5 Best Home Insurance Companies (2024)

The best home insurance companies include State Farm, Stillwater, American Family, Farmers, and Nationwide.

Christy Rakoczy
Written byChristy Rakoczy
Christy Rakoczy
Christy Rakoczy

Christy Rakoczy has been a personal finance and insurance writer for over a decade. Her work has been published on USA Today, MSN, Yahoo Finance, Credit Karma, Forbes Advisor, and more. Christy has a JD from UCLA School of Law and previously worked as a data analyst for Blue Cross and as a paralegal studies instructor before transitioning to writing full time.

Chris Schafer
Edited byChris Schafer
Chris Schafer
Chris SchaferSenior Editor
  • 15+ years in content creation

  • 7+ years in business and financial services content

Chris is a seasoned writer/editor with past experience across myriad industries, including insurance, SAS, finance, Medicare, logistics, marketing/advertising, and many more.

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Updated February 14, 2024 at 7:30 AM PST

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Home insurance is a major purchase for property owners, with the national average annual cost of a policy coming in at $1,770 for $300,000 in dwelling coverage, according to Insurify data. But while it’s natural to want to avoid higher rates, the best home insurance companies offer more than just low prices. 

It’s important to consider the bigger picture, including insurer reputation, quality, scope of coverage, claims processing, and more. Insurify analyzed premiums, discounts, customer service, financial strength, and market share to find the best home insurers so you can find the right company to meet your needs.

Quick Facts
  • Westfield and Erie offer some of the cheapest home insurance on the market.

  • Replacement cost coverage will replace your covered home and items with identical materials.

  • Standard home insurance coverage doesn’t protect you against earthquakes, floods, or landslides.

Best homeowners insurance companies

Home insurers have different policies and different practices for setting premiums. And property owners have different priorities when getting insured.

This means that some companies may be better for certain homeowners, while other owners could find better value with competitors. The right insurance company for you will depend on many factors, including the cost of the policy, coverages available, and services offered. These services can include in-person support or a full-featured app.

The table below shows some of the best insurance companies that could provide the protection you need for one of your most valuable assets.

Insurance CompanyAverage Annual Premium ($300,000)IQ Score
The Insurify Quality (IQ) Score uses more than 15 criteria to objectively rate insurance companies on a one-to-five scale. The Insurify editorial team researches insurer data to determine the final scores.
Best For
State Farm$1,6924.1Customer service
Stillwater$1,5244.4Homeowners in high-risk areas
American Family$1,3604.3Young homeowners
Farmers$1,7674.2Environmentally conscious homeowners
Nationwide$1,9084.2High-value homes
Table data sourced from real-time quotes from Insurify’s partner insurance providers and quote estimates from Quadrant Information Services. Actual quotes may vary based on the policy buyer’s unique profile.
  • Insurify’s team of data scientists analyzed millions of home insurance quotes and weighed publicly available reviews, claims payout rates, complaint indexes, financial strength scores, company reputations, and proprietary quoting data. Our editorial team applies this insight to inform our unbiased reviews and recommendations.

State Farm: Best for customer service

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IQ Score
The Insurify Quality (IQ) Score uses more than 15 criteria to objectively rate insurance companies on a one-to-five scale. The Insurify editorial team researches insurer data to determine the final scores.
4.4
JD Power
J.D. Power data measures overall customer satisfaction and claims satisfaction based on a 1,000-point scale.
842
$300,000 Dwelling
A standard HO-3 home insurance policy typically includes dwelling, personal property, and liability coverage. The average rate displayed here reflects a policy with the following coverage limits: $300,000 dwelling; $25,000 personal property; $300,000 personal liability; $30,000 loss of use; and a $1,000 deductible for medical payments to others.
$141/mo
$500,000 Dwelling
A standard HO-3 home insurance policy typically includes dwelling, personal property, and liability coverage. The average rate displayed here reflects a policy with the following coverage limits: $500,000 dwelling; $25,000 personal property; $300,000 personal liability; $30,000 loss of use; and a $1,000 deductible for medical payments to others.
$205/mo

State Farm is the nation’s largest insurer, in terms of policies written, and one big reason for this is the company’s history of customer service and customer satisfaction. The company scored an 829 for overall customer satisfaction in J.D. Power’s 2023 U.S. Home Insurance Study. The industry average is 819.

