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Travelers Home Insurance Review
Founded in 1864, Travelers has been offering insurance policies for more than 150 years. The company sells business and individual insurance products throughout the United States, Canada and the United Kingdom. Travelers home insurance offers some of the best variety of coverage and discount options. And with its green coverage and discounts, it’s an ideal choice for anyone with a certified green home.
When we compare the best homeowners insurance companies, we consider coverage options, discounts, customer satisfaction, support and website accessibility. Using our SimpleScore Methodology, Travelers ranks well among its competitors.
Travelers Home Insurance Overview
|Price||Varies by home, location and coverage|
|Best for||Those who value customization and extra coverage options|
|Not for||Those in need of superior customer service|
|States served||50, plus Puerto Rico and Washington, D.C.|
|Discounts||Multi-policy, home buyer, loss free, protective device, green home|
|A.M. Best Rating||A++ (Superior)|
|Standout features||Green home coverage|
What we like about Travelers home insurance
Plenty of coverage options available
Those looking for a wide variety of coverage options will definitely find that with Travelers. Of course, the company offers all of the standard coverages, such as dwelling and personal property coverage. But the company also offers more than half a dozen other coverage options you can add to your policy.
Variety of discounts
Home insurance can be hit and miss when it comes to discounts. Some companies offer just a couple of discount options. Travelers offers its customers several ways to save on their home insurance, including unique discounts for free homes and new homebuyers.
Policies available nationwide
Travelers offers its home insurance policies in all 50 states, plus Washington, D.C. and Puerto Rico. No matter where you live, you can purchase insurance through Travelers. This is good news for homeowners who move from one state to another and want to keep their insurance company.
Who should get this policy
Travelers home insurance is an excellent choice for anyone with a green home. The company offers special green home coverage, which helps cover the cost of repairing or replacing green materials. Additionally, homeowners can save up to 5% on their policy if they have a green home certified by the Leadership Energy and Environment Design (LEED) organization.
Things to consider
Low-rated customer satisfaction
In a 2020 Home Insurance Study, J.D. Power ranked Travelers near the bottom of the list for overall customer satisfaction. J.D. Power looked at factors like interaction, policy offerings, price, billing process, policy information, and claims. Travelers ranked 16th for home insurance companies, well below the industry average.
Online signups not always available
In some cases, you may not be able to get a quote or purchase your homeowners insurance policy online. Instead, you may have to connect with a local agent to finalize the deal. For those who want the convenience of online signup, Travelers might not be for you.
Who shouldn’t get this policy
If customer service is a top priority when choosing an insurance company, you may want to look elsewhere. Travelers ranked low on the list for overall customer satisfaction for home insurance. The company also ranked well below average for The Complete Guide to Home Insurance ]
What we analyzed
Travelers offers its home insurance customers plenty of ways to save. Travelers provides the discounts you can expect to find with other companies, such as a multi-policy discount or discounts for home safety features like fire alarms and home security systems. The company also offers a few unique discounts. Customers who have purchased a home in the past 12 months may get a discount. Additionally, customers with a green home can save 5%. Finally, customers who haven’t filed a claim in a particular time period may be eligible for savings.
Travelers offers an impressive list of policy options. The company provides all of the typical coverages, including:
- Personal property
- Personal liability
- Other structures
- Loss of use
Travelers also offers additional coverage options for those who need a more customized policy. Additional policy options the company offers include:
- Special personal property
- Contents replacement cost
- Additional replacement cost protection
- Jewelry and valuable items
- Personal articles floater
- Water backup and sump pump discharge or overflow
- Identify fraud
- Green home
Travelers ranks well below average when it comes to customer satisfaction. In J.D. Power home insurance studies, Travelers was near the bottom of the list for both claims satisfaction and overall customer satisfaction. If customer service is your top priority, Travelers may not be the insurer for you.
Travelers makes it easy for you to contact them at any time. They offer a variety of customer service numbers, each specific to a particular need. Some of their customer service lines are open 24 hours per day, 365 days per year. Customers can also speak with a local agent for more personalized care. The app also has a feature for customers to chat live with a representative.
Travelers website is easy to get around, and customers can easily find what they need. The company also offers a variety of educational articles on its website for those who have questions about insurance or about life events that might require them to purchase insurance. It’s important to note that not everyone will be able to sign up for a policy online. You might instead have to work with a local agent.
Travelers home insurance vs. the competition
[ Read our full Farmers home insurance review ]
Travelers’ home insurance rates
When you sign up for an online quote for Travelers home insurance, the company will ask questions about your home’s features, including square footage, number of bedrooms and bathrooms, loss history, roof age and quality, proximity to a fire hydrant, and more. You can generally expect that the more coverage you purchase and the more expensive it would be to replace your home, the higher your insurance rate.
[ Read: How to Find Cheap Homeowners Insurance ]
Travelers online and mobile app
Travelers makes it easy for customers to access their policy information online. The website and app include access to MyTravelers, where customers can download their insurance cards, pay their bill, file claims or track claim status, and chat live with a representative from the company.
Travelers home, auto and life
In addition to Travelers homeowners insurance, the company also offers a variety of other insurance products, including car, renters, boat and yacht, landlord, umbrella, and more.
Travelers auto insurance
Travelers offers car insurance with an impressive list of coverage options. The company offers the standard coverages for liability, uninsured motorist, personal injury, collision, and comprehensive. Travelers also has many additional coverages, including:
- Gap insurance
- Rental coverage
- Roadside assistance
- New car replacement
- Accident forgiveness
Travelers life insurance
Travelers Life and Annuity Co, the provider of Travelers life insurance, was acquired by MetLife Life and Annuity Company in 2005. Travelers no longer offers new policies. Those with policies they purchased through Travelers before 2005 now have coverage through MetLife.
Travelers offers customers a discount when they purchase two or more policies. According to the company’s website, customers save an average of 12% on home insurance when they also have an auto policy and three other policies through Travelers. For fewer bundled policies, the discount will likely be smaller.
[ Read: Best Flood Insurance Companies 2020 ]
Travelers in the news
- In the third quarter of 2020, Travelers more than doubled its income from the same period in the previous year. Earnings totaled $827 million, up from $396 million from the year before. The company’s per-share net income for the quarter was $3.23. The company paid out claims for catastrophic losses as a result of natural disasters. But these losses were offset by the savings for insurance companies during the COVID-19 pandemic.
- After reporting it’s positive third-quarter earnings in October 2020, Travelers saw their stock price increase. Insurance stocks across the board outperformed the market as a whole in October.
- In early 2020, a California restaurant sued Travelers after the company failed to pay out a claim. The restaurant filed a claim for losses due to a local stay-at-home order. Travelers refused to pay out the claim. A judge ultimately ruled in Travelers’ favor, arguing that the company’s insurance policy doesn’t cover losses due to bans on in-person dining because the losses weren’t a result of physical loss or damage to property.
We welcome your feedback on this article and would love to hear about your experience with the insurers we recommend. Contact us at email@example.com with comments or questions