“ Homeowners indemnity covers your house, your belongings, and typically extra expenses for irregular housing if your sign of the zodiac is damaged, ” says Ken Gregg, CEO of Orion180, an insurance supplier that specializes in homeowner indemnity in the Southeast. “ You want an insurance company that offers allow coverage limits to fit your needs and has the fiscal means to pay out claims. ” The good newsworthiness is you don ’ t have to settle for an expensive rate ; brassy homeowners insurance can include great coverage and customer overhaul, excessively .
Pro Tip
Consider bundling your car and homeowners policy policies with the like company to save money. It ’ sulfur common to get a multi-policy discount rate for having more than one production line of policy with the lapp supplier. quality homeowners indemnity shouldn ’ thymine break the deposit, so we compared homeowners indemnity companies across the country to find ones that offer the lowest rates, dear customer service, and high-quality coverage .
Our Picks for Cheap Homeowners Insurance Companies of 2022
Company Overview
Nationwide
You may recognize Nationwide for its car policy policies, but you can besides get home and life indemnity with the company. Nationwide ’ mho homeowners insurance covers things you ’ vitamin d expect, like the forcible structure of the home and personal liability. It besides offers a type of indemnity that early companies frequently charge extra for : regulation or police coverage. Because Nationwide offers policies in home, car, and life, it ’ s possible to have multiple policy policies with the same brand. It offers more discounts for homeowners insurance than most companies, up to eight, which makes it easier to keep your policy premiums down. You can get homeowners insurance with Nationwide in every state except Alaska, Hawaii, Louisiana, and Massachusetts, american samoa well as in Washington, D.C. Average annual premium for a $250K dwelling : $ 1,042
Nationwide Coverage Types
- Personal liability insurance
- Medical payments insurance
- Dwelling insurance
- Personal property insurance
- Other structures insurance
- Loss of use insurance
- Ordinance insurance
- Credit card coverage
- Identity theft insurance
- Replacement cost plus insurance
- Valuables plus coverage
- Water backup coverage
- Earthquake insurance
- Flood insurance
- Brand new belongings coverage
- Better roof replacement coverage
Nationwide Home Insurance Discounts
- Multi-policy discount: You can get a lower rate by bundling your home, auto, and life insurance policy.
- Protective device discount: If your home is equipped with smoke detectors, fire alarms, or a security system, you can qualify for a discount.
- Claims-free discount: If you have no insurance claims on your record within the last several years, you may be able to get a discount on your premium.
- Home renovation discount: If you have recently renovated your home’s plumbing, heating, cooling, or electrical systems, you can get a lower rate.
- Roof rating discount: Nationwide policyholders can save money on their insurance policy based on their home’s roof age and surface type.
- New home discount: If you insure a home purchased in the last year, you might be able to qualify for a discount.
- Prior insurance discount: If you switch to Nationwide from a different insurance provider, you can qualify for a discount based on how long you were insured by the other carrier.
- Gated community discount: Homeowners who live in a gated community protected by security guards, residence cards, or key-lock devices can get a lower rate on their home insurance.
Progressive
progressive offers many types of indemnity, from car and life to homeowners insurance. Progressive ’ mho homeowners insurance, which is technically cover by american english Strategic Insurance ( ASI ), has built a repute for being relatively cheap. The company ’ s home indemnity is reasonably basic in terms of coverage and doesn ’ metric ton offer many optional coverages, but there are numerous discounts that can help you get a cheaper rate. You may be able to save money if you are a new homebuyer, sign up for paperless statements, or have an alarm system. Progressive besides has a user-friendly on-line tool that lets you compare its rates with other big competitors. Average annual premium for a $250K dwelling : $ 1,026
Progressive Coverage Types
- Dwelling insurance
- Other structures coverage
- Personal liability
- Personal property
- Loss of use coverage
- Medical payments coverage
- Water back up coverage
- Personal injury coverage
Progressive Home Insurance Discounts
- Multi-policy discount: You can save an average of 5% when you bundle a home and auto insurance policy with Progressive.
- Safety and alarms discount: If your home is equipped with a security system, fire alarms, or automatic sprinklers, you qualify for a discount.
- Quote in advance discount: Getting a home insurance quote from Progressive at least 10 days before your policy starts can lower your rate.
- Pay in full discount: Policyholders who pay their annual premium upfront and in full can save some money on their insurance.
- New home discount: If you recently purchased a new home or switched from a Progressive renters insurance policy, you’ll get a lower rate.
