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Comprehensive coverage and reasonable rates from a well-known brand
Updated September 28, 2022
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Similar to a home security system, Homeowners insurance is something a lot of folks take lightly until they realize they need it. This is a pretty big mistake. Home insurance is home security, we always say. It helps to secure your most prize possession.
Since you’re here, though, I’ll assume you’re not one to make mistakes like that. 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.
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:
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.
FYI: Geico also offers a myriad of other protections, including earthquake insurance, identity theft protection, and mold reclamation. Talk to your agent about which protections are right for you, as well as what will and won’t be covered in your policy.1
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.
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.
FYI: Geico’s customer service record is a little questionable, which is understandable seeing as how they’re less of a homeowners insurance provider and more of 100 different providers sitting on each other’s shoulders wearing a raincoat. For the most part, though, there are few official complaints against them.
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 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:
| Coverage | Limit |
|---|---|
| Dwelling Coverage | $244,800 |
| Home Protector Plus | No |
| Personal Property Coverage | $183,600 |
| Earthquake Coverage | No |
| Property Deductible | $1,500 |
| Wind or Hail Deductible | $1,500 |
| Hurricane Deductible | $1,500 |
| Coverage | Limit |
|---|---|
| Other Structures | $24,480 |
| Actual Roof Value | No |
| Personal Property Replacement Cost | No |
| Loss of Use | Actual Loss |
| Personal Liability | $300,000 |
| Medical Payment Limit Coverage | $1,000 |
| Water Backup | No |
| Identity Theft Protection | No |
| Business Pursuit | No |
| Loss Assessment Coverage | $1,000 |
| Mold | No |
| Blanket Jewelry Coverage | No |
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.
FYI: For context, the average cost of homeowners insurance in America is $1,312 per year. That equates to $109.33 per month.
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?
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.
| Provider | Estimated Monthly Rate |
|---|---|
| Allstate | $91.00 |
| State Farm | $110.00 |
| Geico | $123.50 |
| USAA | $126.00 |
| Farmers | $227.00 |
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.
Pro Tip: I recommend seeking quotes from at least five providers. Understand, though, that price shouldn’t be the determining factor in which provider you choose. Farmer home insurance, for example, is one of the most expensive providers out there; however, their coverage is among the best.
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?
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:
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
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:
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.
FYI: The average consumer saves about 16 percent on their total insurance bill when they bundle homeowners and auto insurance.2 That’s a couple hundred extra bucks in your pocket every year.
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.
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.
Pro Tip: If you take your physical security seriously, you probably prioritize your digital security, too. If that’s the case, check out our guide to 2023’s best VPNs. They’re the best way to ensure anonymity online.
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.
Geico offers homeowners insurance through a long list of underwriting partners. They’ll help connect you with the right provider for the right price.
In our research, we found Geico to be one of the more affordable providers of homeowners insurance.
Yes. Geico offers a litany of other insurance types that you can bundle with your homeowners insurance policy.
Geico offers a long list of insurance policies, including homeowners insurance, automotive insurance, renters insurance, life insurance, and condo insurance.
Since your Geico homeowners insurance policy is underwritten by a partner provider, you’ll need to contact your provider directly. The easiest way is by going to Geico’s website or downloading their app.
Investopedia. (2021, June 10). Homeowners Insurance Guide: A Beginner’s Overview.
https://www.investopedia.com/insurance/homeowners-insurance-guide/
Experian. (2020, July 22). Should You Bundle Your Home and Auto Insurance?
https://www.experian.com/blogs/ask-experian/should-you-bundle-your-home-and-auto-insurance/
