Travelers Home Insurance Review for [current_date format=’M Y’]
Our Verdict
4.7
Your home is where you spend most of your time. Protect yourself, your family, and your belongings with homeowners insurance.
Whether you want to combat wind or water damage, Travelers home insurance provides the certainty and protection you need for your home or condo.
Travelers home insurance comes with more coverage options than competing providers.
You can pick and choose which features and add-ons you want based on your budget and preferences.
Some of the notable benefits include:
Personal liability
Dwelling
Other structures
Additional replacement cost protection
Personal property
Water backup
Loss of use
Green homes
Special personal property
Content replacement
High-value items
Identity fraud
Personal articles floater
Travelers home insurance is competitively priced, slotting slightly below the average premium.
The company offers discounts for installing smart technology and safety devices. Bundling your auto and home policies saves an additional 15%.
Pros
Multiple premium discounts
Below-average premium prices
Flexible policy coverage
Eco-friendly incentives
Outstanding credit ratings
Cons
Below-average customer satisfaction ratings
No replacement cost buffers in the coverage
Lackluster mobile app
Who Is Travelers?
The Travelers Companies Inc., also known as Travelers, is one of the world’s largest insurance providers.
The company is known for commercial property casual and personal insurance, though they also offer business, homeowners, bond, and specialty insurance.
The public traded organization started in 1853 to serve people in Minnesota but has expanded to multi-national status.
Travelers Insurance handles more than $110 billion in assets and produces $31 billion in annual revenue.
They have nearly 31,000 employees across 125 worldwide locations, making Travelers the 106th largest company in the United States.
The Fortune 500 giant has no shortage of awards in its trophy case.
It’s one of Fortune’s Most Admired Companies, a leader in workplace diversity, according to Forbes, and Gartner’s winner for 2019 Eye on Innovation.
AM Best gave Travelers an A++ for Financial Strength Rating and an AA+ for Long-Term Issuer Credit Ratings. Moody’s, Standard & Poor’s, and Fitch each gave them an AA or Aa2.
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What Makes Travelers Different?
Travelers home insurance comes with several potential discounts for protective devices and multi-policy bundling.
The standout incentive is the green home discount. Travelers gives policyholders a 5% discount if their home meets the Leadership Energy & Environmental Design organization’s standards.
They define green home improvements as any addition that improves the conservation of natural resources, water, and energy.
The products should also minimize pollutions and overall environmental impact.
These improvements let policyholders make a difference in the face of a global climate crisis while lowering their energy bills.
Travelers also pays policyholders to make eco-friendly upgrades, offering up to $25,000 toward recycling debris and $1,000 toward recertifying a dwelling after a property loss.
There is an additional 10% discount to repair or rebuild with green materials following a loss.
Features and Benefits of Travelers Home Insurance
Policy Price
Home insurance premiums vary from state to state.
For instance, homeowners in Oklahoma and Kansas pay the highest prices due to tornado risks, while people in Hawaii pay a tenth of the cost.
The average American homeowner pays $2,305.
Here are some of the factors Travelers uses to determine premiums:
Number of mortgages
Square footage
Claims in the previous seven years
Driving history
Number of bathrooms
Heating and cooling system
Home’s age
Credit score
Roof and siding quality
Special features, such as a shed or swimming pool
Travelers average annual premium is $1709, which outpaces competitors like Liberty Mutual and Farmers, but is far from the lowest price.
State Farm leads the way at $1,501 per premium. Some other, more cost-effective options include Allstate and Lemonade.
Add-Ons
Travelers caters to eco-conscious consumers with its green home protection add-on, but it’s not the only add-on homeowners have at their disposal.
Travelers covers water damage, identity fraud, and special property.
The jewelry and valuable items add-on marks another marquee feature. Most standard home insurance policies don’t cover high-value items, like artwork and musical instruments.
The add-on ensures you get extra protection without an appraisal.
Customer Service
Customer service remains an integral part of the insurance process.
While Travelers excels in many areas, client satisfaction is not one of them. According to J.D. Power’s 2019 U.S. Home Insurance Study.
Travelers scored 796 in customer satisfaction, which is 20 points below the national average.The average insurance provider rating was 799, so Travelers sits near the 50th percentile.
Amica Mutual scored the highest at 845, with five-star ratings in all but one category.
Other insurance companies that excel in customer satisfaction include Allstate and the Auto Club of Southern California Insurance Group.
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AlabamaALAlaskaAKArizonaAZArkansasARCaliforniaCAColoradoCOConnecticutDelawareFloridaFLGeorgiaGAIdahoIDIllinoisILIndianaINIowaIAKansasKSKentuckyKYLouisianaLAMaineMEMarylandMassachusettsMichiganMIMinnesotaMNMississippiMSMissouriMOMontanaMTNebraskaNENevadaNVNew HampshireNew JerseyNew MexicoNMNew YorkNYNorth CarolinaNCNorth DakotaNDOhioOHOklahomaOKOregonORPennsylvaniaPARhode IslandSouth CarolinaSCSouth DakotaSDTennesseeTNTexasTXUtahUTVermontVirginiaVAWashingtonWAWest VirginiaWVWisconsinWIWyomingWYVermontVTNew HampshireNHMassachusettsMAConnecticutCTNew JerseyNJMarylandMDHawaiiHIRhode IslandRIDelawareDE VIEW RATES IN YOUR STATE
Travelers Home Insurance Availability
Travelers home insurance is available to homeowners in all 50 states, including Washington, D.C., and Puerto Rico.
There are no restrictions based on property size, value, or owner. Travelers lets applicants submit policies online 24 hours a day, seven days a week.
Claims Process and Guarantee
Travelers makes filing a claim accessible by desktop, phone, mobile, and local agent. You can visit the Travelers website or call (88) 252-4633 to get started.
Make sure you know the approximate incident date and details.
A claims agent will walk you through each step, so you receive compensation swiftly.
After you file, you can check your claim status and find local contractors on the Travelers website. It also has resources in case you’re unsure whether to file a claim.
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Taking Action
Travelers home insurance offers slightly above average policies for homeowners.
Some of its winning features include protecting high-value items, providing fast quotes, and incentivizing green home improvement.
However, travelers falls short in other areas, including customer satisfaction and payment processing.
While Travelers covers the basics, you can likely do better elsewhere.
Try Lemonade or Allstate, which stand out for easy applications and competitive rates.
Lemonade is an ideal choice for budget shoppers or first-time home buyers.
