Best Property Insurance Companies in United States (US)

By offering protection against a variety of risks that can harm or destroy physical assets, property insurance serves a crucial role in protecting the financial interests of people, businesses, and institutions in the United States. Property insurance provides a safety net that lessens the financial effect of unforeseen calamities like fires, storms, theft, and more, whether it’s a home, a commercial facility, or valued items. In addition to being a wise financial move, getting this kind of insurance is frequently necessary to qualify for loans and mortgages.

Property insurance is an essential part of risk management in this vibrant and diversified country, ensuring that citizens can bounce back and rebuild in the face of tragedy. This introduction lays the groundwork for a more in-depth investigation of property insurance in the United States, focusing on its relevance, kinds, laws, and the elements that make it an essential component of financial planning for both individuals and corporations.

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1. Property Insurance

Property insurance is a crucial kind of financial protection for buildings, companies, and people’s possessions from unforeseen occurrences like fires, theft, and natural catastrophes. It is a crucial part of smart financial planning since it gives peace of mind and lessens the financial impact of losses related to property.

1.1  Need for Property Insurance

For both private citizens and commercial entities, property insurance is a crucial requirement. It acts as a safety net for your finances, guarding against unanticipated occurrences like fires, hurricanes, theft, and other risks that can cause serious damage to valued assets like houses, businesses, and personal possessions. The cost of maintaining or replacing these assets without property insurance can be prohibitive.

Property insurance is also frequently a requirement by lenders for those looking for mortgages or loans, making it a crucial step in the borrowing process. Property insurance provides security in addition to monetary security, frequently assures legal compliance, and aids in protecting the value of investments. Property insurance acts as a solid barrier in an uncertain world, enabling people and organizations to confidently manage risks associated with their property.

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2. Best Property Insurance United States (US)

Choosing the “best” property insurance company in the US can be arbitrary and based on personal preferences and needs. The ideal option for one individual or piece of property could not be the same for another. Nevertheless, there are certain renowned and reliable property insurance providers in the United States.

2.1 Top Property Insurance United States According to Our Rating

According to our rating top 10 best property insurance are,

1. State Farm: Best for Customer Service
2. Allstate: Best for Wide Coverage
3. GEICO: Best for Competitive Rates
4. Progressive: Best for Innovation Options
5. USAA: Best for Military Focus
6. Liberty Mutual: Best for Diverse Coverage
7. Trusted Choice: Best Brokerage Option
8. Farmers Insurance: Best for Personalized Service
9. Nationwide: Best for Nationwide Coverage
10. Travelers: Risk Management

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3. State Farm – United States (US)

3.1  Why Its Highly Recommended – State Farm United States (US)

State Farm offers protection for landlords wishing to protect their investment property up to its replacement cost, so we selected the company as our best overall rental property insurance provider. Additionally, it has a vast network of agents across the country, reacts swiftly, and provides significant discounts to landlords who combine rental property insurance with home and vehicle policies.

3.2  Pros & Cons – State Farm United States (US)

Pros	Cons
Rapidity of agent response	Insurance cannot currently be written by agents across state lines.
Outstanding financial rating	Property owners must purchase replacement cost insurance for their belongings.
Available countrywide coverage
Discount for combining auto and house insurance

3.3 Company Overview – State Farm United States (US)

State Farm, the largest property insurer in the U.S., is ranked #1 on the Insurance Information Institute’s 2021 list of top ten direct premium writers of property/casualty insurance. Founded in 1922, the company offers landlord insurance nationwide through its network of agents.

 The policy is priced based on property replacement cost, liability limits, and landlord deductibles, and covers vacancies resulting from covered perils. However, State Farm does not cover rent loss due to local government prohibitions, flooding, earthquakes, or disability or death-related mortgage inability.

Industry	Insurance
Founded	June 7, 1922; 101 years ago
Founder	George J. Mecherle
Headquarters	Bloomington, Illinois, U.

