Safeco Home Insurance Review 2020
- Financial Strength A+
- BBB Rating A+
- Coverages 4/5
- Flexibility Policy customization available
- Discounts 3/5
- Support Phone, Website, Contact Form
- User Ratings ConsumerAffairs 3.1
- Availability 46 states
- Pricing Competitive
About the Company
Safeco Insurance was established in 1923 in Seattle, Washington. The home insurance company is owned by Liberty Mutual Group. With more than 1,000 independent agents spread across the United States, the home insurance provider caters to 46 states.
They offer a wide range of insurance coverage plans and their customers enjoy many discounts and customization options.
If you want to select them as your home insurance provider, there are several things you need to consider beforehand. Learning more about the home insurance company from Safeco home insurance reviews can help you expand your knowledge and make a well-informed choice.
How We Reviewed
We based our review on numerous factors. We examined the website in detail to analyze its ease of use and the variety of information and sources available for customers.
We compared the home insurance provider with its competitors to determine where it stands in terms of rates, packages, discounts, and customer reviews.
We checked independent industry rating platforms to see the Safeco customer rating on each. We also looked up their financial strength rating. This further helped us develop our judgment on where they stand against their competitors.
Lastly, we examined Safeco’s pricing structure in detail to provide you with an average annual premium for different coverage amounts by applying different factors.
Where Is It Available?
Safeco locations include 46 states. The insurance provider sells policies through independent agents. You
can find a list of the states served on the following page:
Home Insurance Coverage Options
Here’s a list of all the Safeco home insurance coverage options you can choose from:
- Dwelling Insurance Coverage – this plan sets a percentage of the cost required to reconstruct the home. You can upgrade your home insurance plan to increase dwelling coverage.
- Other Structures Insurance Coverage – available in all home insurance plans. It allows you to set the coverage limit to a percentage of your dwelling coverage limit.
- Personal Property Insurance Coverage – the coverage option is set to your dwelling coverage limit and includes the cost of items such as kitchen appliances, electronics, and furniture.
- Liability Insurance Coverage – available across all home insurance plans. You can select substantial liability insurance coverage for lawsuits due to a person becoming injured on your property or your home sustaining damage.
- Medical Payments Limit Insurance Coverage – this option is available at different limits, and you can choose up to $10,000 in coverage.
- Loss of Use Insurance Coverage – created for homeowners requiring temporary housing insurance when living in another residence than their own. The home insurance provider can cover the cost of staying elsewhere for up to 24 months.
- Personal Property Replacement Cost Insurance Coverage – the coverage option covers the cost of stolen, damaged, or misplaced personal belongings. The coverage helps homeowners purchase new items to replace the old ones regardless of the age and wear and tear on the original items.
- Valuable Articles Insurance Coverage – this coverage plan groups or individually records your covered personal belongings with a wide range of deductibles or deductibles at all. You can customize this option to cover your expensive items, such as fine wine and farming equipment.
- Equipment Breakdown Coverage – available to users for $2 each month and protects them against damaged and malfunctioning home equipment and systems such as air conditioning, surround sound systems, and washers and dryers.
- Identity Recovery Insurance Coverage – available with all the home insurance plans. You can add this to your plan to pay to recover the costs that occurred due to identity theft. Identify theft insurance offers you coverage of up to $25,000 for expenses and lost wages.
- Additional Insurance Coverage Options – these include coverage limits for the fire department service cost, debris removal, property damage to others, and loss assessment.
Safeco Home Insurance Pricing
The Safeco insurance rates largely depend on your location, area code, and the construction of your home. An average Safeco quote for home insurance comes to $1,983.
The calculations for the estimated premiums given in the table below are influenced by common factors that most insurance companies use to decide a quote. The factors include the ones we mentioned before, as well as the crime rate in your neighborhood, condition of your home, and credit score. We applied a combination of conditions to calculate the coverage amount and annual premium.
|Coverage Amount||Average Annual Premium|
|$50,000 to $200,000||$1,606|
|$200,000 to $400,000||$1,841|
|$400,000 to $600,000||$2,199|
|$600,000 to $800,000||$2,505|
|$800,000 to $1,000,000||$2,621|
Safeco Home Insurance Discounts
Safeco insurance discounts include:
- Alarm system discount saves users money if they install security features in their home, such as a sprinkler system, smoke detectors, and burglar alarms.
- Fire station discount applies if the customer’s home is located near a fire station.
- Package deal discount saves customers up to 15% for bundling your home and auto policy together.
- Multi-policy discount saves money if you bundle your insurance coverage with their specialty lines such as boats, RVs, and motorcycles.
- Less than 10 years old discount applies for insuring a home that is less than 10 years old.
- Paying your annual premium in full discount saves money when you pay your home insurance premium in full. Although not a discount, it does save you from paying a transaction fee for making several payments.
- Umbrella discount saves money on your home insurance coverage if you have taken out the umbrella insurance policy. This discount does not apply to rental or condo policy.
