Who’s Geico Home Insurance for?
Started in 1936 as an insurance provider for federal employees and select enlisted officers, Geico has greatly expanded its market share and product offerings over the past several decades, now offering home insurance, auto insurance, business insurance, and more. Customers who have an existing auto insurance policy with Geico can earn an extra discount for bundling home and auto insurance policies with the insurer.
The fact that Geico does not underwrite its own home insurance policies can be seen as a disadvantage compared to other insurers, but the structure does have its unique advantages. With the availability of several insurers through which to write home insurance, each with their own risk tolerance and underwriting standards, Geico can place home insurance policies which may be difficult to place with other companies that only offer one home insurance product.
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The broker structure used for Geico home insurance, as opposed to directly writing home insurance policies, creates an extra layer when managing policies, making changes to policies, or even making some policy inquiries. Because home insurance policies tend to have fewer changes and fewer moving parts than other insurance policy types, like auto insurance, this may be of lesser concern to many customers.
Home Insurance Products
- HO-3 (Homeowners Insurance) – Geico’s Standard homeowners insurance policy provides the same coverages you’d expect to find elsewhere, including dwelling coverage for single family homes and personal liability coverage, as well as coverage for personal property and unattached structures.
- Renters Insurance – While the building itself is not owned when renting an apartment or home, renters have a valid need for insurance. Coverage for personal property and personal liability are available through a renters insurance policy. Neither of these financial exposures for renters are covered by the landlord’s policy.
- Condominium & Co-op Insurance – The insurance needs for condominiums and co-ops fall somewhere between a standard homeowners insurance policy and a simpler renters insurance policy. As a technical matter, condominium owners own the inside of the condo, with the outside being owned by the Condominium Association. This requires special coverage to insure the inside of the home as well as insuring personal property and personal liability.
- Mobile Home Insurance – Through its affiliated network of home insurance carriers, Geico offers policies to properly insure mobile homes. Mobile home insurance coverage differs from homeowners insurance or condo insurance because the insured asset, the mobile home, is treated as a depreciating value, much like an auto insurance policy will devalue cars as they age. Insurance policies for mobile homes still provide coverage for personal property and personal liability, subject to the coverage limits chosen.
Product Offering Rating: 4 Stars
Standard Geico Home Insurance Coverages
- Dwelling – Dwelling coverage is at the heart of a home insurance policy and covers the cost of rebuilding the home. In most cases, insurers will use specialized software to calculate the rebuild cost of the insured home and this calculated value will likely differ from the market value of a home.
- Liability – Both homeowners and renters face the risk of personal liability lawsuits which can originate in numerous ways, many unforeseen. Personal liability coverage can pay toward both the legal defense and any judgments arising from personal liability lawsuits.
- Medical – Geico home insurance policies may provide limited coverage for medical expenses for non-family members injured at the home or rented space.
- Other Structures – Most home insurance policies will provide a default allowance toward coverage to rebuild sheds, workshops, or other similar unattached structures. Because a default coverage amount is used, typically a small percentage of the total dwelling coverage, the coverage amount for other structures should be carefully reviewed to ensure coverage is sufficient.
- Personal Property – Geico home insurance policies provide coverage up to chosen amounts for personal property, which would include clothing, furniture, appliances, jewelry, and other items not physically attached to the home. In many cases, a home insurance policy will provide limited coverage for these items even when they are not in the home, for example, while driving with your laptop in the car.
Available Discounts & Tips on Getting the Best Rates
Geico offers an additional discount for bundling policies, so customers with both a home insurance policy and an auto insurance policy with Geico will save on their auto insurance policy. Discounts may vary by state, and are usually percentage-based, meaning the discount earned on auto insurance will be a percentage of the total auto insurance premium. This structure can create large variances in the discount amount, with some earning a higher discount than others, when measured in dollars. Expect any discounts earned for bundling policies with Geico to be applied to the auto insurance policy as opposed to the home insurance policy, regardless of the home insurance type.
Similar to other home insurance providers, the home insurers with which Geico has partnered often provide favorable rates to those with stronger credit and an unblemished claim history. Other factors, such as length of time insured, will likely play a role in rating premiums.
Common Geico Home Insurance Coverage Selections
Important Home Insurance Coverages & Considerations
Personal Liability: Coverage selections for personal liability typically begin at $100,000. This base level of coverage is more commonly chosen for renters insurance policies, with most homeowners choosing $300,000 or higher for their personal liability coverage. Geico also offers umbrella policies, which may be a cost-effective option for customers who want more than $300,000 in personal liability coverage.
