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Geico Home Insurance Review
Though best known for its car insurance, Geico’s offerings also include home, renters, and life insurance. Geico home insurance is competitively priced, and customers can save even more by taking advantage of some of its discounts. It’s important to note that Geico doesn’t underwrite its own homeowners insurance policies. Customers will end up working with a different company after purchasing their policy.
Geico, which was founded in 1936, performs well in a number of factors with our proprietary SimpleScore, including 5 out of 5 in our categories of “support” and “accessibility.” Later, we get into more detail about what we’re looking for when analyzing insurance companies, but in a nutshell, when we review home insurance companies, we use our SimpleScore Methodology to look at discounts, coverage options, support, customer satisfaction and accessibility to compare them to other companies.
Great for low-cost insurance – Geico
While not widely ranked for customer service for specifically home insurance, Geico is recognized by Consumer Reports for its claims satisfaction and service when it comes to car insurance.
- Affordable policies.
- Available nationwide.
- Top-rated financial strength.
- Limited discounts available.
- Doesn’t underwrite its own home insurance policies.
In The News
Geico in the news- In April 2020, Geico announced it would be giving customers a 15% credit on six-month auto insurance policies due to reduced driving during the coronavirus outbreak. Geico insures 28 million vehicles, and the company estimated credits would total $2.5 billion.
- According to a recent J.D. Power study, Geico led the auto insurance industry in new premiums in 2019. Geico and Progressive acquired about 92% of new policies.
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What we like about Geico home insurance
Affordable policies
Geico is well-known for offering some of the cheapest insurance policies, and its home insurance policies are no different. While Geico doesn’t underwrite its own home insurance policies, customers still get access to the company’s low prices and discounts.
Available nationwide
Homeowners insurance is available through Geico in all 50 states. You don’t have to work with an agent to sign up, meaning anyone can sign up for a policy on the company’s website.
[ Read: The Complete Guide to Homeowners Insurance ]
Top-rated financial strength
AM Best gives Geico a ranking of A++ in financial strength. An insurance company with such positive financial ratings is a good sign — it means you can expect that Geico will be able to pay out all insurance claims.
Who should get this policy
Geico’s insurance policies are ideal for anyone whose top priority is price. While there are some tradeoffs, such as not being able to choose your own underwriting company, Geico offers consistently low insurance rates.
Things to consider
Limited discounts
Geico offers surprisingly few discounts for its home insurance policies. The companies only discounts are:
- Multi-policy discount for those who bundle their home and auto insurance.
- Home security systems discount.
- Smoke detector alarms or fire extinguisher discount.
Doesn’t underwrite its own home insurance policies
Though you can purchase home insurance through Geico, a different company underwrites your policy. And because Geico works with multiple underwriting companies, you have no way of knowing which company you’ll end up with (and you don’t get to choose).
Who shouldn’t get this policy
If you want to be the one to choose which company underwrites and services your homeowners insurance policy, then Geico isn’t for you.
[ Read: How to Find Cheap Homeowners Insurance ]
What we analyzed
Discounts
Geico offers fewer home insurance discounts than many of its competitors. The only discounts available are those for multiple policies, home security systems and smoke detector alarms or fire extinguishers. This lack of discounts is surprising, given that Geico is near the top of the list for auto insurance discounts.
Coverage
Geico offers all of the standard home insurance coverages, including:
- Property damage due to fire, wind, hail or water
- Personal property
- Jewelry up to $2,000 (additional add-on coverage is available)
- Personal liability
- Medical
- Additional expenses (which covers your living expenses if you can’t stay in your home temporarily due to covered damage)
Geico also offers flood insurance as a separate policy.
Customer Satisfaction
Because Geico doesn’t underwrite its own home insurance policies, companies like J.D. Power don’t include it in rankings for customer satisfaction. Your customer experience will depend on the underwriter that gets your policy.
Support
Geico is well-known for its customer support. However, it doesn’t support home insurance customers because a different company underwrites and services these policies. That being said, customer support is available through Geico while you’re shopping for home insurance. Geico can also help connect you with your home insurance underwriter to file a claim or update your policy.
Accessibility
Geico’s website and app are clean and straightforward to use. When you land on the website, it’s easy to request a quote or review a past quote. Geico’s app is primarily geared toward its auto insurance customers.
[ Read: How to Pick Your First Homeowners Insurance Policy ]
Geico home insurance vs. the competition
With an excellent SimpleScore and a strong rating at J.D. Power, State Farm is not only one of the largest providers of home insurance, it is one of the best.
State Farm is the top provider of home insurance in the nation — the company’s market share is roughly 18%. State Farm offers affordable policies with all basic coverages. Discounts are available for certain home safety features such as security systems and fire alarms. According to the 2020 J.D. Power Home Insurance Study, State Farm ranks above average for overall customer satisfaction.
Read our full State Farm homeowners insurance review.
This insurance company offers solid coverage options and great support and accessibility.
