Best for Military and Veterans
When you buy home insurance, you might be surprised by how much it costs. However, if you are the spouse or child of a member of the military, veteran or USAA member, you may be eligible for reduced fares through USAA. With an excellent reputation for customer service and coverage, USAA is our selection of the best military and veteran homeowners insurance companies.
USAA Homeowners Insurance Pros and Cons
- High third-party ratings for customer satisfaction and financial stability
- Offers home sharing insurance
- Include replacement cost range
- Not open to the public
- Less discount than some other companies
- Non-members cannot use online discounts.
Professionals explain
High third-party ratings for customer satisfaction and financial stability
Although the USAA Power Home Insurance Study in J.D. was not compared to any other homeowners insurance company, it was evaluated and received the highest score of all companies considered. USAA also received an A++ rating from AM Best, the highest rating awarded by a credit agency.
Offers home sharing insurance
Whether you’re renting a bedroom or an entire house on Airbnb or VRBO, you need insurance. Not all companies offer home-sharing insurance, but USAA publishes short-term rental guidelines for landlords.
Include replacement cost range
Most homeowners’ insurance policies only cover you for the actual cost, which means it’s worth replacing your item at its current depreciated value. USAA policy includes replacement cost coverage regardless of depreciation to replace damaged items.
Disadvantages Description
Not open to the public
To be eligible for USAA coverage, you must be an eligible member. USAA membership is only available to military members, veterans and their spouses or children.
Less discount than some other companies
USAA advertises less and less discounts than many other large insurance companies. For example, its no-claims discount is only 10%, while other companies offer 20%. There are also bundle discounts and discounts on protective equipment, but other companies have discounts on responsible payments, contract renewals, new home buyers, automatic payments, and early renewals.
Non-members cannot use online discounts
Customers can get an initial quote for their policy from most insurance companies. Although USAA has an online quote tool, you must be a qualified member – and logged into your account – to use it. Otherwise you will not be able to use the quote tool.
USAA Homeowners Insurance
The USAA Homeowners Policy includes the following coverages:
- Home: Home insurance pays for home repairs or reconstruction after damage in a qualifying event.
- Other Structures: Other Structures coverage pays for repairs or reconstructions of structures separate from your home, such as: sheds, detached garages, or fences.
- Personal Items: This insurance covers the cost of repairing or replacing personal items in your home, such as B. your furniture or electronics.
- Loss of use: If your home is no longer habitable after being damaged by insurance, loss-of-use protection will help cover your increased living costs.
- Personal Liability: If you are legally responsible for someone injured on your property, personal liability insurance will cover your legal costs and some medical expenses.
Extra protection
USAA offers optional drivers and covers:
- Home Sharing Insurance: Home sharing insurance is essential if you rent out a bedroom or your home is for short-term rentals.
- Earthquake Damage: Earthquake damage protection is available as an optional tab.
Limitation
USAA policies do not cover flooding, so if you live in an area prone to flooding, you will need to purchase a separate policy from another insurance company.
Refer to
USAA is a well-known company with a strong reputation in the insurance industry. Founded in 1922, it has served millions of military members, veterans and their families.
Homeowners policies issued by USAA are underwritten by United Services Automobile Association, USAA Casualty Insurance Company, USAA General Indemnity Company or Garrison Property and Casualty Insurance Company. It publishes guidelines in all 50 states.
Financial stability
Why is financial stability so important when choosing homeowners insurance? You need to make sure that the company you choose to insure your home—probably the most expensive asset you own—will last over the long term and be able to pay all claims.
AM Best is a leading credit reporting agency responsible for rating and rating insurance companies. Its financial strength rating is an excellent resource when researching your options.
USAA has an A++ (Superior) rating from AM Best, the best possible rating. Such a high rating indicates that AM Best believes that USAA is financially healthy and able to meet its insurance obligations regardless of changes in the market.
Third Party Reviews
Because USAA is closed to the public, USAA was included in the J.D. Powering Us 2021 Home Insurance Study comparing 21 leading insurance companies. However, USAA was rated at 882 out of 1,000 – a higher score than the No. 1 company, Amica.
Regulatory measures
Like many large insurance and financial services companies, USAA has at times been the target of regulatory action and class action lawsuits. Most recently, USAA was ordered to pay $140 million to the Office of the Comptroller of the Currency and the Financial Crimes Enforcement Network for violating the Bank Secrecy Act.
USAA also recently settled class-action lawsuits brought by policyholders in Tennessee and Mississippi. Plaintiffs in the lawsuit allege that USAA improperly deducted labor cost depreciation when adjusting homeowners’ insurance claims and paid policyholders less than they said they owed.
When checking with an insurance company, read the fine print and terms and conditions carefully to understand what your policy covers and exclusions.
USAA Homeowners Insurance Costs
While many insurance companies allow consumers to receive quotes online, USAA only allows consumers who are eligible (and have an account with the company) to receive homeowners insurance quotes. If you are not yet a member, you will not receive offers until your membership application has been approved.
While we can’t get quotes for USAA policies, a good number to keep in mind is the national average for homeowners insurance policies. According to the National Association of Insurance Commissioners, the average homeowners insurance premium is $1,396 per year, or $116 per month.
It’s wise to get quotes from multiple homeowners’ insurance companies, as your premium will depend on factors such as your location, the age of the home, current value, recent renovations, and security features.
Accessibility
USAA allows its members to purchase homeowners insurance policies online or over the phone. Customer support is available over the phone, but has a live chat feature that automatically answers basic questions.
Contact information
To contact customer service, please call 210-531-8722 or 800-531-8722. Phone lines are open Monday through Friday from 6:00 am to 10:00 pm. CT and Saturdays from 8:00am to 8:00pm CT.
User experience
As a USAA member, you can get quotes and manage your policies online through the Member Portal. You can make payments and claims through the online portal or mobile app.
Consumer satisfaction
When it comes to customer support, USAA Homeowners Insurance reviews are mixed.
Customer reviews
Based on over 1,300 reviews, USAA has a 1.3 out of 5 rating on Trustpilot in the “Poor” category. USAA is not accredited by the Better Business Bureau and has poor customer reviews. It has a 1.22 out of 5 rating based on over 700 reviews.
However, reviews tend to be a mix of customers complaining about auto insurance and life insurance, which can skew review results.
Complaint Index
A good source for comparing companies is the National Association of Insurance Commissioners (NAIC) Complaint Index. The NAIC publishes complaint rates based on the number of consumer complaints against companies compared to those companies’ share of the insurance market. A ratio above 1.0 means the company has filed more complaints with regulators than would normally be expected, while a ratio below 1.0 means it has received fewer complaints.
For home insurance, USAA’s 2021 complaint rates are 0.48 and 0.88, higher than industry standards.
How We Rate USAA Homeowners Insurance
To rate USAA and other homeowner insurers, we considered the following factors:
- Availability
- Override options
- Optional cover
- Policy exclusions
- Cost
- Third Party Reviews
- Financial stability
- Customer service.
Money’s USAA Homeowners Insurance Review Summary
For military members, veterans, and their families, USAA may be a good choice for home insurance. Its policies provide replacement costs for damaged personal property and are highly rated by third-party organizations and credit rating agencies.
However, the policy is only available to eligible members, so non-military members are not eligible for homeowners insurance or other USAA products.
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