Searching for a home insurance policy is not simply a matter of picking the coverage with the lowest price. Instead, it’s important to choose the policy that is right for your needs.
The publication Money understands this. It recently offered up its choices for the best home insurance companies in America.
Among other factors, Money chose the best home insurance company based on:
- Financial stability
- Product offerings
- Ease of the claims process
After examining these factors, Money named Travelers Insurance the best overall home insurance company. The insurer is the sixth-largest underwriter of U.S. home insurance policies and has the highest-possible rating from credit rating agency A.M. Best, which is a rating of A++.
The Money analysis also singled out Travelers for offering great discounts, including price breaks for those who have bought a home in the past 12 months or who bundle multiple types of insurance coverage with Travelers.
Meanwhile, the analysis names Allstate the best insurer if you want customized coverage. Some options Allstate offers include:
- Identity theft restoration
- Electronic data recovery
- Coverage for business-related items stored in the home
Finally, Money says upstart Lemonade Insurance Co. — which entered the home insurance market in 2016 — is tops for quick claims processing. According to the analysis:
“The company says this unique business model means that it’s not in conflict with its customers, and it aims to pay out the majority of claims ‘almost instantly.’ You can open a claim easily by going to the Lemonade app and hitting the Claim button.”
To learn more about Lemonade, check out “New Ways to Save Money on Insurance of Every Kind.”
Finding the best home insurance policy
If you hope to find the right home insurance policy, you’ll probably need to do a little homework. Since a home is among the most expensive purchases anyone ever makes, such effort is prudent.
In “8 Ways to Slash the Cost of Homeowners Insurance,” we offer some tips for finding the right insurance company:
“Start by visiting the website of the National Association of Insurance Commissioners. On its Consumer Information Source webpage, you can access key information about insurers, including closed insurance complaints, licensing information and financial data.”
Do you have a favorite home insurer? Let us know why in comments below or on our Facebook page.
Disclosure: The information you read here is always objective. However, we sometimes receive compensation when you click links within our stories.