Great Coverage at Reasonable Prices, Especially Coming From a Lizard
Think about what would happen if your home was damaged in a storm, if a neighbor was injured on your property, or if a pipe sprung a leak while you were on vacation. Do you have a plan of action for the unexpected? Don’t feel bad if you don’t have a plan. The truth is, most people don’t.
So, when disaster strikes, you want an insurance partner on your side to help make you whole again, or at least to cover costly damages. Who knew that help might come from a quippy little lizard?
Geico has been around since the 1930s and has been providing its customers with a multitude of different insurance options throughout the decades. We’re here to talk about one specific type of insurance, though: homeowners insurance.
I’ve spent days analyzing the data, checking the reports, and poring over the customer feedback Geico has received to ultimately answer one question: Should you choose Geico as your homeowners insurance provider? We’ll get to that answer in just a bit, but let’s start by taking a look at Geico’s pros and cons:
As you can see, it seems like the pros outweigh the cons. So with that in mind, what is that gecko going to help you with should you need him? Let’s take a look at the anatomy of a standard Geico policy.
Insurance policies from major providers like Geico, Farmers, and Allstate really don’t differ much in what they cover; the key differences you’re going to see are in how much coverage you’ll receive, and how much that’s going to cost you. With that in mind, let’s look at what Geico protects.
Your dwelling: This is what most people think of when they hear “homeowners insurance.” Protection for your dwelling and any attached structures — like a garage or storage shed — will be covered by this section of your policy.
Your personal property: This coverage will help you replace or repair personal belongings, appliances, and furniture that are damaged or stolen in a covered loss. Need to replace the washer and dryer after that pipe burst and flooded your basement? Here’s where you’ll be covered.
Pro Tip: Some Geico policies will protect jewelry, but only up to a certain amount. For big-ticket items like engagement rings or antiques, you’re probably going to want to purchase additional coverage.
Personal liability: If the litigious neighbor next door gets bitten by your labradoodle and has the lawyer on speed dial, you may be protected by your personal liability coverage. This also covers you if you accidentally damage someone else’s property. Back your car into their garage door? Not coming out of your pocket. But be sure to double-check with your agent.
Medical bills: Let’s say that same neighbor decides to take an ambulance to the hospital to stitch up the dog bite. Your medical coverage will most likely pay for their visit. But again, it’s always important to check these particulars with your home insurance agent.
Additional expenses: If there’s a fire or other covered disaster, you’ll need to stay somewhere else while your home is being repaired. Additional expense coverage makes it so you won’t have to pay out of pocket for your temporary lodging.
Now before we go further, it’s important to point out that Geico works as an agency, connecting you with one of their partner companies to underwrite your actual homeowners insurance policy. Similar to what you’ll see in my review of AAA homeowners insurance, this means your specific policy might differ slightly from your neighbor’s, but you’re going to usually end up getting a pretty good price.
Now let’s take a closer look at a Geico homeowners insurance policy.
In the quote process, Geico allows you to purchase add-on protections to your policy. Here are a few I thought were the most interesting.
Earthquake insurance: If you live in an earthquake-prone area, you’re likely going to want to purchase protection in the event the earth starts — well — quaking. Typical homeowners insurance policies will not cover you if your home is damaged in an earthquake.1 Good to know.
Identity theft protection: This is a relatively new protection I’ve seen offered by some of the major providers. Identity theft protection is exactly what it sounds like, and will provide you with the cash needed to straighten everything out in the event your identity becomes compromised.
Pro Tip: Think you’re not at risk? Think again. It’s estimated that identity theft affects 1 in 20 Americans every year.2
Replacement cost: This coverage guarantees that if your belongings are stolen or damaged, they’ll be replaced with new ones; you won’t just be reimbursed for their depreciated value.
Mold reclamation: Mold — like rot and insect infestations — is typically viewed as a maintenance issue, and as such, isn’t covered by typical homeowners insurance policies.3 Geico allows you to purchase mold protection as a bonus feature of your policy, though.
