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Last updated on May 18, 2020

Geico Homeowners Insurance Review

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GEICO

  • Available nationwide
  • Discounts for Geico car insurance policyholders
  • A Berkshire Hathaway company
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Geico offers standard homeowners insurance and an above-average digital experience for customers.

Geico Homeowners Insurance Highlights

  • Competitive homeowners insurance coverage
  • Remarkable customer service
  • Impressive digital platforms
  • Good financial standing
  • Above-average customer complaint index

How We Reviewed Geico Homeowners Insurance

  • 7 companies compared 
  • 4 features evaluated 
  • 5 ratings analyzed

Geico Homeowners Insurance Review

Geico is a national insurance company best known for its car insurance,however, they also offer other insurance policies, including homeowners coverage. 

The company boasts excellent digital platforms such as its website and app. Geico also offers many ways for customers to get in touch with an agent across multiple services. However, the company stands to improve its customer service experience as they rank slightly higher-than-average customer complaint index.

Pros

  • National coverage
  • Excellent digital tools and platforms for information and for communication

Cons

  • Above-average customer complaint index

The Home Insurance Factors We Analyzed 

Pricing 

The average cost of homeowners insurance premiums in the U.S. is $1,192 per year. Keep in mind that pricing varies greatly depending on state requirements, the value of your home, and how vulnerable your area is to natural disasters. Geico offers some discounts for homeowners who reduce risks to their homes by installing security systems or fire extinguishers.

Customer experience 

Geico is known for excellent digital tools and app that enhance the customer experience for some policyholders. In fact, in the 2019 JD Power Insurance Digital Experience Study, Geico earned 5 stars and was rated the top company in the industry for this service ranking. 

To get a home insurance quote from Geico, you may contact a local agent via email, phone, Twitter, a chatbot on its website, and the app to begin the process. 

Despite making itself widely available to customers, Geico has a higher average of customer complaints than other insurance companies. According to the National Association of Insurance Commissioners, Geico’s complaint index was 1.34 in 2019. This information suggests that Geico could improve its customer experience.

Coverage 

The homeowners insurance provided by Geico covers several main areas of your home including the structure, your belongings, liability, and additional living expenses. Your house is protected in a number of scenarios including fire, wind, hail, and in some cases, water damage. Liability coverage pays for expenses should someone suffer an injury on your property and may even assist in cases such as a child breaking a neighbor’s window. Finally, additional living expenses help you pay for a hotel or other living arrangements if your home becomes inhabitable during repairs. 

Deals, discounts, and add-ons

You can lower the cost of your premium through various discounts offered by Geico. For homeowners, the best way to save is by purchasing multiple policies with this provider. Other ways to save include using a security system and installing fire alarms or sprinklers.

Geico Overview: Financial Strength, Availability, and History 

Over 97% of people have heard of Geico, according to Yougov.com. Up to 47% of consumers have a positive perspective on the company and it’s also the fourth most popular insurance brand, while also being the most famous.

The company has been in business since 1936 and is in good financial standing according to S&P, Moody’s, and AM Best financial strength ratings. Geico is also in good standing with the Better Business Bureau and has an A+ rating. 

However, the company does struggle with complaints and has a slightly higher-than-average complaint index. Because it’s made up of several smaller companies, the complaint index does vary depending on what company you look at. For example, one complaint index was 1.34, while another subsidiary had a complaint index of 1.63. So your customer experience will depend on which subsidiary owns your policy. It’s also valuable to note that the vast majority of complaints were related to auto insurance and not homeowners insurance. 

  • In business since: 1936
  • S&P Financial Strength Rating: AA , AA+
  • Moody’s Financial Strength Rating: AA3 
  • AM Best Financial Strength Rating: A++
  • States served: 50

The Competition 

 AM Best Financial Strength RatingJ.D. Power 2019 U.S. Home Insurance Study ScoreJ.D. Power 2019 U.S. Property Claims Satisfaction Study ScoreNAIC Customer Complaints
GeicoA++N/AN/A1.34
AllStateA+3/53/50.36
ProgressiveA+3/5N/A0.91
AmicaA+5/55/50.00

*All information accurate as of [05/13/2020].

How We Evaluated Geico Homeowners Insurance

Factors evaluated include the providers financial strength as indicated by organizations such as AM Best and Standard & Poors, customer service ratings and support, as well as average premiums.

The Bottom Line 

Geico is a well-known, popular insurance company that offers homeowners coverage on par with competitor companies. It’s worth getting a quote to see if their offer is a competitive premium for the coverage you need. The provider’s leading apps, tools, and website support make it very accessible to customers. Although the company has received more complaints than the industry average, most aren’t related to homeowners insurance. Geico is a solid choice for homeowners insurance and provides the best prices for those who purchase more than one policy.

Geico Homeowners Insurance FAQ 

What other property insurance does Geico offer?

Geico offers a wide range of property insurance including renters, condo/co-op, mobile home, landlord, and flood insurance, as well as various business insurance options. For the best rates, you can bundle your services by purchasing several policies with Geico. 

How much home insurance do I need? 

The amount of home insurance you need depends on the value of your house and your possessions. You may require more coverage if you have an expensive art or jewelry collection or if you have lots of costly electronic equipment. This FAQ article has additional information about what you should consider when deciding how much insurance you need. Geico also offers a tool to help you calculate how much personal property insurance you need.

Where is Geico home insurance coverage available? 

Geico home insurance policies are available in all 50 states.

How does Geico underwrite its home insurance policies?

Geico doesn’t underwrite its own policies and works with a group of partner companies to provide insurance for its customers. The company as a whole is made up of several smaller companies

What does Geico home insurance typically cover?

Geico homeowners insurance covers the basics and is comparable to other insurers. Its policies generally cover property damage, most of your personal possessions, living expenses if you must leave your home during repairs or rebuilding, as well as personal liability.

About the Authors

Rachel Peachey is an insurance writer for Reviews.com. Over the last few months, she’s covered topics such as insurance providers, insurance costs, and more.