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.
Strong financial backing
Exclusive local agents
Does not underwrite its homeowners policies
Local agents are contractors, not Geico employees
The Homeowners Insurance Factors We Analyzed
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.
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.
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.
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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
Geico sells several types of property insurance, including condo, landlord, mobile home, and renters policies. And, if you live in a flood zone, you can purchase a flood insurance policy through Geico. If you already have Geico business or car insurance, purchasing a homeowners policy could earn you a discount.
Your home insurance policy should carry enough coverage to rebuild your home and replace your personal belongings. If you have expensive items, like jewelry or musical instruments, you may need to add an endorsement to your policy for added protection. Also, if you have a swimming pool or often entertain guests, you may need to increase your liability and medical bills coverage, just in case someone sustains an injury in your home.
Geico writes home insurance policies in all 50 states and the District of Columbia. Geico does not sell insurance in U.S. Territories.
Geico does not underwrite its homeowners policies. Instead, it relies on a network of affiliated and non-affiliated companies, including AIG, American Family, Chubb, and The Hartford.
Geico’s home insurance policies cover your home and personal belongings. If your house sustains fire damage, your Geico policy could help rebuild and replace furniture and clothing. A homeowners policy also helps pay living expenses if you need to move out of your home during reconstruction, along with liability and medical bills coverage to pay legal costs and medical expenses if someone sustains an injury in your home. If you live in a flood zone, Geico can also sell you a flood insurance policy.