3.3  Products & Services – State Farm United States (US)

Services offered by the company are,

1. Home
2. Condominium
3. Renters Insurance
4. Rental Property
5. Personal Articles
6. Manufactured Home
7. Farm and Ranch
8. Identity Restoration

3.4  Contact Details – State Farm United States (US)

You can contact company through,

Phone Number	800 732-5246
Address	State Farm Insurance One State Farm Plaza Bloomington, IL 61710
Email	[email protected].
Official Website	https://www.statefarm.com/customer-care

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4. Allstate – United States (US)

4.1 Why Its Highly Recommended – Allstate United States (US)

Due to its reputation for providing thorough coverage options and superior customer service, Allstate is highly recommended for property insurance. Whether it’s for homeowners, renters, or landlords, the organization offers a wide variety of products that are designed to fulfill different property insurance demands.

 The vast agent network of Allstate is renowned for its ability to offer individualized advice and help throughout the insurance process. Their dedication to providing excellent customer service and prompt claims handling also helps them get high praise in the property insurance sector.

4.2 Pros & Cons – Allstate United States (US)

Pros	Cons
Customers can choose a policy from Allstate’s selection of property insurance choices, which include landlord, renter, and homeowner coverage, to meet their individual needs.	The premium rates for Allstate can be somewhat higher than those of some other insurers, so it might not be the most affordable choice for everyone.
Because Allstate is a financially sound insurance provider, customers may rest easy knowing that their claims will probably be honored.	Allstate’s robust local agent network has been criticized for its inconsistent customer service experience, with some customers reporting issues with claims processing and communication.
The firm provides cutting-edge technologies like the “Claim Rateguard,” which helps prevent premium hikes when a claim is filed.	Allstate’s robust local agent network has been criticized for its inconsistent customer service experience, with some customers reporting issues with claims processing and communication.

4.3 Company Overview – Allstate United States (US)

With over 16 million policyholders and 175 million active policies, Allstate is one of the biggest publicly traded personal lines insurers in the nation. Under the divisions of commercial, life, property, and vehicles, the company provides a variety of coverage. Encompass, Esurance, and Answer Financial are among well-known insurance companies that go by this name.

The company’s exclusive agencies are the main channels via which Allstate sells its policies. In the US and Canada, the company employs roughly 12,300 agents and financial representatives.

Industry	Insurance
Founded	April 17, 1931; 92 years ago
Headquarters	Northbrook, Illinois, U.S.

4.4  Products & Services – Allstate United States (US)

Property and casualty insurance are typically bundled together into one insurance policy. For example:

1. Homeowners insurance
2. Car insurance
3. Condo insurance
4. Renters insurance
5. Power sports insurance
6. Landlord insurance

4.5  Contact Details – Allstate United States (US)

You can contact company through,

Phone Number	800-726-6033.
Address	2775 Sanders Road North Plaza Northbrook, IL 60062-6127 USA
Email	[email protected]
Official Website	https://www.allstate.com/

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5. GEICO – United States (US)

5.1 Why Its Highly Recommended – GEICO United States (US)

Because GEICO was the sole provider of rental property insurance that we looked at to determine best value, GEICO was chosen as our top pick. Customers can get insurance with no coverage restrictions or price caps. Only coverage based on a property’s replacement cost is offered by the company.

5.2 Pros & Cons – GEICO United States (US)

Pros	Cons
No set minimum price	Replacement cost must be used to determine coverage.
Minimal personal property coverage is included in policies.	GEICO uses a third party for its rental home insurance.
Loss of usage is covered by insurance.

5.3 Company Overview – GEICO United States (US)

In 1936, GEICO was established in Fort Worth, Texas. Since GEICO doesn’t provide landlord coverage itself, policyholders of rental property insurance are unaffected by the company’s A++ (Superior) rating from AM Best.

 Instead, based on specific landlord needs, the organization acts as an agency to assist in placing landlord coverage with a network of partner carriers. Depending on the location of the property, GEICO offers rental property insurance through its network in the majority of states. Every policy is prepared based on the geography and the home’s replacement cost.

