Homeowners Insurance Companies with the Cheapest Rates (2022)

Homeowners Insurance Companies with the Cheapest Rates (2022)

Homeowners Insurance Companies with the Cheapest Rates (2022), Securing the right homeowners insurance policy for your new home is a crucial step towards protecting your new investment and gaining peace of mind, but coverage can be expensive. We’ll show you how to find the cheapest homeowners insurance companies. Let’s dive in.

One of the simplest ways you can save money and time finding quotes is through comparison shopping. Insurify provides you with dozens of personalized quotes from the nation’s leading insurers in just minutes, allowing you to compare purchase policies with ease.

Insurify has compiled the stats on the best and most affordable home insurance quotes in the nation, broken down by location, company, local risk, and even demographic variables. Read on to find the best cheap homeowners insurance quotes in your area.

Home insurance coverage is too essential to be a burden. Check out the table below to find the best cheap homeowners insurance quotes in your area.

Insurance Company Average Annual Premium Average Monthly Premium
Erie $992 $83
USAA $1,001 $84
Nationwide $1,221 $102
Allstate $1,295 $108
Travelers $1,304 $109

Since no two homeowner profiles are entirely the same, your rates may vary from the averages above. Home insurance providers may weigh rating factors differently, increasing or decreasing premiums accordingly.

Cheapest Home Insurance Companies

Insurify has compiled this list of the most affordable home insurance companies for a standard home insurance policy with typical coverage limits and deductible levels to assist you in searching for the best and cheapest home insurance rates.

Insurance providers take many risk variables into account when calculating your annual premium. Crime rates and vandalism in your ZIP code, the frequency of natural disasters in your area, and the age of your house may pose risks to the safety and integrity of your house. Fret not, though—cheap home insurance quotes aren’t impossible to find if you know where to look in your search for the ideal home policy. National averages vary greatly depending on your geographical region and the certain risks it poses to insurers.

Insurify has compiled the stats on the best and most affordable home insurance quotes in the nation, broken down by location, company, local risk, and even demographic variables.

Erie Insurance offers services in twelve states in the Midwest and Northeast. Excellent for homeowners who’d like to bundle their insurance products, Erie offers significant bundling discounts for policyholders. It offers various coverage options and discounts beyond bundling to help customize policies to homeowners’ exact needs.

Pros Cons
  • Strong ratings from AM Best and JD Power
  • Many coverage options
  • Low volume of consumer complaints
  • Limited discounts
  • Regional operation
  • No way to file claims online
Insurify Composite Score A.M. Best J.D. Power S&P Rating
87 A+
Superior
856
Out of 1,000
A+
Cheapest for Military Families
Average annual cost:
$1,001

If you’re eligible for coverage from USAA, it will likely offer the best rates available to you. USAA only offers coverage to active military members, veterans, and their families. It consistently ranks among the best in industry rankings and awards like J.D. Power. It offers policyholders discounts and customizable policies that may reduce premiums even further.

Pros Cons
  • A wide array of standard coverages
  • Average rates below the national average
  • Low volume of consumer complaints
  • Strict eligibility requirements
  • Few available discounts
Insurify Composite Score A.M. Best J.D. Power S&P Rating
96 A++
Superior
889
Out of 1,000
AA+
Cheapest for Bundling
Average annual cost:
$1,221

Nationwide is one of the country’s largest insurance providers. Whether it’s their catchy jingle stuck in your head or its well-known customer service reputation, you know Nationwide. It also offers some of the most competitive homeowners insurance rates in the industry. Nationwide gives lots of discounts and supplemental coverage options.

Pros Cons
  • A wide array of standard coverages
  • Huge discount library
  • Low volume of consumer complaints
  • Coverage not available nationwide
  • No mobile home insurance option
Insurify Composite Score A.M. Best J.D. Power S&P Rating
88 A+
Superior
875
Out of 1,000
A+
Cheapest with Discounts
Average annual cost:
$1,295

Another giant in the industry, Allstate, is a reliable and trusted insurer. It offers some of the cheapest rates for homeowners insurance. If you’re looking to bundle with your car insurance policy, Allstate could be your best bet with the most affordable quotes.

