The United States Automobile Association (USAA) has been serving military members and their families since 1922. What started as 25 servicemen coming together to self-insure their cars, has grown into a nationwide company offering a wide variety of products from auto and life insurance to homeowners insurance.
Here we will take an in-depth look at USAA’s home insurance product, find out what it offers, and if it might be the best option for you.
USAA homeowners insurance coverage
USAA homeowners insurance protects your home and belongings. It covers losses that occur as the result of fire, theft, vandalism, and most weather-related events (not floods, tsunamis, or earthquakes). Find out more about what home insurance doesn’t cover.
If your home is destroyed, USAA will also pay for the loss of use until you can move back in. Further, it provides personal liability coverage and protection against identity theft (except in NY and NC). If you need additional coverage for specific items, you can add other endorsements.
What sets USAA apart?
For one, it offers replacement cost coverage, which means the amount you get reimbursed for your home and personal belongings is the total cost without depreciation. Actual cash value (ACV), also called market value, is the industry’s preferred method of reimbursing home insurance policyholders for losses. It is calculated by subtracting depreciation of the property from the replacement cost.
Second, if military uniforms or the equipment of a deployed or active duty member are lost or damaged because of a covered peril, they will be replaced without a deductible.
How do the company calculate homeowner’s insurance premiums?
USAA’s home insurance premiums depend on a home’s location, a home’s construction materials, a member’s military affiliation, how long a member has been with USAA, and how many different policy types a member has. Premiums can be lowered by increasing your deductibles and by bundling your home and auto insurance with USAA.
Discounts are not available in all states, so you will want to check with USAA to find out the specifics on how you can save.
USAA homeowners insurance claims process
USAA has streamlined its claims process by making it available on its website and USAA Mobile app. You can visit the website, navigate to the claims page, and choose to report a claim for your home.
Or, open the app and report your claim there. You can submit photos, view the status, and more, right from your smartphone.
USAA customer satisfaction
How satisfied are USAA customers with its homeowner’s insurance? According to the J.D. Power and Associates 2017 Home Insurance Study, USAA scored 892 on its 1,000-point scale. It exceeded the industry average by 84 points and led the homeowner’s insurance industry for the 15th consecutive year.
USAA performed strongly in all areas, including price, policy offerings, claims, billing process and payment information, and interaction.
Additionally, the company enjoyed the highest recommendation and renewal rates in the industry. Long story short, USAA customers are happy; the happiest of all homeowners insurance companies.
One customer, Pam Smith, says, “USAA uses trusted contractors in the field to assess damages. We have lived in Hawaii for the largest part of our membership, so a long way from Texas, where USAA is headquartered. We have always had fast and courteous service. I am really having a hard time coming up with any “cons” of USAA. I have heard so many people talk about how their insurance companies have ripped them off or tried to get out of paying claims and I just can’t relate. USAA membership has been a great experience for us.”
The USAA home insurance phone numbers are 210-531-USAA (8722) and 800-531-USAA (8722). Standard business hours for claims are Monday to Friday, 7 a.m. to 7 p.m. CT, and Saturday, 8 a.m. to 4:30 p.m. CT. Business hours for policy service are Monday to Friday, 6 a.m. to 9 p.m. CT, and Saturday, 8 a.m. to 7 p.m. CT.
While it is a bit inconvenient that the phone line for claims is not open 24/7, USAA does say that you may call at any time for urgent matters, and you can always file a claim online. You can also reach the company by email or by visiting one of its financial centers.
If you’d prefer to self-serve, the USAA website has many resources to help with questions and concerns. It also has a property risk assessment where you can find out if a specific area is at risk for natural disasters.
Can anyone get USAA home insurance?
Not everyone can get USAA home insurance, as the company limits its products and services to current and past members of the U.S. military and their family members. To qualify, you will have to meet one of the following requirements:
- An active military member serving in the Army, Marines, Navy, Coast Guard, or Air Force
- Widow or widower of USAA member
- Un-remarried former spouse of a USAA member who joined USAA during the marriage
- Child of a USAA member
- Cadet or midshipman
- A former U.S. military member who has retired or has been honorably discharged
If you qualify, you can join USAA and gain access to homeowners insurance as well as all of the company’s other products and services.
Get a quote from USAA
Getting a quote from USAA is easy. Simply head over to the website, visit the homeowner’s insurance page, and click “Get Quote.”
If you don’t have an account with USAA, you’ll have to prove your eligibility and create one. Then, you can answer a few questions online and receive the quote shortly after.
Who has the best home insurance?
Does USAA have the best homeowners insurance? The company is a leader in the industry, coming in first in J.D. Power and Associates Home Insurance Industry Study for 15 years straight. Customers report being very happy with the insurance and service overall. The only catch is, USAA was created to serve U.S. service members and their families. If you don’t qualify, there is no way to access this insurance. However, if you do, we recommend you join and find out what USAA can offer you.
As with any financial decision, it is wise to get quotes from a few companies, compare the fine print, and then make a decision on which will be most beneficial for your situation.