Our verdict: GEICO is not a direct provider of home insurance policies, which can make the claiming process complicated. Still, GEICO policies are available across the US, and they provide great discounts.
GEICO stands for Government Employees Insurance Company. When it was founded in 1936, its first owner targeted the US government employees as customers, but today anyone can purchase GEICO home insurance. GEICO currently has over 17 million auto policies and insures about 28 million vehicles.
As a direct-owned subsidiary of Berkshire Hathaway Inc, GEICO belongs to Warren Buffet, the most successful US investor. It has one of the most comprehensive websites among insurance companies and is one of the most recognizable brands in the industry.
Users can connect GEICO to Amazon Alexa or Google Assistant and enjoy many insurance-related services, setting it apart from similar services. GEICO’s home insurance policies are competitive with other companies in the industry, here’s an overview of what they have to offer.
GEICO Home Insurance Pros and Cons
When selecting the right insurance company, you should think beyond the price. Each customer is different, and you might not like how some insurers do business. This is our list of GEICO pros and cons to help you decide if this insurer will fulfill your expectations.
Pros
- Affordable policies
- Many discounts available
- Excellent website
- Comprehensive mobile app
- Home policy is written by a third party, but you still pay premiums via GEICO
- Nationwide availability of policies
Cons
- Few local agents available
- Can’t file a home insurance claim directly at GEICO
Geico Homeowners Insurance Overview
GEICO is not a direct writer of homeowners policies. Instead, it connects your insurance needs to a sponsored third-party provider.
Since GEICO acts as a broker, its home insurance policies are available in all states. The standard home insurance from GEICO will cover property damage, personal property, and jewelry. In addition, you’ll have the option to customize your policy with a few add-ons and expand your coverage.
Features
Let’s take a look at property insurance policies that you can purchase with GEICO.
Homeowners
GEICO home insurance is the type of policy that protects your most important asset, your home. Most mortgage lenders will require that you purchase this policy in order to get a loan.
Most home insurance policies will protect your property and other permanent structures from the damage caused by fire, wind, hail, or water damage if it’s included in your policy. In most cases, however, this policy won’t cover earthquakes, flooding, maintenance issues, nuclear hazard, and what most policies would call ‘acts of god.’
GEICO personal property insurance will cover your belongings that end up damaged or stolen. These include, but are not limited to:
- Furniture
- Appliances
- Clothing, etc
GEICO offers a simple personal property cost calculator that you can use to evaluate your policy and decide which coverage you’ll include for what cost.
Jewelry is usually not covered in many home insurance policies, but with GEICO, you’ll enjoy $500 to $2,000 coverage for jewelry items that are stolen from your property. Still, you may need special coverage for items like engagement rings or diamond bracelets that exceed $2,000.
If you’re looking to expand GEICO home insurance coverage, you can include add-ons like personal liability, which covers against damage to other people and their property by yourself or family members; and medical coverage, which covers injuries that occur on your property and additional costs of living if your home becomes uninhabitable.
Renters
While your landlord probably has an insurance policy for his dwelling, your personal items won’t be protected with a standard GEICO house insurance policy, making renters insurance a valuable consideration.
Renters insurance policy will cover the following damage:
- Fire
- Smoke damage
- Vandalism
- Theft
- Windstorm
- Water damage
- Visitor injuries
Regarding your personal items, you’ll have coverage for:
- Electronics and appliances
- Furniture
- Clothing
- Extra expenses
- Accidental damage to someone else’s property
- Medical expenses for other person’s injury
Condo/Co-Op
While your condo association has a master policy that covers the condominium, your personal belongings inside the walls of your condo won’t be protected if something happens. This GEICO insurance is similar to townhouse insurance in terms of covering certain kinds of accidents like fires, theft, vandalism, and the like.
Besides your personal property, additional coverage for your unit includes carpeting, interior walls, cabinets, and other decor. Still, you’ll have to check what exactly is protected with the master policy to know what is included in your coverage.
Mobile Home
You also have the option to insure your mobile or manufactured home. GEICO mobile home insurance will help you protect your mobile home regardless of how many months you live there. You’ll have the right coverage for your home, personal belongings, and other structures on the land.
There’s a standard, optional, and additional policy to choose from. The standard coverage insures the following items:
- Electronics and appliances
- Furniture and clothing
- Detached structures
- Medical expenses or legal fees
You can get the optional coverage that will help you protect sports equipment or musical instruments. Finally, with additional policies and GEICO manufactured home insurance, you can insure your identity, jewelry and get flood coverage.
Landlord
This type of insurance policy will help you protect your rental property. If you’re responsible for the whole building and attached objects that you rent, this is the perfect solution to protect your investment. GEICO can also assist you in finding the best policy if you own a condo unit that you rent out.