Type	Subsidiary
Industry	Insurance
Founded	1936; 87 years ago San Antonio, Texas, United States
Founders	Leo Goodwin Sr. Lillian Goodwin
Headquarters	Chevy Chase, Maryland, United States

5.4  Products & Services – GEICO United States (US)

Property insurance covers property owners and renters, including homeowners, renters, and flood policies, for damages caused by fire, flooding, theft, weather, and other risks.

1. Homeowners Insurance
2. Renters Insurance
3. Condo/Co-Op Insurance
4. Mobile Home Insurance
5. Landlord Insurance
6. Flood  Insurance

5.5  Contact Details – GEICO United States (US)

You can contact company through,

Phone Number	800-841-3005
Address	1 GEICO Blvd, Fredericksburg VA, 22412.
Email	[email protected].
Official Website	https://www.geico.com/

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6. Progressive – United States (US)

6.1 Why Its Highly Recommended – Progressive United States (US)

Progressive Insurance is a top choice for property insurance due to its innovative approach, comprehensive coverage options, and user-friendly digital tools. It offers competitive rates and the flexibility to bundle multiple insurance products, making it a cost-effective choice. Progressive’s commitment to innovation and responsive customer service adds to its strong reputation.

6.2 Pros & Cons – Progressive United States (US)

Pros	Cons
Most lenders require property insurance before issuing mortgages, making homeowners’ ability to obtain loans crucial.	The cost of property insurance premiums can be prohibitive, especially for properties in high-risk areas or with extensive coverage.
Property insurance frequently includes liability coverage, shielding policyholders against lawsuits in the event that someone is hurt on their property.	Prior to the start of insurance coverage, policyholders are required to pay a deductible, which can be a sizable up-front cost.
In some places, having property insurance is required by law for certain kinds of properties or locations, guaranteeing that local regulations are followed.	Property insurance policies may have restrictions on what is covered, exclusions, or criteria that must be satisfied before a payout is made.

6.3 Company Overview – Progressive United States (US)

Progressive is the nation’s second-largest vehicle insurance provider, only behind State Farm, but it dominates the motorcycle and specialty RV markets. In addition to a variety of personal and business coverage, the Ohio-based property casualty insurer also provides financial services.

Type	Public company
Traded as	NYSE: PGR S&P 500 component
Industry	Insurance
Founded	March 10, 1937; 86 years ago
Headquarters	Mayfield Village, Ohio, U.S.

6.4  Products & Services – Progressive United States (US)

Personal property coverage safeguards your belongings from fire, theft, and other perils. It offers two types of loss settlements: replacement cost and actual cash value. The coverage amount varies based on your policy type.

1. Homeowners insurance policy

2. Renters insurance policy

3. Condo insurance policy

6.5  Contact Details – Progressive United States (US)

You can contact the company through,

Phone Number	1-888-671-4405.
Address	6300 Wilson Mills Rd., Mayfield Village, OH 44143.
Email	[email protected].
Official Website	https://www.progressive.com/

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7. USAA – United States (US)

7.1 Why Its Highly Recommended – USAA United States (US)

As a member-owned corporation, USAA’s offerings are specifically created to satisfy the needs of active members of the U.S. armed forces, reservists, and veterans, which is why we have chosen USAA as the best alternative for military service members and their families. For instance, many of USAA’s insurance plans come with endorsements that will pay premiums for military members who are deployed or who are hurt while on active duty.

7.2 Pros & Cons – USAA United States (US)

Pros	Cons
Member-owned business	To receive coverage, one must be a member.
Insurance tailored to the requirements of active duty personnel, reservists, veterans, and their families 10 properties maximum insurance coverage per policy	Before applying, you must be eligible for membership.
	Sluggish response time

7.3 Company Overview – USAA United States (US)

USAA, founded in 1922 by Army officers, is a leading member-owned financial services company offering banking, investment, insurance, and annuities to service members, veterans, and their families. It is among the top 10 writers of homeowners insurance. USAA also provides rental property insurance to qualified landlords, covering property, lost rental income, and personal liability.

