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What we like:
Diverse selection of optional coverages
|J.D. Power Rating||792/1000|
|A.M. Best Rating||A|
|Discounts Available||Multi-policy, higher deductible|
Safeco insurance company has been supplying homeowners with insurance and other financial assets since 1923. It’s backed by the financial strength of Liberty Mutual Insurance, and it’s ranked on the Fortune 100 list of the largest U.S. corporations. Safeco has an A-rating (Excellent) from the A.M. Best Company, A2 (Good) from Moody’s Investors Service, and A- (Strong) from Standard & Poor’s.
Safeco’s insurance options aren’t limited to homeowners—bundle-conscious buyers can also receive a Safeco auto insurance policy, boat insurance, motorcycle, RV insurance, and renters insurance. Bundle discounts are available and encouraged, and representatives are widely available to assist with quotes and fine-tuning an insurance product customized to each consumer’s situation.
In this review:
- How Much Does a Safeco Homeowners Policy Cost?
- Safeco Home Insurance Coverage
- Requirements to Get a Safeco Home Insurance Policy
- Downsides to a Safeco Insurance Policy
- Safeco Insurance Availability
- Safeco Insurance Customer Service
How Much Does a Safeco Homeowners Policy Cost?
Because home insurance varies based on where you live and other factors—like the size and age of your home—providing a singular price tag for Safeco’s home insurance is impossible. However, coverage is unlikely to dip below a minimum of $100 per month for applicants.
Add-ons also range in price but typically do not add a significant amount individually; for example, in our tests, adding coverage for water back-ups to a basic coverage policy resulted in a change of just $5 per month. Equipment breakdown coverage added another $3 to the monthly bill. In fact, maximizing the coverage on a sample plan from base suggested coverage to the maximum possible increased the insurance rates by only $49 per month.
These rates are variable and depend on a number of criteria, including:
- The location of the home
- The square footage
- The total area of supplemental spaces like porches, decks, and garages
- The age of the home
- Whether the home is still mortgaged
- Whether home insurance claims have been filed in the past five years
- What sorts of pets the homeowners keep
Anyone can get a Safeco insurance quote at any time by visiting Safeco’s website.
Safeco Insurance Discounts
Safeco offers a number of discounts that can slash your monthly rate:
- Package Deal: Save up to 15% when you combine your homeowners and auto policies.
- Multiple Policy Discount: Save even more with a multiple policy discount when you add coverage of other types.
- Age Discount: Qualify for a newer home discount when your house is less than 10 years old.
- Higher Deductible: A homeowners insurance deductible will lower how much you pay for your home insurance premium by shifting part of the loss payment to you.
- Full Bill Pay Option: If you pay your bill in full when you start or renew a policy instead of paying monthly, your cost will be less.
Safeco Home Insurance Coverage
Safeco’s base home insurance coverage will help pay for repairs or rebuild your home and other buildings on your property should a covered event occur; this is the basis of most home insurance, and Safeco gets it right. Personal property coverage applies even if you take it outside the home (such as on a trip), and the covered property includes things like:
- Sporting goods
- Kitchen items and tools
Bodily injury and property damage are also part of Safeco insurance. Liability coverage will protect you if guests are injured on your property, and some instances of property to others’ property—even when admittedly caused by you—are also covered, such as if you crash your lawnmower into a neighbor’s fence. Plus, if repairs do need to occur due to damages to your home, Safeco’s coverage will help to pay for living expenses and temporary housing for up to 24 months while the repairs take place.
Alongside this solid base policy, Safeco insurance company also offers a number of add-on options to boost coverage and improve peace of mind for customers. These coverage options include:
- Identity protection: For an additional $1 a month, Safeco will help you recover from identity theft by reimbursing you for expenses related to solving the problem, such as taking time off of work to get the issue resolved.
- Valuable articles protection: It’s typical for high-value items, such as jewelry, fine art, antiques, and collectibles to face item-specific coverage limits within a homeowners insurance policy. Safeco will additionally insure and any valuables you specify up to an agreed amount, all without an additional deductible.
