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Travelers Home Insurance Review
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|
Travelers Insurance boasts that its aim is “protecting your house and what makes it a home.” The provider offers a variety of policy options and packages to help meet your unique needs and provides you peace of mind through a simple and stress-free claims process.
Is it True?
In J.D. Power’s 2019 U.S. Home Insurance Study, Travelers ranked 15th, with an overall customer satisfaction score of 796 out of 1,000 points, which is below the 816 average. Power rated Travelers above average in claims handling, customer interaction and price, but gave the carrier lower marks in the billing process and policy offerings categories.
In our review, we found Traveler’s standard policies to be average. Standard policies touch all the bases – with dwelling, other structures, loss of use, personal liability and personal property coverage – but they lack the special features that some other providers offer in standard packages, like replacement cost coverage. However, we’re impressed with Travelers’ optional coverages, particularly the green home coverage, which gives policyholders an incentive to repair or rebuild their homes using environmentally friendly materials.
Our Deep Dive
Travelers home insurance coverage
- Dwelling coverage: Dwelling coverage pays to repair or reconstruct your property following a covered loss. Covered perils may include falling objects, fire, theft, vandalism and weather.
- Other Structures Coverage: If a fire or storm destroys detached structures, like a fence or shed, other structures coverage can help pay to rebuild them.
- Personal Property Coverage: Personal property coverage reimburses you when personal items, such as clothing or furniture, are damaged or destroyed. Travelers limits the amount it will pay for certain types of belongings, like jewelry and sports equipment. However, you can purchase optional scheduled personal property coverage for your most expensive items.
- Loss of use coverage: When you’re displaced from your home following a disaster, costs add up. But Travelers loss of use coverage can help pay expenses such as hotel bills, meals, pet boarding and transportation fares. Travelers pays loss of use claims up to 30% of your dwelling coverage limit. So, if you carry $200,000 in dwelling coverage, Travelers will pay up to $60,000 in loss of use expenses.
- Personal liability coverage: Travelers’ personal liability coverage starts at $100,000, with medical payments coverage starting at $1,000. However, you can increase these limits if you need more coverage. This type of coverage can save the day if someone sues you due to an accident in your home.
Travelers’ standard homeowners policies don’t cover damages caused by earthquakes or floods.
Additional Coverage Options
One of the areas that makes Travelers homeowner insurance stand out among competitors is its additional coverage options:
- Special personal property coverage: This selection helps cover your personal property in more situations than your standard homeowners policy covers. For instance, if you drop and destroy your cellphone at work, your special personal property coverage may pay to replace it.
- Contents replacement cost coverage: Standard Travelers home insurance only pays actual cash value for items such as computers and TVs. But contents replacement cost coverage doesn’t deduct for depreciation, allowing you to replace your damaged belongings at today’s prices.
- Additional replacement cost protection coverage: If your dwelling coverage doesn’t pay enough to repair or rebuild your home, additional replacement cost protection coverage can fill the gap.
- Jewelry and valuable items: Standard personal property limits don’t usually provide enough protection for your most valuable belongings, like artwork and jewelry. But you can increase their limits with jewelry and valuable items coverage.
- Personal Articles Floater: Floater coverage provides even higher levels of coverage for your most valuable belongings.
- Identity Fraud: When thieves steal your personal information to commit crimes, Travelers’ identity fraud coverage will reimburse you for up to $25,000 in identity theft restoration expenses. Covered expenses may include attorneys fees, lost wages and travel expenses.
- Green Home Coverage: Green home coverage gives you the resources to repair, replace or rebuild with green materials after a covered loss. For example, if a storm destroys your roof, you may decide to use green home coverage to help pay for solar energy shingles.
- Water backup and sump pump discharge or overflow coverage: Travelers’ standard home insurance policies don’t cover damages caused by backed-up sewage or sinks. But with optional water backup and sump pump discharge or overflow coverage, you can rest easy knowing your policy will handle some of the messiest disasters.
Travelers also provides a 24/7 claims center and frequently sends a team to help affected customers during disaster aftermath.
Travelers discount options
- Multi-policy discount: If you bundle a homeowners policy with Travelers auto insurance or another type of policy, you can save up to 15%
- Home buyer discount: This discount is open to policyholders who have purchased a home within 12 months of their policy’s effective date
- Loss-free discount: If you have not experienced a loss within the stipulated time frame, you could receive a discount
- Protective device discount: When you install protective devices in your home, like fire alarms, home security systems and smoke detectors, you could earn a discount
- Green home discount: Earn up to a 5% discount for owning a LEED-certified green home
Travelers Home Insurance Rates
Travelers’ online quote tool guides you through your home’s details and collects your personal information to produce a quote in minutes. The app calculates your quote based on:
- Your credit-based insurance score
- Your home’s age
- Number of mortgages
- Your home’s square footage
- Foundation type
- Losses in the last 7 years
- Driving history and amount of liability insurance chosen for car insurance
- Type of heating system
- Number of bathrooms
- Number of stories
- Your home’s proximity to a fire hydrant
- Type and shape of roof
- Last year roof was replaced
- Type of siding
- Whether or not your home has solar panels
- Type and size of garage, if any
- Special features such as a swimming pool
Should you purchase a policy, Travelers also reserves the right to order additional consumer reports, such as loss history, in order to update or renew your insurance.
Travelers home insurance earned a score of 796 in J.D. Power’s 2019 U.S. Home Insurance Study, below the 816 average. Power categorizes the survey’s overall customer satisfaction scores as follows:
Among the best: 838-845
Better than most: 826-843
About average: 799-816
Among the rest: 747-796
Top performers included:
Amica Mutual (845)
For the last 18 years, Amica Mutual’s homeowners insurance has ranked #1 in the J.D. Power survey, earning five out of five stars in all but one ratings category. Amica outpaces all its competitors with its Platinum Home Choice package, an optional plan that includes all standard coverage, along with loads of add-ons, like business property, credit card, computer and valuable items coverage.
Auto Club of Southern California Insurance Group (833)
Auto Club of Southern California Insurance Group, also known as AAA, extends a 5% discount for all its homeowners policyholders who join the AAA motor club. AAA home insurance customers can also take advantage of the provider’s home security service, which features 24/7 monitoring and up to 70 smart home devices.
Allstate homeowners customers have loads of ways to reduce their rates, with early signing, protective devices and smoke-free home discounts. Policyholders who consistently renew their policies can receive a 10% discount each year. And Allstate extends a special discount to seniors 55 years of age and older, as well as retirees.
Farmers stands out with its claims forgiveness program. If you don’t file a claim for five consecutive years, Farmers won’t increase your premium when you do need to file one. Farmers policies also feature a declining deductible, which rewards you with a $50 deductible reduction every year you renew your policy.
What Others Are Saying
The Better Business Bureau gives Travelers Insurance an A+ rating. In the last three years, around 385 Travelers customers have lodged complaints with the BBB, most related to product and service issues.
Forbes has honored Travelers Insurance’s parent company with spots in its Global 2000, Best Employers for Diversity, Best Employers for New Grads, Best Employers for Women and America’s Best Employers lists. Travelers also holds the #106 spot on the Fortune 500 list.
In April 2020, Travelers announced its Stay-at-Home Auto Premium Credit Program, which offers its auto insurance policyholders a two month, 15% premium credit as part of their COVID-19 crisis response.