Type	Private. Reciprocal inter-insurance exchange
Industry	Banking, Financial services
Founded	June 20, 1922; 101 years ago
Headquarters	San Antonio, Texas United States

7.4  Products & Services – USAA United States (US)

Property insurance provided by the company are,

1. Homeowners Insurance
2. Renters Insurance
3. Condo Insurance
4. Flood Insurance
5. Rental Property Insurance
6. Valuable Personal Property Insurance

7.5  Contact Details – USAA United States (US)

You can contact company through,

Phone Number	00 1 800-531-8722
Address	San Antonio, Texas, United States
Email	[email protected]
Official Website	http://www.usaa.com/

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8. Liberty Mutual – United States (US)

8.1  Why Its Highly Recommended – Liberty Mutual United States (US)

Because Liberty Mutual has created user-friendly processes that make it simple for customers to get their claims processed swiftly, it is our choice for the best claims process. It features a 24-hour claims center and quick response times.

8.2  Pros & Cons – Liberty Mutual United States (US)

Pros	Cons
Well-established company	Inflation protection must be added
24-hour claims assistance
Insure property for replacement cost, purchase price, or another amount

8.3  Company Overview – Liberty Mutual United States (US)

AM Best has given Liberty Mutual an A (Excellent) rating for financial strength since the company was founded in 1912.

 Similar to State Farm, the business offers insurance through a responsive nationwide network of captive agents. A regional representative from Liberty Mutual responded to our inquiry regarding its coverage within 24 hours and was quite open with the information.

In contrast to most of its competitors, Liberty Mutual allows landlords to insure properties for the purchase price or another specified sum, even though the majority of rental property insurance it sells cover up to replacement cost.

Industry	Insurance
Founded	July 1, 1912; 111 years ago (as Massachusetts Employees Insurance Association)
Headquarters	175 Berkeley Street Boston, Massachusetts U.S.

8.4  Products & Services – Liberty Mutual United States (US)

Your homeowner’s insurance policy includes personal property coverage.

Your personal belongings, including any personal property you may use away from your house, are covered by this insurance. Typical goods covered by this insurance

Furnishings

Clothing

Electronics

You will get the exact cash worth of any covered personal property that needs to be replaced as a result of a covered loss if you have Personal Property Coverage.

8.5  Contact Details – Liberty Mutual United States (US)

You can contact company through,

Phone Number	1 – 800- 290-8711
Address	175 Berkeley Street Boston, Massachusetts 02116
Email	[email protected].
Official Website	https://www.libertymutualgroup.com

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9. Trusted Choice – United States (US)

9.1 Why Its Highly Recommended – Trusted Choice United States (US)

Since Trusted Choice has a countrywide network of independent agents who can assist landlords in finding policies from several carriers, the brokerage firm is our top choice. Landlords can obtain the precise coverage to meet their needs and financial constraints. Contrasting this is the fact that few of the other businesses on our list directly underwrite and support insurance products.

With Trusted Choice, landlords can submit a single application to receive prices from more than 65 of the nation’s leading insurance providers.

9.2 Pros & Cons – Trusted Choice United States (US)

Pros	Cons
A nationwide network of carriers to satisfy each landlord’s specific needs	Does not directly give coverage
Independent brokers who can compare prices from many providers to find the best offer
Military discounts are also available.

9.3 Company Overview – Trusted Choice United States (US)

A nationwide nonprofit insurance company called Trusted Choice was established in 2001.

 The business is supported by its affiliate carriers, and its only goal is to disseminate information about vari  ous coverage options, their advantages, and their prices.

Industries	Consumer Financial Services Insurance
Headquarters Regions	Washington DC Metro Area, East Coast, Southern US
Founded Date	2001

9.4 Products & Services – Trusted Choice United States (US)

Depending on the carrier you select, rental property coverage, costs, and claims procedures vary; nonetheless, plans often cover the home itself, landlord liability for accidents or injuries, as well as umbrella coverage.