- Newly built home discount: Newly built homes qualify for a discounted insurance rate.
- Digital documents discount: Policyholders who sign up for emailed statements can get a discount.
Honorable Mentions for Cheap Homeowners Insurance Companies of 2021
USAA
USAA sells all types of indemnity policies to active agent and retire military members and their contiguous families, including homeowners insurance. The company systematically scores high in versatile rankings, making it a competitive candidate for homeowners policy if you ’ re eligible. USAA ’ mho average bounty for homeowners indemnity is already depleted, but you may hush be able to save. For exercise, it offers discounts for bundling your home and car coverage with USAA, having a home security system, and being claims-free. Average annual premium for a $250K dwelling: $ 992
USAA Coverage Types
- Dwelling coverage
- Personal belongings
- Loss of Use
- Personal liability
- Other structures
- Home-sharing coverage
- Earthquake coverage
USAA Home Insurance Discounts
- Multi-policy discounts: If you bundle your home insurance with auto insurance from USAA, you can save 10% on your premiums
- Claims-free discount: Policyholders who don’t file any claims for five years will receive a 10% discount
- Protective device discount: USAA partners with ADT and offers discounts to homeowners who install their home security systems
Erie Insurance
Erie Insurance is the 11th largest insurance company for homeowners policies, evening though it ’ second available only in 12 states. It offers coverage in Illinois, Indiana, Kentucky, Maryland, New York, North Carolina, Ohio, Pennsylvania, Tennessee, Virginia, West Virginia, Wisconsin, and Washington D.C. It offers the cheapest average premium on our tilt but doesn ’ thymine cut corners with its coverage. The company not only offers standard coverage for homeowners but besides has a guaranteed replacement monetary value and optional add-ons to help personalize your coverage and meet your needs. There are many extra ways to save on your premium with Erie, such as multi-policy discounts, protective device discounts, and advanced quotation discounts. If you prefer handling your insurance in person, Erie has over 13,000 agents countrywide. Average annual premium for a $250K dwelling: $ 897
Erie Coverage Types
- Dwelling coverage
- Personal property
- Personal liability
- Home business protection
- Extra coverage for valuables
- Water/sewage backup coverage
- Guaranteed replacement cost
Erie Home Insurance Discounts
- Protective devices discount: You can get a percentage off your premium for having a smoke alarm, burglary alarm, and automatic sprinkler system installed in a home.
- Advance quote: If you get a quote before your renewal deadline, you can qualify for this discount.
- Multi-policy discount: Erie offers multi-policy discounts from 16% to 25%, depending on your state.
Auto-Owners
Although Auto-Owners ’ average bounty is the highest on our number, it ’ s still below the national average. If you are looking for a reputable company and live in one of the 26 states it operates in, Auto-Owners could be a good choice for you. Auto-Owners ’ homeowners policies are reasonably standard but highly customizable, with add-ons like jewelry and valuable items coverage, water stand-in coverage, and identity larceny coverage. You may besides be able to lower your pace by taking advantage of the caller ’ sulfur discounts. It offers about 10 different discounts for homeowners insurance, from being a raw homebuyer and having a fleeceable home plate to bundling your policies. Average annual premium for a $250K dwelling: $ 1,165
Auto-Owners Coverage Types
- Dwelling coverage
- Personal property
- Personal liability
- Other structures coverage
- Medical payments
- Additional living expenses
Auto-Owners Home Insurance Discounts
- Multi-policy discount: You can get a discount for having multiple policies with Auto-Owners.
- Payment history: You may qualify for a discount if you have paid your premiums on time in the past 36 months.
- Green discount: Get this discount by enrolling in paperless billing and paying your policy premiums online.
- Protective devices discount: If you have protective devices, such as smoke detectors, deadbolt locks and fire extinguishers, you may be eligible for this discount.
- Paid-in-full discount: Save more if you pay your annual policy premium in full and on time.
- Mortgage-free discount: You can qualify for this discount if you don’t have a mortgage or line of credit on your home.
- Automatic backup generator discount: Get this discount if you have a qualifying backup generator.
- Advance quote: A discount is available for new applicants who request a premium quote prior to the effective date of the policy.
