GEICO Homeowners Insurance Review 2023
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Although GEICO is typically known as an auto insurance provider, the company also sells several insurance products, including homeowners, renters, boat, and business insurance. In particular, this article looks at GEICO home insurance and its coverage, comparing it against some of its top competitors.
Before getting started, it's imperative to understand that GEICO does not function like other home insurance providers. We'll go into more detail about its business model and what it means for you below. Still, before signing up for a policy, you should research whether one of GEICO's policies is right for you. Here's what you need to know:
Types of Homeowners Insurance Plans from GEICO
Every home insurance works with other insurers to a certain degree. Just like many competitors,
On the other hand, GEICO acts as more of a broker for specialty products like hurricane insurance. For example, it partners with providers like the Hawaiian Hurricane Group. Policyholders may manage policies through the GEICO customer portal or another vendor website, depending on the partnership.
Standard homeowners insurance policies will provide some combination of the following:
- Dwelling coverage: coverage for rebuilding or replacing your home, plus any attached structures like a garage. GEICO agents can help you understand your replacement cost estimate and why you need a certain amount of dwelling coverage.
- Additional structures: coverage for any additional structures on your property, like a shed, gazebo, or detached carport
- Loss of use: pays for your living expenses, like hotel bills, meals, and other extra costs accumulated while you cannot live in your home due to a covered loss. A GEICO agent can help you determine when you qualify for loss of use coverage.
- Personal possessions: covers the cost of repairing or replacing damaged belongings. For single-family residences, $300,000 in coverage or more is common. However, if you have expensive items like jewelry, art, or collector items, you may need extra scheduled items coverage for those individual items.
- Personal liability: covers legal expenses and damages from lawsuits brought against you by someone injured while on your property.
- Medical payments: covers someone else's medical expenses if they are accidentally injured while on your property. Some limits may apply for certain dog breeds, swimming pools, etc. We recommend speaking to your GEICO agent about any exclusions.
Additional Coverage Options (Riders)
In addition to your base policy, you can add riders to extend your coverage. Despite its diverse partnerships, the riders available through GEICO are predictable. Common examples include:
- Increased dwelling coverage: provides extended coverage if your repair costs exceed the current market value of your home. This could be especially helpful after a natural disaster, market shortages, or other factors that temporarily increase repair costs.
- Water backup damage: covers damages caused by a clogged sewer or sump pump overflowing. Whether it's a broken pipe, a leaky washer, or something else, a few dollars monthly could save you thousands in a single claim.
- Appliance coverage: covers the cost of repairing or replacing your appliances, such as your refrigerator, water heater, or air conditioner.
- Earthquake coverage: provides coverage for damage caused by earthquakes.
- Identity theft restoration: covers you against identity fraud, cyber attacks, and cyber extortion claims. This additional coverage can help you protect or restore your identity after it's been compromised.
How Much Does GEICO Home Insurance Cost?
The exact pricing for your policy will depend on many factors. Location, size of your home, and claims history are just a few of the things
Ana Franco Aguilera told TrustPilot: "Deceiving practices. They hook you with a low rate, then they call you days later asking for more information, increasing your initial premium from $1,700 to $3,500."
How to File A Claim
Policyholders won't file a claim directly through the customer website. Instead, GEICO's partner (if any) will be listed on your policy documents, and you can contact the partner or GEICO's phone line for assistance.
In our highly tech-friendly world, GEICO is not one to be left behind. If you prefer to work online or through an app, you can set up logins once you know which company will service your policy on a day-to-day basis. This will help with both policy management and claims.
GEICO Homeowners Insurance FAQs
Does GEICO underwrite home insurance policies?
No, instead of underwriting its policies, GEICO matches its customers with a policy from one of the third-party providers in its partner network. However, its insurance policies are backed by GEICO. So as long as you keep your coverage connected, you can take advantage of multi-policy discounts and other benefits.
How can I contact GEICO's customer service team?
If you wish to speak to a sales representative about purchasing a home insurance policy through GEICO, call 800-841-2964.
Does GEICO insure homes in California?
Yes, GEICO's partner network of insurers extends to all 50 states, including California. However, be aware that the providers you may be matched with can vary depending on where you live.
What happens if you stop paying GEICO?
Insurance companies generally give you a grace period if you miss a payment. GEICO will send you (and your mortgage company if your payments are being escrowed) renewal, nonpayment, and other notices. If you see any issues with nonpayment, make sure to address the problem early. Ultimately, you're the one responsible for maintaining the policy.
Methodology: What Went into Our GEICO Homeowners Insurance Review
In reviewing GEICO's homeowners insurance offerings, we did our best to compare it against other top providers within the industry. As part of our research, we compared its business model to industry standard coverages, including riders, claim limits, exclusions, and typical premiums.
Ultimately, selecting the right insurance provider for you and anyone else in your household is about educating yourself on how the process works and choosing a policy with suitable coverage and sufficient coverage limits. You should also ensure the premium fits comfortably into your budget and that the provider enables you to submit a claim quickly. You can read more about how we rate home insurance products here.
Compare GEICO vs. Liberty Mutual
GEICO operates through partners, including
On the other hand, Liberty Mutual offers online, phone, and agent support. Its licensed insurance agents can quote to ensure you get all discounts you qualify for. More importantly, agents verify buyers have sufficient coverage. Especially for buyers who are unsure about the home insurance process, Liberty Mutual offers a little more personalization and support.
Compare GEICO vs. State Farm
GEICO and
State Farm goes to the polar opposite end. Online quotes are unavailable and must be run through a licensed agent that works for the company. The benefit of this is an experienced professional who can ensure you get all the necessary coverage and discounts. But it'll take longer, and agents cannot run quotes for other insurers. Reports often indicate State Farm homeowners premiums are more predictable and stable.
Compare GEICO vs. Lemonade
In this case, the main difference between GEICO and
Meanwhile, Lemonade's user experience is entirely online, meaning you can buy a policy and submit claims online or from your phone. It encourages policyholders to fill out claims forms, submit documents, and follow their claims on its mobile app as much as possible. Unlike GEICO, Lemonade is only available in a limited number of states, and GEICO has a more extended history, but Lemonade claims it is expanding.