- Equipment breakdown coverage: Safeco will provide an Energy Star appliance to replace another appliance that broke down for reasons not caused by regular use.
- Personal property replacement cost: Assistance is available to help pay for the replacement of any damaged property, even if it wasn’t new.
- Single loss deductible: If you have bundled insurance with Safeco, events that involve multiple insured items (such as a tree falling on your garage and damaging your car) share a deductible to make claims more affordable.
>> Read More: Average Homeowners Insurance Deductible
Compared to standard home insurance, Safeco is right around average as far as basic coverage, but it offers interesting perks like the single loss deductible. However, some applicants may be discouraged to know that damage due to animals, termites, floods, earthquakes, sinkholes, and sewer backups is not covered, nor is regular maintenance and repair.
Requirements to Get a Safeco Home Insurance Policy
The requirements to be eligible for a Safeco home insurance policy aren’t particularly stringent; while some home insurance companies will turn down prospective clients based on their answers, Safeco tends to accept most applicants and instead compensates for any increased risk through higher monthly premiums. Prospective Safeco customers must live in an area where coverage is provided and must provide proof of the mortgage state of the home.
In addition, honesty is important for Safeco policies—because the company looks at seemingly tangential details like what sort of pets you own, it is important to be forward with such information to ensure appropriate coverage, even though it may lead to a higher rate.
Having a solid history with insurance and a good credit score is ideal; Safeco evaluates new clients based in part on their previous insurance history, including claims made and how much was paid out. While having filed home insurance claims in the past does not disqualify prospects and might not even influence their final monthly rate, having a good track record of insurance use, bill payment, and credit utilization is an important stepping stone to an affordable policy.
Downsides to a Safeco Insurance Policy
Safeco’s basic coverage doesn’t include some aspects that may be important to certain groups, such as earthquake coverage in earthquake-prone areas. Coverage is not available in all 50 states, and multiple online reviews state that Safeco’s claims process was too slow or not appropriate. Many reviewers didn’t receive the help they anticipated, though others did note that Safeco came through on its promise to provide them with living assistance during home repairs.
Safeco Insurance Availability
Safeco is available in most areas, but if you live in DE, DC, FL, HI, ME, RI, or NJ, you will not be eligible for coverage with Safeco. Residents of MT have more stringent application details differentiating between home, rental, and condo options, and customers in Alabama are encouraged to review the Alabama Homeowner’s Bill of Rights, which Safeco is happy to provide.
Safeco Insurance Customer Service
According to Safeco insurance reviews from sources like J.D. Power, Safeco ranks slightly below average for customer satisfaction, sitting at a 2 out of 5 overall. While the policy offerings, price, and billing process fell below average, scores improved in regard to actual customer service interaction and filing claims.
The improvement in score likely comes from Safeco’s commitment to being accessible; the company offers a multitude of ways to get in touch and complete the tasks you’re working on. There is likely at least one method of contact that will work for you at any given time.
If you’re experiencing a simple issue like making a payment, Safeco can be reached via phone call 24/7 at 1-800-332-3226; just press 1 and follow the prompts.
If the issue is more complicated and requires a representative, any of a number of local independent agents can be contacted instead. They are reachable during their normal business hours, which vary by location. However, almost all issues can be resolved through a customer’s personal online account at any time with the Safeco insurance login. From filing a claim to submitting documents or paying bills, Safeco’s online account options are robust and solve most issues with ease, as reflected in multiple Safeco home insurance reviews.
Bottom Line: Is Safeco Home Insurance Right for You?
Safeco offers generally affordable base insurance with add-ons that come at a low price. However, a number of negative customer reviews and its ranking among the less-than-average companies on J.D. Power’s list mean Safeco has room for improvement.
If you would like to compare other homeowners insurance companies, check out our Best Homeowners Insurance page.4.23 Safeco Home Insurance
Author: Carrie Ott