Homeowners insurance protects your home and associated structures (like a fence or garage) in the event of damage. It can also protect your personal belongings (like your computer) if it lost, stolen or damaged due to an incident like a fire or sewage backup. You can also get extra protection for certain valuables like professional cameras, jewelry, fine art and more.
Hopefully, you'll never need to file an insurance claim. But if you do, many insurance companies try to make the process as simple as possible so you can recover quickly.
CNBC Select rounded up the best homeowners insurance companies to help you choose the best for your needs. We evaluated insurance companies based on policy coverage, accessibility and opportunities to save, among others features. (Read more about our methodology below.)
Compare homeowners insurance companies
Best for availability
Nationwide Homeowners Insurance
Cost
The best way to estimate your costs is to request a quote
Maximum coverage
Not disclosed
App available
Yes
Policy highlights
Policy covers home and property damages caused by theft, fire and weather damage. It also covers personal liability, loss of use and unauthorized transactions on your credit card
Does not cover
Water damage, earthquakes, flood insurance, identity theft, high-value items, rebuilding home after loss (these can all be purchased as add-ons for extra coverage)
Terms apply.
Pros
- Ability to manage policy online
- Bundle with other types of insurance to receive a discount
- Get a discount if your home has smoke detectors, fire alarms, burglar alarms or other qualifying protective devices
- Discount for renovating home's plumbing, heating, cooling and electrical systems (home renovation credit)
- Receive a discount if you purchased your home within the past 12 months
- Gated community discount
Cons
- Smart home technology discount not available in all 50 states
Who's this for? Nationwide is a trusted household name in the insurance industry, which can be appealing to those who want to go with an insurer they're likely already very familiar with. Insurers typically provide discounts for bundling your homeowners insurance with other insurance offerings like auto insurance, but Nationwide takes it even further with a host of other ways to save money.
Standout benefits: Policyholders can receive a discount for having protective devices in their homes, like a fire alarm or smoke detector. They can also receive a home renovation credit for getting work done on their home plumbing, heating, cooling or electrical systems. Policyholders can even secure savings by having the age and surface type of their home's roof evaluated.
Best for affordability
Amica Homeowners Insurance
Cost
The best way to estimate your costs is to request a quote
Maximum coverage
Not disclosed
App available
Yes
Policy highlights
Amica offers two tiers of homeowners insurance coverage — a standard policy and the brand's unique Platinum Choice homeowners insurance. The latter offers extended coverage for jewelry, liability and covers more situations than a standard homeowners insurance policy. Add-on options include computer coverage, sump pump backup coverage, and dwelling replacement coverage.
Pros
- Offers tiers of coverage and add-ons to help you tailor your policy to your needs and concerns
- High ratings for customer satisfaction from J.D. Power
Cons
- Not available in all states
Who's this for? Amica's prices are below the national average for homeowners insurance, according to Bankrate data. A policy with $250,000 worth of dwelling coverage averages $1,863 per year, much lower than the national average of $2,153 per year.
Standout benefits: Amica offers several homeowners insurance policy options, from a standard policy to an enhanced Platinum Choice® Home policy with additional coverage above your policy limit and more liability coverage than a standard policy. For those who want to bundle their coverage and save, Amica offers discounts of up to 30% when bundling auto, umbrella and life insurance policies.
Best for covering high-value assets
Chubb Homeowners Insurance
Cost
The best way to estimate your costs is to request a quote
Maximum coverage
Not disclosed
App available
Yes
Policy highlights
Policy covers home and property damages caused by wildfires, extreme weather, crime, vandalism and personal liability, which also covers claims for libel and slander. Also includes replacement cost for contents, extended replacement cost for dwelling and a cash settlement option
Does not cover
Flood or equipment breakdown (these can be purchased as add-ons to your policy)
Terms apply.
Pros
- Built for those with a lot of high-value assets to protect (fine art, jewelry, antiques, etc.)
- Chubb Masterpiece policy also includes coverage available for fallen trees after a storm, lock replacement and electronic data restoration
- Complimentary home inspections may include HomeScan to help detect potential issues behind walls or in ceilings
Cons
- Potentially higher monthly cost compared to other insurers
Who's this for? Chubb's Masterpiece policy is meant for those with significant high-value items to protect such as fine wine, antiques, fine art, jewelry and more, in addition to standard property and personal liability coverage. Typically, homeowners would need to purchase extra coverage to make sure these items are insured. But with Chubb, coverage for these items is already built into the policy.