Pros
  • Discount for bundling home coverage with another State Farm policy, like auto

  • Strong customer satisfaction ratings

  • Large nation-wide network of State Farm agents

Cons
  • Comparatively few discounts available for home insurance

  • No longer sells new homeowners insurance policies in California

  • May not be the cheapest option for home insurance

Stillwater: Best for homeowners in high-risk areas

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IQ Score
The Insurify Quality (IQ) Score uses more than 15 criteria to objectively rate insurance companies on a one-to-five scale. The Insurify editorial team researches insurer data to determine the final scores.
3.4
JD Power
J.D. Power data measures overall customer satisfaction and claims satisfaction based on a 1,000-point scale.
Not rated
A.M. Best
A.M. Best analyzes an insurer’s financials, operating performance, business profile, and other factors to generate an opinion-based rating of a company’s financial and credit strength. Ratings range from A++ (exceptional) to D (poor).
A-

Rooted in more than 20 years of experience in the insurance industry, Stillwater offers home, auto, renters, condo, landlord, umbrella, and business insurance. Optional add ons include animal liability, extended replacement cost, and more. Policyholders can save with discounts for a home built by an accredited builder, having an automatic sprinkler system, having multiple policies with Stillwater, and more. Currently, Stillwater has an A- from AM Best for financial stability, but its rating is currently under review. The company has a lower-than-average number of complaints in the National Association of Insurance Commissioners’ complaint index.

Pros
  • Multiple useful add-on options

  • Available nationwide

Cons
  • Lower AM Best rating than many competitors

  • Not as many discounts as some competitors

American Family: Best for young homeowners

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IQ Score
The Insurify Quality (IQ) Score uses more than 15 criteria to objectively rate insurance companies on a one-to-five scale. The Insurify editorial team researches insurer data to determine the final scores.
4.2
JD Power
J.D. Power data measures overall customer satisfaction and claims satisfaction based on a 1,000-point scale.
840
$300,000 Dwelling
A standard HO-3 home insurance policy typically includes dwelling, personal property, and liability coverage. The average rate displayed here reflects a policy with the following coverage limits: $300,000 dwelling; $25,000 personal property; $300,000 personal liability; $30,000 loss of use; and a $1,000 deductible for medical payments to others.
$113/mo
$500,000 Dwelling
A standard HO-3 home insurance policy typically includes dwelling, personal property, and liability coverage. The average rate displayed here reflects a policy with the following coverage limits: $500,000 dwelling; $25,000 personal property; $300,000 personal liability; $30,000 loss of use; and a $1,000 deductible for medical payments to others.
$156/mo

Founded in 1927, American Family Insurance provides coverage in 19 states and is the seventh-largest homeowners insurance company, according to the National Association of Insurance Commissioners. The company introduced homeowners insurance in 1958 and now covers condos, manufactured homes, and renters, too. American Family also provides auto, life, umbrella, pet, and other insurance coverages. Policyholders can save on home insurance by bundling with auto coverage. The company offers additional discounts for loyalty, smart security systems, renovations, and more. The insurer has excellent financial strength and a superior credit rating from AM Best.

Pros
  • Fewer complaints than average on the NAIC National Complaint Index

  • Wide variety of coverage options

  • Generational discounts if parents have American Family coverage

Cons
  • Only available in 19 states

  • Android users experience app glitches

  • Restrictions on liability coverage for owners of certain dog breeds, like pit bulls, Dobermans, or Rottweilers

Farmers: Best for environmentally conscious homeowners

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IQ Score
The Insurify Quality (IQ) Score uses more than 15 criteria to objectively rate insurance companies on a one-to-five scale. The Insurify editorial team researches insurer data to determine the final scores.
3.8
JD Power
J.D. Power data measures overall customer satisfaction and claims satisfaction based on a 1,000-point scale.
815
$300,000 Dwelling
A standard HO-3 home insurance policy typically includes dwelling, personal property, and liability coverage. The average rate displayed here reflects a policy with the following coverage limits: $300,000 dwelling; $25,000 personal property; $300,000 personal liability; $30,000 loss of use; and a $1,000 deductible for medical payments to others.
$147/mo
$500,000 Dwelling
A standard HO-3 home insurance policy typically includes dwelling, personal property, and liability coverage. The average rate displayed here reflects a policy with the following coverage limits: $500,000 dwelling; $25,000 personal property; $300,000 personal liability; $30,000 loss of use; and a $1,000 deductible for medical payments to others.
$238/mo

Farmers is the fifth-largest provider of home insurance in the U.S. by market share, according to the National Association of Insurance Commissioners. Founded in 1928 to provide American farmers with affordable car insurance, Farmers now insures homes, other vehicle types, pets, businesses, and more. Farmers offers a discount for bundling home or auto insurance with another policy type. Additionally Farmers offers some noteworthy discounts, such as a discount for smoking-free households, and savings for certain professions. While Farmers has an A rating from AM Best, it has low customer satisfaction scores from J.D. Power and an average rating from the NAIC.

