost policies make sure you have enough funds to cover the replacement of an item and not just the current value.

You probably want to have at least 20% more coverage than your house is worth. The best way to figure out the amount of coverage you will need is to take inventory of everything and make sure your policy has enough coverage for all your items.

What Homeowners Insurance Covers

What your specific homeowners insurance policy covers will depend on the type of policy you purchase.

For Instance, Lemonade has an option for an Earthquake rider depending on the state you are living in and Hippo gives away free water leak sensors.

Overall, homeowners insurance can cover things like:

  • Ransom Payment
  • Physical Home
  • Detached Garage
  • Your Gas Grill
  • Jewelry
  • Personal Property
  • Liability From Neighbor
  • Loss of Use of Home
  • Rebuilding of Your Home
  • Collectibles

Home Insurance Companies Ratings

Financial standings and ratings are one of the most important factors mentioned above when trying to determine which home insurance company to choose. 

This is because their rating is determined based on their financial health and claims paying history and ability.

You want to be sure that you are with a company that will be able to pay their claims if you suffer a covered loss.

​Frequently Asked Questions

What are the top rated homeowners insurance companies?

The top rated companies are Hippo, Allstate, & Lemonade

Who has the cheapest home insurance?

Hippo insurance, based on a national average was 25% more affordable than other companies. 

Is Geico a good home insurance company?

Geico doesn't actually sell homeowners insurance, they function as an agency for their products and send you to third party companies.  While they are the agent of record, they will not be your insurance company.

What should I be paying for homeowners insurance?

You should be paying what it costs to cover the re-construction of your home, mainly replacement or extended replacement cost coverage.  It is essential that you have enough coverage to re-build your home and pay for labor if costs have gone up.

How do I choose the best homeowners insurance?

The best homeowners insurance product will cover you for the most benefits for the lowest amount of premium. It's probably best to get a few quotes first to know your baseline then go from there.

Take Action - You Decide

So there you have it, the best homeowners insurance companies in 2019.  

I hope you all enjoyed our review and are more educated on which company will work best for you with home insurance. 

With over 70% of people not shopping for their Homeowners insurance you are already ahead of the pack.

Don't waste any time getting some quotes and getting covered. 


Sa El is the Co-Founder & CEO of Simply Insurance. He is a Licensed Life and Health Insurance Agent with over 11 years of experience in the industry. He is an Entrepreneur, Insurance Educator and Field Underwriter. Sa is on a Journey to get 1 Million Families insured.

All posts by Mark Mathon

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