USAA, Nationwide, and Westfield are some of the most popular homeowners insurance providers that concentrate on veterans and military families all across the United States.
Of course, the current homeowners have several choices available when it comes to their homeowner insurance policy. Though many companies provide certain extra discounts towards military policy members, it is advisable always to consult other insurance companies to look for the most suitable insurers and the best and most affordable rates that come with the best and most suitable policies to suit the policyholders’ needs.
Nationwide
We like Nationwide for offering affordable rates, compared to other companies it receives less complaints, and for offering both ERC and GRC. High net worth homeowners may also consider a different Nationwide coverage called Private Client.
Pros:
- Some policy forms offered additional reconstruction cost protection as “dwelling replacement cost plus” plans.
- No restricted dog breed list.
- Some of the content highlighted in Nationwide Private Client Insurance is the availability of cash if you decide not to repair after total loss occurrences, a replacement for accidental breakage occurrences, and finally coverage for equipment breakdown for household products and systems such as washing machines, and dishwashers among others.
Cons:
- Nationwide homeowners insurance is however not available in Alaska, Florida, Hawaii, Louisiana, New Jersey, New Mexico, and Massachusetts.
Available Discounts:
- Claims-free discount.
- Fortified home discount.
- Gated community discount.
- Home renovation discount.
- Multi-policy discount.
- Protective device discount.
- Discount to those households with a Nationwide auto policy for Telematics.
USAA
USAA has low rates and I expect good customer service as such it will be ideal for those who can join the association. Besides the insurance scheme, members of USAA have a chance to get USAA perks, which are a way of saving for hotels and resorts, car rentals, cruises, etc.
Pros:
- These lows represent few complaints or rather, high levels of customer satisfaction.
- Provides an option for higher replacement cost coverage of dwellings.
- Offers uniform replacement when the active-duty member is on active duty for a uniformed service without any deductible.
- Protects military equipment and property; personal effects are also included and there must be no deductible if the loss occurred from war.
- Coupons on movers, storage, home security, and handyman cleaning services.
Cons:
- Lacks the capacity to offer its valuation in replacement cost.
- In the United States, USAA homeowners insurance is only offered to members of the armed forces, former members, and their families.
Available Discounts:
- Automatic sprinkler discount.
- Claims-free discount.
- Protection discount for home security systems that have a facility monitoring of fire, theft, or water leakage.
- Early quote discount.
- Home age discount.
- Loyalty discount.
- Discount applies to all the products if you have an account from USAA Federal Savings Bank or any of its affiliated banks.
- Multi-policy discount.
- Protective device discount.
- Roof age discount.
Westfield
Westfield’s average price index is substantially lower than other leading home insurance firms in our sample. This option is best suited to people exploring the opportunities to broaden their coverage with such options as extended replacement cost and guaranteed replacement cost. Westfield’s Estatepak home insurance is for luxury homes and Wespak Estate is home and car insurance for the affluent.
Pros:
- A low complaint rate shows that customer complaints are very minimal thus implying high customer satisfaction.
- Available in both extended replacement cost and guaranteed replacement cost, additional coverage is useful if the costs of rebuilding your home exceed the coverage limits of the policy.
- This could be in-home equipment breakdown coverage, through which a homeowner can get a payment for the repair, or replacement of appliances such as washing machines, fridges, dryers, dishwashers, and hi-tech home security systems among others in case they breakdown due to electrical or mechanical breakdowns.
Cons:
- Homeowners insurance is available in only 10 states: These states include, Illinois, Indiana, Iowa, Kentucky, Michigan, Minnesota, Ohio, Pennsylvania, Tennessee, and West Virginia.
- May have a restricted list for some dog breeds.
Available Discounts:
- Advance quote discount.
- Percentage off for Alarm/protective devices.
- Protection devices discount such as those that are used in the identification of leaking gasses or water, or surveillance.
- Loyalty discount.
- Westfield advances at a discount if you switch from long-term coverage with another insurance company.
- Senior citizen discount.
- Have a higher construction discount.
What You Need to Know About the Cost as a Veteran
In our analysis for Forbes Advisor, homeowners insurance costs $1,678 per year for dwelling coverage of $350,000. Indeed for veterans and military members, it is important to have an insurance quote comparison in order to have the best price on the market. However, studies on one’s company or even another firm may assist in increasing the opportunities for attaining the needed value while making a decision on car insurance for military families.
Humble Home Insurance for Vets and Military persons
The following are averages according to Forbes Advisor’s assessment of some of the biggest home insurers in the United States. That is why the current military members should consider getting quotes from USAA and other insurance-providing companies, to know the best pricing strategies. Home Insurance Company Average Annual Home Insurance Costs Insurance costs an average of $1,678 per year for a dwelling coverage of $350,000, according to Forbes Advisor’s analysis. For veterans and military members, it’s crucial to compare quotes from various insurers to find the most competitive price. While USAA is a popular option for military families, exploring other companies can help ensure you get the best value for your needs.