Pros
  • Offers extended and guaranteed replacement cost options

  • Notable number of home insurance discounts available

  • Large nationwide network of Farmers agents

Cons
  • Not all discounts available in every state

Nationwide: Best for homeowners with high-value homes

Compare personalized, real-time quotes
IQ Score
The Insurify Quality (IQ) Score uses more than 15 criteria to objectively rate insurance companies on a one-to-five scale. The Insurify editorial team researches insurer data to determine the final scores.
4.1
JD Power
J.D. Power data measures overall customer satisfaction and claims satisfaction based on a 1,000-point scale.
815
$300,000 Dwelling
A standard HO-3 home insurance policy typically includes dwelling, personal property, and liability coverage. The average rate displayed here reflects a policy with the following coverage limits: $300,000 dwelling; $25,000 personal property; $300,000 personal liability; $30,000 loss of use; and a $1,000 deductible for medical payments to others.
$159/mo
$500,000 Dwelling
A standard HO-3 home insurance policy typically includes dwelling, personal property, and liability coverage. The average rate displayed here reflects a policy with the following coverage limits: $500,000 dwelling; $25,000 personal property; $300,000 personal liability; $30,000 loss of use; and a $1,000 deductible for medical payments to others.
$250/mo

In business for more than 90 years, Nationwide is one of the nation’s largest insurance companies. Nationwide provides a wide range of insurance products, including homeowners, renters, condo, life, umbrella, motorcycle, RV, pet, and auto insurance. The insurer offers discounts for property and car insurance bundling, smart home technology, renovations to plumbing, heating, cooling, and electrical systems, and more. AM Best rates Nationwide A+ for financial stability, and the insurer has a lower-than-average number of homeowner complaints in the National Association of Insurance Commissioner’s (NAIC) Consumer Complaints Index.

Pros
  • Multiple discounts for homeowners and renters insurance

  • Intuitive online account management tools

  • Enhanced coverage through Nationwide Private Client, including temporary arrangements, service line, and equipment breakdown insurance

Cons
  • Doesn't provide homeowners coverage in Alaska, Hawaii, New Mexico, Louisiana, Florida, New Jersey, or Massachusetts

  • Doesn't cover mobile or manufactured homes

  • Slightly lower than average rating in J.D. Power's Overall Customer Satisfaction Index for homeowners insurance

Cheapest homeowners insurance companies

Westfield has the cheapest home insurance coverage for property owners purchasing at least $150,000 in dwelling coverage, based on average premiums collected by Insurify. Erie Insurance provides the cheapest average premiums for policies with $100,000 in dwelling coverage.

Many factors affect the cost of home insurance, including your location, coverage options, home age, and claims and credit history. The materials your house is made of, applicable safety features, and whether the home has high-risk amenities, such as a pool or trampoline, can also influence your insurance cost.

The table below shows which insurers offer the lowest-priced policies for property owners with $300,000 in dwelling coverage.

Insurance CompanyAverage Annual Quote
Westfield$943
Armed Forces Insurance Exchange$1,292
Erie$1,342
American Family$1,360
Travelers$1,555
ASI$1,583
Allstate$1,607
USAA$1,643
Auto-Owners$1,658
State Farm$1,692
Table data sourced from real-time quotes from Insurify’s partner insurance providers and quote estimates from Quadrant Information Services. Actual quotes may vary based on the policy buyer’s unique profile.

How to get cheaper home insurance

If you want to keep your home insurance costs down, here are some things you can do to get a less expensive policy:

  • Shop around for coverage. Since different insurers charge different rates, it’s best to get sample prices from several different companies. Getting at least three or four different quotes will give you an idea of what insurance should cost and which company is the cheapest. An independent insurance agent can help, but you may find it easier to compare options online yourself.

