Geico Review

GEICO partners with major companies in the industry to offer homeowners insurance, though they service the policies themselves. While they do provide solid tools and coverage options, they don't offer many discounts commonly provided by other top providers in the industry.

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The Good

Strong claims management

GEICO makes the claims process easy by allowing you to file your homeowners insurance claim in one of few ways: online, over the phone, and through their mobile app. Their claims center is open 24/7 so you can be sure to reach someone when you need them. GEICO also enables you to upload photos of your personal property that were damaged when you file your claim. You can even keep an online photo inventory, which helps you keep track of your personal property and facilitates the claims process.

Company is financially secure

GEICO has received extremely high financial strength ratings from several organizations, including an A++ from A.M. Best and an AA+ from S&P. Few other homeowners insurance providers can boast such high ratings. This is a good indication that GEICO will be around long term.

Get extra coverage with policy endorsements

If you have jewelry or other valuables that need further protection beyond what’s included in your basic homeowners insurance policy, you can purchase additional coverage for these items to ensure you get the full value for them in the event of a loss. You can even get identity protection services if you’re interested.

The Bad

Insurance through partner organizations

GEICO doesn’t provide its own homeowners insurance and, instead, partners with other major home insurance providers. Although the policy is serviced by GEICO, it is underwritten by an outside company. You don’t get a choice of which organization you’d like to get insurance from and are directed to whatever company GEICO has partnered with in your area.

Lacking discounts

Compared to the top companies in the industry, GEICO’s homeowners insurance discounts are subpar. Bundling home and auto is one of the very few ways to save. Remaining claim-free won’t earn you any discounts, and a newly constructed or newly renovated home won’t lower your rates either. If you’re hoping to take advantage of any of these discounts, it’s probably a good idea to look at some other insurance providers who do offer them.

The Details

Features

  • AM Best FSR: A+++
  • AM Best ICR: aaa
  • Financial Size Category: $2 billion or greater
  • FSR Outlook/Implication: Stable
  • ICR Outlook/Implication: Stable
  • Moodys Financial Strength: Aa3
  • Standard and Poors FSR: AA+

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