Geico Home Insurance Pricing and Policies 2022

You wake up to a huge crash in the middle of the night. A tree limb has snapped in the storm and has fallen through your roof.

What is your first move?

Homeowners insurance is something a lot of folks take lightly until they realize they need it. Since you’re here, though, I’m going to assume you’re not one of those people. You want to know which provider will be best for you, and you’re already thinking about Geico. Good. You’re one step ahead of everyone else.

But can you trust Geico if you find yourself in the situation described above? Should you select them as your homeowners insurance provider?
There are a lot of things to consider, not the least of which is price.

I’ve spent days looking into Geico’s homeowners insurance offerings to let you know if they’re worth your time. But before I get to that, we’re going to have a look at what Geico covers, we’ll discuss how their rates and pricing structure compare to other options, we’ll review how you can save some cash with this provider, and we’ll end with a determination of their overall value.

So let’s get started.

Key Coverage

Like most homeowners insurance policies offered by large providers, Geico’s coverages are comprehensive. Here’s a quick rundown of what a typical policy will cover and how it will protect you:

• Your dwelling: This means your house and other structures on your property.
• Your personal property: This will protect the contents of your home.
• Personal liability: This protects you if someone is injured on your property and wants to sue.
• Medical bills: This will pay for the medical bills of the individual injured on your property.
• Additional expenses: This will pay for you to stay somewhere else if your house is badly damaged and needs reconstruction.

All of this is standard and should sound familiar to anyone doing their due diligence in shopping around for insurance. There are a few things to note, though.

There are several other add-ons you should look at when considering Geico. Do you want to be reimbursed for the depreciated costs of your possessions, or do you want them totally replaced? These are different types of protection, and one costs more than the other.

Similarly, is the amount you’re paid for repairs to your home tied to the cost of construction and labor in your area, or could you be on the hook to make up the difference? Again, these are questions you need to ask yourself and your agent.

That said, let’s learn a little more about how these plans work and how Geico operates.

A Closer Look at Geico’s Coverage

Similar to what I saw in my AAA homeowners insurance review, Geico does not actually underwrite their policies. If you go through Geico for your homeowners insurance, you’re going to receive a policy from one of their many partners, depending on your individual needs and where you’re located. All of these policies will offer baseline, standard protections, but this approach is sort of a double-edged sword. Let me explain.

Some of the different potential partners of Geico’s homeowners insurance

With a service like Geico, you might find that the coverage types available to you are limited and that you have very little flexibility as far as which partner you’re paired up with. This might cause some confusion down the road when you’re looking to make a claim, and it might lead to some customer service snafus.

On the other hand, you’re almost guaranteed to get a low rate, since they’re aggregating the price for your quote from multiple providers. Let’s take a closer look at that now.

Geico’s Homeowners Insurance Rates

Geico is well known for having some of the lowest rates in town, and I found their online quote process to be pretty straightforward. I liked how I could easily customize my coverages and understand how changing particular limits would change my premium.

For my test, I used a property in Atlanta that’s worth a little more than $300,000. Keep in mind that your premiums are bound to be different, depending on your home’s value, its location, and a number of other factors. Here’s what Geico came back with:

Primary Coverages

Additional Coverages

Now for this coverage, Geico wanted about $98 per month, or about $1,172 per year. Now this isn’t bad, but take a closer look at the coverage. I’d say it’s a little thin.

By fiddling with the limits and coverages, I was able to get the policy to where I felt more comfortable, and it raised my premium by only about $50 per month, to $149. Still, not terrible, and my coverage was a lot more comprehensive. More on that in my in-depth Geico homeowners insurance review.

Now that might sound pretty good, but in your own journey to find the best possible homeowners insurance policy for your unique situation, you need to look at some competitors. How does Geico stack up against some of the other big names in the insurance industry?

How Does Geico Compare to Other Providers?

In my research, Geico is one of the more affordable providers out there. I used my own research coupled with third-party findings to compile this chart, which should give you a pretty good understanding of where they fall on the cost spectrum.

Keep in mind that these are estimates. It’s very difficult to nail down specific prices from specific providers since quotes are based on such a broad array of criteria. If you want to know how much a provider is going to cost, the best thing to do is get your own online quote.

So now you have a pretty decent idea of what Geico covers and what it’s going to cost you, but — as you would with any provider — you should ask yourself if there are any ways you can save money. Does Geico offer any discounts?

Deals and Discounts

So remember when I said Geico is not so much a homeowners insurance provider as it is a conglomerate of a lot of other partners? That makes it a little difficult to pin down which discounts might be available to you. In general, though, there are a couple of ways to save should you choose to go with the gecko. These include:

• Installing home security systems
• Installing fire extinguishers and smoke detectors
• Bundling with other insurance packages

We’re going to get to that last one in the next section, but I did want to pause and say that most providers offer some sort of discount if you go a prolonged period of time without making a claim. You should definitely consider this before calling up your agent to make a claim after a tree branch broke a window. It might save you more money in the long run to pay out of pocket for small repairs.

That said, let’s talk about one of the best ways to save money with Geico, or really any provider: bundling.

Save big by bundling insurance policies

Other Types of Insurance Offered by Geico

One of the best ways to save on your overall insurance bill is by bundling your protections. Put more simply, if you use one provider for all of the insurance you need — homeowners, auto, life, etc. — you’ll save more in the long run.

So with that in mind, what else might you need from Geico? They provide:

• Renters insurance
• Boat insurance
• Condo insurance
• Motorcycle insurance
• Travel insurance
• Life insurance
• Professional liability insurance
• Pet insurance

And the list goes on. If it needs insurance, it can likely be insured through Geico. So before you pull the trigger on a policy with a particular provider, you’re going to want to consider how you might be able to bundle these different types of insurance to your financial advantage.

By now you should have a pretty clear understanding of what Geico offers, how much it costs, and if Geico is the home insurance provider you’ve been looking for. But before you go, I’d like to give you my final thoughts on the topic.

What Is Geico’s Overall Value?

Geico is a solid company. They consistently score high marks with the credit rating agencies, and despite their customer service complaints, official grievances — those that have been lodged at the state level — are few and far between. These two facts alone give me a pretty good feeling about them.

Does the Gecko do a good job?

However, I’m not a big fan of the fact that they don’t underwrite their own policies. That means your individual experience is going to be a bit of a gamble. Although they do offer pretty decent coverage at relatively low rates, I’m not sure that counteracts the inconsistency that might present itself when you least expect it.

That said, overall, Geico is a solid choice for most consumers. You should definitely head over to our list of the best homeowners insurance providers of 2022 to compare a few different companies, but I’m confident Geico will be in the running nine times out of 10.

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