Find the Cheapest Homeowners Insurance Quotes in Your Area
Homesite is a competitively priced home insurance company that has few additional coverage options and discounts. While Homesite’s offerings are what we consider to be the bare minimum, the low rates it offers homeowners could make it a great insurance company for those looking for the best prices. In other words, customers who place an emphasis on value will find Homesite to be an excellent choice for home insurance.
Homesite: Great for the Basics, But That’s About It
Homesite doesn’t have the widest variety of coverage options and discounts, but it offers some of the most affordable home insurance rates for a wide range of coverage limits. Annual home insurance rates from Homesite are consistently less expensive than three of its competitors: State Farm, Allstate and Nationwide.
However, in exchange for Homesite’s low rates, you’ll be putting yourself at risk of a poor customer service experience should you ever file a claim. Homesite is a direct insurance company, meaning that you won’t have the ability to speak to an agent in-person. In addition, Homesite’s customer reviews often cite a slow and unresponsive claims process. The negative reviews—particularly in regards to the claims process—match J.D. Power’s findings in its study.
If you have a Progressive home insurance policy, you’re likely insured through Homesite without realizing it. Progressive provides home insurance through Homesite, which means that if you need to file a claim, you’ll be dealing with Homesite’s claims process.
Bottom Line: Homesite is one of the best home insurance companies in terms of cost, but it lacks the discounts and optional coverages to make it a great insurance company. Ultimately, Homesite is a great option for value-oriented customers who are looking for the cheapest option—for instance anyone who needs home insurance for a mortgage, but not those looking for a company with the best customer service reviews.
Homesite Insurance Policy Coverage Options and Discounts
Homesite offers a standard set of coverage with its home insurance policies, as well as a variety of optional coverages—such as identity theft protection, personal injury protection, coverage for special valuables and extended coverage.
Identity Theft Protection: Consider adding this optional coverage if you’re concerned about identity theft. The add-on covers up to $15,000 in expenses incurred due to identity theft, such as legal fees and fraudulent credit card charges. The deductible for identity theft protection is only $250.
Personal Injury Protection: This coverage provides protection from claims of slander, libel and invasion of privacy. Homeowners with personal injury protection extend the limit of liability on their homeowners policy.
Coverage for Special Valuables: If you own rare or expensive items—such as jewelry and paintings—then you’ll want to add this optional coverage to your home insurance policy. The endorsement provides you with open perils coverage, meaning that your items are covered for everything except what is explicitly excluded in your policy.
Extended Coverage: If the cost to replace your home is greater than your policy’s limits, then extended coverage would provide you with additional coverage of up to 25% or 50% of your dwelling coverage.
|What’s Covered by a Homesite Policy?||Details|
|Your home||Covers you for damage or loss of your home if it’s caused by a covered incident.|
|Your personal items||Covers damage, destruction and theft of possessions.|
|Loss of use||Reimburses you for the expenses associated with being unable to stay in your home due to a covered loss.|
|Medical payments to others||Covers medical bills if someone suffers an injury on your property.|
Discounts Offered by Homesite
Homesite offers a long list of home insurance discounts. However, the discounts’ availability depends on your state of residence, your policy and the specific underwriting company that Homesite uses for your policy. Furthermore, none of the discounts are unique to Homesite, which means that you could find the same discounts with a different insurance company. If you’re eligible for any discounts, The company will automatically apply them to your home insurance premium.
|Discount||How Do You Receive it?|
|Welcome Home/Home Purchase Discount||Receive a discount when you purchase a new home.|
|Moving In Discount||Switch from a Homesite renters or condo policy to a Homesite homeowners policy.|
|Drive Home/Affinity Discount||Bundle your home and auto insurance with Homesite to receive a 10% discount.|
|Gets Better With Age/Retired Occupant Discount||Receive a discount when you’re over a certain age. The specific age requirement depends on your area. While Homesite’s website doesn’t reveal any details, competitors offer discounts after age 50.|
|Safety First/Premises Alarm or Fire Protection System Discount||Receive this discount if you have central fire or burglar alarms, or if you have sprinklers in every room in your home.|
|Roof it Over/Age of Roof Discount||If you purchase a new roof while your current roof is under ten years old.|
|New Construction/Age of Home Discount||Receive this discount based on the age of your home. The newer your home is, the higher discount you’ll receive.|
|Better Together||Save when you purchase endorsement packages.|
Homesite Insurance Quotes Comparison
Unless you’re looking for a home insurance policy with a limit under $100,000, it’s unlikely that you’ll receive better rates than Homesite’s from another insurance company. Homesite quoted an annual rate that was approximately 20% lower than the average of its competitors for a home insurance policy with a limit of $150,000. For a coverage limit of $200,000, Homesite quoted a rate that was 18% lower than the average of its competitors.
Homesite was the cheapest insurance company across three of the four home insurance policy limits we studied. Home insurance rates vary between states, so you’ll want to gather multiple quotes when choosing an insurance company.
Homesite Insurance Reviews and Ratings
Customer reviews of Homesite rate the company as one of the worst when it comes to overall satisfaction. Homesite ranked 28th among the 29 home insurance companies that were rated by J.D. Power’s 2017 U.S. Home Insurance Study. The study rated the insurance companies based on several factors including policy offerings, rates, claims, etc. We highlight the results of the survey below, where categories are rated from one to five with five being the highest rating within a category.
|Company||Overall Rating||Policy Offering||Price||Billing||Interaction||Claims|
Filing a Claim with Homesite
If you need to file a claim with Homesite, you can do so by calling 1-866-621-4823 or through Homesite’s online customer portal, My Policy. A Homesite representative will contact you after you’ve submitted your claim to provide information in regards to the claim and the claims process. Homesite recommends the following after reporting a claim:
- Take reasonable measures to protect your home from further damage
- Document damages to your home with pictures
- Store receipts and any items related to a loss
- Contact law enforcement, if necessary
- Collect contact information for other parties if the claim involves damage of property belonging to someone else
Homesite Customer Complaints and Financial Strength Ratings
Homesite has a typical amount of customer complaints and strong ratings for its financial strength. The National Association of Insurance Commissioners (NAIC) gave Homesite a complaint rating of 1.08, which is in line with the national median. This means that Homesite receives approximately the same number of complaints as the average insurance company does.
An insurance company’s financial health is also an important criteria to consider, as it can be critical when the time comes to pay claims. A.M. Best Rating Services, who awards letter grades based on an insurance company’s financial health, assigned a rating of A to Homesite. The A rating is the third highest rating available and represents an excellent ability to meet financial obligations. Homesite’s parent company, American Family, has an A.M. Best Rating of A+, the second highest rating possible.