USAA Homeowners Insurance Review in 2023
A group of 25 Army officers who wished to self-insure their automobiles created USAA in 1922. With its headquarters in San Antonio, USAA runs a few satellite offices across the country as well as in London, Frankfurt, and Luxembourg.
The insurance options offered by USAA include renters, life, health, vehicle, small business, pet, and personal property insurance in addition to homeowners insurance. 13 million members and over 37,000 workers work for USAA worldwide.
In our ranking of the Top Home Insurance Providers for 2023, USAA is tied for third place. The most typical homeowners’ coverages, such as dwelling coverage, personal property, liability, and loss of use coverage—which helps pay living expenses in the event that a house is become uninhabitable following a loss—are included in its standard coverages.
Replacement cost coverage, which evaluates the value of your goods without taking depreciation into account, is also a feature of standard plans. Many insurance providers will calculate the depreciation worth of your possessions. Except for plans issued in North Carolina, USAA products additionally include $5,000 in identity theft insurance protection.
Only USAA members are eligible to apply for the company’s residential policy. Current and former members of the US military, as well as their spouses and kids, are eligible to join.
With a USAA policy, active-duty military personnel receive additional benefits. There is no deductible for uniform coverage, and deductibles may be waived in the event that a war results in the loss of personal property.
Members have the opportunity to add optional coverage, such as coverage for precious possessions and water backup, to their normal home insurance policy. Additionally, they can lower their premiums by taking advantage of discounts like the no-claims bonus and price reductions for purchasing multiple plans.
Every state can purchase USAA policies, and potential customers can request prices online. The company has received AM Best’s highest possible rating for financial strength, an A++.
Conclusion: Only members of USAA can purchase home insurance, however those who are eligible can benefit from ordinary plans that include replacement cost coverage. Military members receive additional advantages, including as coverage for uniforms and for personal belongings lost or damaged in battle, in addition to discounts on premiums.
What Coverage Does USAA Offer for Homeowners Insurance?
The following are included in USAA’s regular homeowners insurance policy:
After a covered loss, dwelling coverage pays to fix or replace the home’s structure. This includes a garage, porch, or deck, as well as any other associated buildings.
Repairs or replacements of buildings not immediately connected to the home, such as a pool, fence, or detached garage, are covered by the other
structures coverage. A proportion of the dwelling coverage amount is often used to calculate coverage for other structures.
Your possessions are covered if they need to be repaired or replaced as a result of a covered claim under personal property.
If you are sued or found legally liable for unintentional harm or damage you cause to people or to their property, personal liability offers lawsuit protection.
Loss of use covers costs for things like hotel stays and dining out while your house is unusable following an insured loss. This is additionally referred to as a living expense. (ALE).
If you are a victim of identity theft, you are covered for up to $5,000 in costs associated with identity restoration. In North Carolina, there is no availability of this coverage.
When you file a claim for your personal property, replacement cost is covered by USAA’s regular homeowners policy and does not take depreciation into account.
If you’re on active duty or deployed, your military outfits are also automatically covered against loss.
What Extra Homeowners Insurance Coverages Does USAA Offer?
Compared to other carriers in our assessment, USAA doesn’t provide as many extra coverage options for house insurance policies, although it does highlight the following two on its website:
Coverage for earthquakes: Most regular homeowner’s insurance policies do not provide coverage for earthquakes, but USAA offers this option for an additional cost.
property-sharing coverage will safeguard both you and short-term tenants whether you rent out a single room, a number of rooms, or your full property.
Some states might not offer these extra homeowner’s insurance coverages. To find out more about the exact optional coverages you have access to, contact USAA directly.
What Is the Price of USAA Homeowners Insurance?
For an estimate on a home insurance policy depending on your needs, get in touch with USAA directly. A number of variables affect costs.
What USAA Discounts Are Available for Homeowners Insurance?
The following discounts are available from USAA for its house insurance policies:
Bundle your policies to save money: If you have both vehicle and house insurance through USAA, you can save 10% on each. In our ranking of the Top Home and Auto Insurance Bundles for 2023, the company comes in first.
No-claims discount USAA offers a 10% discount if you’ve gone at least five years without filing a claim under your homeowners insurance.
Credit for protective devices: Through a partnership with ADT, USAA is able to provide members with free sensors, a rate-lock guarantee for three years on home monitoring, and discounts on smart security systems and security gear.
How do I purchase homeowners insurance with USAA?
You must be a member of USAA and have set up an online account in order to get USAA homeowners insurance. Once enrolled, you can use all of its features and get insurance prices. Before you begin the process of purchasing home insurance, figure out how much coverage you require by estimating the cost of rebuilding your house and replacing all of your belongings.
To purchase USAA homeowner’s insurance, follow these steps:
Visit the USAA website or give them a call to submit an application. You must include specifics about any military service you or a family member may have. Being a member is free.
Register on the USAA website for online access to your membership account.
Online, over the phone, or at one of the numerous physical locations, you can request a homeowners insurance estimate.
Be prepared to provide the agent with information regarding the age and construction type of your home, as well as your insurance history, including past claims, previous insurance companies, the length of time you have been insured, and policy renewal dates.
How Do I Submit a USAA Homeowners Insurance Claim?
Homeowners insurance claims can be submitted online, using a mobile app, or by phoning USAA directly.
Take these actions:
In some circumstances, such as those involving theft or vandalism, call the police first and make a police report.
As soon as you can, get in touch with USAA via phone, online, or through the mobile app.
If you can, document the damage with images and video and obtain any relevant security camera footage.
Make urgent repairs to stop your home from suffering additional harm. Observe any work-related receipts.
Be prepared to give specifics regarding the damage, its origin, and when it happened. Bring any images, videos, receipts, and estimates of repairs with you when you file.
Your claim will be assigned to an insurance adjuster by USAA, who promises to contact you within 2 business days.
against State Farm
Our ranking of the top home insurance providers places State Farm at No. 2, USAA at No. 3, and Allstate at No. 2. Both businesses offer customers to get insurance quotes online, and both have the independent rating firm AM Best’s highest financial strength grade of A++.
The most popular home insurance coverages are provided by USAA and State Farm as part of their standard policies. These include protection for the house and other structures, personal property, liability, and guest medical coverage, which can assist with costs if a guest is injured on the policyholder’s property. (ALE). Both also come with coverage for identity theft.
Replacement cost insurance is one of USAA’s standard features. Both provide an option for coverage against damage from water backup and for valuables.