Travelers Homeowners Insurance Review in 2023

Travelers Homeowners Insurance Review in 2023

Travelers, based in Hartford, Connecticut, has been in business for more than 165 years and is one of the oldest and biggest insurance companies in the U.S. Travelers has 30,000 workers and a total revenue of $35 billion. They offer a full range of insurance products and are tied for No. 9 on our list of the Best Homeowners Insurance Companies of 2023.

In all states except California and Florida, Travelers has a competitive range of basic and optional homeowners insurance coverages. We found that the cost of a homeowners insurance contract for our sample home was less with Travelers than with almost every other company. Only State Farm was cheaper. The company is also a plus because A.M. Best gave it the best possible rating, A++.

Its basic home insurance policy covers your house, other buildings on your property, your personal belongings, your personal liability, medical care for guests, and loss of use.

It has the same kinds of extras as other insurers in our review, like coverage for valuable items, water backup, identity theft, and the option to add replacement cost to your policy. This means that when Travelers figures out the value of the things covered by your policy, it won’t take into account how much they’ve lost value over time. It also has a “green” coverage add-on that helps pay for the cost of fixing or replacing things after a protected loss with eco-friendly or high-efficiency materials.

On the other hand, Travelers doesn’t offer some of the most common discounts that other insurance companies in our ranking do. For example, there are no discounts for being a loyal customer, choosing auto-pay, or getting your documents in electronic form. All of the above are things that at least some of our competitors give.

Travelers does offer discounts for buying car or boat insurance along with a homeowners policy. These are called “multi-policy,” or “bundling,” discounts. However, the savings for bundling are less than what you’ll get with other insurers in our review. There are also savings for things like alarm systems, safety devices, and not making any claims.

Bottom Line: Travelers has cheaper home insurance rates than most of the other companies we looked at, but they offer the same types of coverage and are financially stable. But Travelers doesn’t give some common discounts that some of the other insurance companies in our ranking do.

What kinds of homeowner’s insurance does Travelers have?

A basic homeowners insurance policy from Travelers covers everything that is usually covered in a homeowners policy, such as:

Your house insurance will pay to fix or rebuild your home and any structures attached to it if they are damaged by weather, a falling tree, smoke, fire, theft, or vandalism. This coverage usually also includes heating and cooling systems, appliances, furniture, clothing, and other items up to the limits of the insurance.

Other structures coverage gives you the same coverage as above for a garage, barn, shed, wall, fence, or any other fixed structure on your property.

Loss of Use helps pay for you and your family to eat and stay somewhere else while your home is being fixed.
Personal liability helps keep you from having to pay for losses if a guest gets hurt on your property or if someone in your family accidentally breaks something they own.

Guest medical coverage helps pay for medical bills if someone who doesn’t live in the house gets hurt on your land or by someone who does live there.

Remember that most homeowners insurance plans have limits on how much they will pay out for each of the above categories. Most policies let you buy extra security if you have a certain need. For instance, if you have a lot of expensive jewelry, you might want to add extra security for valuables.

What kinds of homeowner’s insurance does Travelers offer?

name theft insurance helps pay for costs that come from having your name and sensitive information stolen, and it can also help you get your identity back.

If your home has a lot of jewelry or other valuables that might go over the limits of a standard insurance, you might want to look into jewelry and valuable items coverage.

Contents replacement cost can be helpful, especially if you bought your insurance several years ago. This extra coverage can pay you back for the current cost of replacing your personal property instead of a set amount.

Most insurance policies, including those from Travelers, don’t cover damage caused by earthquakes. If you live in a place where earthquakes are common, you might want to get optional earthquake coverage.

Flood insurance is not part of a standard coverage, but your lender may require it if you live in a flood-prone area. The National Flood Insurance Program (NFIP) offers flood insurance through different companies at prices based on maps of high-risk storm areas made by the Federal Emergency Management Agency. You can use these maps to find out if you are in a high-risk area.

Water backup coverage pays you if your sump pump or sewer line breaks and backs up water into your home. It’s not usually included in a standard insurance.

After a loss, green improvement coverage gives you money to rebuild your home in a way that is more efficient or better for the environment, even if the cost of the materials is more than your normal policy will cover.

What discounts does Travelers offer for home insurance?

Travelers gives many of the same discounts as other companies that sell homeowners insurance, such as:

Multi-policy. You could get a discount of up to 12% if you buy your car insurance or another coverage through Travelers as well as your homeowners insurance.

Discount on safety gear. If your house has smoke detectors, a home security system, a sprinkler system, or another approved device, you may get a discount on your homeowners insurance.

Buyer of a new house. If you bought a house within the last 12 months and then bought homeowners insurance, you may be qualified for a discount.

Green savings. Travelers gives a discount of up to 5% on homeowners insurance for houses that have been certified as “Green Homes” by the Leadership in Energy and Environmental Design (LEED) group.

Claim-free. Homeowners who don’t make a claim on their insurance for a certain amount of time may be qualified for a discount.

How do I buy Travelers insurance for my home?

Travelers sells home insurance directly to buyers and through a network of 13,500 independent agents. In either case, company reps and agents can help you through the process to make sure you get the coverage you need and any discounts you are eligible for.

You can get a free price from the company’s website if you’d rather deal with them directly or start the process yourself. You can also call Travelers and talk to someone who works for the company.

If you’d rather work with a local agent, go to the Travelers website and enter your city, state, or ZIP code to find one near you. You’ll get a list of local providers and the types of coverage each one offers.

No matter how you get a quote and buy an insurance, be ready to answer some questions about your home, where it is, and what’s in it.