- Multi-policy discount for bundling home and auto coverage.
- Home security discount for installing alarm systems
- Paperless billing discount
Progressive offers wide coverage, including temporary living expenses if you are unable to live in your home due to damage or destruction.
*J.D. Power 2020 Home Insurance Customer Satisfaction Survey, based on a 1,000-point scale
Further Reading on Progressive:
We evaluated the companies based on their customer rating and experience, financial stability, and coverage to determine the best. To compare home insurance companies across the board, we then calculated a Reviews.com score based on the following:
- Customer Ratings – Customer ratings are an indication of satisfaction with the process of filing a claim. We measured this using J.D. Power Homeowners Satisfaction ratings.
- Coverage – As there isn’t one company to fit everyone’s needs, we evaluated companies by the amount of coverage options available and add-ons available.
- Confidence – It is extremely important for insurance companies to fulfill customers’ claims. Companies with sound financial strength will not have issues paying out claims, regardless of the amount. However, companies with weak financial strength might not be able to pay out claims. We measured this using A.M. Best.
- Customer Experience – The amount of complaints a company receives is an indicator of the overall customer experience as it expresses dissatisfaction. We have based this measure on the NAIC National Complaint Index.
How to Buy Homeowners Insurance for Military Veterans
Home insurance for military members and veterans is a good way to gain peace of mind, but it also may be required depending on your type of mortgage. For example, VA loans require homeowners insurance to cover dwelling and personal liability coverage plus damage from weather, fire, theft, or vandalism.
When assessing your application, homeowners insurance providers will also look at eligibility criteria such as:
- Whether you are on active duty.
- Whether you are currently deployed.
- Length of service.
- Type of discharge received.
- Whether you are a member of the Reserves or National Guard.
There are also other factors to consider when shopping around for homeowners insurance for veterans. In some cases, an insurance company may have some fine print on your occupancy status if you are currently serving.
Occupancy Clause for Active Military
One clause common with homeowners insurance for military veterans is the Occupancy Clause. This clause means that someone must live in your home at all times for it to be covered. If you are deployed and your home is vacant for a certain period of time (usually 30-60 days), your policy may not cover you. For those on active duty who live alone, this clause is one to watch out for.
War Zone Exemption
The War Zone Exemption clause is when an insurance provider makes exemptions for those deployed in war zones. If you are deployed in one of these areas, your homeowners insurance will not replace anything damaged on your property and will not cover you while you are there. For those on active duty, it’s best to find homeowners insurance for military members that does not involve the War Zone Exemption. This could mean using a military-specific insurance company such as USAA.
VA Home Loans
VA loans are a preferred way for many military members to purchase a home. A VA home loan is a government-backed loan that offers several benefits for military members who might otherwise struggle to get a mortgage. One of the benefits is that there’s no need for a large down payment and there’s no private mortgage insurance to pay. Most VA loans do, however, require homeowners insurance.
Homeowners insurance for VA loans must cover hazard insurance coverage that pays for the cost to rebuild your home if it’s destroyed or damaged. The insurance policy must also cover the common perils in an HO-1 form, including:
- Dwelling coverage.
- Liability coverage.
- Weather-related damage.
- Fire and smoke.
Do VA loans offer home insurance?
VA loans themselves do not offer home insurance as part of the loan. They require a separate home insurance policy in order to approve the loan. However, home insurance is generally recommended for every homeowner for added peace of mind and protection, even if it isn’t required.
Do you need homeowners insurance with a VA loan?
VA loans will typically require that you have sufficient homeowners insurance before you can close on a loan. Each lender will likely have its own requirements, but most will need your policy to cover dwelling and liability coverage plus hazard coverage.
What should military members watch out for with home insurance policies?
Some insurance providers will have fine print on their policies that exclude certain scenarios for active military members. These include the Occupancy Exemption and the War Zone Exemption. However, if you are a retired veteran and are not in active service, you will have more choice and won’t have to worry about policy changes during deployment.