Travelers Home Insurance Review 2021
- Financial Strength A++
- BBB Rating A+
- Coverages 4/5
- Flexibility Policy customization available
- Discounts 4/5
- User Ratings ConsumerAffairs 3.7
- Availability All 50 states
- Pricing Affordable
- Support Email, Phone
About the Company
Travelers was established in 1864 and today is a well-known insurance company in the United States. The company was the first in the U.S. to offer accident insurance.
Over the years, the business has expanded substantially, and the company now offers travel, valuable items, umbrella, condo, renters, homeowners, auto, and even wedding insurance.
Travelers homeowners’ insurance is well-known for its customization. You can get your insurance plan customized according to your needs, including your choices of add-ons, like identity fraud protection, jewelry protection, and green home coverage.
It is recommended that you go through Travelers home insurance reviews to determine if this insurance is the right fit for you. Let’s get started.
How We Reviewed
Firstly, we evaluated the website of this insurance company to make sure the provided information is helpful and sufficient for users.
Next, we examined Travelers coverage options and discounts. We also evaluated the rates and checked how discounts impact the overall price.
We studied the financial strength rating of this home insurance company from prominent rating sites. We assessed the ratings from previous and existing policyholders and determined what the common complaints and positive attributes are.
Doing a detailed analysis helped us determine the right Travelers insurance rating and create an opinion on what kind of customers can benefit from it.
Where Is It Available?
Travelers has office locations in all 50 states, including Washington D.C. You can either get the coverage through your local Travelers agent or get in touch directly with the company’s representative.
Home Insurance Coverage Options
Travelers home insurance provides users with various insurance coverage options. They include:
Dwelling Coverage: This plan is for the reconstruction or property repair after experiencing a covered loss. This coverage includes weather, vandalism, theft, fire, and falling objects.
Personal Property Coverage: This covers the personal items that are destroyed or damaged, including furniture and clothing. The company restricts the amount to be paid for specific items, like sports equipment and jewelry.
Loss of Use Coverage: if you get displaced from the house after a disaster, the costs can add up. With this coverage, you can cover the expenses, like transportation fares, pet boarding, meals, and hotel bills.
The company pays the loss of use coverage up to 30% of the limit of dwelling coverage. For instance, if you have $200,000 in coverage, then Travelers will pay around $60,000 in loss of use.
Personal Liability Coverage: This coverage initiates from $100,0000, in which coverage of medical payments starts from $1,000. You have an option to increase the limit if you want increased coverage. This coverage will protect you if a person sues you after experiencing an accident on your premises.
The standard homeowner policies of Travelers don’t cover floods and earthquake damages. The place where Travelers insurance shines is the range of additional options it offers.
Here are some of the main add-ons you can get with the standard coverage:
Special Personal Property Coverage: This covers the personal property in other situations that are not included in the standard policy. For example, your smartphone gets destroyed when it falls on the floor at work; this coverage might replace it.
Contents Replacement Cost Coverage: The standard homeowners’ policy only covers the actual value for items like TVs and computers. This coverage does not deduct for depreciation, which means you can replace the item at today’s price.
Extended Replacement Cost Protection Coverage: In case the coverage does not cover the cost of rebuilding or repairing the house, this coverage helps in filling the gap.
Travelers Valuable Items Coverage: The standard coverage limits typically don’t offer sufficient protection for valuable belongings, like jewelry and artwork. This limit can be increased with valuable items coverage.
Personal Articles Floater: This covers a higher level of limit for all the most valuable items.
Identity Theft Insurance: If your personal information is stolen and used for crimes, this insurance will cover up to $25,000 in restoration expenses. These expenses may include travel expenses, lost wages, attorney’s fees.
Go Green Insurance: This coverage provides you with the resources to rebuild, replace, or repair with green materials after experiencing a covered loss. For instance, if your roof was destroyed due to a storm, you might add in solar energy singles through Go Green insurance.
Water Backup Coverage, Pump Overflow, or Discharge Coverage: The standard home policy of Travelers doesn’t cover the damages due to backed-up sinks or sewage. This coverage repairs the mess.
Travelers offers a 24/7 claim center and sends a team frequently to assist affected clients during the aftermath of a disaster.
Travelers Home Insurance Pricing
The Traveler Insurance pricing varies depending on the state and property type. Still, the company offers competitive rates in comparison to its competitors. The prices will be affected by the coverage you purchase in your policy.
Let’s have a look at the average cost of a Travelers policy at different coverage levels:
|Coverage Amount||Average Annual Premium|
|$50,000 to $200,000||$1,265|
|$200,000 to $400,000||$1,550|
|$400,000 to $600,000||$1,815|
Travelers Home Insurance Discounts
This company offers customers a wide range of discounts. Here are the Travelers insurance discounts you can avail to decrease the premium of your overall insurance:
Multi-Policy Discount: Bundling up your home insurance policy with car insurance or another type of policy will get you a discount of 15%.
Home Buyer Discount: If you have purchased a home within a year of the effective date of your policy, you are eligible for this discount.
Claim-Free Discount: If you haven’t filed a claim for a specific period of time, the company will give you a discount.
Protective Devices Discount: Travelers insurance gives you a discount if you install protective devices at home, like smoke detectors, home security systems, and fire alarms.
Green Home Discount: You can get a 5% discount if you own a green home that is LEED-certified.
Customer Satisfaction and Financial Strength Review
According to J.D. Power rating, the Travelers insurance customer satisfaction is about average. These ratings are based on their policy offerings, coverage information, clarity of billing, ease of filing claims, and interaction with customers.
The Travelers insurance BBB rating is A+. The Better Business Bureau (BBB) rates home insurance companies based on numerous factors. They evaluate only tangential metrics in order to access customer experience. Customers can submit their ratings as well, but the BBB will not consider them.
