Review on USAA’s Home Insurance

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USAA was founded in 1922 by a group of Army officers in San Antonio, Texas, who wanted to insure each other’s vehicles. USAA currently provides insurance and financial services to active and former military troops, as well as their spouses and dependents. As of 2021, USAA had approximately 13 million members, and the company has a net worth of more than $40 billion.

Great client service. In addition to an always-on chat option, you can access its customer support line six days a week. Coverage for home sharing. If you’re renting out a room or a whole property, USAA offers home-sharing coverage. Individuals who host guests on a regular basis may be interested in purchasing this form of insurance. This isn’t available everywhere, so check ahead to see if your location is covered, and read the tiny print carefully to learn about any limits.

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Cons Explained

To join, you must be in the military. While there are some nice benefits to getting a home insurance coverage with USAA, you must be in the military to qualify. Military members who are active, retired, or “honorably separated,” as well as their qualifying family members, are able to enroll. Cadets and midshipmen are also welcome to join.

There are no local agents. USAA does not have a network of local agents that can walk you through the nuances of the types of coverage and costs available in your location. It may take a bit longer to develop a policy that is tailored to your specific needs and scenario.

Basic Home Insurance Plan from USAA

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A typical USAA home insurance policy will include the following coverages:

Coverage for Dwelling

This covers the cost of restoring or rebuilding your home from the ground up if it is damaged or destroyed as a result of a covered danger. Fires, windstorms and explosions, hail, or vandalism or burglary are typical risks. This typically includes structures attached to your home, such as an attached garage, chimneys, or a deck.

Personal possessions

If your personal belongings are destroyed, damaged, or stolen during a disaster or insured incident, this sort of insurance will pay for their replacement.

Items in the trunk of your car or in your storage unit that were not in your home at the time of the incident may also be covered. Collectibles, art, and jewelry, on the other hand, are not usually insured and may necessitate supplementary insurance.

Loss of Utility

If your home is damaged to the extent where you can’t live there temporarily, loss of use coverage will pay for the expense of lodging in an Airbnb or hotel while your home is repaired or reconstructed to its prior state. This form of coverage often covers any additional living expenses incurred as a result of the condition of your home. Hence, if your kitchen is being repaired and you are unable to cook as a result, the cost of takeout meals can be covered by the loss of usage.

Personal Responsibility

Personal liability coverage can pay medical bills, damage charges, or legal fees if you, a family member, or your pet cause bodily injury or property damage to a third party. Normally, this sort of insurance will cover the costs regardless of who was at fault.

Coverage for Home Sharing

If you rent out a room, home sharing coverage covers any injuries to the guests. This might not be available in the state where you live. You should also read the tiny print for any restrictions.

Other Structures

Identity Theft Protection

When you purchase USAA’s home insurance, you immediately receive $5,000 in identity theft coverage. Nevertheless, if your home is in North Carolina, you’re out of luck because identity theft protection isn’t accessible in that state.

The following discounts can help you save money on your insurance policy:

Insurance bundles.Buying your home insurance combined with your auto insurance from USAA might save you up to 10% on your premiums. Increasing your deductible. While not strictly a discount, your premium will be lower the greater your deductible. All insurance policies are subject to this. Devices for security. Deadbolts, home security systems, fire alarms, and security cameras can all lower your home insurance premiums.

Discount for a claim-free period. If you haven’t filed a claim in at least five years, you may be entitled for a 10% discount.

Availability of USAA Home Insurance

For qualified troops, veterans, and their families, USAA home insurance is offered.

USAA Customer Service

On the site’s chat feature, home insurance policyholders can communicate with a virtual agent at any time. If clients want to speak with a customer support representative over the phone, employees are accessible six days a week.

The hours are as follows:

6 a.m. to 10 p.m. CT, Monday through Friday

Saturday: 8 a.m. to 8 p.m. CST

Sunday: Closed

According to the National Association of Insurance Commissioners (NAIC), USAA reported a complaint ratio of 0.38 for home owners insurance in 2021, which is much lower than the industry average of 1.0.

AM Best has assigned USAA a “A++” financial strength rating, indicating outstanding financial strength.

How to Submit a USAA Home Insurance Claim

If a member has any questions about their claim or would like to report a claim over the phone, they can call a USAA customer care representative at (800) 531-USAA.

Cancellation Policy for USAA Home Insurance

On its website, USAA does not disclose information on canceling policies. Members who wish to cancel should contact a company representative.

USAA Offers Additional Insurance

USAA members can choose from the following forms of insurance:

  • Renters’ Priceless Personal Property Items
  • Property Insurance for Condo Rentals
  • Farm and Ranch Insurance Motorcycle/ATV Boat RV Vintage Car Insurance Mobile Home Flood
  • Insurance for Aviation
  • Life and Health Long-Term Care Pet Travel

Methodology

Investopedia is committed to providing consumers with honest, in-depth reviews of home owners insurance providers. We examined each insurance provider’s coverage options, accessible savings, customer service, and satisfaction to guarantee that our content assists users in making the best insurance decision for their needs.

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