Travelers Home Insurance Review 2021 – Forbes Advisor - Forbes
About Travelers Homeowners Insurance
Travelers Insurance has been around for more than 165 years and sold its first policy for just two cents. Today, Travelers is the sixth-largest home insurance company in the United States.
Home insurance policies from Travelers have all of the standard coverage types that you would expect:
- Dwelling coverage pays to repair or replace damage to your home and attached structures, like a back porch or garage.
- Other structures coverage pays to repair or replace detached structures on your property, like a shed, gazebo or fence.
- Personal property coverage pays for personal belongings that get damaged or stolen, such as your furniture, rugs, clothes and appliances.
- Liability insurance pays for property damage and injuries to others, such as a guest who gets hurt on your property. It also pays for a legal defense in case you are sued because of an accident.
- Loss of use (also known as additional living expenses) pays for costs such as hotel bills, meals and services (like pet boarding) if you cannot live in your home due to a problem covered by your policy, like a tornado.
Several add-ons are available from Travelers such as:
- Extended replacement cost options that pay more than your policy's dwelling coverage amount if rebuilding costs exceed the policy limit.
- Special personal property coverage offers broader protection for your personal items than a standard home insurance policy.
- Contents replacement cost pays for the replacement cost of your items and does not factor in depreciation.
- Jewelry and valuable items coverage offers higher limits and extra protection for valuable items such as jewelry.
- Personal articles floater offers higher amounts of coverage for specific, high-priced items.
- Water backup and sump pump discharge or overflow pays for damages from water backups and overflowing sump pumps.
- Identity fraud coverage pays up to $25,000 for expenses to restore your identity.
- Green home coverage if your home is damaged or destroyed due to a problem covered by your policy, this pays to repair, replace or rebuild your home with green materials.
An umbrella insurance policy can be added to your Travelers homeowners insurance, giving you additional liability protection beyond the limits of your homeowners and auto policies.
Related coverage from Travelers includes condo, renters and landlord insurance.
Travelers Insurance Banned Dog List
You may be ineligible for home insurance from Travelers if you own one of these dog breeds: Akita, Alaskan Malamute, American Bull Terrier, American Staffordshire Terrier, Chow Chow, Doberman Pinscher, Mastiffs, Pit Bull, Presa Canario, Rottweiler, Staffordshire Bull Terrier, wolf hybrid or any mix of these breeds.
Travelers' Quantum Home 2.0 Insurance
Quantum Home 2.0 is a flexible home insurance policy from Travelers that makes it easy to pick levels of coverage for a variety of insurance types. It includes dwelling coverage for rebuilding your house, then you pick from pre-set choices of coverage levels for personal property, liability, loss of use and more.
Then you choose among three coverage packages with pre-set coverage levels for theft of valuables, collectibles, business property and other items. And you can tack on a convenient bundle of other coverage types such as insurance for refrigerated items and tree removal.
Travelers Home Insurance Cost Comparison
Travelers' high average rates for home insurance brought down its overall rating by Forbes Advisor. Here's how Travelers' home insurance rates compare to some cheaper options.
More: Best homeowners insurance companies
Travelers Home Insurance Discounts
Looking for ways to save on your home insurance? Discounts can help. Here are some home insurance discounts available from Travelers:
- Multi-policy discount of as much as 12% on your home insurance when you have a car insurance policy and three other insurance policies, all with Travelers, such as umbrella, boat or a personal articles floater.
- Home buyer discount if you bought your house within 12 months of your policy's start date.
- Loss-free discount if you haven't experienced any claims on your home within a specified time.
- Protective device discount if your home has devices such as a smoke detector, fire alarm, interior sprinkler system, home security system or smart home technology that alerts you to a fire or break-in.
- Green home discount of up to 5% if your home has been certified as a "green home" by the Leadership Energy and Environmental Design.
Methodology
We evaluated home insurance companies on a variety of factors that reflect their levels of protection, customer care and pricing.
- Home insurance rates (50% weight) based on national averages for each insurer. Source: Quadrant Information Services.
- Complaints about homeowners insurance (20% weight) upheld by state insurance departments. Source: National Association of Insurance Commissioners.
- Availability of extended and/or guaranteed replacement cost coverage (20% weight), which is important in the event of large disasters, when construction materials and labor costs tend to spike. Source: Forbes Advisor research.
- Banned dog lists (10% weight), which make homeowners ineligible for coverage. (A company's banned dog list might not be applicable in all states.) While any homeowners insurance company may ban any dog with a biting history, not all put a ban on specific breeds. Source: Forbes Advisor research.
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