Landlord insurance coverage includes:
- Structure damage
- Liability
- Out-of-pocket situations
- Landlord furnishing and appliances
You can get your GEICO home insurance for your rental property based on three situations:
- Long-term rental
- Occasional short-term rental
- Frequent short-term rental
Whether you rent a single-family home or a condo, this insurance will cover damage to the residence and permanent structures on the property. You’ll also enjoy personal protection, where you’ll be covered for lost rent payments in case of a temporary vacancy and liability. Some add-ons include coverage for vandalism and additional construction expenses.
Some situations are not covered with this policy, and you’ll likely need to purchase additional hazard insurance from GEICO. You won’t be insured for water back-up, renting the room of the house you live in, or flood damage.
Flood
A flood insurance add-on is among the most useful additions to your home insurance policy. Floods can happen anywhere it rains, and in some states, this type of insurance is mandatory. It covers various forms of severe water damage like heavy rain, coastal storms, or melting snow.
Since this insurance usually takes 30 days to become effective, you should consider purchasing the GEICO flood insurance policy as soon as possible. This policy will usually cover the home structure and your personal property, such as:
- Appliances
- Carpets
- Floors
- Cabinets
- Electrical
- Plumbing
- AC and heating units
Keep in mind that the flood policy is limited, and it may not cover:
- Damage caused by the earth moving
- Additional living costs
- Walls
- Swimming pools
- Currency or valuable papers
GEICO offers assistance from its flood insurance counselors to provide you with the complete list of items that won’t be insured if you purchase this policy.
Financial Strength
GEICO has an excellent reputation. For example, A. M. Best ranks it with an A++ rating, which is assigned to only 5% of property and casualty companies. Standard & Poor gives it an A++ rating, as well as Security Circle designation, meaning GEICO achieved top S&P ratings for financial strength.
GEICO has over $32 billion in assets and high Moody’s and Fitch ratings of Aa and AA-, respectively. GEICO is listed under Ward’s 50 top insurers for the 29th consecutive year, and has many other past recognitions. Based on its current financial strength and prognosis, you shouldn’t have problems with your claims.
Customer Service
Regarding GEICO home insurance customer satisfaction, GEICO hosts a straightforward and easy to use website.
GEICO offers a live chat virtual assistant, which is a chatbot designed to streamline your online experience and help you with the basic stuff like obtaining a quote and getting additional information.
Kanbay Research Institute rated GEICO #1 as the most desired insurer for its customer service and focus on staff training. The latest negative reviews were related to the auto insurance policies, so if you’re facing any issues with your home insurance, support shouldn’t be an issue.
- Consumeraffairs – 3.8
- NerdWallet – 4.5
- ValuePenguin – 80%
- WalletHub – 3.2
GEICO Home Insurance Quote
Your home insurance price will depend on many different factors. The most common ones are the location of your home, its age, the amount of coverage you need, add-ons you’ll include in your policy, and available discounts.
With GEICO, things are a little different. Since GEICO is not a direct writer of its policies, quoted prices are subject to change as the final price is dependent on which insurer is connected to you.
Overall, GEICO home insurance ratings show that GEICO insurance is affordable, even though it’s from a third-party company, and the cost is close to the monthly national average of $100. Still, in some states, it might be higher. The quoting tool on the GEICO website is free and easy to use, and you can receive your quote instantly.
Discounts
GEICO has a long list of discounts that you can qualify for to lower your GEICO home insurance quote and enjoy great service and excellent coverage.
Bundle and Save
Like many other insurance companies, GEICO gives you a chance to bundle home and auto insurance policies and save on your premiums. Even if you don’t own a home, you can still bundle renters and auto insurance to reap the benefits.
Home Security Systems/Sprinklers or Smoke Alarms
If your building has security staff or you installed a burglar alarm on your house, you might be eligible for a discount. The same goes for smoke alarm and sprinkler installation. Check with a GEICO agent to see how you can lower your GEICO homeowners quote.
Military Discounts
GEICO offers more discounts to service members. If you’re on active duty, retired, or a member of the National Guard or Reserves, you might qualify for an up to 15% discount on your total premium. There’s also an Emergency Deployment discount and Membership discount for members of AUSA, AFBA, NLUS, and NFCU.
Rates Comparison
The price of your home insurance is undoubtedly the main factor to help you select an insurance company and decide on a policy. Let’s see how GEICO homeowners insurance costs compare to Allstate and Liberty Mutual.
GEICO vs. Allstate
When it comes to Allstate and GEICO comparison, chances are GEICO’s policies will be more affordable. Even though home insurance at GEICO comes from a third-party company, some estimates show that the monthly premium is close to the national average of $100.
On the other hand, Allstate definitely has slightly higher costs compared to the national average. Allstate premiums are also higher compared to other companies. According to other reviews and research that compare GEICOinsurance prices with Allstate, the average annual premium at Allstate is $1,730, which makes it about $144 per month. Luckily, Allstate offers more discounts than GEICO.
GEICO vs. Liberty Mutual
We already mentioned that the price of home insurance with GEICO depends on the third-party insurer that provides your policy. When it comes to Liberty Mutual, it offers great customizable policies, but the add-ons will increase your premium.
