Geico Home Insurance Review 2020

The auto insurance policies of Geico makes it very popular in the states. Some other companies make Geico’s journey very difficult as those companies likewise offer affordable homeowners insurance. The method of providing homeowners coverage is a bit different when you go with Geico. They don’t offer it directly. Instead, they collaborate with a partner network so that the network can underwrite its homeowners insurance policies. Mostly, the famous insurance companies in the country, such as Foremost, Liberty Mutual, American Family, etc. are Geico’s favorite companies to be in the partner network. 

As Geico has diversified its revenue streams by being an associate or by making associates, it becomes elementary for them to provide home coverage throughout the entire United States. With Geico, one can quickly get started with their insurance because it allows for an online quote tool. This tool helps individuals to pick the level of coverage he or she needs. It also helps to get a premium estimate within no time. If you purchase policies from Geico, you will get affordable rates over the long haul. Hence if you are intended to save some bucks while getting home insurance, you should give Geico a look. 

A Little More of Geico Home Insurance

Geico Insurance company is a company that was founded by husband and wife Leo and Goodwin in 1936. This company provides a range of insurance policies. The policies may include life, auto, travel, pet, and home insurance policies. The number of employees in the company is over forty thousand. There are around twenty offices or branches available in the United States for Geico Insurance company. According to direct premiums written, Geico is the second-largest insurance company in the country, which insures over 28 million automobiles. Being an affiliate of Berkshire Hathaway company, Geico makes sure that they meet all of their claims obligations. Moreover, Berkshire Hathaway is one of the leading companies on the Fortune 500. The earning revenue of Geico is around $248 billion per year. 

The Claim of Geico Insurance Company

Geico tends to claim that they provide the top-quality coverage at an affordable price. There are a lot of other companies who are affiliated with Geico. Hence the phrase “top-quality” coverage may vary from one place to another. But you can be sure that many companies that have partnered with Geico are holding the top position in many statistics. However, some partners could not do that well in the industry. Geico claims to offer an affordable rate, and this claim of theirs might be valid. If you want to ensure an affordable rate, you can always get an online quote from Geico and compare the prices. It will surely come as a good result for you.

Geico Home Insurance Coverages

Geico is very popular for its home insurance policies. The standard homeowners insurance policies for this company may include: 

  • Dwelling Coverage: Dwelling Coverage is an overage that takes care of the damage interlinked with your home structure. This coverage may also include structures like garages and porches.
  • Personal Property Coverage: personal belongings such as electronics, furniture, clothing, etc. can be repaired or replaced with the personal property coverage that is offered by Geico Home Insurance company.
  • Personal Liability Coverage: In case you happen to be liable if someone sustains an injury on your property, this insurance coverage will take care of the expenses that you have to pay to the person for his medical expenses. Having this coverage is a beneficial one because when the person sues you, it will help you pay the attorney’s fees. There are times when we accidentally damage others’ properties. It is quite reasonable because accidents are inevitable. Your personal liability coverage will take care of the expenses you have to pay when you cause damage to other properties. 
  • Extra Living Expenses: This insurance coverage comes in handy when your home gets damaged or destroyed. When your property gets damaged, you do not become able to live there. In such a situation, this coverage will pay additional living expenses. It will take care of your hotel and restaurant bills. 
  • Medical Payments Coverage: This coverage helps to pay the medical fees for anyone injured at your home. 

People love Geico because of their add-on coverages that tend to protect people to the maximum. Let’s see what add-on coverages Geico can provide us.

  • Identity Theft Protection: Identity theft protection can easily be acquired from Geico for as little as $8 per month. With this coverage, you can access your credit card report on the TransUnion website. You can likewise get credit monitoring alerts if your account comes across any suspicious activity.
  • Flood Insurance: Homeowners policies do not include the damages that cause to your home and belongings due to floods and droughts. If your place’s surroundings tend to be vulnerable to flood, you should get flood insurance from Geico as they provide flood insurance through the National Flood Insurance Program. 
  • Pet Insurance: With the help of Geico’s pet insurance policy, you are likely to be able to pay 90% of veterinary expenses at the point when your pet comes across any injury or illness. 
  • Umbrella Insurance: There are times when we remain worried about our personal liability. Getting umbrella insurance from Geico will help us alleviate those worries. We can add an additional $1 million in personal liability coverage with this insurance type. 

The whole process and endorsement may be different for different companies. Hence when you select a company that underwrites Geico homeowners policy, you should be careful. 

The Discounts of Geico Insurance Company

Reviews from customers throughout the country depict that Geico is a good insurance company when it comes to pricing. The prices are affordable; however, there are options to reduces expenses with the help of discounts. There are some typical discounts that Geico tends to offer. Those discounts are: 

  • Employee and Membership Discount: There are more than eight hundred organizations that have been boasting the advantages of employee and membership discounts from Geico. 
  • Policy Bundling: Purchasing home and auto insurance policy from Geico implies that you will surely get a discount from the company. 
  • Military Discounts: For the members of U.S. Armed Forces, National Guard, or Reserves, Geico has a discount that can range up to 15%. 

These discounts will be different in different places and with different companies. Hence make sure that you do your homework before choosing an associate company. 

Geico Home Insurance Cost

When you approach a company to get home insurance coverage, there are a series of factors that need to be considered. Factors such as the age, size, and construction of your home are the fundamental ones that every company will initially look at. The location of your home and the credit rating are also important aspects. If these factors match the company’s requirements, you are likely to get an affordable price. However, you can always get an online quote from Geico through their website. 

The level of coverage you get will play a significant role in the rate of the insurance. The following incidents can be protected by the company when you take a homeowner’s insurance: 

  • Smoke damage
  • Fire or lightning
  • Theft
  • Windstorm or hail
  • Volcanic eruption
  • Vandalism
  • Explosion
  • Damage caused by aircraft
  • Riot or civil commotion
  • Damage caused by vehicles

There are some extraordinary policies that you can avail, but for such policies, the premium might turn to be a higher one. These coverage do not protect you from earthquakes or floods, so if your place is very vulnerable to these disasters, you have to get separate coverage. You can also add endorsements to these coverages. With these coverages, you have some extras, such as jewelry coverages or firearms coverages. 

Over to You

The workplace practice, earning spots on Forbes, best employers awards are what set Geico alert from other insurance companies. Auto, motorcycle, and RV insurance from Geico are also playing a great role in the industry. The customers get a 15% premium credit as part of its financial relief efforts during this COVID-19 pandemic. 

If you have your pockets ready, Geico is a suitable choice for you. Their standard policies come with generous coverage limits, which is quite impressive. The solid financial footing and its nationwide coverage are also some things that need to be looked upon. Hence, Geico can be your ultimate home insurance company if you have the budget. With its outstanding coverage offers, you can secure your properties to a greater extent. 


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