Insurance protects us from any type of financial loss and, it is categorized under the risk management category because it saves us from unwanted financial damage. The group or the system which provides us insurance is called an insurance company and, the person who buys insurance is called a policyholder.
Both Geico Home Insurance and USAA offer insurances related to home, personal property, medical insurance facilities, and many more. They vary according to customers, services provided to them, advertisements or endorsements, the price range of the insurances, etc.
Geico Home Insurance vs USAA
The main difference between Geico Home Insurance and USAA is that Geico Home Insurance is eligible for all the members of a country and offers some unique add-ons like rebuilding important collections. Whereas the USAA only provides services to military persons and their family members.
Geico Home Insurance provides security for your private residence. It is a proper policy that you need to read out and provide your consent through your signatures in the documents. This policy covers damages, losses, and other things related to your home or private residence.
USAA insurances are specially for the people who serve in the military, veterans, and their family members. This home insurance cover is one of the leading policies for the nation’s servers. This can also be used by the retired members of the army forces and the separated veterans.
Comparison Table Between Geico Home Insurance and USAA
| Parameters of Comparison | Geico Home Insurance | USAA |
| Coverage options | This home insurance policy offers you dwelling coverages like re-structuring homes, loss of use, liability, etc. | This home insurance policy also offers the same coverages as Geico but it also has some additional benefits like coverages for business property, credit card forgery, etc. |
| Endorsements | For some additional cost, it offers full endorsements like business pursuit, earthquake coverage, theft protection | For some additional cost, it also offers endorsements like water backup, flood, earthquake coverages but with some restrictions. |
| Insurance cost | The cost of the whole common insurance policy is affordable and effective. | The cost of the whole common insurance policy is slightly out of the affordable range but is effective. |
| Policies | This policy company does not write or define its policies written in the documents. | This policy company writes and defines its policies clearly, unlike Geico home insurance policies. |
| Customer service | This company has the best-rated customer service available 24/7. | This company has the worst-rated customer service and is available only during business hours. |
What is Geico Home Insurance?
Geico is a government insurance company founded in 1936 in the United States. This insurance company is a daughter company of Berkshire Hathaway. Companies like Homesite, Liberty Mutual, and Travelers are partnered with Geico home insurance policies to make sure good policymaking.
Geico home insurance policies are not issued by their guidelines. Instead, it is underwritten by special financial institutions like banks investment houses which makes it more like a third-party handler and less secure. It is preferred more because of the affordability range and availability range.
The insurance policies are decided according to your belonging area and, if you find something wrong and want to communicate, then you need to contact the third-party handlers instead of directly contacting to Geico company.
What is USAA?
USAA offers you full coverages in one policy, but it is slightly on the expensive side. The discount options are also of wide range as compared to Geico’s home insurance policy. The user service of this insurance company is very bad as you need to wait for long hours, even for getting done the smallest or minor changes in your policy.
USAA was founded in 1922 in the United States and was initially not an insurance company. It was a financial services group that gets expanded and started its own insurance company. All the policies in USAA are handled by them only as there is no involvement of third-party companies.
USAA offers you several schemes that might lower your policy amount to some extent and, these schemes include having a home security system, refurbishing your home, building a new home, buying more policies, etc.
Main Differences Between Geico Home Insurance and USAA
- Geico home insurance policy presents you with residence coverages like re-structuring homes, loss of use, liability, etc. On the other hand, the USAA insurance policy also offers the same coverages as Geico, but it also has some extra advantages like coverages for business property, credit card forgery, etc.
- In the Geico home insurance policy, you can get endorsements like water backup, flood, earthquake coverages for some additional charges, with some restrictions. Whereas in USAA policy, you can get full endorsements like business pursuit, earthquake coverage, theft protection.
- The USAA policy company writes and defines its policies on its own. While the Geico home insurance policy company does not write or define its policies written in the documents.
- The cost of the whole common USAA insurance policy is slightly out of the affordable range but is effective. Whereas the cost of the whole common Geico home insurance policy is affordable and effective.
- Geico home insurance company has the highest rated customer service available 24/7 with so many additional benefits. While the USAA insurance company has low-rated customer service available only during business or working hours.
Conclusion
There are mainly four types of insurances, also known as general categories of insurance and, they are health insurance, vehicle insurance, travel insurance, and private property insurance. Insurance acts as a financial supporter for a human as it helps us when we go through any unwanted calamity or misfortune.
Every month we pay a subtle amount to the insurance company, and that amount is often called premium and, it depends on the insurance amount that we have taken for our home, vehicle, health, etc. There are several methods of insurance which are dual insurance, self-insurance, reinsurance, and co-insurance. To make people aware of the benefits of the insurance policies government has offered tax deduction policies for the people having insurance.
References
- https://repository.asu.edu/items/29031
- https://papers.ssrn.com/sol3/papers.cfm?abstract_id=1980374