GEICO Home Insurance Review: Is It the Best Choice for You?

Does GEICO have home insurance? Yes. Is it right for you? Maybe… Here’s why.

GEICO Insurance Agency has provided coverage to property owners since 1936 and soon became a leader in the insurance industry. Today, it’s one of the largest property insurance companies in the country. It’s best known for its loveable gecko and typically low rates. But bigger doesn’t always mean better. And a cheaper policy may not be worth it to many consumers.

While customers can be certain GEICO will remain financially solvent now and in the near future, they’re less confident when it comes to customer service. Of course, customer service scores remain relatively low across the field of insurance providers. Especially when it comes to the claims process. Even so, GEICO has a unique set of circumstances that often translates into an extra-confusing customer service process.

Below is an overview of the good, the bad, and the ugly when it comes to purchasing and maintaining a GEICO home insurance policy.

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GEICO Home Insurance Coverages

A homeowners policy with GEICO will cover you for all “named perils” within your policy documents. Bear in mind, “named perils” vary from company to company, and the amount of coverage will vary policy to policy. When conducting comparison shopping, be sure that you fully understand the components of coverage before making your decision.

You’ll typically be choosing between three options:

• Basic Form (HO-1)

• Broad Form (HO-2)

• Comprehensive Form (HO-5)

The comprehensive form is the most common type of insurance plan for homeowners.

What is covered under GEICO home insurance?

With a GEICO homeowners insurance policy, you can be (almost) sure you’re covered for:

• Property damage from fire, weather, and other disasters (not including flooding, earthquakes, and other exclusions depending on where you live) to your house and other structures, like a garage, gazebo, or shed.

• Damages to personal property, like electronics, as named in your policy. Be sure to tally up a list of your personal belongings and their value to ensure you get enough coverage in your policy. If standard coverage isn’t enough, speak to your agent about raising your coverage limit.

• Some coverage for jewelry, with the option to purchase more coverage.

• Personal liability, which protects you in the event someone sues you due to an injury on your property.

• Loss of use coverage, which pays for hotels and other expenses that are incurred due to damage to your property that prohibits you from living there temporarily.

Why do we say almost sure? Everyone’s home insurance needs will be slightly different—and the most likely damages vary from property to property. The more likely a specific type of damage, the more expensive the insurance that covers the damage. If the risk is too high, GEICO, like most home insurance companies, may not offer coverage at all.

If your policy doesn’t offer everything you need, you can purchase additional coverage. Sometimes this means coverage add-ons to your policy. Other times it may mean adding a separate insurance policy, such as a flood insurance policy. More on this below.

GEICO Insurance Underwriting

Also, note that GEICO does not underwrite its home insurance policies. While you can purchase coverage through a GEICO agent, it is underwritten and ultimately serviced by a different company. GEICO partners with more than 30 companies nationwide, making it difficult to say for sure:

• What policy components each company will underwrite

• How efficiently your claim will be processed

• Customer satisfaction with each insurance partner

So, while you can go to a GEICO insurance agent to purchase your policy, you will need to contact the Insurance Agency Partner for almost everything else. According to the GEICO website, this includes:

• Bill payment and questions

• Claims process from beginning to end

• Changes in coverage within your policy

• Obtaining policy information

The following is a complete list of GEICO’s Insurance Agency Partners:

• AIG

• All Risks

• American Modern

• Arrowhead

• Bay City Underwriters

• Berkshire Hathaway Specialty Insurance

• Cabrillo

• California Fair Plan

• Chubb

• FedNat

• First Insurance Company of Hawaii

• Foremost Property and Casualty Insurance Company

• The Hartford

• Heritage Property and Casualty Insurance Company

• Hawaiian Insurance and Guaranty Company, Limited

• Homeowners of America

• Homesite

• Interboro Insurance Co

• Island Insurance

• Lemonade Insurance Company

• Liberty Mutual

• Narragansett Bay Insurance Company

• National General

• Privilege Underwriters Reciprocal Exchange

• RLI Insurance Co

• SageSure Insurance

• Security First

• Stillwater Insurance Group

• TAPCO Underwriters Inc

• Travelers

• UPC Insurance

• Universal Ins Co of North America

• Universal Property & Casualty Insurance Company

• Universal Risk Advisors

• Wellington Risk Ins Agency

Optional Home Insurance Coverages with GEICO

If you need coverage options that go beyond the basics, you will need to purchase an endorsement for your homeowners policy. Depending on where you live, you may be able to buy endorsements that cover you in the event of:

• Earthquake

• Sewer backup

• Identity theft

• Mold damage

• Windstorm

• Hurricane

You can almost always increase the coverage limits for components in your policy. For example, higher limits for personal property. Just remember that increased coverage limits come with increased insurance premiums.

GEICO Bundling Options

Overall, it’s not a bad idea to bundle a GEICO auto insurance policy with a homeowners policy. According to J.D. Power, homeowners who bundle home and car insurance report higher satisfaction ratings. This may be for many reasons, including ease of access to customer service, billing, and policy documents.