Home Protector Plus: One of Geico’s marquee coverages, Home Protector Plus gives you additional coverages for the unforeseen costs that might pop up when rebuilding your home, and provides you the full replacement cost for your possessions.
All of this looks pretty comprehensive — that’s good news. But now for the all-important question: How much does Geico homeowners insurance cost?
Geico is known for offering affordable rates that are fairly customizable, and that was my exact experience when securing a quote. I could select which coverages I’d like to add on, what their limits would be, and where the deductibles would sit. I have more on this in my guide to Geico’s prices and protections, but here’s the quick take:
To generate this quote, I used an average property in Atlanta worth a little north of $300,000. Let’s break it down.
FYI: The average price of a home in America is between $300,000 and $400,000.
The policy itself would cost $1,172 annually, or $97.66 per month. That’s pretty good, considering the national average is around $120 per month. What exactly is this Benjamin-per-month buying me? Let’s take a look.
|Home Protector Plus||No|
|Personal Property Coverage||$183,600|
|Wind or Hail Deductible||$1,500|
|Actual Roof Value||No|
|Personal Property Replacement Cost||No|
|Loss of Use||Actual Loss|
|Medical Payment Limit Coverage||$1,000|
|Identity Theft Protection||No|
|Loss Assessment Coverage||$1,000|
|Blanket Jewelry Coverage||No|
Again, when the ink dried, I was looking at $97.66 per month for this Geico plan.
And if you’re thinking the coverage looks a little sparse, you’re not alone. This isn’t the policy I would buy to cover the property I was looking to insure — its coverages are a little lean for my liking. Just for giggles, I bumped everything up and turned on all the protections available to me.
And that really made a difference. My quote was now $1,786 annually, or $148.83 per month. Still not too crazy, considering that when I reviewed Farmers, my quote for this property was a whopping $307 monthly. (To be fair, Farmers does offer some incredible protections.)
And it’s here that we’ll pause to note one of the benefits of using Geico. Their policies are extremely flexible, and you can tailor them to cover exactly what you need and pay what you can afford. Bonus points there. Even more bonus points for this next section to help folks looking to save even more.
Now remember when I said that Geico doesn’t actually underwrite the policies themselves, they just connect you with the most affordable provider for your situation? That’s important here. Since different providers give discounts for different things, Geico doesn’t offer specific discounts. It’s sort of the luck of the draw and depends on the underwriter you’re partnered with. However, there are some blanket ways to save. Those include:
That last one is where you are going to see the most significant savings with Geico. So which other forms of insurance do they offer for you to bundle along with your homeowners policy? So glad you asked.
If you’re looking to save on your total insurance bill, here’s how you do it. Bundling policies through one company can save you a ton of money in the long run, so you want to select a provider that covers everything you need. Here’s a quick list of the other types of insurance provided by Geico:
As you can see, even the abbreviated list is pretty long. If you can reasonably insure it, Geico more than likely has a solution. And if you purchase all your insurance through them, you’re going to save a bundle.
FYI: Always make sure you ask your agent for discounts when bundling your policies. You never know how much you can save if you don’t put it out there!
And while bundling insurance is always a best practice for financial reasons, it’s crucial that you go with a company that’s known for outstanding customer service. How does Geico stack up in that regard?
Geico’s online reviews are mostly positive, save for a few outliers. They also earned an A++ rating from A.M. Best — the highest possible rank — indicating a high level of confidence that the company can meet the financial claims of its customers.
As far as customer satisfaction goes, Geico is a bit of a mystery. There are quite a few one-star reviews out there on various sites, but honestly, how often do you take to the internet to praise an insurance company? Most of these reviews, I feel, can be taken with a grain of salt.
Why can I say that? Because the National Association of Insurance Commissioners has developed what they call a complaint index, which tracks complaints submitted to state insurance departments. A score of 1 on this index is considered baseline, but Geico received a 0, meaning there weren’t even enough customer complaints to count. I think someone’s doing something right over there.
