Making sure that all of your belongings are protected with insurance is a wise decision. But with all of the options available, how do you know which company to go with? Most people will follow the recommendations of friends or family or will complete a search online to find options. One such option you may often hear about is Geico.
Geico is widely known as one of the most prominent and successful auto insurance companies in the nation. Thanks to its lovable mascot, widespread availability, and excellent marketing skills, the brand is easily recognized as high-quality and reliable. Therefore, many look to Geico for additional insurance needs, including home insurance. So do their home insurance products compare to their car insurance reputation? Great question!
Before signing on to any policy, it is smart to research a company and check out reviews, even if that company is as popular as Geico. Here we’ve given a brief breakdown of what Geico has to offer in the home insurance realm and how it compares to others in the market.
Geico Home Insurance Coverage
Looking into purchasing Geico Home Insurance? You’ll find it interesting to know that Geico does not actually provide home insurance. They do, however, operate as a home insurance broker.
What is a broker? It is an individual or company that acts as an intermediary between a client and a company. Their main role is to know the available options and differences between policies and to match you with the best choice for your needs.
When you choose to purchase home insurance with Geico, they assess your situation and match you with a homeowners insurance company that meets your needs. Therefore, even though you purchase a policy through Geico, you are technically getting coverage from a third-party company. These plans offered through Geico are typically standard policies that cover losses such as dwelling coverage, personal belongings, liability, and other basic coverages.
Even though a different company underwrites your policy, you can go through Geico customer service representatives to purchase policies, get answers to frequently asked questions, and sometimes pay your premiums. You can also use the mobile app to access your policy and terms.
When filing a claim or making changes to your policy though, you will typically have to contact the partner company directly as Geico can not make changes or authorize claims.
Discounts
Are you a current Geico customer? If so, you may be able to qualify for discounted pricing on your auto insurance by bundling your auto and home insurance policies with Geico. Depending on the home insurance company you match with, you could also qualify for additional discounts. These may include lower costs for installing a home security system or smoke detector installation.
Most insurance companies have their own methods for determining discounts, therefore they are not all the same. Because all insurance companies vary in the types of discounts they offer, be sure to ask about available discounts when researching your options for home insurance. Sometimes, a discount or deal can make a very big difference in your monthly premiums and thus can help make your decision more clear.
Benefits of Getting Home Insurance Through Geico
There are many reasons that Geico is a good company to use when purchasing home insurance.
Insurance Discounts
As mentioned before, you have the opportunity to earn significant discounts when you bundle your auto and home insurance policies. Whether you are already a Geico auto client or if you are looking to switch, it may benefit you to ask for an insurance quote that includes bundling to see how much you could potentially save.
Availability
Geico is not restricted locally, in fact, they offer insurance in all 50 states. Because of this, they partner with many different national and local home insurance companies and can offer home insurance in every state. This makes it easier for you to find new coverage or maintain your current coverage if you move.
Convenience
Because Geico is a large and recognizable brand, they have many technological advantages that other smaller companies do not have. For instance, the Geico mobile app is easy to use and convenient for making quick changes or accessing your policy coverage. Similarly, if you’d like to see Geico’s coverage options or get a quick insurance quote, you can do it all online without having to make a phone call and waste time on hold.
Drawbacks of Getting Home Insurance Through Geico
Though Geico has a good reputation, there are a few reasons that many may choose not to opt for Geico insurance coverage.
Limited Information
Because Geico does not offer home insurance coverage through Geico itself, it can be difficult to get information about home insurance specifics up front. Because Geico matches you with a home insurance company and does not allow you to choose your own underwriting company when you purchase with them, you cannot see all of the third-party companies upfront. Therefore, it may be difficult to research and know the company you are actually getting coverage with.
Confusion
It may be convenient to have all your insurance coverage in one place but when it comes time to file a claim, using home insurance through Geico can get confusing. Knowing who to file a claim with and where to file it is not always straightforward. Additionally, if you have questions about your coverage, it can be hard to get a straight answer because Geico representatives may not know the answers to your specific questions. Therefore, you will need to contact the home insurance company directly.
Ratings
Though customer satisfaction is typically rated high for Geico, they, unfortunately, do not have the best rating with the National Association of Insurance. Though, they do not have a terrible rating. They are typically consistently in the middle of the pack when it comes to insurance ratings. Though, most complaints pertain to the handling of claims as opposed to coverage satisfaction.
Geico Vs. Competitors
When it comes to competition, Geico is not typically the best choice for homeowners insurance unless you already have another Geico policy such as auto insurance. Many other home insurance companies underwrite and offer policies directly which can make managing your policy much easier because you know the coverage you are getting, can easily make changes, and can have questions or concerns addressed directly.
Though, if you do have a Geico auto or motorcycle policy, or if you are considering switching to Geico for these coverages, then looking into Geico home insurance may be worth the discounts that are available when you bundle your policies together.
So is Geico Home Insurance Good?
The answer to that question varies depending on how you define “good” and your home insurance needs. If you are looking for a basic home insurance policy and would like to bundle your policy with low-cost auto insurance, Geico may be a good choice for you. Likewise, if you are looking to move without having to make many big changes to your insurance policies, Geico’s widespread coverage will likely make that possible for you.
But if you have complicated or extensive home insurance needs, depending on a Geico representative to find the best home insurance company for you may be complicated. Additionally, if you need to file a claim you could find yourself confused about who to call and how to file.
At Independent Insurance Brokers Arizona, we understand that every family has different needs and we do not want the process of finding insurance to be a hassle or confusing. When you choose to work with our broker team, we can help find the best insurance company for you without complication or frustration. Call today with all of your home insurance questions, we can’t wait to hear from you.