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This homeowner insurance is a good fit for: Homeowners seeking a familiar, well-financed insurance company.
Abe Lincoln was in the White House and the Civil War raged when Travelers sold its first premium. Since that time, they've become a household name, with families bundling all their insurance needs under one iconic umbrella. Here, we take a deep dive into what sets Travelers homeowners insurance apart -- both the good and the bad.
While Travelers has a lot of great coverage options that appeal to a broad base of homeowners, it's especially popular with those interested in green homes and sustainable living. Not only does it offer green home coverage to help homeowners rebuild their home with greener materials, it also rewards green homeowners with a sweet discount on their premiums.
Overall, the credit rating agency AM Best gives Travelers an excellent financial rating. It's fair to say that anyone looking for a homeowners insurance policy would want to know that their insurer is strong enough financially to cover a major loss.
A Travelers homeowners policy rewards customers for installing energy efficient features in their homes, which climate-conscious consumers will find appealing. Green features include:
While it appears that customers have tremendous confidence in the ability of Travelers home insurance to cover claims, customer service ratings of late have been a mixed bag. The best word to describe it may be "inconsistent." There are plenty of customers who report claims satisfaction, but with a J.D. Power customer satisfaction score of 803 out of 1,000, it is definitely not leading the pack.
When a homeowner prefers an insurance company with a dedicated agent of their own: State Farm may be a better alternative. With offices across the country, a State Farm agent is more likely to be available to meet with a homeowner during or after a disaster. State Farm, however, does not offer the Green Home discount.
Homeowners looking for coverage with all the bells and whistles: May want to consider Chubb. This insurance provider is unlike any other insurer on the market. In addition to helping with things like tree removal following a storm and electronic data restoration after a virus strikes, Chubb also offers HomeScan. HomeScan identifies problems like faulty electrical connections and leaks before damage takes place. But it all comes at a high premium price, unlike Travelers.
Travelers routinely ranks among the most affordable insurers on the market, with homeowners insurance rates made even lower when customers take advantage of bundling and other discounts.
Buying homeowners insurance is all about finding the most complete coverage at the lowest price. Travelers insurance is known for competitive prices and enhance that reputation by offering the following discounts on homeowners insurance:
If a policyholder's home is destroyed, replacement cost value (RCV) pays to rebuild the home, even if the cost exceeds their dwelling coverage limit.
This insurance coverage ensures that a policyholder's items are replaced at today's prices (rather than at a depreciated rate) in the event they are stolen or destroyed.
Policyholders have the ability to raise their insurance coverage limits for items of value, like jewelry, coins, or artwork.
Homeowners concerned about the cost of mitigating water backups or sump pump overflows can add this rider to their home. That way, if a sewer clogs and backs up, damage to their home will be covered.
This discount allows customers to save up to 5% on their homeowners insurance if their home is certified a "green home" by the Leadership Energy and Environmental Design (LEED) organization. LEED certification is awarded to "green" homes that waste less energy than the average home. On average, LEED certified homes are equipped with features that allow them to use 20% to 30% less energy. In addition, LEED homes are designed in a way that minimizes exposure to airborne pollutants, making it a healthier option.
For those who add identity fraud coverage to one of their existing policies, Travelers will reimburse up to $25,000 if the customer's personal information is stolen and used fraudulently -- all with no homeowners insurance deductible.
Travelers lets homeowners apply in a way that works best for them: Apply for a quote online, call for a quote, or use Traveler's "find an agent" tool. Once you have a quote in hand, it's just a matter of deciding which coverage you want.
With a customer satisfaction score of 803 out of 1,000 and ranking of 18 out of 24 on J.D. Power's 2020 U.S. Home Insurance Study, Travelers has a fair customer satisfaction rating. A "fair" rating may not be adequate for a discerning homeowner after the loss of personal property. After all, experiencing a loss of any kind can be stressful and a positive customer service experience can help soften the blow.
Travelers insurance is a strong contender for those who are:
But homeowners may want to look into State Farm if they want a greater degree of personalized support or Chubb if they're looking for a homeowners policy with all the bells and whistles added.
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