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Safeco Home Insurance Review


Rating: 8 / 10 (Very good)
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Founded in 1923 as the General Insurance Company of America, Safeco is now a member of Liberty Mutual Group offering auto, vehicle, and property insurance products. Since their acquisition in 2008, the company has continued to provide personal insurance now backed by their parent company’s financial strength and their own network of local and independent agents.

How is Safeco rated?

Breakdown

7/10
Financial Strength
8/10
Customer Experience
9/10
Pricing & Discounts
8/10
Coverage

Overall Rating: 8 / 10 (Very good)

Part of the Liberty Mutual Group, Safeco Insurance is a creditworthy and financially stable company offering a great selection of standard home insurance coverages, additional plans, and limited discounts. Despite their efforts to ensure customer safety and satisfaction, the company's billing and claims handling still leave much to be desired. Regardless of negative feedback, those seeking customizable home insurance policies with added protection for their valuable belongings will find Safeco offers precisely what they need at an affordable price, especially if they opt for an auto and home insurance package.

Financial Strength

Key Details

Underwriter
Liberty Mutual Group
Marketshare 2016
6.75%
Premiums Written 2016
$6,164,379,444
Standard & Poor's Financial Rating
A
Moody's Financial Rating
A2
AM Best Financial Rating
A

Financial Strength - 7 / 10

Safeco Insurance Company of America holds A (Excellent) ratings with all major rating service agencies, including Standard & Poor's, Moody's, and A.M. Best. As a member of Liberty Mutual Group, Safeco's policies are also backed by the outstanding financial stability and creditworthiness of its parent company, which was the third largest home insurer by market share in 2016.
*The above information reflects the financial strength of the underwriter of the Safeco home insurance policies: Liberty Mutual Group.

Customer Experience

National Association of Insurance Commissioners

NAICS Complaint Ratio 2016
0.89
NAICS Total Complaints 2016
105
*The NAICS complaint ratio (in this case 0.89) is a ratio of the number of complaints a company received to the its total premiums written in a calendar year. The median complaint ratio across all companies is 1. A score below 1 means the company received fewer than average complaints. A score above 1 means the company received a higher number of complaints than average.

J.D. Power 2016 Home Insurance Study

JD Power Overall Customer Satisfaction Score
3 out of 5 (About Average)
Policy Offerings
2 out of 5 (The Rest)
Claims
2 out of 5 (The Rest)
Interaction
3 out of 5 (About Average)
Price
3 out of 5 (About Average)
Annual Statement & Billing
3 out of 5 (About Average)

Customer Experience - 8 / 10

Safeco is not accredited by the Better Business Bureau and has yet to be rated by the organization. For that reason, there is little online information about Safeco's customer service approach. Nevertheless, according to statistics gathered by the NAIC, the company had less than the national median complaint ratio for homeowners insurance in 2016. J.D. Power's U.S. Home Insurance Study for the same year further confirms the company ranks about average with regards to overall customer satisfaction and interaction, but among the rest in terms of billing and claims.

Safeco Coverage

Basic Coverage

  • Dwelling Protection
  • Other Structures Protection
  • Personal Property Protection
  • Liability Protection
  • Additional Living Expense Coverage

Coverage - 8 / 10

Safeco offers basic policies that are on par with the industry standard, yet focus primarily on personal property protection for valuables including jewelry and art. They do not extend a guest medical coverage, but offer dwelling protection, secondary structures protection, and liability protection along with a living expenses coverage. Two things that set the company apart from the competition is the fact that they offer personal property replacement without factoring in depreciation and extend additional plans such as identity recovery and equipment breakdown coverage, which provide a comprehensive level of coverage when purchased together.

Pricing & Discounts

Household Discounts

  • New Home

Policy Discounts

  • Multi-Policy
  • Higher Deductible

Pricing & Discounts - 9 / 10

Safeco's home insurance prices will vary depending on the policy selected and the type, age, and size of the home. Discounts with the company are few and limited, yet offer savings opportunities for those who own homes less than ten years old, purchase multiple policies, opt for a higher deductible or pay their bills in full.

Contact & Additional Information

Homepage URL
Company Phone
(206) 545-5709
Headquarters Address
4333 Brooklyn Ave., NE Safeco Plaza, Seattle, WA, 98105
Year Founded
1923

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Top Rated
9.8 / 10
  • A+ BBB - Over 100 Years of Experience
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  • There when you need it: Fast claims & 24/7 reporting
  • Bundle & Save with available multi-policy discounts
  • Get your quote today & learn how you can save up to 26%!