Suitable For?
Allstate caters to all types of homeowners, but it’s perfect for anyone who regularly rents their home out on Airbnb or any other home-sharing platform. Allstate is the first major insurer in the United States to offer an add-on for home-sharing. Allstate HostAdvantage Home-Sharing Insurance offers additional protection for your belongings while you rent out your home. It covers theft and damage for up to $10,000 per rental host period.
What Coverage Includes
Homeowners insurance from Allstate begins with a basic, customizable policy. The policy provides coverage for all 16 “named perils,” and policy holders can raise or lower their coverage limits in accordance with their own needs.
An Allstate homeowners insurance policy includes:
- Coverage for home and other structures on the property.
- Coverage for personal belongings, including furniture, clothing, and appliances.
- Personal liability coverage (in case someone from outside your household suffers injury or damage to personal property while visiting).
- Loss of use, which covers expenses when your home is being rebuilt or repaired following a covered incident.
Optional Add-Ons
In comparison to other major insurers, Allstate has the widest selection of voluntary add-ons. Allstate has thought of virtually everything when it comes to optional add-ons. Policy holders can add and remove as they wish.
Here’s the breakdown:
- Home-sharing: As mentioned above, this provides additional coverage for personal possessions when renting out your home to others.
- Identity theft restoration: Covers the cost of legal fees, lost wages, and other related costs if your ID is stolen.
- Green improvement reimbursement: Covers the additional cost of replacing damaged or destroyed items with greener alternatives.
- Water backup: Covers damage caused by drain or sump pump.
- Yard and garden: Increases the limits for garden items like trees, landscaping, and lawn mowers.
- Extra coverage: For valuable appraised items like expensive jewelry or antiques.
- Electronic data recovery: Covers recovery of lost computer data like photos or videos.
- Business property: Increases the limits for home office equipment and inventory.
- Musical instruments: Increases coverage for musical instruments like guitars or violins.
- Sports equipment: Increases coverage for expensive sports gear like golf clubs and ski equipment.
Discounts
Discount opportunities include:
- Up to 25% off for bundling home and auto
- 5% off for setting up automatic payments
- Up to 20% off for switching to Allstate from another insurer without a recent home insurance claim
- Installing a theft or fire protection device
- Signing up at least seven days before your old policy expires
- Welcome and loyalty discount
- Home buyer discount
- 55 and retired discount
- Smoke-free home
- Home with storm shutters
- Home with hail-resistant roof
Application Process
Allstate accepts online and phone applications. We tested the online form a few times using different addresses and on each occasion were directed to speak to an agent for reasons such as “proximity to the coast”. The instructions included a home quote reference number and contact details for an agent in the local area.
The useful thing about Allstate is you can apply for home + auto, renters, or term life in the one application form. The irony about Allstate is it doesn’t offer home insurance in all states. For example, we tried to get a quote in California and were told that home insurance wasn’t available in that state. Allstate’s website lacks basic information about where it does and doesn’t offer home insurance. However, it only takes a second to enter your zip code and find out if you can continue with an application.
How Safe is It?
Allstate is the second-largest provider of homeowners insurance in the United States, with 8.4% market share in terms of direct premiums written. It has an A+ rating from A.M. Best, testifying to its “superior” financial stability. Allstate was founded in 1931 as part of Sears, Roebuck, and Co. and was spun off in 1993. It is headquartered in Chicago and traded publicly on the New York Stock Exchange.
Claims & Customer Support
According to J.D. Power’s 2018 US Home Insurance Study on customer satisfaction, Allstate ranks higher than the national average. Allstate was given a score of 822 out of 1,000, compared to an industry average of 818 and beating 3 of its 4 biggest rivals in homeowners insurance.
Allstate offers 24/7 online claims support. Policy holders have 4 options when it comes to filing a claim: contact your agent, call Allstate, use the mobile app, or log into your online account.
Summary
In a highly competitive homeowners insurance market, Allstate has found a way to stand out from its competitors: voluntary add-ons. All insurers offer add-ons, but Allstate has made an art of it, with add-ons for everything from home-sharing coverage to eco-friendly replacements to coverage for garden items. If you have special needs for your home, it would be well worth your time to speak to Allstate about homeowners insurance.
