Best home insurance companies for 2023
To help you choose the best homeowners insurance company for you, here’s an in-depth look at the companies that provide affordable rates, excellent policy options, reliable customer service, and financial strength and stability.
Liberty Mutual
Average monthly cost: $161
J.D. Power customer satisfaction rating: 805/1,000
A.M. Best rating: A (Excellent)
Product highlights
Liberty Mutual offers insurance for homeowners, renters, and landlords. It also covers several types of dwellings, including condos and mobile homes. The standard policy includes coverage for the structure, personal property, liability, and additional living expenses (which covers the cost of living elsewhere during repairs after a covered claim). You can also buy extra coverage options, such as coverage for your jewelry if it gets lost or stolen with no deductible.
Available discounts
Liberty Mutual offers discounts for bundling multiple policies, installing a new roof, going three or five years or more without filing a claim, and more.
Why Liberty Mutual made our list
Liberty Mutual’s affordable premiums, long list of available discounts, and endorsement options allow homeowners to customize their policies to meet their unique needs.
Below-average customer satisfaction score in J.D. Power’s 2022 U.S. Home Insurance Study
National Association of Insurance Commissioners (NAIC) Complaint Index of 2.22, which is a higher complaint index than some other larger insurers
Nationwide
Average monthly cost: $165
J.D. Power customer satisfaction rating: 816/1,000
A.M. Best rating: A+ (Superior)
Product highlights
Nationwide offers some coverages that other insurance providers don’t include on their standard homeowners’ insurance policies. One of these unique features is law and ordinance coverage, which covers the cost of upgrading your home to current building codes after a covered claim.
Available discounts
Nationwide offers discounts for bundling your home and auto insurance, installing smoke detectors and fire or burglar alarms, and more.
Why Nationwide made our list
Nationwide customers tend to give the company high ratings for how easy it is to get a quote, report a claim, and manage their policies online.
Standard policy includes coverage for unauthorized transactions on credit and debit cards, forged checks, and counterfeit money
Variety of discounts to help you save money
Not available in Alaska, Florida, Hawaii, Louisiana, Massachusetts, New Jersey, or New Mexico
Foremost Signature
Product highlights
Foremost Signature is a subsidiary of Farmers Insurance Group. The company offers a variety of homeowners insurance options, including those for mobile homes, vacant properties, and seasonal or vacation homes.
Available discounts
Foremost gives discounts for installing fire and theft protection, remaining claim-free, and bundling boat, auto, or motorcycle coverage with your homeowners’ insurance policy.
Why Foremost Signature made our list
Foremost provides discounts for bundling other policies with your homeowners insurance. And since the company insures RVs, off-road vehicles, motorcycles, and boats in addition to traditional automobiles, just about anyone can take advantage of a multi-policy discount.
Insures higher-risk homes, including mobile homes and vacant properties
Operates in all 50 states and Washington, D.C.
Mercury
Product highlights
Mercury Insurance covers homes, condos, and rental properties in Arizona, California, Georgia, Illinois, Nevada, New Jersey, New York, Oklahoma, Texas, and Virginia. Coverage is available through a network of independent agents.
Available discounts
Mercury offers discounts to homeowners who bundle their home and auto insurance, install smoke alarms, deadbolts, or burglar alarms, and live in gated communities.
Why Mercury made our list
Mercury offers competitive rates and a variety of coverage options that many insurance companies don’t. For example, you can purchase service line protection coverage to cover damage to the underground pipes and wires that connect your home to utilities. Mercury also offers home cyber protection, which covers the cost of recovering data and restoring systems lost or damaged in a cyber attack.
Safeco
Average monthly cost: $635
J.D. Power customer satisfaction rating: 809/1,000
A.M. Best rating: A (Excellent)
Product highlights
Safeco offers a range of insurance options, including homeowners, renters, and condo insurance, through a network of independent agents. The company also provides optional equipment breakdown coverage for just $2 per month, which covers you in the event of an unexpected mechanical or electrical breakdown of your home’s appliances and systems, such as your air conditioning or plumbing.
Available discounts
Safeco customers are eligible for discounts when they bundle their home and auto policies, install a burglar alarm or sprinkler system, and more.
Why Safeco made our list
Safeco is one of the more expensive companies out there, but it offers a wide range of options that allow homeowners to customize coverage to meet their specific needs. These options include identity recovery, valuables protection, and replacement cost options for your personal belongings.
But keep in mind that the agent you choose to purchase your policy through can have a significant impact on your ultimate satisfaction with the quote and claims process.
Available in all 50 states, Washington, D.C., and Guam
Amazon Alexa’s “Insurance Advisor” skill can help you find a local agent and answer basic insurance questions
Methodology
To evaluate home insurance companies, Insurify data scientists and editorial team analyze multiple factors that reflect a company’s quality, reliability, and financial health. We consider industry ratings and information from sources like A.M. Best, Standard & Poor’s, Moody’s and Fitch, and J.D. Power. We evaluate customer service and satisfaction data, customer reviews, NAIC complaint indexes, claims payout rates, company reputation and proprietary quoting data.