Based on some estimates, home insurance monthly premiums at Liberty Mutual range from $87 to $359 per month. This means that depending on your location, GEICO homeowners insurance cost might actually be higher than Liberty Mutual.
Overall Competition Comparison
GEICO vs. USAA
When it comes to USAA homeowners insurance, it’s important to mention that this company provides insurance policies only to military employees, veterans, and their families.
USAA serves a large customer base and has almost a century of providing services. On the J. D. Power 2020 Home Insurance Study, USAA is ranked with an 889/1,000, meaning it has a higher than average customer satisfaction rating. When it comes to policy availability, from GEICO and USAA, both companies offer insurance in almost all states.
GEICO vs. State Farm Homeowners Insurance
State Farm is another competitor that has great financial ratings. A. M. Best ranks it with A++, which is the highest possible rank. S&P assigned an A rating. In the J. D. Power 2020 Home Insurance Study, State Farm is ranked seventh, with a score of 829/1,000.
Compared to State Farm, A. M. Best also ranks GEICO with an A++ rating, and Standard & Poor’s gives it an A++ rating. Still, GEICO is not on the 2020 J. D. Power list. State Farm sells its policies in all states except Massachusetts, New York, and Wisconsin, and according to GEICO home insurance reviews, GEICO covers all states.
GEICO vs. Farmers
Farmers is rated as #1 by Kiplinger for best customer service in 2021. In the 2020 US Home Insurance Study, J. D. Power ranks it with 814/1,000, just below the average.
Farmers has A2 Moody’s rating for its financial strength, and A. M. Best ranks it with an A-.
Even though GEICO is not on the J. D. Power 2020 list, Kanbay Research Institute rated GEICO #1 for the best customer support.
Expert Thoughts
You might be put off by the fact that it’s not a direct provider of GEICO home insurance. Regardless, GEICO has one of the most user-friendly websites, can connect to Amazon Alexa, and has great financial strength ratings.
Since it’s not a direct provider of home insurance policies, this makes the process of obtaining a policy and learning its price more confusing. You won’t know the final price of your insurance until you’re connected with a third-party insurer. The silver lining is that GEICO’s cooperation with other insurers allows it to provide services across the entire US.
People Also Ask
GEICO is owned by Berkshire Hathaway Inc, a company that belongs to Warren Buffet. GEICO has one of the most comprehensive websites among insurance companies, great customer service, and a handy mobile app. It also connects to Amazon Alexa or Google Assistant.
Regarding its financial strength, A. M. Best ranks it with an A++ rating, just like Standard & Poor’s. Kanbay Research Institute rated GEICO #1, meaning it’s among the best when it comes to customer support. While it’s not a direct writer of policies, the insurance with GEICO is very affordable and accessible in many states, making GEICO a good choice for home insurance.
Florida is a little different regarding home insurance policies. Homeowners in Florida are often faced with devastating storms due to the state’s location. Hurricanes are a common occurrence, and this is why homeowners in Florida are left with fewer home insurance options that are costly.
Still, GEICO offers home insurance to Florida residents in the following areas – Fort Myers-Naples, Gainesville, Jacksonville, Miami, Orlando, Panama City, Pensacola, Tallahassee, Tampa, and West Palm Beach. These locations have local agents ready to help you in finding the right home insurance policy.
Bundling policies is one of the main ways to get a discount with many insurance companies. GEICO also offers this kind of deal, where you can get affordable insurance when you purchase a car and home policies together.
Keep in mind that the benefits of this deal go beyond just a discount. Besides great prices, you’ll enjoy outstanding customer service and have GEICO by your side at all times. In addition, you can still save even if you don’t own a home by combining renters and auto insurance with this company.
GEICO is one of the rare insurance companies that offer live chat on its official website. For most requests, however, you’ll have to log in to use it. If you face any difficulties, another great way to contact GEICO and avoid holding is to email the GEICO representative directly.
The Contact Us section on the website is also a quick way to reach out. There you can select the reason for contacting support, and you’ll be served in minutes. Naturally, you can also call the support via the phone number listed on the website.
The home insurance policy from GEICO and its partners will cover property damage, personal property, and jewelry. This insurance will help you replace items that you could hardly afford and also protects your clothing, furniture, and appliances.
With GEICO, you also have access to a personal property calculator. With this, you’ll be able to calculate how much your home insurance will cost if you include coverage for your personal belongings. There, you can enter an estimated cost of your toaster, blender, refrigerator, washer, and similar appliances to see how much it would cost to insure them.
Your home insurance price will depend on the location of your home, its age, the amount of coverage you select, add-ons you’ll include in your policy, and discounts that you’re eligible for. Keep in mind that GEICO won’t be a direct writer of your home insurance policy.
This means that the final price will depend on a third-party insurer that will provide you with the policy.
Regardless, based on some estimates, the average GEICO insurance will cost close to the national monthly average of $100. The best way to find out the price is to contact an agent to ask about GEICO home insurance and available discounts.
