Buying homeowners insurance online 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 4 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 2022.
Let's dive in!
Hippo is our #1 overall pick for homeowners insurance and they are backed by A rated TOPA Insurance. They have competitive rates, 100% online applications, and instant approvals. Read The Full Review
Check Out More Of The Best Homeowners Insurance Companies Below:
Best For Low Rates
Best For Multiple Plan Options
Travelers is rated A+ and is our #4 recommendation. Travelers also has some of the best options for First Time Home buyers.
Click below to get an accurate quote.
What Does Homeowners Insurance Cover?
What your specific homeowners insurance policy will cover is going to 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.
There are also different options depending on the types of items you need covered.
Overall, homeowners insurance can cover things like:
The most important part of purchasing a home insurance policy is to make sure that it covers the things you actually need it to cover, there are some policies that cover dated things like "rotary phones." No one owns those any more so why pay for something like that to be covered.
Knowing what's in your policy is extremely important!
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The Different Types Of Homeowners Insurance Coverage
There are about eight different types of homeowners insurance and we go over them briefly below:
HO1: 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
HO2: 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.
HO4: 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.
HO5: 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 more perils than other policies and is also an "open peril" policy.
HO6: 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.
HO8: 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 use our handy home insurance calculator or take inventory of everything and make sure your policy has enough coverage for all your items.
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.
INSURANCE WHERE YOU LIVE
Home insurance by state.
How To Apply For Homeowners Insurance Online
Applying for home insurance is fast and straightforward. You can do it online very quickly.
View Your Instant Quote
First, you want to click here or any of the above buttons to start the quote process, you won't need any personal information other than the address to get your quotes fast. Once you have your quotes and pick the coverage option that works best for you, it's time to get covered.
Get Your Personal Information Together
You will need your name, address, and Social Security number. The online forms guide you through several questions to learn more about the rental you will be living in and what coverage you need.
Start Your Online Application
Once you have all of your personal information together, your next step will be to start the application. This will be easy by just following the prompts after you complete your quote.
Know The Safety Features Of Your Home
The application might ask about smoke detectors, sprinkler systems, and deadbolts. The best insurance for your home will offer discounts for those features.
Sometimes, the intake form may also ask if you have pets, especially certain dog breeds. Overall the process can take less than five minutes.
Answer Your Questions Honestly
Be sure to answer every question, truthfully. If you do not, and something happens, the company may deny your claim. Even if they do not deny your claim, you still may be committing fraud.
Add Any Additional Interest
Mortgage companies will usually require you to add them as an additional interest; this will let them know if the policy has lapsed or when you have renewed your policy. Most companies can add this during the application process or immediately afterward.
Print Your Proof Of Insurance
Once your policy has been approved and paid for, simply print out your proof of insurance, and you're covered.
Take Action - You Decide
So there you have it, the best homeowners insurance companies for 2022. With over 70% of people not shopping for their Homeowners insurance you are already ahead of the pack.
I hope you enjoyed our review and are more educated on which company will work best for you with home insurance. If you need coverage don't waste any time getting some quotes and getting covered.
Frequently Asked Questions
What are the top rated homeowners insurance companies?
The top rated homeowners insurance companies are Hippo, Lemonade, Travelers, Progressive and State Farm
Who has the cheapest home insurance?
Based on a national average, Hippo Insurance was 25% more affordable than other homeowners insurance companies.
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.
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?
The average cost of homeowners insurance is going to run you about $109 per month. However, 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.