Geico is the fourth most popular insurance provider in the U.S. according to YouGov. It places third in popularity among Millennials, sixth among Generation X-ers, and fifth among Baby Boomers. As a household name in the insurance industry, Geico can be a great fit for a variety of insurance needs but can be especially great for homeowners insurance. We take a deep dive in our 2021 Geico homeowners insurance review to help you determine if this company is the right insurance fit for you.
Pros & Cons
- National coverage
- Affiliate and non-affiliate insurance partners
- Intuitive digital platforms
- Helpful digital resources for website and app support
- Bundle discounts for multiple Geico insurance policies
- Competitive homeowners insurance coverage
- Affordable comprehensive insurance coverage
- Higher-than-average customer complaint index
- Mediocre customer service ratings
- Third-party provider services policies
- Policies issued by Geico’s network of partners
- Limited discount options
- Discounts vary by region and issuing partner
The average cost of homeowner insurance in the U.S. is $1,312 per year for $250,000 in dwelling coverage, according to Bankrate’s study of annual quoted premiums. Pricing can vary greatly, depending on state requirements, the value and age of your home, and how vulnerable your area is to natural disasters or crime. Geico offers many ways to lower the cost of your homeowners insurance if you have a good credit score (in applicable states), make renovations that protect your home from natural disasters, or increase your deductible.
Geico homeowners insurance covers several types of insurance, which may include coverage for your 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 can pay for expenses if someone suffers an injury on your property or if a child breaks a neighbor’s window, for example. Finally, additional living expenses can help you pay for a hotel or other living arrangements if your home becomes inhabitable. To estimate your homeowners insurance, you may need to speak with a licensed agent to determine what your financial assets are and what risk you’re comfortable assuming in the event of a loss.
Geico enhances the digital customer experience for some policyholders. In fact, in J.D. Power’s 2021 Insurance Digital Experience Study, Geico earns 5 stars and is rated the top company in the industry for insurance. To get a home insurance quote from Geico, you may contact a local agent via email, phone, Twitter, or a chatbot on its website with an app on the website to begin the process.
However, Geico receives a high number of complaints from the National Association of Insurance Commissioners (NAIC). While the baseline average is 1.00, Geico has a complaint index of 1.35 for total complaints. Most of the complaints relate to Geico’s auto insurance sector regarding trouble with unsatisfactory and delayed settlements. Your experience may be different, depending on the policy you buy and the local office that services your policy.
You can lower the cost of your premium through various discounts offered by Geico. One great way for homeowners to save is by purchasing multiple policies with this provider, such as auto insurance. 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 ratings indicate a positive history of being 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-||829/1000||More complaints than average|
|Allstate||4||A+||829/1000||More complaints than average|
|Progressive||3.75||A+||797/1000||Fewer complaints than average|
|Amica||4.25||A+||853/1000||Fewer complaints than average|
*All information accurate as of August 2021
Geico vs. State Farm
When we compared customer complaints for Geico versus State Farm home insurance, State Farm has fewer complaints than Geico although most of the complaints from Geico’s customers are based on its auto insurance business. Another stand-out factor for State Farm is that the provider is a top-rated company in our survey for the best homeowners insurance companies.
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
Looking at customer complaints for 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 may be 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, it could be 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.
Its third-party underwriters 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 liability and 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.