Customer Satisfaction and Financial Strength Review
Safeco home insurance ranks poorly in customer satisfaction. J.D. Power rated the home insurance provider 2 out of 5 in the category of customer satisfaction. The home insurance company also scored low marks in other categories.
Safeco complaints from customers include a smaller number of discounts in comparison with most home insurance providers. The Safeco rating from AM Best is an A+. Safeco is rated A+ by BBB, which is an excellent score.
Overall, the home insurance company has an above-average financial strength.
However, on websites that use exclusively reviews from customers to generate a rating, the home insurance provider ranks very poorly. On ConsumerAffairs, Safeco’s rating is 3.1, and Trustpilot gave the company a rating of 2.6. Most customers have complained about the way the home insurance company handles and settles claims.
Safeco customer service is reachable via phone. The Safeco customer service number you can call is 888-723-3260.
You can manage your policy information by logging into the website. The website offers several resources to users with questions regarding their different coverage options.
Ease of Buying and Claims Handling
The Safeco claims department operates 24/7. Once you have filed your claim, you can track it in two ways, either through the website by logging in or their free mobile app, which is available for both iOS and Android.
You can file a claim over the phone by calling the Safeco claims phone number: 800-332-3226.
In the event a natural disaster has caused devastating damage to your home, the insurance company sends its national catastrophe team to your house to handle your claim.
You can choose how you want the insurance company to assess the damage. They can assess the damage to your home in person or through video chat. Another option is to file a claim through the mobile app by submitting pictures of the damage. Once they give you an estimate, you can start the repair process.
Comparison With Competitors
You can choose if you want to go with Safeco Insurance or another home insurance provider based on how Safeco compares with its competitors.
Safeco vs Allstate
Allstate home insurance provider offers a good selection of riders and solid insurance coverage. You can customize Allstate’s home insurance and can even opt for the RateGuard option. (The RateGuard option is an accident forgiveness insurance coverage that applies for your home.) Safeco Insurance doesn’t offer an option like that.
Allstate offers a wide variety of discounts, but the drawback of this company is that the rates aren’t that affordable.
Safeco vs GEICO
GEICO home insurance doesn’t sell its own home insurance coverage but will connect you to one of its partners in the area. Safeco has its own network of independent agents and will connect you to them. GEICO scores are higher than Safeco in the category of customer satisfaction on J.D. Power.
Safeco vs Progressive
Progressive home insurance doesn’t sell their own home insurance coverage, but Safeco does and sells it through one of their independent agents. On the J.D. Power survey, both home insurance providers scored lower than other home insurance providers.
Safeco vs State Farm
State Farm and Safeco both don’t offer homeowners many discounts. State Farm has slightly more expensive rates than Safeco. If you want several policy endorsements and more customization options, go with State Farm.
Pros & Cons
- Strong financial ratings
- Good add-on coverages
- Widespread availability (46 states)
- Poor customer service
- Can’t buy a policy online
- Few discounts
Safeco Insurance offers multiple coverage options, but limited discounts. Past customers have less than stellar things to say about the home insurance company.
You can combine your home insurance coverage with your auto insurance policy to save money, which is a plus. However, if you try to file a claim, you might experience setbacks.
Most customers don’t rate the home insurance provider well for their unsatisfactory method of handling and settling claims. Supporting the complaints of customers is the low score given to them by the prominent review platform, J.D. Power.
On the bright side, the home insurance provider offers a mobile app, which you can use as a home inventory tool. You don’t have to be one of their customers to use the mobile app either.
The home insurance provider has also developed the Safeco Insurance Advisor skill for Amazon Echo products. You can ask the voice-controlled assistant Alexa regarding various insurance coverage options, and it can even lookup agents near your area.
Why is Safeco Insurance so affordable?
Safeco Insurance is one of the most affordable home insurance companies on the market, but you can find even more affordable ones. How affordable is Safeco depends on certain factors as well and the types of discounts you choose.
Are Liberty Mutual and Safeco the same company?
No, they are two different insurance providers, but Liberty Mutual owns Safeco Insurance.
Does Safeco have pet insurance?
Yes, Safeco offers pet insurance coverage. The home insurance company has collaborated with Hartville Pet Insurance to provide its customers with 12-month pet insurance coverage options. If you insure more than one pet, you become eligible for a 10% discount.
What insurances can I bundle with Safeco Insurance?
You can bundle your home insurance with their auto insurance coverage.
What other types of insurance does Safeco offer?
Apart from offering the home insurance coverage option, you can purchase auto insurance, RV, identity restoration, pet insurance, condo, renters, and umbrella insurance.
Are Safeco Insurance rates competitive?
Yes, Safeco Insurance offers competitive rates but has some drawbacks. Based on the Safeco home insurance reviews, you can decide if you want to choose them as your provider for home insurance or go with one of their competitors.