A home is often the owner's most valuable asset. So finding a most trusted home insurer is critical for not only securing a mortgage, but also for protecting against financial ruin if disaster strikes.
With so much at stake, finding trustworthy homeowners insurance companies to choose from is a must. Investor's Business Daily conducted a survey with polling partner TechnoMetrica Market Intelligence to find out which are the Most Trusted Financial Companies. Analysis of the survey results also revealed which home insurers are most trusted by their customers. Special recognition goes to the three best home insurance companies based on the overall trust rating.
USAA took first-place honors among home insurers, with a trust rating of 91.8.
Based on participant responses, the IBD survey identified the six most important trust attributes and weighted them by importance to compute the overall Trust Index. The six trust traits are the quality of products and services, commitment to protecting privacy and security, ethical practices and values, fair pricing and fees, customer service, and customer treatment.
3 Most Trusted Homeowners Insurance Companies
| Company | Overall Trust Rating | Privacy | Quality | Ethics | Price | Customer Service | Customer Treatment |
|---|---|---|---|---|---|---|---|
| USAA | 91.8 | 96.4 | 93.0 | 94.2 | 83.4 | 90.8 | 91.1 |
| AAA | 84.7 | 88.0 | 83.5 | 90.0 | 76.7 | 85.4 | 84.5 |
| Allstate | 78.1 | 85.0 | 78.5 | 79.0 | 64.7 | 79.0 | 80.2 |
As with auto insurance, USAA led the list of home insurers. AAA was solidly in second in this group too. Allstate also ranked well, with the third-highest trust rating in home insurance.
USAA ranked No. 1 among homeowners insurance companies on all six trust components: quality of products and services, commitment to protecting privacy and security, ethical practices and values, fair pricing and fees, customer service, and customer treatment.
- See The Full List Of The IBD Most Trusted Financial Companies
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- Read Our Full Special Report On Most Trusted Financial Companies
"My experience with USAA's home insurance has been absolutely awesome," said Nicholas Moran, a U.S. veteran from Roseburg, Ore. "They took me immediately because I'm a veteran, and then they asked me if I wanted to bundle my auto policy with them too, and they gave me a 10% discount. No ifs, ands or buts. I got amazing service."
Most Trusted Home Insurers Exhibit Reliability
As was the case in auto insurance, home insurers suffered through many natural disasters, with this year's slew of hurricanes hitting the Gulf Coast and the fires hitting Western states only the most recent ones. Several insurance companies' images have been tarnished as a result of not paying claims on time, or bungling their claims or not being responsive enough after natural disasters. Some insurers have stopped issuing homeowners insurance in certain areas, such as south Florida.
USAA is a financial services company whose clients are members of the U.S. military, veterans and their spouses and children.
In total, 10 home insurance companies qualified for inclusion in the survey analysis, based on at least 100 of their customers taking part. After the top three, they were No. 4 State Farm, No. 5 American Family, No. 6 Travelers, No. 7 Farmers, No. 8 Liberty Mutual, No. 9 Nationwide and No. 10 Progressive.
This article was originally published on Oct. 12, 2020, and was updated on June 9, 2021.
The Most Trusted Financial Companies logo and accolades are available for licensing through Investor's Business Daily's partner, The YGS Group, by email at IBDlicensing@theygsgroup.com or at 800-290-5460.
Follow Michael Molinski on Twitter @IBD_mmolinski