Because Chubb places a large emphasis on protecting high-value items, this insurer may not be ideal for those who don't own many high-ticket items like fine art or fine wine. A more cost-effective route may be to consider going with a different insurer and purchasing add-on protection for valuables.
Standout benefits: Policyholders can add on coverage for some unexpected events like floods, HVAC equipment breakdown or data restoration so you can recover computer data from a virus. Complimentary home inspections may also include HomeScan — which helps you identify any potential fire hazards and moisture problems in your home with the help of a consultant.
Best for quick claim approval
Lemonade Homeowners Insurance
Cost
Starts at $25/month; can vary by state, age of the home and other factors
Maximum coverage
Not disclosed
App available
Yes
Policy highlights
Policy covers your home and property for damages caused by wildfires, extreme weather, crime, and vandalism. It also covers liability claims for damage you accidentally cause to others
Does not cover
Power, water, or heat going out, or bug infestation; some events may not be eligible for coverage, depending on the circumstances — see here for more information
Terms apply.
Pros
- Ability to cancel coverage at any time
- Affordable monthly cost
- Make claims through the app
- Ability to easily switch over from a different insurer
- Can add additional coverage for expensive personal items like jewelry and cameras
- Ability to make payments through escrow or using a credit card
- Also covers condos
- Simple claims may be paid almost instantly
Cons
- Only available in 24 states
- Cannot enroll over the phone
Who's this for? Lemonade allows customers to get paid for simple claims almost instantly (make sure you provide all necessary information). Just keep in mind that there may be some circumstances where the claim would need to be more deeply reviewed, or there may be property liability claims that just take longer to settle.
To file a claim, policyholders can open up the Lemonade app and tap the "File a Claim" button; from there, the app will guide you through the rest and once your claim is approved, the funds will be deposited directly into your bank account.
Standout benefits: Homeowners can pay for Lemonade's insurance through an escrow account or a credit card. You also have the option to incorporate your insurance costs into your closing costs when you buy a home.
Best for military members and veterans
USAA Homeowners Insurance
Cost
The best way to estimate your costs is to request a quote
Maximum coverage
Not disclosed
App available
Yes
Policy highlights
Policy covers most weather-related damages, theft, vandalism, sudden and accidental water damage and mold. Also covers personal liability, personal belongings, dwelling and other structures and loss of use
Does not cover
Flood insurance, water damage and mold that has built up slowly over time, high-value personal items
Terms apply.
Pros
- USAA Perks™ program for discounts on moving and storage, home security and handyman and cleaning services
- Claims-free discount available
- Discounts for installing smart home devices that detect leaks, smoke and more
- Added benefits for military members such as coverage for uniforms and equipment for active-duty members
Cons
- Coverage and discounts are not available in all states
- Must become a USAA member in order to get a quote
Who's this for? USAA is available to Veterans or those with a military affiliation. Policyholders can receive coverage for things like the cost of uniforms and equipment, and they'll have their deductible waived if their personal property is lost or damaged due to war.
Standout benefits: Policyholders can adjust payment due dates to better suit their needs and file and track claims online. And if policyholders need repairs done on their homes, USAA will connect them with contractors who can get the job done.
In addition to standard savings discounts (like savings for bundling and claims-free savings), USAA lets policyholders save up to 5% on their premiums when they remain with USAA for three consecutive years.
More on our top homeowners insurance companies
Nationwide
Nationwide is a trusted household name in the insurance space. It has been offering insurance policies for more than 90 years, including auto insurance, life insurance and pet insurance, among other types of coverage.
A.M. Best rating
A
J.D. Power customer satisfaction index
812 out of 1,000
Amica
Amica has been in the insurance business since 1907 and balances affordability, stability and customer satisfaction. Its homeowners insurance is available in most states, except Alaska or Hawaii.
A.M. Best rating
A+
J.D. Power customer satisfaction index
844 out of 1,000
Chubb
Chubb focuses on high-net-worth individuals and provides an experience that their clients have come to expect. Founded in 1792, Chubb has expanded to operate in 54 countries and territories. If you aren't sure whether or not Chubb suits your needs, you can request a quote for personalized pricing.
A.M. Best rating
A++
J.D. Power customer satisfaction index
801 out of 1,000
Lemonade
A relative newcomer to the space, Lemonade was founded in 2015. But it's quickly gained acclaim for its simple-to-use interface and online policy experience. However, Lemonade homeowenrs insurance is currently only available in about two dozen states, including New York, New Jersey and Massachusetts.
