Safeco Review

Safeco homeowners insurance isn't available nationwide, but they do offer flexible policies with some unique coverage options that are worth looking into.

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The Good

Single loss deductible

If you insure your home and car through Safeco, you will be eligible for the single loss deductible, which is a very nice option that allows you to pay only one deductible in the event of multiple losses. For example, if both your home and car are damaged in the same accident, your auto insurance deductible will be waived once you’ve paid for the home insurance deductible. This option can’t be found with many other insurance providers, and it could make a big difference in how much you have to pay in the event of a serious disaster.

Flexible payment terms

With a Safeco homeowners insurance policy, you can choose whether you would like to pay your bill in full or if you’d rather be on a 2-Pay, 4-Pay or monthly payment schedule. If at any time you would like to change the frequency of your billing, you can do so by either logging into your online account and making the change or by contacting a Safeco agent.

Optional equipment breakdown coverage

Safeco allows you to add on extra coverage to your homeowners insurance policy to protect against the loss of your valuable items. One rather unique policy option is equipment breakdown coverage, which means that if an appliance breaks down, Safeco will pay to have it replaced with an Energy Star® rated appliance of a similar quality. This is a great offering that you won’t find with many other homeowners insurance providers, and can save you from the costly expense of replacing broken appliances on your own.

The Bad

Not available everywhere

Unlike most of the other reviewed insurance providers, Safeco is not available nationwide, so even if you are interested in their insurance, you may not be able to get it. You can use the online quote tool on Safeco’s website to figure out if Safeco homeowners insurance is a possibility for you.

Few discounts

Bundling your home and auto insurance can save you up to 15%, but that’s about all you can expect for savings on your Safeco homeowners insurance policy. There’s no discounts for remaining claim-free or for having protective devices, such as smoke detectors, installed in your home. The age of the policyholder also does nothing to lower rates. If you feel that you might be eligible for some of these missing discounts, it might be a good idea to look into another company that does offer discount options.

Must call to file a claim

Safeco doesn’t allow you to file a claim online or by speaking to a representative in person. In fact, the only way to file a claim at all is to contact a claims professional by phone. Safeco operates a 24/7 claims center, though, so your claim should be handled promptly when you do call. For most, filing a claim by phone should be just fine, but considering that many providers allow you to file online, and some through a mobile app, it would be nice to see a little more flexibility.

The Details

Features

  • AM Best FSR: A
  • AM Best ICR: a
  • Financial Size Category: $2 billion or greater
  • FSR Outlook/Implication: Stable
  • ICR Outlook/Implication: Stable
  • Moodys Financial Strength: A2
  • Standard and Poors FSR: A-

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