Homeowners insurance pays to repair or rebuild your home and replace its contents if it is damaged by specific perils such as fire, theft, or weather events such as wind or lightning.
If you're not familiar with home insurance coverage and its policies, you may end up paying more than you should for inadequate coverage. To help you find the best homeowners insurance policy for you, here are the seven best homeowners insurance companies of 2023.
Our top picks for the best homeowners insurance
- Lemonade – Best Home Insurance Company for Online Services
- Hippo – Best home insurance company for added features
- Erie Insurance – Best home insurance company for a range of coverage options
- State Farm - Best home insurance company for nationwide coverage
- Amica Mutual - Best home insurance company for customer service
- USAA - Best home insurance company for military members
- AIG - Best for high-priced homes
- Other home insurance companies we considered
Why we chose Lemonade: Lemonade's streamlined online services and use of AI make the process of getting quotes and submitting claims easier and faster.
Lemonade Insurance is an online-only insurance company that uses artificial intelligence to provide significantly faster home insurance quotes and claim payments. The company can provide a quote in minutes — you just fill out a form on its website and choose the amount of coverage you want.
Claiming is just as easy: you simply press the claim button on the app and proceed to fill in any required information. The use of AI also makes the claims process unusually fast, with many reimbursements being issued within minutes, the company says.
Lemonade also has unique and interesting methods of paying for operations and using company profits. Its operations are financed, at least in part, through a flat fee added to the policy's premium. Then, through its Lemonade Giveback program, it will donate up to 40% of premiums not used to pay claims to a non-profit organization of your choice.
Lemonade also offers a standard selection of coverage options, including:
- Accommodation coverage
- Other structure coverage
- Personal property coverage
- personal liability
- Medical payments
- Loss of use
Although Lemonade says it plans to expand its operations to more states and other countries, right now, Lemonade is only available in 24 states. In addition, not all of its policies are available in those states either — auto insurance, for example, is only available in three states This lack of availability may limit your bundling options depending on where you live.