Top 5 homeowners insurance and what they cover

Top 5 homeowners insurance and what they cover

Buying a home insurance policy is important for homeowners to avoid getting into financial trouble. Also, if you plan to finance your home, the mortgage lender will require a home insurance policy to protect their investment. Homeowners insurance protects your property and pays for losses or damage to the property if something unexpected happens. To help you find the right policy, here are the five best ones.

Lemonade

This insurer offers the best online homeowners insurance. By using artificial intelligence, the company makes the process of getting quotes and filing claims incredibly fast and easy. Lemonade is an online-only insurance company that operates via a mobile app or website. The insurer, through its giveback program, also donates up to 40% of premiums to a non-profit organization of your choice.

Lemonade offers a standard coverage that includes dwelling coverage, other structures coverage, personal property coverage, personal liability, medical payments, and loss of use. It also provides an optional add-on coverage without a deductible for high-value personal belongings.

Erie

If you are looking for robust coverage, Erie’s homeowners’ insurance policies are worth considering. Erie is a regional insurer and does not have any online tools. But it does have a smartphone app where you can manage policies, payments, track claims, and find your agent’s contact details.

Erie’s standard home insurance policy covers physical damage, personal property coverage, loss of use coverage, and standard liability coverage. Damage from roof leaks is also covered in the standard policy, excluding the cost to repair the roof. The company also offers guaranteed replacement cost coverage as part of its standard coverage, even if the amount is higher than your dwelling limit. Various add-on coverages include home-sharing, identity recovery, service line protection, water backup, flood and earthquake coverage, and coverage for valuables.

Amica

Amica may be ideal for homeowners who seek good customer service and coverage options. You can get a quote through its online quoting tool or by phone. Amica’s standout aspect is its Contractor Connection program which helps pair customers with licensed and insured contractors. The insurer also guarantees the contractors work with a five-year warranty. Amica is the only insurer that pays dividends which means you get a percentage of your annual premiums.

Amica’s homeowners’ insurance offers the standard coverage with good customer service. A variety of additional coverage options are made available by Amica and include dwelling replacement coverage, personal property replacement coverage, catastrophic coverage, valuable items coverage, and home business insurance. Amica Platinum choice is an all-in-policy that bundles many add-ons into a single policy.

Allstate

One of the best homeowners insurance is Allstate offering many coverage options and discounts for its homeowner’s policies. Claims-free homeowners can benefit from the company’s home insurance policy. Allstate lowers your deductible amount every year when you do not file a claim. Allstate has an online tool as well as you can also speak to local agents directly to get the pricing and coverage details.

Allstate’s standard home insurance policy includes dwelling coverage, personal property coverage, liability protection, and guest medical protection. Optional coverage that can be added to the standard policy include home-sharing, identity theft restoration, water backup, electronic data recovery, business property coverage, musical instruments, and even sports equipment coverage.

Nationwide

Nationwide provides various coverage options for added financial protection at competitive rates for high-value homes. The insurer stands out for coverages that other companies charge extra. It is also easy to manage your policy through Nationwide’s website or mobile app.

Nationwide’s homeowners’ insurance policy not only covers the standard coverage you can expect but offers more than that. In its standard policy, it offers ordinance or law coverage that covers the costs required to update your home to meet current building codes. You may also add coverage such as extended replacement cost, better roof replacement, identity theft coverage, valuables coverage, and backup coverage.

Your home would be your most significant investment, so it is important to choose the best home insurance policy that suits your needs after a proper comparison of the different plans that are available.