At least one of those reasons is due to the discounts offered to customers who bundle. With GEICO, customers who bundle can save up to 25 percent on premiums.

Available Discounts

To stay competitive and retain its status as an affordable insurance company, GEICO offers many ways to save on insurance. It boasts three main discounts for its home insurance customers:

Multi-Policy Discount **
** We already covered bundling auto and home insurance, but that’s not the only insurance product available for bundling with GEICO. Bundling boat or RV insurance **with your homeowners policy can significantly reduce costs**. Again, up to 25 percent across all policies within the bundle.

Smoke Detectors and Fire Extinguishers
If you’re a smart homeowner, you probably already have a smoke alarm system in your home. But do you have enough smoke detectors to ensure your safety? According to the National Fire Protection Association (NFPA), homeowners should install a smoke detector:

• On every floor of your home, including the basement

• In every bedroom or sleeping quarter

• Outside every sleeping area—for example, one in the hallway where multiple bedrooms exit to and one outside the doorway of the basement room a teenager has claimed as a bedroom

• 10 feet from cooking areas

Home Security Systems **
** Just like a smoke detection system, homeowners can lower costs with other alarm systems. Whether using Nest, ADT, or another provider, having a comprehensive burglary alarm system can quickly reduce costs as well as keep you and your property safer.

Other Home Insurance Discounts with GEICO

Homeowners can find discounts or cheaper rates in other ways as well:

• Improving and maintaining a good credit score can make a surprising difference when it comes to property insurance, and that includes your auto policy. This is especially true for GEICO customers, according to Consumer Affairs.

• Just like adding smoke detectors can reduce damages in the event of a fire, you can also make alterations to protect your home in the event of other disasters. Examples include storm shutters, lighting rods, and impact-resistant roofs and windows.

• Increasing your deductible —the amount you pay (annually) in the event of a claim—can lower your month-to-month costs. Just be sure you can actually afford the deductible.

• Some home improvements may also reduce insurance costs.

GEICO Home Insurance Reviews: Customer Satisfaction

Overall, GEICO is doing well when it comes to servicing policyholders. In 2015, J.D. Power ranked GEICO fifth for overall customer satisfaction rating. GEICO exceeds expectations when it comes to price and technology—its mobile app receives glowing reviews by customers. However, it falls short with customer service, even during the quote process:

Read Hannah S. ‘s review of GEICO on Yelp

This is most likely because customers don’t speak directly with GEICO during most interactions, including during the insurance claims process. Instead, they must go through the underwriting company partnered with GEICO, where satisfaction varies.

Read Zolton T. ‘s review of GEICO on Yelp

By far, GEICO’s best trait is its low cost. Many customers turned to GEICO when costs with another insurer were too high.

And, despite many negative reports, customer service can still come through even in difficult times:

GEICO Mobile Home Insurance

Not to be confused with RV insurance, which more closely resembles an auto policy, mobile home insurance is for manufactured homes. Because these homes differ considerably in construction, longevity, and use, the insurance also varies. But not so significantly.

Fire and other property damage may be covered in addition to personal liability and personal property like electronics. The main contrast is that a mobile home can move. During transportation, a mobile home is most at risk for damages. Because of this, GEICO and most other insurers do not cover the structure while it’s in transit. You’ll need an additional policy during the move.

GEICO Renters Insurance

If you rent your home, renters insurance is a great idea—and it’s typically much less expensive than homeowners insurance. Renters insurance covers you in the event of a fire, burglary, and other disasters, but it does not cover the structure of your rental (that’s covered by your landlord).

Items you can insure include:

• Electronics

• Furnishings

• Appliances

• Jewelry

GEICO offers a personal property calculator to make it easy for customers to estimate how much coverage they actually need. Customers can also bundle renters and auto insurance for lower rates.

Other Insurance Products from GEICO

In addition to GEICO’s most popular products, you can also find policies for:

• Condo Insurance

• Commercial Auto Insurance

• Motorcycle Insurance

• ATV Insurance

• RV Insurance

• Boat Insurance

• Umbrella Insurance

• Life Insurance

To get umbrella insurance, you need to also have a GEICO auto insurance policy.

Frequently Asked Questions

GEICO Insurance Overview: Financial Health and Ratings

Better Business Bureau: A+

J.D. Power & Associates Rating for Claims Satisfaction: 4

National Association of Insurance Commissioners (NAIC): 0.74

Moody Analytics, Insurance Financial Strength: Aa1

A.M. Best Rating Services: A++ (superior)

NAIC Complaint Index: 1.33

The National Association of Insurance Commissioners (NAIC) methodology for calculating the complaint index is to divide the market share of complaints by the market share of premiums written. The lower the number, the better.

GEICO Homeowners Insurance Contact Information

GEICO Home Insurance phone number: 1 (800) 241-8098

Website: www.geico.com

Remember: you will need to contact your underwriter to service your homeowners policy. If you do not know the phone number, email, or mailing address, call the customer service line or look at your policy documents.