Top Homeowners Insurance Coverage: What You Need to Know [2024]
Finding cheap home insurance is more important than ever. The top homeowners insurance coverage providers are Liberty Mutual and Amica, with monthly rates of around $120. However, military members will get more affordable home insurance rates from USAA at $85 per month. Get lower rates by asking for discounts.
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Eric Stauffer
Licensed Insurance Agent
Eric Stauffer is an insurance agent and banker-turned-consumer advocate. His priority is educating individuals and families about the different types of insurance coverage. He is passionate about helping consumers find the best coverage for their budgets and personal needs. Eric is the CEO of C Street Media, a full-service marketing firm and the co-founder of ProperCents.com, a financial educat...
Licensed Insurance Agent
UPDATED: Oct 17, 2024
It’s all about you. We want to help you make the right coverage choices.
Advertiser Disclosure: We strive to help you make confident insurance decisions. Comparison shopping should be easy. We are not affiliated with any one insurance provider and cannot guarantee quotes from any single provider.
Our insurance industry partnerships don’t influence our content. Our opinions are our own. To compare quotes from many different insurance providers please enter your ZIP code above to use the free quote tool. The more quotes you compare, the more chances to save.
Editorial Guidelines: We are a free online resource for anyone interested in learning more about auto insurance. Our goal is to be an objective, third-party resource for everything auto insurance related. We update our site regularly, and all content is reviewed by auto insurance experts.
UPDATED: Oct 17, 2024
It’s all about you. We want to help you make the right coverage choices.
Advertiser Disclosure: We strive to help you make confident insurance decisions. Comparison shopping should be easy. We are not affiliated with any one insurance provider and cannot guarantee quotes from any single provider.
Our insurance industry partnerships don’t influence our content. Our opinions are our own. To compare quotes from many different insurance providers please enter your ZIP code above to use the free quote tool. The more quotes you compare, the more chances to save.
On This Page
- Some of the cheapest homeowners insurance companies are Amica, Nationwide, Progressive, and Liberty Mutual
- You can save money on home insurance by taking advantage of discounts, buying only the coverage you need, and improving the security features of your home
- The best way to get home insurance is to compare quotes online with as many features as possible
Unlike car insurance, homeowners insurance is not legally required to own or rent a home. However, finding coverage should be a priority because it protects your home from the most common damaging events.
Unfortunately, home insurance rates can be expensive, but you deserve the protection homeowners insurance brings, no matter how tight your budget is.
Read on to compare the top homeowners insurance coverage and learn how to find cheap home insurance companies near you.
Compare Top Homeowners Insurance Coverage
Finding the cheapest home insurance companies might seem complicated, but you can browse some of the most affordable providers below.
USAA Home Insurance
USAA insurance reviews frequently recognize the company for its exceptional service in all of its coverage options, including its auto insurance and banking services. The only downside is that you must be active or retired military or their family to qualify for coverage.
- Cheap Homeowners Insurance
Even with the military requirement, USAA home insurance is worth mentioning. With an average monthly price of $85, it’s one of the cheapest insurance providers on the market.
USAA has a reputation for excellent customer service and reliability. With an A.M. Best rating of A++ (the highest available), you don’t have to worry about your claim going unpaid.
Read more: USAA Renters Insurance Review
Liberty Mutual Homeowners Insurance
Liberty Mutual is available in every state except Wyoming and generally has cheap rates. The average cost of Liberty Mutual homeowners insurance is $112 a month. Customers can lower their prices with Liberty Mutual’s generous discount availability. For more information, read our “What is the average cost of homeowners insurance“).
While Liberty Mutual offers cheap rates, dog owners should be cautious. Certain dog breeds will raise your rates, and Liberty Mutual might deny you coverage altogether. (For more information, read our “Where can I get homeowners insurance coverage for a German Shepherd?“).
A.M. Best gives Liberty Mutual a respectable A rating, though this is one of the lowest ratings on this list. For more customer ratings and reviews, read our Liberty Mutual home insurance review.
Amica Homeowners Insurance
Amica might not be the largest company in America, but it offers coverage in all states except Hawaii and Arkansas. With an average monthly rate of $123, Amica is one of the most affordable companies out there.
Read more: Homeowners of America Insurance Company: Customer Ratings & Reviews
Amica’s list of additional coverage options isn’t as long as some of its competitors, but it does offer valuable discounts. One of the most unique is Amica’s automatic detection discount, which rewards you for installing a monitoring system on your gas or water systems.
A.M. Best rates Amica’s financial security highly, giving the company an A+. Amica generally receives positive reviews from customers who enjoy the company’s online tools.
Progressive Home Insurance
While it’s more known for its car insurance, Progressive claims the 10th largest share of the home insurance market. With an average price of $90 a month, Progressive offers quite the deal.
Progressive is an excellent choice if you want to manage your home insurance digitally. With an easy-to-use website and mobile app, you rarely need to speak with an agent.
On the other hand, there are numerous customer complaints against Progressive’s home insurance. And while they offer a lot of discounts, optional coverage choices are limited. However, they get a solid A+ rating from A.M. Best.
Nationwide Homeowners Insurance
Finally, Nationwide offers an average price of $126, but it doesn’t quite live up to its name. Nationwide is available in nearly all states except Massachusetts, Alaska, New Jersey, and Louisiana.
Nationwide offers numerous products for its customers to take advantage of outside of insurance, such as retirement plans and banking services. They also have a lot of discounts to help you save money. If you need cheap homeowners insurance with bad credit, Nationwide might be your best choice.
However, Nationwide has below-average customer satisfaction with its homeowners insurance. It also lacks many of the online options that other companies have. It has good financial strength — A.M. Best gives Nationwide an A+.