A.M. Best rating
Not rated
J.D. Power customer satisfaction index
Not rated
USAA
USAA was created to serve the military community's unique insurance needs and has been doing so for nearly 100 years. While only available to military members and their families, its affordable prices and consistently high customer satisfaction rates make it a standout option for those eligible.
A.M. Best rating
A++
J.D. Power customer satisfaction index
881 out of 1,000
How homeowners insurance works
To sign up for homeowners insurance, choose your desired insurance company and enroll for coverage. You'll need to choose a certain coverage amount, depending on what kinds of liabilities and items you're looking to protect. This is the maximum amount you'd be reimbursed in the event of an incident. There are also some add-ons you can opt for, which will increase your monthly premium but will provide you with additional protection.
You'll pay a monthly premium for the policy, which will depend on the company's rates. If you never have to file an insurance claim, your monthly premium will essentially just be another monthly "bill" that you pay.
If you need to file a claim, you'll typically pay an upfront deductible. A deductible is a portion of the cost to replace the items that you must pay before your insurance kicks in and covers the rest. Usually, the larger your monthly premium, the smaller your deductible will be.
So while insurance doesn't necessarily make it totally "free" to replace lost or damaged items or pay for personal liabilities, it can significantly reduce your out-of-pocket cost.
FAQs
What does homeowners insurance cover?
Homeowners insurance usually covers damage to the structure of your home and surrounding structures like your fence or garage. It can also cover stolen or damaged personal property, bodily injuries that a visitor sustains while on your property, vandalism and damage from fires and some other natural disasters. It can also cover high-value items like jewelry and fine art, though typically at an additional cost.
What's the difference between renters insurance and homeowners insurance?
Renters insurance is meant to provide coverage for belongings, while homeowners insurance provides coverage for the actual building you live in and associated structures, like a garage or shed. Homeowners insurance is also usually required by lenders you buy your property but if you're a renter, you may not always be obligated to take on a renters insurance policy.
How do you file a homeowners insurance claim?
The process for filing an insurance claim may vary slightly from one company to the next. Typically, you'll need to provide photos of the damage, receipts and any other documentation or proof related to the claim you're filing. This will help the company assess the damages. Once your claim is approved, the timeline for payout will also vary from company to company.
Why trust CNBC Select?
At CNBC Select, our mission is to provide our readers with high-quality service journalism and comprehensive consumer advice so they can make informed decisions with their money. Every homeowners insurance review is based on rigorous reporting by our team of expert writers and editors with extensive knowledge of insurance products. While CNBC Select earns a commission from affiliate partners on many offers and links, we create all our content without input from our commercial team or any outside third parties, and we pride ourselves on our journalistic standards and ethics. See our methodology for more information on how we choose the best homeowners insurance companies.
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Our methodology
To determine which homeowners insurance companies are the best, CNBC Select analyzed dozens of U.S. insurance companies that come with policies to suit an array of needs.
When narrowing down and ranking the best homeowners insurance companies, we focused on the following features:
- Cost: While monthly premiums can depend on the amount of coverage an individual needs, location, the value of your possessions and other variables, some insurance options offer policies with lower monthly starting costs.
- Policy coverage: Standard policies tend to include coverage for structural damage, personal property loss or damage, personal liability and medical payments to others. Some companies may also include water damage, water backup and high-value items as add-ons for extra coverage.
- Coverage amount: It is common for insurance companies to provide different coverage amounts for different concerns. The maximum amounts vary from company to company. We have noted maximum coverage wherever possible.
- Policy discounts: Insurance companies typically allow policyholders to earn a small discount for signing on to bundle homeowners insurance with other policies such as auto insurance, RV insurance, boat insurance and more. Some companies may also offer an additional discount for having certain safety features in one's home, including smoke detectors and burglar alarms. A rate reduction may be applied for those whose policy remains claim-free for a certain amount of time.
- Availability: For some insurance companies, policy availability will depend on the city or state, as not all companies offer nationwide policies and discounts for policies.
- Claim filing: Many insurance companies allow policyholders to file a claim via their app or through their online accounts. In loss of use cases, policyholders may be required to retain receipts to submit alongside their claim.
- Streamlined signup process: We considered whether insurance companies offered a convenient, fast online signup process.
- Customer support: Every insurance company on our list provides customer service available via telephone, email, secure online messaging and/or through an app. We also opted for lenders with an online resource hub or advice center to help you educate yourself about homeowners insurance policies and claims.
We also considered CNBC Select audience data when available, such as general demographics and engagement with our content and tools.
Note that the premiums and policy structures advertised for homeowners insurance are subject to fluctuate in accordance with the company's policies.
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