The 2024 Veterans and Military Member Homeowners’ Insurance Policy Top Picks

There are numerous homeowner insurance options available to you and your family as a veteran or active military member. Although some home insurance companies offer discounts to military members, it is advisable to compare the pricing and coverage options of numerous available options in order to determine the most favorable overall price.

Our selection of the most exceptional homeowners insurance providers for veterans and military personnel is as follows.

The following are the top three home insurance companies for veterans and members of the military:

• Nationwide – Ideal for properties of exceptional value
• USAA is the optimal choice for veterans and military personnel.
• Best value for the price: Westfield

VA Loan Requirements for Homeowners Insurance

The U.S. Department of Veterans Affairs collaborates with private lenders to provide home financing to eligible military members, veterans, and surviving spouses through Veterans Affairs (VA) loans.

Potential purchasers typically find VA loans to be appealing financing alternatives due to the absence of down payment, credit score, or private mortgage insurance requirements. Additionally, VA loans typically offer competitive interest rates.

While the VA does not have all of the requirements of other lenders, they do mandate that all borrowers obtain an adequate amount of homeowners insurance to safeguard their homes from the risks that are prevalent in the community. For instance, the borrower is required to secure flood insurance that is equivalent to the loan value if the property is located in a special flood hazard area (SFHA).

Who is eligible for military-specific home insurance?

The following are qualifications that may be required to qualify for military-specific home insurance:

• You are an active duty, National Guard, or U.S. Army Reserve member of the U.S. Armed Forces.
• After serving in the United States Armed Forces, you retired.
• You are discharged from the U.S. Armed Forces with an honorable or general under honorable conditions.
• You are an active or retired military member, a spouse or surviving spouse.
• You are the offspring of a military member who is either active or retired.

What is the impact of military deployment on homeowners insurance?

It is imperative to comprehend the potential consequences of your deployment on your home insurance policy prior to departing. Regardless of whether you are located in another state or across the globe, homeowner insurance policies typically have restrictions regarding your absence.

Before deployment, it is imperative to evaluate the following factors.

Clause of occupancy

Homes that are vacant or unoccupied are typically more susceptible to vandalism and damage from incidents such as fires or ruptured pipelines. It is probable that damages will go undetected, as no one is present to address unforeseen issues.

Insurance companies incorporate vacancy or occupancy clauses into their policy terms as a result of these hazards. A vacancy clause typically stipulates that your property may not be left unattended for a period exceeding 30 to 60 days. Your insurers may terminate your coverage if your deployment surpasses this timeframe. Therefore, it is advisable to consult with your insurer regarding the occupancy requirements to guarantee that your residence is safeguarded during your absence.

In certain instances, insurers may provide vacant home insurance to safeguard your residence during your deployment.

Exemption from war zones

The personal possessions you bring with you are typically covered by your home insurance policy while you are on deployment. Nevertheless, your policy will not typically restore or replace your possessions if any of them are damaged or destroyed while in a war zone.

Termination or expiration of the policy

If your policy is scheduled to renew while you are abroad, it is important to either pay your bill in advance or establish autopay. Upon your return home, you may encounter difficulty in obtaining coverage if your policy has expired. Additionally, your rate may rise if you allow your policy to lapse for a period exceeding 30 days.

What is the cost of military home insurance?

According to Forbes Advisor’s analysis of householders insurance rates, the average annual cost of home insurance for a residence policy of $350,000 is $1,582. It is recommended that military personnel compare home insurance estimates from multiple insurers in order to determine the most favorable rate.

The most affordable property insurance for military personnel and veterans

The following rates are derived from Forbes Advisor’s analysis of the main home insurers in the country. It is recommended that military personnel obtain estimates for home insurance from USAA and a few other companies in order to determine the most favorable rate.

Which home insurance companies provide discounts to military personnel?

The following insurance companies provide military discounts on home insurance:

Farmers Geico Kemper Liberty Mutual

It is important to mention that Geico collaborates with other insurance providers that specialize in homeownership insurance. You will be matched with an additional insurance company when you request a quote.

Discounts offered by home insurance companies that specialize in military personnel
Armed Forces Insurance and USAA provide competitive rates exclusively to military personnel. Consequently, they do not provide a military discount. They do provide additional discounts on home insurance that are frequently offered by conventional insurers.

USAA resident discounts encompass the following:

• Being claim-free for a period of five years
• Auto and home packages
• Oversaw fire or safety systems
• Water and smoke detection

USAA’s USAA Perks program also provides discounts on PODS Moving & Storage, ADT Home Security, and Angi maintenance and cleaning services.

Armed Forces Insurance offers discounts and credits for home insurance that include:

• Evaluation of the efficacy of the building regulation
• Burglar and fire alarms at the central station
• Gated or secured community
• New residence New roof
• Windstorm mitigation

Comparison purchasing

Shopping around and comparing home insurance estimates is one of the most effective methods for reducing home insurance costs. We advise to conduct comparison purchasing with at least three distinct insurance providers, as the cost of a policy can fluctuate considerably from one company to another. To ensure that you are comparing apples to apples, request quotes from each insurer for the same coverage levels.

Ascertain whether increasing your deductible will result in a reduction in your insurance rates.

By increasing your deductible, you may be able to reduce the cost of your home insurance. The deductible is the monetary quantity that is subtracted from an insurance claim payment. You may be able to obtain more affordable home insurance by reducing the prospective claim payment. Inquire with your home insurance agent or company regarding the amount of savings you will experience by increasing your deductible.