Pros Cons
  • Highly rated mobile app
  • Huge discount library
  • Low volume of consumer complaints
  • Low ratings on claim payouts
Insurify Composite Score A.M. Best J.D. Power S&P Rating
89 A+
Superior
868
Out of 1,000
AA-
Cheapest for Basic Policies
Average annual cost:
$1,304

Travelers’ average homeowners insurance premium is lower than the national average. With highly customizable plans, homeowners can tweak their coverage levels until they’re the perfect match for their home and lifestyle. With a good reputation and low rates to boot, Travelers is an excellent option for home insurance coverage.

Pros Cons
  • Highly rated mobile app
  • Available nationwide
  • Huge discount library
  • No mobile home insurance option
Insurify Composite Score A.M. Best J.D. Power S&P Rating
85 A++
Superior
855
Out of 1,000
AA

How Location Affects Your Home Insurance Cost

ZIP codes often assist home insurance companies in predicting the risk of insuring homes in certain areas. For instance, if your town has a sudden hike in the crime rate, the average home insurance premiums may reflect that increase in the following renewal cycle. Similarly, if your area is prone to natural disasters like wildfires or hurricanes, expect to see those risks reflected in your rates. Your financial stability is closely aligned with the amount of protection your insurance policy offers you, so be sure you’re keeping up your credit score?

The average American homeowner won’t necessarily be able to score the cheapest home insurance rate. After all, not all homeowners have a perfect credit score or want policies without high coverage limits. Remember, Insurify can secure you a cheap quote, no matter your background, profile, or insurance needs.

Cheapest Home Insurance Companies by State

Since homeowners insurance rates rely so heavily on geographical features to determine quotes, companies will have drastically different rates from state to state. Sometimes, regional companies can be cheaper for homeowners than larger, national insurers. Here are the most affordable homeowners insurance companies in each state. These quotes were calculated for standard coverage limits and average deductible amounts.

State Insurance Company Average Annual Premium
Alabama American National $794
Alaska Umialik $1,030
Arizona USAA $945
Arkansas Farmers $858
California Horace Mann $852
Colorado Encompass $1,191
Connecticut Foremost Signature $926
Delaware Nationwide $678
Florida Stillwater $2,202
Georgia Farmers $1,012

Tips and Tricks to Lower Home Insurance Rates

The average cost of homeowners insurance in the United States is just about $1,400. But really, who wants to be average? There are some tricks homeowners can try to cut their costs. The best way to ensure you’ve secured the best and cheapest coverage is by comparing homeowners insurance quotes with a trusted comparison tool. There are also some home improvement tasks that homeowners can invest in to save money in the long run. These might include a roof replacement, installing modern security technology, or updating heating systems.

There are a few steps homeowners everywhere can take to help them lower their monthly premiums and keep their homes and loved ones safe. The best home insurance companies use a particular methodology to determine average rates. If you can meet these requirements, you may be able to lower your rates.

Bundle, bundle, bundle! By combining your homeowners and auto insurance policies with the same company, you could save money on your monthly payments with a multi-policy discount. Selecting specific coverage options when bundling may get you serious premium savings. You may be eligible for other home insurance discounts for having a claims-free history or even for installing smoke detectors in your home.

Discounts vary quite a bit from one company to another, but here are some of the most common home insurance discounts and how to qualify for them.

Discount How it Works Average Discount
Multi-Product Discount Many insurance companies sell other products besides home insurance: auto insurance, life insurance, etc. Buying more than one type of policy from a carrier can get you a discounted “bundling” rate. Bundling your home insurance with car insurance can also save you considerable time. 20%
Protective Device Discount Having a home security system, smoke detectors, deadbolts, and other protective devices may earn you a discount. 15%
Claim-Free Discount If you’ve never filed a home insurance claim, you may be eligible for a discount. 5%
Exclusive Group Savings If you belong to specific organizations, such as AARP or are a member of certain professions, you may be eligible for a discount. 2%
Newly Purchased Home Being a first-time homebuyer or new homebuyer may earn you a discount—be sure to ask your insurance company. 5%
New/Renovated Home Discount Buying a brand-new home or extensively restoring an existing one may get you a deal on your insurance premiums. 35%
Early Shopper Discount Start shopping for home insurance before your current policy expires, and you may get this discount. 2%
Insured to Value Discount Setting your coverage level to 100% of the replacement cost of your home may make you eligible for a discount. 5%

Purchase Home Security Systems

Shelling out a few bucks for a more advanced home alarm system or more secure home parts may lead to long-term savings. Companies may grant discounts and lower your premiums for homes that are more than adequately secured. Take common-sense precautions against burglars by locking your doors at all times, installing a deadbolt, considering a security system, and notifying trustworthy neighbors while you’re out of town.

