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Geico is a national insurance company best known for its car insurance, however, they also offer other insurance policies, including renters and homeowners through a network of partner companies. Overall, Geico offers competitive homeowners insurance coverage secured through the Geico Insurance Agency, Inc. and an above-average digital experience for customers in its website and app.
Geico home insurance is great when you want to get in touch with an agent to get quotes across multiple services. However, its customer complaint index, per the NAIC, is higher than average for the insurance industry. If you ask yourself, “is Geico home insurance good for me?” check out our review to find out.
According to YouGov, Geico is the 4th most popular insurance brand in the United States. In terms of popularity ranking, it’s third place among Millennials, sixth place among Generation X and fifth place among Baby Boomers. During the Covid-19 pandemic, Geico has also been recognized by as a supportive company during the national crisis.
The accomplishments stated here are outstanding for a company. Still, we evaluated Geico homeowner’s insurance coverage and gave you the pros and cons, so it is easier for you to decide whether this is the right company for you or not.
- National coverage Geico partners with affiliated and non-affiliated insurance carriers to offer homeowners insurance nationwide.
- Impressive digital platforms The company has outstanding digital tools for information and communication across its website and app.
- Discounts for multi-policy with car insurance Geico’spolicyholders can combine and bundle their coverage and save money by it.
- Competitive homeowners insurance coverage It provides affordable coverage for damages, personal property, jewelry, medical bills and additional expenses.
- Higher customer complaint index Geico’s overall customer service could be better.
- Coverage does not come directly from Geico Homeowners insurance is not provided directly by Geico, but by a network or partners and secured through Geico Insurance Agency Inc.
- Not so many discounts Discounts are about average and vary according to the partner issuing the policy in your area.
According to the NAIC, 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 and age of your home, and how vulnerable your area is to natural disasters or crime. You can lower the cost of your Geico homeowners insurance if you have a good credit score, make renovations that protect your home from natural disasters or increase your deductible.
Geico homeowners insurance covers several main areas, including structure, belongings, liability and additional living expenses. If you get an insurance policy, your house can be protected for scenarios like fire, wind, hail, and in some cases, water damage. Liability coverage pays for expenses if someone suffers an injury on your property and even if a child breaks a neighbor’s window. Finally, additional living expenses help you pay for a hotel or other living arrangements if your home becomes inhabitable. To estimate your homeowners insurance, think about everything that can be lost if anything happens to your house.
Geico enhances the digital 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. 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 slightly higher average of customer complaints at the National Association of Insurance Commissioner. Its complaint index is 1.35 and the national average is 1.00 being. Most of its complaints are based mainly on auto insurance policies. The main reasons for complaints were unsatisfactory settlements or offers as well as delays. Your own experience may be different depending on which of Geico’s home insurance partners subscribes your policy.
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. Geico offers some discounts for homeowners who reduce risks to their homes by installing security systems or fire extinguishers, but there isn’t much more outside of the basic discounts.
We evaluated the company based on their customer rating and experience, financial stability, and coverage to determine Reviews.com score and create our Geico Homeowners Insurance Review. To compare this company with home insurance companies across the board, we calculate each 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 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 AM Best’s ratings, which specializes in assessing the financial strength of insurance companies.
- 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.
|Company||Reviews.com Score||AM Best Financial Strength Rating||J.D. Power 2019 Score||NAIC Customer Complaints|
|Geico||2.75||A++||N/A||More complaints than average|
|State Farm||3.75||A++||831/1000||Fewer complaints than average|
|Allstate||4||A+||814/1000||Fewer complaints than average|
|Progressive||3.75||A+||809/1000||Fewer complaints than average|
|Amica||4.25||A+||845/1000||More complaints than average|
*All information accurate as of 09/08/2020
Geico vs. State Farm
When we compared Geico versus State Farm home insurance in terms of customer complaints, State Farm had fewer complaints than Geico. Although, most of the complaints from Geico’s customers are based on its auto insurance business. Another thing that makes State Farm stand out in comparison is that they made it to our list of the best homeowners insurance companies.
But in terms of availability and coverage, both companies have local agents and cover properties in all 50 states. They also offer similar discounts.
Geico vs. Allstate
In terms of customer complaints Geico versus Allstate, the latter has a wider array of discounts like early signing discounts and homebuyer discounts, which Geico does not advertise. Another big difference is that Allstate underwrites all of its homeowners insurance policies, while Geico works with a network of partners for this type of insurance. Both companies have intuitive websites and apps and serve the 50 states in the United States.
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 it offers 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. Since Geico offers coverage nationwide, we think it is a solid choice for homeowners insurance who want to purchase more than one policy. Current Geico insurers can get a good deal by bundling their coverages.
Geico Home Insurance FAQ
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. To get the best rates from Geico homeowners insurance, you can bundle your services by purchasing several policies.
The amount of home insurance you need depends on the value of your house and possessions. Expensive art, a jewelry collection or costly electronic equipment may require more coverage. This FAQ article has additional information about your insurance needs. Geico also offers a tool to calculate how much personal property insurance you need.
Geico home insurance policies are available in all 50 states by partnering with affiliated and non-affiliated insurance carriers.
Geico doesn’t underwrite its own policies and works with a group of partner companies to provide insurance for its customers.
Their third-party underwriters are across the United States are: AIG, All Risks, American Modern, Arrowhead, Bay City Underwriters, Berkshire Hathaway Specialty Insurance, Cabrillo, California Fair Plan, Chubb, FedNat, First Insurance Company of Hawaii, Foremost Property and Casualty Insurance Company, The Hartford, Heritage Property and Casualty Insurance Company, Hawaiian Insurance and Guaranty Company, Limited, Homeowners of America, Homesite, Interboro Insurance Co, Island Insurance, Lemonade Insurance Company, Liberty Mutual, Narragansett Bay Insurance Exchange, National General, Privilege Underwriters Reciprocal Exchange, RLI Insurance Co, SageSure Insurance, Security First, Stillwater Insurance Group, Tapco Underwriters Inc, Travelers, UPC Insurance, Universal Ins Co of North America, Universal Property & Casualty Insurance Company, Universal Risk Advisors Inc, Wellington Risk Ins Agency.
Geico homeowners insurance covers the basics generally covering dwelling coverage, other structures, personal property coverage, loss of use, personal liabilityand medical payments for guests. Since Geico does not underwrite its home insurance policies, coverage options, add-ons, prices and level of service will depend on your location.