Cheapest Home Insurance for Veterans and Military Members
Below are rates based on Forbes Advisor’s analysis of some of the largest home insurers in the U.S. It’s advisable for military members to get quotes from USAA and other companies to determine the best pricing options.
| Home insurance company | Average annual home insurance cost |
|---|---|
| Progressive | $729 |
| Nationwide | $1,157 |
| Erie | $1,256 |
| USAA* | $1,270 |
| State Farm | $1,298 |
| Westfield | $1,344 |
| Allstate | $1,395 |
| Auto-Owners | $1,525 |
| Average | $1,678 |
*USAA home insurance is available exclusively to military members, veterans, and their families.
Average Cost of Home Insurance by State
Here is a breakdown of the average annual home insurance costs across different states, along with the cheapest companies in each location. These rates are based on a 40-year-old female homeowner with good credit, with coverage including personal property, liability insurance, medical payments, and additional living expenses.
| State | Average annual cost for the state | Cheapest company in the state |
|---|---|---|
| Alabama | $2,157 | Farmers |
| Alaska | $1,060 | Country Financial |
| Arizona | $1,401 | Progressive |
| Arkansas | $3,055 | Farmers |
| California | $1,129 | National General |
| Colorado | $2,792 | Auto-Owners |
| Connecticut | $1,310 | Century National |
| Delaware | $983 | State Farm |
| Florida | $2,026 | Security First |
| Georgia | $1,790 | Progressive |
Source: Quadrant Information Services.
VA Loan Guidelines for Homeowners Insurance
For eligible service members, veterans, and surviving spouses the United States Department of Veterans Affairs works with private financial institutions to offer home financing through VA loans.
VA loans are attractive financing options for home-buying prospects because they do not require down payments, credit scores, or even the PMI. Moreover, the interest rates of VA loans are great compared to other loans offered by many lending institutions.
The VA doesn’t dictate as many stipulations as a traditional lender but does require that all the borrowers obtain proper homeowners insurance that will protect the home against any risks common in the vicinity. For instance, for properties located in the SFHA, the borrower has to get flood insurance which has to be at least the amount of the loan.
Who May Get Military-Specific Home Insurance?
To qualify for military-specific home insurance, you typically need to meet the following criteria:
- You are on active duty, a National Guard or reserve component of the United States Armed Forces.
- You have resigned from the U.S. Armed Forces.
- You are not longer a member of the U.S. Armed Forces; you have been discharged with honor, or you have been discharged under other than honorable conditions.
- You are a veteran or the surviving spouse of a veteran military officer.
- You are between 6 and 18 years old, a child for an active or retired service member.
How do you think military deployment would impact your homeowners insurance?
One of the most important things is to consider how your deployment will affect your homeowners insurance. It does not matter whether you are moving to a different state or to another continent; your absence can do harm because most of the homeowner insurance policies contain certain restrictions regarding the properties that are left without occupants.
Here are several key considerations to keep in mind before deploying:
Occupancy Clause
Empty or otherwise uninhabited houses are usually more vulnerable to vandalism and other inconveniences such as a burst pipe or a fire. Such damages may remain unidentified when you are not there to observe them. In response to these risks, most insurance providers consider inserting a vacancy or occupancy term to the policy. It can run for 30 to 60 days stating that your property should not remain vacant for long. These occupancy requirements should however be cross checked with an insurance company. At times, insurance companies provide vacant home insurance to cover your house when you are serving in the military.
War Zone Exemption
When you are on a military deployment, your homeowner’s insurance generally insures personal property being transported with you. But if your items are lost or destroyed when the policy holder resides in a declared war zone, then the insurance company will most probably not provide for replacements or repairs of such items.
Policy Cancellation or Lapse
If it’s possible that you are in a deployed status when your policy’s term is up, it is wise to pay for your premium prior to time or enable automatic premium payments. The inability to settle for a new policy on your return home could be realized if you allow your policy to lapse. Besides, in case you fail to renew your insurance policy within 30 days, your insurance rates will have to go up.
Methodology
To determine the best home insurance options for veterans and military members, we evaluated companies based on several key factors:
- Home Insurance Rates (50% of Score): This criterion surveys rates per insurer and are of homes with dwelling coverage of $200,000, $350,000, $500,000, and $750,000. The information is from Quadrant Information Services.
- Complaints (20% of Score): We determined the extent of the complaints about home insurance and their acceptance by state departments of insurance. This information was retrieved from the National Association of Insurance Commissioners.
- Availability of Extended and/or Guaranteed Replacement Cost Coverage (20% of Score): Additional living expense coverage is especially helpful if a disaster is big enough to cause an increase in the price of construction materials and wages for reconstructing the house. Extra points were awarded to those companies providing main components with either long-term or assured replacement costs. This material has been collected by the Forbes Advisor research team.
- Banned Dog Lists (10% of Score): Those who have lists of prohibited dog breeds may deem the homeowners nugatory to insure. Although all homeowners insurance companies are legally capable of excluding dogs with a biting history, they do not all contain blanket bans on certain breeds. Some of this information was also obtained from a Forbes Advisor survey.