  • Take advantage of discounts. Many insurers allow you to save money on premiums by installing safety features such as an alarm system. You can also get discounts for bundling coverage and avoiding claims.

  • Change your deductible. Policies with higher deductibles have lower premiums. A deductible is the amount you pay out of pocket when a covered loss happens, so a higher deductible means you must pay more when you make a claim.

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How to choose the best home insurance for you

While you want an affordable home insurance company, price alone shouldn’t be the deciding factor. You have many things to take into account when choosing the best home insurance for you, including:

  • Premium cost: You don’t need to overpay for home insurance. Comparing quotes from several insurers can help you select the right coverage for you at the most affordable rate.

  • Discounts available: Many insurers provide opportunities to save, so look for an insurer that will reduce your rates based on your home’s safety features or your claim history.

  • The company’s financial strength: You want to be certain the insurer will have the money to pay your claim when the time comes.

  • Coverage options: Make sure the insurer offers all the coverages that are important to you. This could include things like extended replacement cost coverage that pays for additional rebuilding costs if your dwelling coverage doesn’t pay the full amount.

  • Insurer reputation: Review complaints about the insurer in the database of the National Association of Insurance Commissioners, read online reviews, and check the insurer’s customer satisfaction ratings with J.D. Power to see whether it’s likely to provide good customer service and pay claims promptly and fairly.[1]

Benefits of bundling home and auto insurance

Buying home and auto insurance coverage from the same company is called bundling. Bundling coverage can also be a good way to save on insurance, as well as to enjoy other benefits. Some of the biggest advantages of bundling include:

  • Multi-policy discounts: Many insurers provide reduced prices if you buy multiple policies. You could save as much as 25% by bundling coverage.

  • Efficiency: Bundling means you only have to make payments to one insurer and deal with one insurance company or agent.

  • Claims management: Your insurer will provide different kinds of coverage, which could make handling claims easier, especially if questions arise about which coverage should apply.

Check out the table below to see the discounts available for bundling home and auto insurance coverage from leading insurers.

Insurance CompanyBundling Discount
Allstate25%
Erie25%
Progressive20%
Farmers20%
Nationwide20%
Travelers10%
USAA10%
Table data sourced from real-time quotes from Insurify’s partner insurance providers and quote estimates from Quadrant Information Services. Actual quotes may vary based on the policy buyer’s unique profile.

What home insurance covers

A standard home insurance policy generally provides coverage for your dwellings, other structures, liability, and personal property.

Here are the different protections you can expect with a home insurance policy:

  • illustration card https://a.storyblok.com/f/162273/x/abffe6238f/financial-protection.svg

    Liability coverage

    Liability insurance covers injuries others sustain on your property. It ensures legal bills and injury-related damages are covered if someone falls in your home or if your dog bites someone.

  • illustration card https://a.storyblok.com/f/162273/100x100/c922a01b77/house.svg

    Dwelling coverage

    This coverage pays for repairs or rebuilding of the home after a covered loss.

  • car in carage

    Other structures coverage

    This covers other things on the property, such as a shed or swimming pool.

  • illustration card https://a.storyblok.com/f/162273/100x100/32ed42213e/personal-property.svg

    Personal property coverage

    This coverage pays to repair or replace items in the home, such as your personal belongings.

Optional home insurance coverages

It’s also possible to add more protections to your home insurance policy.

These coverages can include:

  • illustration card https://a.storyblok.com/f/162273/100x100/c61ab9bfc2/loss-of-use-2.svg

    Additional living expenses

    This pays the added costs if you’re displaced from your home due to a covered loss.

  • illustration card https://a.storyblok.com/f/162273/x/4c9753bdbe/medical-payments.svg

    Medical expenses

    This pays for medical expenses, regardless of legal liability, if an injury occurs due to an accident on the property.

  • illustration card https://a.storyblok.com/f/162273/100x100/9cd41581f2/savings.svg

    Endorsements

    You can purchase policy add-ons to provide coverage for valuable art or jewelry, damage to a home’s foundation, extra construction costs, and sewer drain backups.[2]

  • illustration card https://a.storyblok.com/f/162273/100x100/ef0f3d5529/palm-tree.svg

    Short-term rental coverage

    Homeowners who want to rent out their home would need special coverage to be protected against losses.

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What home insurance doesn’t cover

While home insurance covers most losses due to unexpected disasters, standard policies come with several exclusions, such as:

  • Earthquakes: Damage from an earthquake is typically excluded.