Cheap Homeowners Insurance Companies of February 2022 Summary
| Insurance Company | Average Annual Premium for $250K Dwelling | J.D. Power Customer Satisfaction Score, 2020 | A.M. Best Rating, 2020 | States Available |
|---|---|---|---|---|
| Nationwide | $1,042 | 808 | A+ | 46 |
| Progressive | $1,026 | 867 | A+ | 50 |
| USAA (Honorable Mention) | $992 | 889 | A++ | 50 |
| Erie Insurance (Honorable Mention) | $897 | 839 | A+ | 12 |
| Auto-Owners (Honorable Mention | $1,165 | 843 | A++ | 26 |
How to Save Money on Homeowners Insurance
Finding ways to save money on homeowners insurance after investing in a home doesn ’ t have to be complicated, although some cost-reduction tactics may take a little more campaign than others. here are some actions you can take to help lower your homeowners policy costs .
Get Multiple Homeowners Insurance Quotes
fair like car policy, you should never buy the first policy for which you get a quote. Shop around and compare rates from at least three to five companies to find an low-cost policy that meets your needs .
Insure Your Home for the Right Amount
First things inaugural : make certain you ’ re insuring your home based on how much it would cost to rebuild it, not its stream grocery store prize. That is crucial in order to insure your house for the right sum. You can do this correctly by asking your base insurance agentive role or company to estimate your home plate ’ south replacement price. Keep in heed the substitute cost of your home importantly affects your agio, so every few years, have your insurance company reassess its replacement value to ensure you ’ rhenium not over- or underpay .
Consider a Higher Deductible
Opting for a higher deductible will lower your monthly payments for homeowners policy, but you should entirely go this road if you feel comfortable accepting a larger helping of fiscal responsibility. If there ’ s always an accident or a catastrophic event involving your family, you ’ ll have to pay out more when you file a claim .
Be Strategic With Your Claims
If you can, avoid filing claims for minor damages and incidents. Too many claims, specially in a short period of time, may set off warning signals to indemnity companies and lead to higher rates down the road. Some policy companies will even offer a deduction if you haven ’ thymine filed a title in the last three to five years .
Ask About Discounts
Discounts are an easily way to lower your insurance premiums, although they can vary importantly from company to ship’s company. Whichever party you choose for homeowners policy, ask about their discounts and see if you qualify for any. many companies are volition to give you more than one discount, specially if you have multiple policies with the like insurance company. here are the most common home policy discounts to ask about :
- Multi-policy discount
- New home discount
- Advance quote discount
- Payment methods: paperless, automatic, or pay in full
- New home construction
- Senior discount
- Protective devices in the home: Home security systems or fire prevention systems
- Roof upgrades
- Smoke-free
Frequently Asked Questions
Is homeowners insurance mandatory?
Homeowners policy is not legally required. If you have a mortgage, your lender will likely mandate you to have a homeowners policy until the mortgage is paid off .
How much does homeowners insurance cost?
The average premium for a typical homeowners policy policy is around $ 1,300, according to the latest datum from Bankrate. The cost of homeowners policy can vary depending on your department of state, how much coverage you want, and several other crucial factors .
What does homeowners insurance cover?
Homeowners policy protects your house and personal place from larceny, open fire, vandalism, falling objects, and severe weather such as windstorms and hail. Homeowners indemnity can besides protect you against other expensive incidents, like medical bills if person is injured in your home or housing and restaurant meals if your home is ever damaged to the target where it ’ second uninhabitable .
Methodology
To determine our picks for the cheapest homeowners insurance companies, we started with a list of 25 of the largest family indemnity companies by premiums collected, based on data from the National Association of Insurance Commissioners. From there, we applied a series of filters to narrow the field across identify categories like monetary value, handiness, and customer atonement. For starters, all our top picks must be universally available to all consumers in at least 40 states. To gauge affordability, we looked at Bankrate ’ mho average annual bounty across these carriers and eliminated any with an average annual price of more than $ 1,200. ( Bankrate, like NextAdvisor, is owned by loss Ventures. ) future, we looked at J.D. Power ’ randomness 2020 U.S. Home Insurance Customer Satisfaction Study, and ruled out any companies that scored below 800 on a 1,000-point scale ( the diligence average was 842 ). finally, we looked at each indemnity party ’ second A.M. Best fink, which evaluates a company ’ s fiscal stand. Financial solidity matters for insurance companies because their customers depend on them to pay their claims if they ’ re in an accident or experience an guarantee passing. In other words, an indemnity company that has the wherewithal to stay in business is more dependable in the long term. We ruled out any ship’s company that doesn ’ t have A.M. Best ’ s fink of A+ or higher. We besides eliminated any companies that are involved in any active fraud investigations.
Read more: The 7 Best Car Insurance Companies (2022)