Choose Your Deductible Wisely

Carefully select the right deductible amount to ensure you’re adequately covered if you need to file a claim. It might be tempting to choose a higher deductible amount to secure low monthly rates, but you have to remember that your deductible amount is the cash you’ll have to shell out before an insurance claim kicks in. Here’s what you can expect to pay in annual premiums for different deductible levels with the cheapest insurance companies.

$500 deductible $1,000 deductible $1,500 deductible $2,000 deductible $5,000 deductible
Erie $1,412 $1,315 $1,228 $1,163 $989
USAA $1,424 $1,327 $1,240 $1,174 $998
Allstate $1,737 $1,619 $1,512 $1,432 $1,218
Nationwide $1,843 $1,717 $1,604 $1,519 $1,291
Travelers $1,856 $1,729 $1,615 $1,529 $1,300

Credit Counts

Keep a good credit score, if you can. Though a handful of states are outlawing this practice for auto insurance policies, the fact remains that home insurance companies can factor your credit health into your home insurance rates. Insurers can use credit scores to calculate a similar metric, called an insurance score, which helps them flag high-risk customers. Be sure you understand the explicit exclusions of your policy. The cost of homeowners insurance you select may exclude certain perils which have to be selected as add-ons to your policy.

Poor Credit Average Credit Good Credit Excellent Credit
Erie $2,112 $1,060 $966 $834
USAA $2,131 $1,070 $974 $842
Allstate $2,600 $1,305 $1,189 $1,027
Nationwide $2,757 $1,384 $1,261 $1,089
Travelers $2,776 $1,394 $1,269 $1,096

Preparation is Key

Prepare ahead of time. Always keep fire extinguishers in convenient areas in your home, including near your kitchen and in the garage. You may also want to consider installing a home sprinkler system. Don’t forget to keep your appliances up-to-date and stay on top of roofing repairs and mold damage mitigation. Take an extra second to reconsider investing in outdoor structures like trampolines or diving boards, as these often result in price increases in your home insurance costs.

Consider the Big Picture

When choosing which home insurance company to sign onto, think beyond the monthly rate. Once you’ve narrowed down your best and cheapest options, consider the company’s customer service and claims satisfaction reputation, along with other intangibles. The best homeowners insurancecompanies in the United States receive high marks from policyholders not merely because they secure them the cheapest rates., but because they are there for them and easy to work with during the toughest of times. Rating services like J.D. Power & Associates may help you determine the very best homeowners insurance companies in your area. Even though these higher-rated home insurance companies may be a few extra bucks a month, their proven customer satisfaction rates may be worth it. Use a home insurance calculator to figure out how much you might need to budget for your monthly premiums–– before signing the dotted line.

There’s a lot more to home insurance than just dwelling coverage. Insurance offers protection in the form of replacement costs for damaged personal belongings, liability coverage, and protection against financial losses after a disaster. Get covered now.

Cheap Home Insurance Companies – FAQs

  • Use a free home insurance quotes comparison site like Insurify to compare tailor-made, ready-to-buy home insurance quotes from top companies. Don’t bother going from site to site—compare custom discounts and rates based on your needs, with just a few clicks. You can save up to hundreds on your home insurance premium and even buy 100% online.

How to Find the Best and Cheapest Home Insurance

Finally, there’s one way that you can find the best rates around, lower your insurance costs, and spare yourself a lot of angry phone calls: Insurify.

We believe that the cost of home insurance should never be an obstacle to protecting your home and personal property.

Insurify offers free and cheap home insurance quotes to homeowners all over the country. Whether you reside in a beachside mansion or teeny-tiny cottage in the countryside, we’ve got you covered. Insurance companies love filling our television screens and speakers with endless ads trying to convince us that they are the right choice. The average homeowner doesn’t really care which insurance company they’re covered by, as long as they’re getting the best insurance products and coverage options available.

home insurance quotesfrom top-ranked national and regional companies, unlock discounts for which you’re eligible, choose your coverage amounts, and secure a policy today: no hassles or gimmicks, just a simple comparison. First-time homebuyer or not, scoring the best and cheapest home insurance policies has never been simpler. Insurify also offers comparison for renters coverage, life insurance, and car insurance policies; so, we’ve got everything you need.

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