This home insurance company earned 3.7 out of 5 at ConsumerAffairs, which is considered good. Unlike BBB, this rating website lets customers rate companies according to their experience.
Travelers insurance rating with AM Best is A++, and S&P rating is AA.
Overall, the customer satisfaction rating on most platforms is above average, except on Trustpilot, where Travelers Insurance ratings are not available.
Travelers insurance customer service can be reached in multiple ways. You can either get in touch through their website or browse the FAQ section and other resources to find the answers you are looking for.
Travelers home insurance has a separate phone number for different insurance policies, including separate Travelers insurance claims phone number.
You also have an option to file a claim online. You have an option to create an account on their website and track your policies, claims, pay bills, and access other information.
The Travelers Insurance customer service number is (888) 695-4625. You can either call this number to chat with a representative, find a local agent, or email customer support to get your queries and questions answered.
Travelers insurance additionally has a mobile app to file claims, pay bills, view your policies, and call for roadside assistance. It is available on Android and iOS. The company offers voice assistance. If your device uses Alexa, then your Travelers insurance account can be managed through the virtual assistant.
Ease of Buying and Claims Handling
Submitting claims with Travelers is about as easy as it gets. Travelers allows you to file and track your claim as well as contact emergency claims services all through their website.
The Travelers insurance claims can be quickly filed online, regardless of the insurance policy type. Once done, you will receive a confirmation number, and a representative will contact you.
One of the primary navigation tabs on the company website leads you to a claims portal where Travelers provides detailed information, steps, and comprehensive educational resources about how their claims process works.
You can also file your claim through the customer support number or the mobile app.
While the filing process is easy, Travelers falls short when it comes to customer satisfaction on claims handling. Many customers have complained about slow claim handling and even refusals to settle claims.
Comparison With Competitors
To give you a better idea of the home insurance provider you should choose, we compared Travelers with its major competitors on the market.
Travelers Insurance vs Liberty Mutual
Liberty Mutual provides a wide range of insurance advantages and discounts. The rate of both insurance companies is around the same. They aren’t the cheapest but also not the most expensive home insurance providers in the market.
Liberty Mutual offers a safe homeowner program discount, military, insured to value, renovated/newly purchased, new roof, and protective devices discount.
On the other hand, Travelers offers a multi-policy, home buyer, claim-free, and protective devices discount.
Travelers Insurance vs Allstate
There are numerous factors to be considered when comparing Travelers and Allstate. Allstate is a bigger company with a market share of 4.9%, while Travelers only has a 1.8% market share. However, both insurance providers have the same J.D Power ranking and financial strength.
Allstate offers lower rates as compared to Travelers. Moreover, Allstate Insurance is more focused on first-time home buyers and made the products simple and easy to understand. There are more resources available on Allstate’s website for clients to understand the policy options better.
Travelers Insurance vs GEICO
GEICO offers cheaper rates than Travelers. While the cost of home insurance varies from state to state, GEICO is undoubtedly the most affordable home insurance provider in the market. That is one of the biggest attractions for homeowners on a budget.
the drawback is that GEICO doesn’t have many coverage plans and no customization. Travelers, on the other hand, is known for its customized policies.
Both companies haven’t scored well in customer service, but Travelers is still slightly better.
GEICO isn’t rated on J.D Power, while Travelers has earned an average rating. GEICO is widely available, has lower prices, and is ideal for homeowners who want basic coverage with the best possible rates.
Travelers Insurance vs State Farm
State Farm is one of the most leading insurance providers in the country. Both of these companies are well-established and offer a wide range of home insurance options. State Farm ranks higher in customer satisfaction and claim handling when compared to Travelers.
State Farm also offers motorcycle insurance, disability insurance, health insurance, life insurance, mutual funds, banking service, and auto loans.
On the other hand, Travelers offers travel, valuable items, umbrella, condo, renters, homeowners, auto, and even wedding insurance.
Pros & Cons
- Range of policy options to choose from
- Environment-friendly features
- Numerous discounts
- Claims satisfaction is below average
- Some subpar customer service ratings
- Some coverage options not available in all states
Travelers home insurance provides the benefit of customizable policies and industry experience to assist you in successfully protecting your property. It offers all the basic coverage that you might want from your home insurance provider. If you are looking for customized coverage options, then Travelers is a good option for you.
It offers a wide range of home and personal property protection coverages, along with some discount options to reduce your premium further. Moreover, it provides green home discounts and protection that not a lot of home insurance companies do.
Keep in mind, though that, this homeowners insurance company hasn’t ranked well when it comes to customer satisfaction. It ranked around average when it comes to overall service and customer support.
There are some coverage options that may not be available in all states. Therefore, it is essential that you make sure the coverage you are looking for is available in your state before you purchase a policy.
For customization and reliability, you may consider this company. For excellent service and higher claim satisfaction, you can find options on the market that meet your needs and expectations better.
Is Travelers insurance worth the cost?
Travelers Insurance is one of the popular insurance companies in the U.S. and is considered among the largest providers of auto and home insurance policies. While it is not the cheapest option available, it still offers a range of coverage options at an affordable cost.
What are the two types of natural disasters not covered in a basic home insurance policy?
The two natural disasters not covered in the basic home insurance policy of Travelers are floods and earthquakes. Typically, natural disasters aren’t covered by homeowners policy if you are living in high-risk areas, for instance, near an active fault or flood plain. Homeowners have to get supplement policies to protect themselves from damages due to certain natural disasters.
How much homeowners insurance do I really need?
There isn’t any particular amount required, but it is recommended to combine the overall value of your home and your personal possessions to get a good estimate of the price. Travelers home insurance reviews would give you a better idea about the average insurance you may need.