Medical Coverage: A lesser-known component of a home insurance policy, including those offered through Geico, is medical coverage. This coverage pays toward medical bills for non-family members injured on the property. While this may seem similar to personal liability coverage, the important distinction is that this coverage is usually associated with injuries for which there was no lawsuit. In many ways, medical coverage on a home insurance policy acts as goodwill. Most home insurance policies will come with $1,000 of medical coverage as a default, increasing this amount to $5,000 adds a negligible cost to the policy.
Replacement Cost: Some home insurance policies are structured to provide the actual cash value for lost or damaged personal property. What this means is that instead of being paid enough to replace the item, you will instead be paid the depreciated value for that item, which may be much less than what you need to replace the item. Consumers should inquire about the structure of their policy and ask if replacement cost coverage is available if so desired.
Other Related Insurance Types Offered by Geico
While Geico does not underwrite the policies for every insurance type it offers, the nationwide insurer fills the gaps in its own product lineup reasonably well by acting as a broker for other insurers.
In addition to several types of home insurance, Geico also offers:
- Auto Insurance
- Life Insurance
- Business Insurance
- Travel Insurance
- Pet Insurance
- Boat Insurance
- ATV / 4×4
- Life Insurance
- Identity Restoration Insurance
- Personal Umbrella Insurance
- Flood Insurance
- Jewelry Insurance
- Agencies – In comparison to many other nationwide insurers, Geico’s agent network is relatively sparse. The company has invested heavily in a customer support infrastructure accessible from anywhere, including online and phone support. In many cases, and for many consumers, this structure is sufficient. However, some customers may prefer meeting with an agent face to face.
- Website – Geico.com offers 24 hour access to your account for bill payments, inquiries, and quotes. Consumers should be aware, however, that because Geico home insurance policies are third-party many common tasks associated with managing your home insurance policy may not be available online at Geico.com. In some cases, customers will have to visit the website or contact support for the company that underwrites their policy.
- Mobile App – Geico does offer a mobile app, but customers should expect limited functionality in regard to their home insurance policy bound through Geico. The company is not unique in this regard, with many aspects of home insurance policies not easily managed through the mobile apps offered by any number of companies. Geico’s broker role creates an additional layer between the customer and the insurer, further limiting the utility of their mobile app as it relates to managing home insurance policies.
Customer Service Rating: 4 Stars
Depending on the state in which you live, a Geico home insurance policy may be bound with any of a number of insurers. Again, this creates another layer between the customer and the insurance company. Home insurance claims can’t be placed directly through Geico because Geico is not the insurer. Instead, customers will be redirected to the company that holds their policy. With dozens of companies in Geico’s home insurance partner network, claim support quality may vary considerably. However, all the companies within Geico’s partner network are certain to be held to minimum customer satisfaction standards, as is common with other insurance partnerships, such as those with contractors or repair shops.
Customers needing to report a claim might have the ability to do so online, if their insurer provides the option. Claim support by telephone is available through all carriers.
Claims Support Rating: 4 Stars
Geico Home Insurance JD Power Ratings
|Overall||Policy Offering||Price Rating||Billing Rating||Interaction Rating||Claim Rating|
Geico Home Insurance A.M. Best Rating: A++
Geico offers numerous ways for home insurance customers to reach out for customer support questions. However, claims and some other policy questions may be redirected to partner companies.
Phone: (800) 207-7847
Contact Form: https://www.geico.com/contact-us/email/
Mobile App (available for iOS or Android)
Customer Support Rating: 4 Stars
Overall customer satisfaction with Geico’s home insurance products is on the north side of average, with much of the consumer rating likely driven by price. Home insurance, unlike auto insurance, doesn’t usually require many changes or much service support once the policy is written, unless there is a claim. Even with Geico customers spread across numerous partner home insurance companies, customer satisfaction ratings remain high. This speaks to not just the value that customers find in Geico home insurance, but also to the standards that Geico has set for its partner companies.
Customers who have a claim will be redirected to their insurer to complete the claim, and many policy changes will also need to be handled through their insurer directly. Even with this third-party structure, due to the lower maintenance of a home insurance policy compared to other insurance types, Geico seems to have found a solution that works well for many of its customers.
Geico Home Insurance Overall Rating: 4.0 Stars