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How to Save Money on Homeowners Insurance Coverage
Knowing the cheapest insurance companies is only half the battle. Once you have an idea of which company might work for you, consider the following ways to save money:
- Take advantage of discounts. You’ll need to check with the company, but insurance providers usually offer discounts for safety and security features, new homes, roof replacements, bundling, and remaining claims-free.
- Pick your specialty coverage carefully. There are many additional coverage options, such as floods, earthquakes, and identity theft. However, these can make your bill much higher. They’re worth the cost if you need them, but you should only buy what’s recommended for your area.
- Raise your deductible. If you have a higher deductible, your monthly insurance will be lower. There is a risk that comes with increasing your deductible, though. You’ll have to pay more before your insurance kicks in if you need to make a claim.
- Increase your home’s security. Adding smoke alarms, security screens, and active burglar monitors can save you money on your insurance. They also keep you and your family safe.
If you’re trying to figure out how to get the cheapest homeowners insurance, the best thing to do is shop around for quotes. When you start comparing companies, you’ll see a lot of variation in prices.
Get Quotes for the Top Homeowners Insurance Coverage Near You
When you’re wondering, “Is there cheap homeowners insurance near me?” the answer is yes, and it’s easier to find than you might think. Make sure to ask about discounts, only buy the coverage you need, and keep your home updated, and you’ll find affordable home insurance quickly.
The most crucial step to finding cheap homeowners insurance is to compare rates with as many companies as possible. Shopping around for home insurance quotes is the best way to find the top homeowners insurance coverage providers near you.
Frequently Asked Questions
What is homeowners insurance?
Homeowners insurance is a type of property insurance that provides financial protection to homeowners in the event of damage or loss to their home and belongings. It typically includes coverage for the physical structure of the home, personal property, liability protection, and additional living expenses if you need to temporarily relocate due to a covered event.
What is the main coverage in any homeowners policy?
Homeowners insurance typically covers the following:
- Dwelling coverage: Protection for the structure of your home, including the walls, roof, foundation, and other attached structures like garages or decks.
- Personal property coverage: Coverage for your belongings, such as furniture, clothing, electronics, and appliances, in the event of theft, damage, or loss.
- Liability coverage: Financial protection if someone is injured on your property or if you accidentally cause damage to someone else’s property.
- Additional living expenses coverage: Reimbursement for temporary living expenses if your home becomes uninhabitable due to a covered event, such as a fire or natural disaster.
Are there any types of events that are typically not covered by homeowners insurance?
Homeowners insurance typically does not cover floods, earthquakes, or routine wear and tear. Separate insurance policies or endorsements are available for these specific risks. It’s important to review your policy and consider additional coverage options to protect against these exclusions if you live in an area prone to such events.
What is the 80% rule in homeowners insurance?
A home insurance company will only provide coverage if you buy a policy that covers at least 80% of the value of your home. Factors such as the size of your home, construction materials, and local building costs are considered. This rule can help you determine how much homeowners insurance you need or if you need to buy additional coverage.
Which homeowners policy provides the most coverage?
An HO-5 home insurance policy covers your property under all circumstances except those explicitly excluded in your policy, such as floods and earthquakes.
Can I adjust my homeowners insurance coverage over time?
Yes, you can adjust your homeowners insurance coverage over time. As your needs change, it’s important to review your policy and make any necessary updates. For example, if you renovate your home, acquire valuable items, or make changes that affect the replacement cost, you should inform your insurance provider and adjust your coverage accordingly.
What impacts my homeowners insurance rates?
However, you should understand the factors that determine the price of your insurance.
While there are numerous factors an insurance company will consider, you can read about the most important below:
- Location: Perhaps the most crucial aspects of your insurance rates are your location and how likely you are to file a claim. Areas frequently hit by natural disasters or high crime rates will pay more.
- Age and condition: Older homes generally cost more to repair because of their building materials. Additionally, older homes might have outdated electrical or plumbing systems.
- Value of home and repair costs: The more expensive your home is, the more it will cost to repair, especially if you have custom features like fireplaces.
- Coverage options: Your costs will rise with every extra feature you add to your policy. You’ll pay more if you choose lower deductibles, as well.
- Security features: Insurance companies generally lower the price of insurance for things that reduce your chances of filing a claim. Safety or security features like fire or burglar alarms usually save you money.
- Credit score: Your credit score represents your ability to pay your bills. You can lower your insurance cost by raising your credit score.
Are there any discounts available for homeowners insurance?
Yes, many insurance providers offer discounts on homeowners insurance. Common discounts include:
- Multi-policy discount: If you have multiple insurance policies with the same provider, such as auto and homeowners insurance, you may be eligible for a discount.
- Security system discount: Installing a burglar alarm, fire alarm, or other security systems can result in premium discounts.
- Claims-free discount: Some insurers offer discounts for homeowners who have been claims-free for a certain period.
- Non-smoker discount: If no one in your household smokes, you may be eligible for a non-smoker discount.
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Eric Stauffer
Licensed Insurance Agent
Eric Stauffer is an insurance agent and banker-turned-consumer advocate. His priority is educating individuals and families about the different types of insurance coverage. He is passionate about helping consumers find the best coverage for their budgets and personal needs. Eric is the CEO of C Street Media, a full-service marketing firm and the co-founder of ProperCents.com, a financial educat...
Licensed Insurance Agent
Editorial Guidelines: We are a free online resource for anyone interested in learning more about auto insurance. Our goal is to be an objective, third-party resource for everything auto insurance related. We update our site regularly, and all content is reviewed by auto insurance experts.