So other people’s experiences seem to be all well and good, but what about when the rubber meets the road? How does Geico perform when you need to submit a claim?
Here’s where things get a little hairy. Like I said above, Geico does not underwrite its own policies, so when you need to make a claim, you’re going to have to do so with the partner that’s providing your insurance.
And that list, my friends, is long. This also makes it difficult to say if the claims process is good or bad when you go with Geico, as it’s fully dependent on which partner you end up dealing with.
On the flip side, having multiple partners ensures that Geico’s scope is pretty broad. So where exactly can you purchase homeowners insurance through Geico?
The short answer is everywhere. Geico homeowners insurance is available in all 50 states. However — and I promise I’ll stop harping on this — remember that you’re not actually purchasing a Geico homeowners insurance plan, you’re purchasing it through Geico. Important distinction.
FYI: You won’t have any control over which partner you’re paired up with. If this lack of control doesn’t sound appealing to you, Geico might not be the provider for you.
I will say that Geico makes purchasing one of these policies relatively easy, though. Their online quote process is really intuitive and doesn’t require much information. “User-friendly” is the term that comes to mind.
Before you sign on that dotted line, though, it’s important to shop around. I recommend you get quotes from at least five different providers before you make your final decision. But don’t worry; I can take some of the guesswork out of it for you.
Ultimately, Geico offers middle-of-the-road coverage at affordable rates. There’s not a whole lot to dislike about them, but we should stack them up against the competition to see how they fare.
|Available in All 50 States||Yes||No||Yes||Yes||Yes|
|AM Best Rating||A++||A||A+||A++||A++|
|Home Security System Discount||Yes||Yes||Yes||Yes||Yes|
|BBB Rating||A+||A+||Not Accredited||Not Accredited||Not Accredited|
Geico Definitely ticks the right boxes — so that’s good news. And with that, it’s time to get down to it. Do I recommend Geico or not?
For me, Geico really nails it in terms of affordability and customizability. I really liked that I had a lot of control over what I could tweak in the online quote process and that even with significantly more coverage than what they suggested, the premium was still really affordable.
I’m not a huge fan of the fact that Geico doesn’t underwrite its own policies. In my experience, that can lead to confusion and headaches down the road — and those headaches might be occurring right after a tree just demolished your roof.
Is that enough to scrap the idea of going with Geico, though?
I think Geico is a really solid option for anyone looking for decent homeowners insurance. Are they the best provider out there? I don’t think anyone would argue that they are, but they certainly aren’t the worst, either.
Pro Tip: Want to know who I think is the best? Head over to our list of the top 10 homeowners insurance providers of 2022 to find out.
I like the fact that they’re A++ rated by AM Best, and I like that official complaints against them are too low to be significant. And that price? Tough to beat. All things considered, you wouldn’t be foolish for putting your trust in the gecko.
Yes, Geico does offer homeowners insurance, but they rely on partner agencies to underwrite the policies.
Geico has an A++ rating from AM Best, and very few complaints have been filed against them with state agencies. These are two very positive indicators.
Geico offers typical homeowners insurance policies, with several additional add-ons, like mold remediation and earthquake protection, available.
Yes. Our research shows Geico is consistently one of the more affordable providers of homeowners insurance.
The easiest way is to visit their website and find the contact information for the partner provider your policy is provided through.
California Department of Insurance. (2022). Earthquake Insurance.
Experian. (2021, Jan 24). How Common Is Identity Theft?
Insurance Information Institute. (2022). Protecting your home from mold.
As Managing Editor for SafeHome.org, Rob Gabriele has written and edited over 1,000 articles in home security. His expertise is in smart home automation and home protection with thousands of hours of testing and research under his belt. Formerly a reporter and producer for the USAToday network, Rob has been a writer and editor for over 10 years. He holds a Master’s of Science with an emphasis on writing from the University of Montana, and he currently lives in the Reno/Tahoe area of Nevada.