There are many homeowners insurance providers on the market. However, if you are active duty military personnel or veterans, there may be some that are worth your consideration. When you are deployed, military personnel have special coverage requirements. Home insurance for veterans can offer tailored coverage to address a range of situations that service members may face.
The best home insurance companies for veterans and military personnel
Although home insurance is a personal decision and will vary from one person to another, USAA and Armed Forces Insurance are two companies worth looking into. These providers are only able to provide coverage for eligible military personnel and have extensive experience in insuring veterans homes. Here are some details about the top military homeowners insurance companies.
USAA
USAA is a top-rated home insurance company. Excellent customer service, great coverage options, and affordable policies are all hallmarks of USAA. Home insurance policies offered by USAA cover perils such as fire, theft, windstorms, and identity theft, as well home sharing, earthquake, and uniform coverage.
USAA home insurance can be very affordable. However, to save even more, you can avail of discounts. USAA offers special savings by bundling multiple policies. They also offer claims-free service and can install a security system to protect your home from theft and vandalism.
Armed Forces Insurance
Armed Forces Insurance, another insurance provider, caters to veterans and military personnel. Homeowners insurance policies offered by Armed Forces Insurance cover your home and personal effects, as well as liability insurance, medical payments, and loss of use coverage.
The flexibility of Armed Forces Insurance’s coverages is one of its best assets. You can personalize your policy by adding equipment breakdown coverage or animal liability coverage. Flood coverage, earthquake coverage, flood coverage, identity protection, and more are all options available. You can also get discounts from the company to lower your premium.
Military members and veterans get discounts
While Armed Forces Insurance and USAA offer affordable policies, there are no military-specific discounts. You might be looking for affordable home insurance. It is possible to find another company that offers discounts for veterans and military personnel. These are some insurance companies offering military discounts.
- Geico: You might be eligible for a discount on your home insurance if you are a member of any branch or service of the military. According to the company’s website, military personnel and National Guard/Reserve personnel may be eligible for a 15% discount on their premium. A discount can be obtained for emergency deployment or membership of a professional military organization, such as the Association of the United States Army.
- Farmers: Military members may be eligible to receive a discount on their home-insurance policy through Farmers’ affinity Discount. Farmers website states that members, employees, and retirees from certain groups, businesses, and professional associations may be eligible for a lower premium. To find out if there are military-specific memberships, we recommend that you contact a Farmers agent.
VA Homeowners Insurance
A loan through the U.S. Department of Veterans Affairs (VA) might be an option if you’re thinking of buying a house. The VA loan is a type mortgage that is available only to veterans, military personnel and their spouses. This home loan is available without a down payment, and usually comes with attractive interest rates and property taxes deductions.
You can work with the VA to obtain veterans mortgage insurance if you buy a home using a VA loan. Although the VA doesn’t sell home insurance specifically, they might be able to recommend reputable home insurers. They can help you select the right amount of coverage for your house and personal property.
What happens to my homeowners’ insurance if I am deployed
Your homeowners insurance coverage will be affected by military service. This will also affect your premium. Two clauses are common in home insurance policies. They limit your coverage if you go overseas or to another country. These are the clauses you should look for in your policy documents.
- Occupancy clause: Home policies do not apply to primary residences that have more than one resident. Your coverage could be canceled if you are deployed for longer than one month, and no other person is living in your home. This clause is less common for military-specific insurance companies like USAA. You can usually purchase an endorsement to cover your home during vacancy if your policy does not cover you while you are deployed.
- War zone exemption: Another clause worth noting is the war zone exclusion. While your home insurance policy covers personal property anywhere in the world (except for war zones), it may not cover you if you are deployed to such areas. Your personal belongings may not be covered by your home insurance policy depending on where you are deployed. This exemption is not available from most military-specific insurance companies.
Questions frequently asked
Which is the best company for home insurance?
Everybody has a different opinion on the best home insurer. USAA might be the best choice for military personnel. State Farm might be the best choice for civilians. We recommend that you compare providers using your own criteria, and get quotes from multiple carriers to find the best deal.
What is the cost of home insurance?
For homeowners insurance with $250,000 coverage, the average annual cost is $1,477. Each homeowner will pay a different rate depending on their coverage. Home insurance rates are determined by a number of factors such as your state and ZIP code, age, credit score, and claims history.
What amount of home insurance do you need?
You are likely to be wondering what coverage you should purchase if you are a first time home insurance buyer. You should have sufficient dwelling insurance to cover the costs of rebuilding your house back to its original condition. Personal property insurance should be sufficient to protect the value of personal items such as clothing and furniture. Your personal assets, which could be subject to a lawsuit, should determine your liability insurance limit.