Like Geico, Progressive offers home insurance policies, but a different company underwrites them. Once you sign up, you won’t have access to Progressive’s online tools or customer service, but you can still take advantage of the company’s discounts. Progressive’s home insurance partner ASI ranks near the bottom of the list for customer satisfaction, according to J.D. Power.
Read our full Progressive homeowners insurance review.
Allstate offers access to thousands of agents across the U.S., which is a strong feature if you want the personal touch.
Allstate is the No. 2 home insurance provider in the nation, with more than 8% of the market share. Allstate also ranks well in customer satisfaction, beating out State Farm, Progressive, and most other providers, according to J.D. Power. Allstate offers a surprisingly large number of discounts for its home insurance policies, making it easy to save.
Read our full Allstate homeowners insurance review.
Geico’s home insurance rates
Geico is well-known for having some of the most competitive rates in the insurance industry. You’ll have to get a quote to find out exactly what you’ll pay, but the national average cost of home insurance is $2,305. Keep in mind that your premium can vary based on many factors:
- Location (areas with high crime rates or chances of inclement weather may increase your premiums).
- Age, size and construction of your home.
- Your credit rating.
- The value of your belongings within the home.
You can generally expect that the more coverage you buy, the more expensive your policy will be.
[ Read: The Average Cost of Home Insurance ]
Geico online and mobile app
Geico has a robust website where customers can get a quote, review or change their policy or speak to a customer service representative via instant messenger.
On Geico’s mobile app, you can save and access your ID card, request roadside assistance or submit a claim. The app also allows customers to create a vehicle care maintenance schedule for their car to remind them when it’s time to take their car in.
Finally, Geico’s tools are compatible with Amazon Alexa and Google Assistant so that you can manage your app hands-free.
Geico home, auto and life
Geico doesn’t just offer homeowners insurance. Other Geico products include coverage for auto, renters, condos, RVs, landlords, life, pet, business, and more.
Geico auto insurance
Geico’s auto insurance is the company’s most popular product. Car insurance policies offer coverage for liability, medical, uninsured & underinsured motorist, collision, comprehensive and more. Geico offers 16 discounts to help its auto insurance customers save even more.
Geico life insurance
Geico has teamed up with Life Quotes, Inc. to offer term life, whole life and universal life insurance policies. Geico doesn’t actually underwrite these policies — it simply gives you access to the quotes, and another company will underwrite the policy.
Bundling options
Geico offers a discount to customers who bundle their home and auto insurance policies. On average, Geico’s bundle discount amounts to about 3%. You’ll have to get a quote from Geico to find out what your exact discount would be.
Too long, didn’t read?
Geico offers affordable home insurance for anyone looking for basic coverages. Because Geico doesn’t underwrite or service its own home insurance policies, it’s probably not the ideal choice for anyone who wants to choose their insurance provider or who wants a guarantee of solid customer service. However, customers who purchase their home insurance policies through Geico still get access to the company’s low prices and discounts.
We welcome your feedback on this article and would love to hear about your experience with the home insurance companies we recommend. Contact us at inquiries@thesimpledollar.com with comments or questions.
Keep Reading
Methodology
The SimpleScore is a proprietary scoring metric we use to objectively compare products and services at The Simple Dollar.
For every review, our editorial team:
- Identifies five measurable aspects to compare across each brand
- Determines the rating criteria for each aspect score
- Averages the five aspect scores to produce a single SimpleScore
Here’s a breakdown of the five aspect scores and their rating criteria for our reviews on home insurance.
Why do some brands have different SimpleScores on different pages?
To ensure the SimpleScore is as helpful and accurate as possible, we developed unique criteria for every category we compare at The Simple Dollar. Since most brands offer a variety of financial solutions, their products and services will score differently depending on what we’re scoring on a given page.
However, it’s also possible for the same product from the same brand to have multiple SimpleScores. For instance, if we compare State Farm’s home insurance according to our criteria for the best home insurance, it scores a 3.8 out of 5. But when we compare State Farm according to the criteria for the best auto insurance, it scores higher, since the features the company offers can vary by the type of insurance.
Discounts
We looked at the number of discounts each company offers – more discounts mean a higher score.
Coverage Options
We awarded higher scores to the companies that offer more coverage options.
Support
We awarded higher scores to companies with the most channels for customer support.
Customer Satisfaction
We leveraged the J.D. Power 2019 Home Insurance Satisfaction Study℠ to see how customers rated their experience with each company. (If a company wasn’t included in J.D. Power’s study, we skipped this aspect and averaged the four remaining aspect scores.)
Accessibility
We looked at the level of accessibility of each company – the more resources they have the higher their score
Reviewed by
Nashalie Addarich
Insurance EditorNasha Addarich is an editor at The Simple Dollar and a former attorney who specializes in home insurance, auto insurance, life insurance, and savings. She is a former contributing editor to Reviews.com.
