Pros / Travelers offers more coverage per dollar spent than most of the other insurance companies reviewed.
Cons / The limits on electronics coverage are stricter than those of most companies.
Verdict / Travelers offers excellent value per insurance dollar, providing low premiums in our testing situation. You cannot insure a manufactured home with this company, though, and may need extra coverage for electronics.
Travelers is among the best providers of homeowners insurance because of its competitive coverage, strong customer service and low premiums. It does not cover mobile or manufactured homes, and you should ask about electronics coverage if you own multiple computers or smartphones. Nonetheless, it is one of the best home insurance agencies and worth pricing out when comparing the best for you.
Value (Coverage vs. Premium)
Traveler's earns top ranks for value because it offers competitive coverage with very low premiums. We created a value score by adding the maximum coverage allowed – full replacement of home and personal items – and dividing it by the annual premium to get the coverage per insurance dollar spent. Travelers was second only to USAA for coverage per dollar.
These numbers were generated using agent quotes for a typical, single-family home representative of those in the U.S. Your own results may vary depending on the deductibles you qualify for. Travelers has five primary discounts. Some, like the multi-policy discount, are common to all agencies. One unique discount is the Green Home Discount, which cuts your premiums by 5 percent if your home is certified green by the Leadership Energy and Environmental Design organization.
The value statement is a general judgement. You should consider each company's policies concerning the items that are especially important to you. For example, Traveler's was one of the worst for reimbursing lost or damaged electronics, which could be issue if you have a lot of computers, smartphones and other non-appliance technology in your home.
Like all home insurance agencies, Travelers covers more than just the replacement or repair of your home and the property within. It also covers damage to outer structures, like the garage or shed, plus loss of use, which helps compensate for increased expenses if your home is unlivable. There is also a personal medical amount that covers accidental injuries that are not your fault, such as someone tripping on your stairs and breaking an arm.
There is also liability coverage. This is for cases where you, a family member or a pet injures someone else, whether on purpose or through negligence. Most companies default at $300,000 for this coverage. You can get more coverage if needed.
This home insurance agency does not cover mobile or manufactured homes. It's the only one of the 10 we reviewed that does not have a policy for this type of home.
Our tests found Traveler's insurance fell short in its coverage of personal property compared to the other home insurance companies we reviewed. However, the electronics coverage and limits brought it below the average for personal property coverage.
Most insurance companies determine the coverage amount for personal property based on the replacement amount of your home. This number, usually between 50 percent and 80 percent of the value of your home, covers the items in it, including furniture, clothes, toys and computer equipment. Travelers's coverage was comparable to the other home insurances on our list.
Within this amount, however, most insurance companies set limits on how much it compensates you for small, high-value items. Most people think of jewelry, but it also includes fine art, firearms, electronic equipment and musical instruments. Companies offer endorsements on policies for these special items that either increase the limit, reduce the deductible or both. Some may set stricter limits on what it reimburses in cases of theft.
Travelers' compensation for firearms and jewelry was comparable to those of other home insurance companies, but it had the strictest limits on electronics. Considering that most homes have computers, smartphones, televisions and other equipment, it's worth asking Travelers about its limits, the exceptions and the endorsements.
You can get an online quote if you are willing to share personal data online, such as you social security number. Like many insurance agencies, Travelers uses this information to pull your credit history (a soft pull that should not affect your score) and other data that studies have shown are good indicators of a person's risk. Because we did not want to reveal a real SSN, we called an agent for a quote.
The agent proved helpful and knowledgeable. After explaining why Travelers uses personal data in underwriting the process and warning us that the results may not be perfectly accurate, she asked questions on our home and answered our questions. She was thorough in her home assessment, even asking about sliding doors as well as alarm systems and style of roof. She also asked "risk" questions such as if we lived in a flood zone. In turn, she answered our questions concisely.
As with all the home insurance companies we reviewed, you can reach an agent 24/7/365 for filing a claim. It has over 1,200 claims agents in 100 locations across the U.S.
If a disaster, whether a house fire or a hurricane, destroys your home, Travelers has emergency assistance. In addition to its claims experts, it has catastrophe response teams for major disasters, with over 500 medical resources to help if you or a family member is injured.
If your home is unlivable, this home insurance reimburses you for the additional expenses of living in temporary housing, including extra expenses from eating in restaurants or using laundromats. Some companies limit this loss-of-use compensation to one or two years, while others set a monetary limit. Travelers has a monetary limit, which is one of the highest we were quoted.
No home insurance agency is perfect, but for the price, Travelers provides excellent value for coverage and customer service. You should be ready to discuss coverage for high-value items, particularly electronics, which may require additional policy endorsements. Unless you live in a mobile home or manufactured home, it's worth putting this company on your list of agencies for getting a quote.