In this article, we will cover the 15 best home insurance companies heading into 2024. If you want to skip our detailed analysis of the global home insurance market, you can go directly to 5 Best Home Insurance Companies Heading into 2024.
The Global Home Insurance Market: An Analysis
The global home insurance market is driven by factors such as the rising awareness about the benefits of home insurance, unexplored prospects in emerging economies, and continuous technological advancements. According to a report by Verified Market Research, the global home insurance market was valued at $255.4 billion in 2022. Looking forward, the market is expected to grow at a compound annual growth rate of 8.32% from 2023 to 2030 and reach $465.1 billion by the end of the forecasted period. According to the report, the North American home insurance market is expected to be the most profitable over the forecasted period.
There is also a growing demand for housing due to urbanization and rising disposable incomes in various regions around the world. In one of our previous articles about the cities where you can buy a home for under 300K, we briefly discussed that home prices are expected to fall modestly and new home sales are expected to rise. The growing demand for housing is a key factor creating a positive outlook for the global home insurance market. The increasing frequency of natural disasters such as floods, hurricanes, and tornadoes is driving up the demand for home insurance in economically developed countries.
What are Some of the Companies in the Global Home Insurance Market Up To?
Some of the biggest names in the home insurance market are Allianz SE (ETR:ALV), Aon plc (NYSE:AON), and Erie Indemnity Company (NASDAQ:ERIE). Let’s take a look at what these companies are up to.
Erie Indemnity Company (NASDAQ:ERIE) is an insurance company and a major homeowner insurance carrier in the US. With more than 6 million policies in force, Erie Indemnity Company (NASDAQ:ERIE) is one of the best home insurance companies heading into 2024. On October 26, Erie Indemnity Company (NASDAQ:ERIE) reported strong earnings for the fiscal third quarter of 2023, reflecting strong demand for insurance products and services in North America. The company reported earnings per share (EPS) of $2.54, surpassing EPS estimates by $0.48. The company’s revenue for the quarter grew by 15.88% year-over-year and amounted to $858.94 million, ahead of market consensus by $28.92 million.
Insurance companies are tapping into new and emerging markets while also expanding their market share. Aon plc (NYSE:AON) is a British-American professional services and management consulting firm that operates in more than 120 countries. Aon plc (NYSE:AON) offers standard home, condo, and tenant insurance, and property insurance for cottages, trailers, secondary dwellings and farms. On December 20, Aon plc (NYSE:AON) announced that it has signed an agreement to acquire NFP for an estimated $13.4 billion, which will be funded by $7 billion in cash and $6.4 billion in Aon plc (NYSE:AON) stock. NFP is a leading property and casualty broker, benefits consultant, wealth manager, and retirement plan advisor with investments in innovative technologies and strong relationships with well-known insurers and financial institutions. This acquisition is expected to expand Aon plc’s (NYSE:AON) presence in the middle-market segment and enhance its capabilities in risk, benefits, wealth, and retirement plan advisory services. Subject to regulatory approvals, the transaction is expected to be completed in mid-2024. Upon completion, NFP will operate as an independent but connected platform within Aon plc (NYSE:AON).
Allianz SE (ETR:ALV) is a German multinational corporation. With more than 120 million customers in over 70 countries, it is one of the world's largest insurers and financial services providers. On October 12, Allianz SE (ETR:ALV) reported that it has agreed to acquire Tua Assicurazioni S.p.A. from Assicurazioni Generali S.p.A. (OTC:ARZGY) in a deal worth approximately EUR 280 million. With overall gross written premiums of about EUR 280 million in 2022, Tua Assicurazioni S.p.A. has a profitable property and casualty insurance portfolio, which is mainly managed through a distribution network of nearly 500 agents. This acquisition will help increase Allianz SE’s (ETR:ALV) property and casualty market share in Italy by about 1%, making it the third-largest player in the Italian market.
Now that we have discussed what’s going on in the home insurance market, let’s take a look at the 15 best home insurance companies heading into 2024.
15 Best Home Insurance Companies Heading into 2024
A suburban home with people walking in front, representing the protection provided by the Property & Casualty Insurance.
Methodology
For this article, we compiled a list of the 15 best home insurance companies heading into 2024. Choosing the best home insurance companies requires a number of factors to be taken into consideration and it can still be a matter of personal preference. To provide the readers with an accurate representation, we used consensus picks from different insurance, finance, and review websites that ranked the best home insurance companies based on factors like available coverage options, market share, customer service, overall satisfaction, claims filing process, and other related services and products.
We analyzed rankings on The Zebra, Insurance Business Mag, ValuePenguin, and J.D. Power. We counted the number of times each home insurance company was listed in these sources. We then also calculated the “Insider Monkey Ranking” for all the insurance companies by adding up their rankings in each of the sources and then dividing that figure by the number of times each company’s name came up. We then ranked the 15 best home insurance companies heading into 2024 based on how many times their name came up in the sources as well as their average rankings.
The number of mentions is our primary metric and the Insider Monkey Ranking is our secondary metric. A lower Insider Monkey Ranking is better since it means that the insurance company had a better overall ranking among our sources. In the case where multiple companies had the same number of mentions across our sources, tie-breaking was done on the basis of average Insider Monkey Rankings. The 15 best home insurance companies heading into 2024 are listed below in ascending order.
By the way, Insider Monkey is an investing website that tracks the movements of corporate insiders and hedge funds. By using a consensus approach, we identify the best stock picks of more than 900 hedge funds investing in US stocks. The top 10 consensus stock picks of hedge funds outperformed the S&P 500 Index by more than 140 percentage points over the last 10 years (see the details here). Whether you are a beginner investor or a professional one looking for the best stocks to buy, you can benefit from the wisdom of hedge funds and corporate insiders.