  • Floods: While water damage from burst pipes can be covered, floods aren’t.

  • Landslides: Land movement like landslides is also typically excluded.

  • Mold: Many insurers deny coverage for mold-related damages.

  • Volcanoes: Volcanoes are another common policy exclusion.

  • Wear and tear: Insurance won’t pay for routine wear on a home.

  • Slow water leaks: Insurers won’t pay for damage due to deterioration if you have a leak you don’t repair promptly.

  • Animal or rodent damage: Insurers won’t pay for infestation-related damage.

  • Foundation settling and cracking: Insurers often won’t pay for problems with a home’s foundation.[3]

Homeowners can sometimes purchase optional additional coverage for these potential losses. For example, stand-alone flood and earthquake insurance policies are available, and insurers may have riders to provide coverage for foundation damage.

Best home insurance FAQs

Still need more information about the best home insurance companies or about what coverage you need? Here are some answers to frequently asked questions many property owners have when insuring their homes.

  • Do you need homeowners insurance?

    Most property owners need homeowners insurance. It provides protection for a valuable asset and for all of a homeowner’s property. Lenders also require dwelling coverage when homeowners have a mortgage.

  • Who has the cheapest home insurance?

    The cheapest home insurance for you will depend on your unique circumstances. However, Westfield and Erie tend to offer affordable coverage for most homeowners. The best way to find the cheapest insurance for you is to compare quotes from several insurers.

  • What is the 80% rule in homeowners insurance?

    The 80% rule says homeowners should set policy limits at 80% or more of their home’s total replacement cost. Otherwise, they’re considered underinsured, and any payment of claims may be reduced. This rule ensures homeowners don’t buy too little coverage and gamble on the fact most property damage repairs will cost less than the full value of a home.

  • Which homeowners insurance company is best at paying claims?

    Erie Insurance received the highest customer satisfaction ratings on a 2023 J.D. Power survey of home insurance companies. However, many insurers are reliable and pay claims fairly. Consumers can refer to J.D. Power and the National Association of Insurance Commissioners complaint database to find an insurer who can be trusted to pay covered claims.

  • How are homeowners insurance claims paid?

    When you make a claim, the insurance company will send out an adjuster to assess the damage. Following approval, the insurer will then pay the settlement amount, with the specifics depending on whether you have replacement cost or actual cash value coverage.

    Your insurer will generally provide a check to both you and your lender when there’s a mortgage on the property. Part of the settlement money may be released to hire a contractor to begin repairs, and more money will be released as those repairs progress.

  • Is Allstate good for home insurance?

    Allstate received a below-average overall customer satisfaction rating on the J.D. Power 2023 U.S. Auto Insurance Study.[1] However, Allstate has an A+ financial strength rating from AM Best and a 4.2 Insurify Quality Score, so the insurer may still be a good option for many consumers.[4]

Methodology

Insurify’s team of data scientists analyze millions of home insurance quotes and weigh publicly available reviews, claims payout rates, complaint indexes, financial strength scores, company reputations, and proprietary quoting data. Our editorial team applies this insight to inform our unbiased reviews and recommendations.

Sources

  1. J.D. Power. "Home Insurer Exodus from Several States Creates Challenges and Opportunities, J.D. Power Finds." Accessed November 23, 2023
  2. Texas Department of Insurance. "Home Insurance Guide." Accessed November 23, 2023
  3. Office of the Insurance Commissioner Washington State. "What's covered and not covered under homeowner insurance?." Accessed November 23, 2023
  4. AM Best. "AM Best Takes Various Credit Rating Actions on The Allstate Corporation and Its Key Subsidiaries." Accessed November 23, 2023
Christy Rakoczy
Christy Rakoczy

Christy Rakoczy has been a personal finance and insurance writer for over a decade. Her work has been published on USA Today, MSN, Yahoo Finance, Credit Karma, Forbes Advisor, and more. Christy has a JD from UCLA School of Law and previously worked as a data analyst for Blue Cross and as a paralegal studies instructor before transitioning to writing full time.

Chris Schafer
Edited byChris SchaferSenior Editor
Chris Schafer
Chris SchaferSenior Editor
  • 15+ years in content creation

  • 7+ years in business and financial services content

Chris is a seasoned writer/editor with past experience across myriad industries, including insurance, SAS, finance, Medicare, logistics, marketing/advertising, and many more.

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