Best Homeowners Insurance Companies for 2024 | Bankrate (2024)

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Updated Sep 01, 2024

The best home insurance companies in September 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. Our list of the best homeowners insurance companies includes providers that offer a broad range of coverage options so that you can build the best home insurance policy for your needs. To help narrow down your search, we also selected a key characteristic of each provider to highlight what makes it stand out from the pack.

*Based on policies with $300K dwelling coverage for 2024

Home insurance rates are known to fluctuate frequently, but you can rely on Bankrate to offer you the latest options available.

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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 readers the information they need to make educated decisions when shopping for new home insurance. Our list of the best homeowners insurance companies includes providers that offer a broad range of coverage options and have 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 30 points of the segment average for customer satisfaction in the J.D. Power 2023 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

Best budget home insurance

Best for customer service

Best for unique discounts

Best for robust coverage

Best for local agents

Best for add-on coverage

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.

*Based on policies with $300k dwelling coverage

Home insurance rates are known to fluctuate frequently, but you can rely on Bankrate to offer you the latest options available.

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 circ*mstances 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 endorsem*nt 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.

Related content:

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?

Some homeowners are less concerned with cheap rates and instead prioritize top-notch customer service. 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.

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.

Allstate: The best home insurance company for first-time homebuyers

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.

USAA: The best home insurance company for leasing to a renter

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.

Chubb: The best home insurance company for homeowners with high-value homes or valuable items

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 endorsem*nts 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 endorsem*nts for jewelry, art, collectibles and even wine and spirits.

Related content

Best companies for bundling home and auto insurance

Bundling home and auto insurancemeans 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.

*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.

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 $2,285 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.

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?

Methodology

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

• Cost & ratings50%

• Coverage & savings30%

• Support20%

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 fromJ.D. Power,AM Best, Demotech and theNAIC, 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 fromand 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.