As an add-on, income protection is also offered. Depending on their particular needs, landlords can also buy additional coverage through Trusted Choice, such as workers’ compensation, inland marine, and flood insurance.

9.5 Contact Details –  Trusted Choice United States (US)

You can contact company through,

Phone Number	855 – 372-0071
Address	Alexandra, VirginiaC, United States
Email	[email protected]
Official Website	https://www.trustedchoice.com/

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10. Farmers Insurance – United States (US)

10.1 Why Its Highly Recommended – Farmers Insurance United States (US)

Farmers Insurance is a top choice for property insurance due to its personalized service, comprehensive coverage options, and strong financial stability. With a vast network of local agents, policyholders can expect personalized guidance. Farmers offers a range of products, including homeowners, renters, and landlord policies, and a user-friendly policy management approach. Its solid financial position ensures policyholders’ claims are honored, making it a reliable choice.

10.2 Pros & Cons – Farmers Insurance United States (US)

Pros	Cons
Farmers Insurance is renowned for its extensive network of neighborhood agents who offer individualized advice and support, assisting policyholders in customizing their coverage to meet their unique needs.	When compared to certain other insurers, Farmers’ property insurance premium rates can be somewhat high, which may make it less affordable for some people.
The provider offers a variety of property insurance products, including landlord, renter, and homeowner plans, enabling clients to obtain protection that is suitable for their particular circumstances.	Farmers may not provide as many discounts as some of its rivals, which could restrict the amount of money policyholders can save on premiums.
Farmers has a good track record financially, giving policyholders assurance that their claims will probably be paid out.	Compared to simpler policies from other insurers, some consumers have found Farmers’ policies to be rather complex, necessitating a closer examination and comprehension.

10.3 Company Overview – Farmers Insurance United States (US)

Is a company that offers additional insurance and financial services products and is an American insurer for homes, cars, and small companies. Farmers is the brand name for three reciprocal exchanges—Fire, Truck, and Farmers—that are all managed by Farmers Group, Inc. in the capacity of attorney-in-fact for the benefit of the corresponding policyholders. A fully owned subsidiary of Zurich Insurance Group, headquartered in Switzerland, is Farmers Group, Inc.

Industry	Financial services
Founded	1928; 95 years ago Los Angeles,[2] California, U.S.
Founders	John C. Tyler Thomas E. Leavey
Headquarters	6301 Owensmouth Avenue Woodland Hills, Los Angeles, California, U.S.

10.4 Products & Services – Farmers Insurance United States (US)

Types of coverages offered by the company are,

1. Property
2. Liability
3. Crime
4. Auto
5. Workers’ Compensation
6. Umbrella
7. Life
8. Loss Control

10.5 Contact Details – Farmers Insurance United States (US)

You can contact company through,

Phone Number	888-327-6335
Address	6301 Owensmouth Ave, Woodland Hills, California, 91367, United States
Official Website	http://www.farmers.com

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11. Nationwide – United States (US)

11.1 Why Its Highly Recommended – Nationwide United States (US)

Nationwide offers basic coverage including dwelling, personal property, and liability, as well as protection against credit and debit card misuse. Additional coverages include medical payments, living expenses, and ordinance or law insurance.

Additional add-ons include identity theft protection, water backup, valuable items, and earthquake coverage. Nationwide also provides discounts for claims-free status, bundling policies, and installing safety and security devices.

11.2 Pros & Cons – Nationwide United States (US)

Pros	Cons
Basic coverage includes protection against credit card fraud	Not available in every state
Earthquake coverage, which has a separate deductible, is an option
Discounts include a home renovation credit and savings based on a roof’s age and surface material

11.3 Company Overview – Nationwide United States (US)

Farm Bureau Mutual Car Insurance Co. was the name under which Nationwide Insurance first did business. The company, which is situated in Columbus, Ohio, now provides a variety of services, including home and renters insurance, pet insurance, dental insurance, and more. Together with access to Axos online banking, it also provides retirement and investing options.

