2022
Personal Loans
6 min read
The best in home insurance for 2022
The 2022 Bankrate Awards
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You deserve the best home insurance
Home insurance is more than a mandatory purchase if you have a mortgage; it’s a safeguard against financial devastation should your home be damaged or destroyed. With dozens of insurance companies on the market, numerous coverage types and various third-party reviews to consider, how do you determine which home insurance company is the best for your needs?
Bankrate can help. Our team of insurance experts conducted an extensive study of the home insurance market, analyzing average rates, coverage offerings, discounts, policy features and third-party scores for dozens of the largest home insurance companies by market share. Our research could help you determine which carrier best fits your unique needs, so you can rest easy knowing your finances are protected should the worst happen to your home.
These are the winners of the 2022 Bankrate Awards for Best Home Insurance.
How we picked these home insurance companies:
- Our top insurance companies received the highest Bankrate Scores. Our proprietary scoring process uses weighted scores for third-party financial strength and customer satisfaction ratings.
- We also analyzed average annual premium information for each company and compared the premium to the national average.
- Finally, we combined the Bankrate Scores and average premium information with availability to ensure each company is available in most, if not all, states.
Best home insurance company overall (tie)
USAA
Read the full review
by our Bankrate reporters
Highlights
Low premiums for the military community
Superior financial strength
Receive automatic elite status
USAA is available nationwide for military members, veterans and qualifying family members. The company’s high customer satisfaction scores, excellent financial strength and low average premium combine to make it a fantastic choice for many consumers. Bankrate also awarded USAA with a strong mobile app score, which might be appealing to those who want to handle their insurance digitally.
- Excellent customer service scores
- Nationwide availability
- Low NAIC complaint index
We analyzed the best home insurance companies on features that commonly impact customer experience. Our picks for the best home insurance companies received the highest Bankrate Scores, with customer satisfaction, financial strength and nationwide availability playing a significant role in the rankings. Because eligibility restrictions apply to USAA, State Farm is a good alternative for those who are not affiliated with the military.
Best home insurance company overall (tie)
State Farm
Read the full review
by our Bankrate reporters
Highlights
High customer satisfaction
Extensive local network
High J.D. Power customer satisfaction series
State Farm is the largest home insurance company in the nation based on market share. The carrier offers excellent online and mobile tools along with a large network of local agents, so policyholders can choose how to handle their home insurance needs. State Farm also boasts a strong financial strength. New policies are available in 48 states and Washington, D.C.
- High customer satisfaction scores
- Excellent financial strength
- Near-nationwide availability
We analyzed the best home insurance companies on features that commonly impact customer experience. Our picks for the best home insurance companies received the highest Bankrate Scores, with customer satisfaction, financial strength and nationwide availability playing a significant role in the rankings. Because eligibility restrictions apply to USAA, State Farm is a good alternative for those who are not affiliated with the military.
Best digital home insurance company
Lemonade
Read the full review
by our Bankrate reporters
Highlights
Technologically advanced
User-friendly mobile app
Socially conscious
Lemonade uses a unique AI-driven business model to offer lower average premiums for home insurance. The company takes a flat fee from policies to cover business expenses, with the rest of the premiums going toward claim payments. Lemonade donates any leftover funds to charities chosen by its policyholders, a system that fits well with the company’s Certified B Corporation status.
- AI-driven business model
- Technologically focused claims handling
- Socially responsible Giveback program
We used our Bankrate Scoring model to analyze the features of each company. For the best digital home insurance company, we weighed each company’s mobile app score and approach to technology as the most important factors, as these aspects indicate the ability to adapt to an increasingly digitized market.
Best for high-value homes
Nationwide
Read the full review
by our Bankrate reporters
Highlights
Near-nationwide availability
Several endorsement options
Superior financial strength ratings
Nationwide offers a low average premium for high-value homes. Considering that more coverage generally means a pricier policy, this feature could be appealing to those with homes with a dwelling value of $750,000 or more. The company also offers numerous optional coverage types, including identity theft coverage, Better Roof Replacement and replacement cost for contents, all of which could appeal to luxury homeowners.
- Low premium for high-value homes
- Numerous optional coverage types available
- Available in 43 states and Washington, D.C.
Our analysis of the best home insurance company for high-value homes focused on third-party ratings, coverage options and policy features. However, because high-value homes are likely more expensive to insure than standard homes, premium was the most heavily weighted factor in our determination.
Find your winner
Ready to take your next step?
You've seen the best home insurance companies for 2022, now see how their quotes stack up.
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