15 Best Home Insurance Companies Heading into 2024
15. COUNTRY Financial
Number Of Mentions: 2
Insider Monkey Ranking: 8.5
COUNTRY Financial is a group of US insurance and financial services companies that offers auto, life, farm, and home insurance in 19 US states. It ranks among the top 15 on our list of best home insurance companies heading into 2024. COUNTRY Financial offers different types of insurance coverage that covers dwellings, personal property, other structures, liability and medical payments. COUNTRY Financial also offers discounts for bundling home and car insurance.
14. Amica Mutual Insurance Company
Number Of Mentions: 2
Insider Monkey Ranking: 6
Amica Mutual Insurance Company is a mutual insurance company that offers life, auto, and home insurance. It offers two types of homeowners insurance policies and helps homeowners customize their policies to make sure they get the coverage they need. The standard home insurance policy covers your home, other structures, personal property, temporary living expenses, and expenses if you're responsible for injuring someone or damaging their property. Amica also offers bundling discounts for when you have your auto, home, and other lines of insurance with the company.
As one of the largest insurers in the US, The Progressive Corporation (NYSE:PGR) ranks 13th on our list of best home insurance companies heading into 2024. Homeowners insurance by The Progressive Corporation (NYSE:PGR) protects against damage to your home and belongings from covered perils as well as liability for someone else's injuries or property damage. Moreover, the policy may also cover an increase in living expenses if your home is uninhabitable due to a covered loss. The Progressive Corporation (NYSE:PGR) also offers optional homeowners insurance coverage for personal injury that covers uncommon but expensive lawsuits and situations.
12. Liberty Mutual Insurance
Number Of Mentions: 3
Insider Monkey Ranking: 12.66
Liberty Mutual Insurance is one of the biggest property and casualty insurers in the US. It offers an extensive portfolio of insurance products, including home insurance that covers your house and your belongings against damage or loss from events like fire, storm damage, frozen pipes, theft, and more. Liberty Mutual Home Insurance also provides liability coverage for personal injuries sustained by others on your property. Liberty Mutual Insurance offers an online purchase discount, a bundling discount, and celebratory savings for newly purchased homes.
11. Farmers Insurance
Number Of Mentions: 3
Insider Monkey Ranking: 11.33
Farmers Insurance, or simply Farmers, is an American insurer that offers home, small business, life and car insurance. It is a wholly owned subsidiary of Swiss-based Zurich Insurance Group AG (OTC:ZURVY). Farmers Insurance offers a variety of coverage options, including home, renters, and condo insurance. With Farmers, the standard homeowners policy covers dwelling, personal property, other structures, liability, and additional living expenses. It also offers a discount for bundling auto and home insurance.
The Travelers Companies, Inc. (NYSE:TRV), also known as Travelers, is an American insurance company that ranks among the top 10 on our list of best home insurance companies heading into 2024. It is one of the largest commercial property casualty insurers in the US. The Travelers Companies, Inc. (NYSE:TRV) offers affordable standard and optional homeowners insurance policy coverages. The standard homeowners insurance policy will cover your home, personal belongings, other structures, personal liability, and additional living expenses.
Chubb Limited (NYSE:CB) is one of the world's largest property & casualty insurance companies, serving multinational corporations, local businesses, and individuals. Chubb Limited (NYSE:CB) offers homeowners insurance through independent insurance agents. The standard policy will cover your home, other structures, personal belongings, personal liability, medical expenses, and additional living expenses. Chubb Limited (NYSE:CB) also offers a Masterpiece homeowners insurance policy which covers extended replacement cost, temporary living arrangements, and a cash settlement for when you experience a covered total loss but decide to not rebuild. For high-value homeowners, Chubb Limited (NYSE:CB) is one of the best home insurance companies heading into 2024.
8. American Automobile Association (AAA)
Number Of Mentions: 3
Insider Monkey Ranking: 8.33
American Automobile Association (AAA) is a leading insurance company in the US that uses several auto groups throughout North America to offer auto insurance and roadside assistance programs. However, it also offers home, renters, and condo insurance to its members at competitive rates. Home Insurance offered by the American Automobile Association (AAA) and its clubs protects your home, other structures, personal property, liability, loss of use, and more. While a membership fee may be required, AAA membership includes benefits such as discounts and roadside assistance.
The Allstate Corporation (NYSE:ALL), or simply Allstate, is an American insurance company that is also one of the best auto insurance companies heading into 2024. It offers a range of insurance products, including home, renters, life, pet, auto and business policies. The standard homeowners insurance coverage will protect your home, personal belongings, and personal liability, and also cover guest medical protection. The Allstate Corporation (NYSE:ALL) also offers a wide variety of optional coverages, including green improvement reimbursement, which covers the additional cost of replacing covered items with more energy-efficient options.
6. Auto-Owners Insurance Group
Number Of Mentions: 3
Insider Monkey Ranking: 8
Auto-Owners Insurance Group, or simply Auto-Owners, is a mutual insurance company that provides business, life, auto, and home insurance. As one of the best home insurance companies heading into 2024, Auto-Owners offers standard homeowners insurance coverage for dwelling, other structures, personal property, liability, and additional living expenses. The company also offers several add-on options. Optional coverage options include guaranteed home replacement cost, identity theft expense coverage, and home cyber protection, which covers the cost of hiring professional help to recover stolen or corrupted data.