Trade name	Nationwide Building Society (2001–present) Hearth (2023–present)[
Type	Building society, (mutual)
Industry	Banking and financial services
Founded	1884; 139 years ago
Headquarters	Swindon, England

11.4 Products & Services – Nationwide United States (US)

Property services offered by the company are,

1. Homeowners insurance
2. Renters insurance
3. Condo insurance
4. Home & auto insurance
5. Flood insurance
6. Commercial property insurance
7. Bundle insurance and save

11.5 Contact Details – Nationwide United States (US)

You can contact company through,

Phone Number	00 44 1793 656789
Address	Nationwide Building Society, Nationwide House Pipers Way, Swindon SN38 1NW
Email	[email protected]
Official Website	https://www.nationwide.co.uk/

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12. Travelers – United States (US)

12.1 Why Its Highly Recommended – Travelers United States (US)

It is very advised to get travelers property insurance for a number of compelling reasons. First off, Travelers has a reputation for being an industry leader in risk management and insurance solutions, which translates into extensive and specialized coverage possibilities. Second, policyholders get peace of mind knowing that their claims will be honored thanks to the company’s solid financial stability.

 Finally, fast assistance is provided to policyholders during trying times because to Travelers’ attentive customer service and effective claims processing.

12.2 Pros & Cons – Travelers United States (US)

Pros	Cons
Cheaper pricing than most of their competitors	Does not give some of the discounts that other insurers in our category do.
Long-standing and financially stable

12.3 Company Overview – Travelers United States (US)

In terms of market share, Travelers, a Fortune 500 company since 1995, is sixth in the auto insurance sector. In 42 states and Washington, D.C., Travelers distributes auto insurance through 13,500 independent agents and brokers. Travelers provides 14 different coverage options for auto insurance in an effort to help you save money. Even though Travelers’ customer satisfaction frequently falls short of the industry average, they still receive the highest grade for financial stability.

Type	Public
Traded as	NYSE: TRV DJIA component S&P 500 component
Industry	Insurance Financial services
Predecessor	Citigroup
Founded	1853; 170 years ago (as St. Paul Fire & Marine) 2004 (as The Travelers Companies)
Headquarters	New York City, New York, United States

12.4 Products & Services – Travelers United States (US)

Travelers provide landlord insurance which includes,

1. Protecting Rental Properties
2. Premises Liability
3. Medical Payments
4. Property Coverages
5. Loss of Use Coverage

12.5 Contact Details – Travelers United States (US)

You can contact the company through,

Phone Number	800.842.5075
Address	New York, 485 Lexington Ave, United States
Email	[email protected]
Official Website	https://www.travelers.com/

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13. FAQs – Property Insurance United States (US)

Question 1

How are property insurance premiums determined?

Answer

The type and location of the property, the coverage level, the deductible, the policyholder’s claims history, and risk variables like the property’s proximity to a floodplain or a fire zone all play a role in determining premiums.

Question 2

What is a deductible in property insurance?

Answer

The amount that the policyholder must pay out of pocket prior to the insurance coverage taking effect is known as the deductible. Lower deductibles usually indicate higher rates, whereas bigger deductibles usually mean lower premiums.

Question 3

Are all perils covered by property insurance?

Answer

No, common property insurance coverage do not cover all risks. Some occurrences, such as earthquakes and floods, are frequently excluded and may call for additional insurance coverage

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14. Conclusion – Property Insurance United States (US)

Property insurance is a crucial component of sound risk management and financial stability in the United States. Insurance provides crucial protection for people and businesses against the ambiguities of unforeseen catastrophes, preserving homes, possessions, and priceless assets.

 Property insurance is crucial to protecting the investments and well-being of millions of people across the country because it offers peace of mind and ensures legal compliance, financial stability, and financial stability. Property insurance is a crucial component of the American financial system because it helps the United States, a dynamic and diversified nation, weather the commercial and personal storms.

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