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Last updated on Feb 13, 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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How We Reviewed Geico Homeowners Insurance

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4 companies compared

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4 features evaluated

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5 ratings analyzed

Geico Homeowners Insurance Review

From its humble beginning during the Great Depression, Geico has expanded its product portfolio to provide insurance products like automobile, boat, jewelry, life, and umbrella insurance to 17 million policyholders. The company operates from its headquarters in Chevy Chase, Maryland, with a nationwide workforce of more than 40,000 employees, and it writes policies in all 50 states and the District of Columbia.

Geico’s homeowners insurance covers your home and personal property and can help pay for medical and legal expenses if someone sustains an injury in your home. It also has you covered if you need to move out due to fire or storm damage.

Although Geico has more than $27 billion in assets and receives top marks from all financial rating companies, its home insurance does not rank among the best in the industry. However, if you already have Geico car insurance, purchasing a Geico homeowners policy could earn you a bundle discount.

Pros Cons
Available in all states and the District of Columbia
Strong financial backing
Exclusive local agents
Not ranked by J.D. Power
Does not underwrite its homeowners policies
Local agents are contractors, not Geico employees

The Homeowners Insurance Factors We Analyzed

Pricing

The price you’ll pay for homeowners insurance depends on several factors, such as your age, your credit history, the age of your home, your home’s construction materials, your location, and even the proximity of your home to a fire station. Because of this, insurance costs will vary from person to person, depending on their situation. To give you an idea of what your homeowners insurance would cost, Geico does offer an online quote tool.

Customer experience

Geico partners with other homeowners insurance providers instead of offering its own policies, and you don’t get a choice of which organization you’ll be matched with. Instead, you’ll be directed to one of the companies that Geico has partnered with in your area. All payments, claims, and policy specifics will go through that underwriter. This can be a good or bad thing depending on who you are matched with.

As a result of this arrangement, Geico isn’t scored on its customer service by J.D. Power. Once you’re paired with an underwriter, you can check to see whether that company received any customer service ratings, and you can use these to gauge what your claim filing and reimbursement process might be like. But the upshot is that it’s difficult to make solid claims about homeowners insurance from Geico: Your experience will vary greatly depending on who underwrites your policy.

With that said, in its 2018 national complaint index report, the National Association of Insurance Commissioners (NAIC) received just one complaint about Geico, far below the national average. The Better Business Bureau also gives Geico an A+ rating. In the last three years, the majority of BBB complaints filed against Geico center on billing and product and service issues related to auto claims.

Geico’s mobile app enables you to get an insurance quote, pay your bill, report and track claims, and update your policy from the convenience of your Android or Apple device. Geico car insurance customers can also use the app to locate the nearest parking garage or request roadside assistance.

Coverage

Geico’s homeowners policy protects your home and personal property against damages caused by fire, hail, wind, and certain types of water damage. The policy also includes personal liability and medical bills coverage to pay for the property damage and injuries of people who do not live in your household. For example, if someone slips and falls in your home, your liability coverage could help pay legal expenses and medical bills.

Standard policies also include coverage for additional living expenses to help pay your expenses if you need to move out of your home following a covered claim. Like other homeowner policies, Geico’s homeowners policies do not cover flood damage. However, if you live in a flood zone, you can purchase a separate Geico flood insurance policy.

To determine how much insurance you should buy, you need to know how much it would cost to rebuild your house and the value of your personal property. If you own expensive items such as jewelry or collectibles, you may need to add an endorsement to your homeowners policy to make sure you’re properly covered. Also, if your property has features like a swimming pool or trampoline, you may need to increase your liability and medical coverage or purchase an umbrella policy.

Deals, discounts, and add-ons

Geico homeowners customers can earn a discount when they purchase a Geico car insurance policy. Customers may also qualify for a discount if they install fire extinguishers, security systems, and smoke alarms. Geico limits its jewelry coverage to $500 to $2,000, though homeowners with more expensive items can purchase a separate jewelry policy.

Geico Homeowners Insurance Overview

Leo and Lillian Goodwin founded Geico in 1936 during the Great Depression. Originally, Geico only sold insurance to federal employees and military officers. In the early 1950s, Warren Buffett began investing in Geico, and in 1996, Buffett’s investment firm, Berkshire Hathaway, assumed ownership of the insurance provider and contributed to Geico’s sound financial strength.

In 2019, Berkshire Hathaway ranked fourth on the Fortune 500 list. The Better Business Bureau gives Geico an A+ rating, and YouGov ranks the insurer as the fourth-most-popular insurance brand. Publications like Black EOE Journal, Forbes, Hispanic Network, and Professional Woman’s Magazine have honored Geico with awards for its workplace diversity.

  • In business since: 1936
  • S&P Global financial strength rating: AA+
  • Moody’s financial strength rating: Aa1
  • AM Best financial strength rating: A++
  • States served: 50 plus Washington, D.C.

The Competition

AM Best Financial Strength Rating
J.D. Power 2019 U.S. Home Insurance Study Score
J.D. Power 2019 U.S. Property Claims Satisfaction Study Score
NAIC Customer Complaints
Geico
A++
N/A
N/A
Fewer complaints than average
Allstate
A+
3/5
3/5
Fewer complaints than average
Progressive
A+
3/5
N/A
Fewer complaints than average
Amica
A+
5/5
5/5
Fewer complaints than average

All information accurate as of February 13, 2020.

The Bottom Line

Geico homeowners insurance is best for customers with an existing Geico policy, since you’ll have the benefit of consolidated service and potentially a bundling discount. But we’d otherwise recommend sticking to more direct options. If you do choose Geico, be prepared to do your own research on the underwriter that Geico pairs you with before signing a contract.

Geico Homeowners Insurance FAQ

About the Authors

Michael Evans

Michael Evans Contributing Writer

Michael Evans is a freelance finance writer. His work has been published by Bankrate, Fox Business, The Guardian and Yahoo Finance.