Home insurance premiums can vary significantly by company. That’s why it’s important to compare quotes to find the best deal. Fortunately, it’s fairly quick and easy to receive and compare home insurance quotes. Here’s what you need to know about home insurance quotes.
Factors like your location, the age of your home, your credit history, your marital status, and your deductible can all affect your home insurance premiums.
To choose the right home insurance quote, consider coverage types, premiums, and discounts.
Don’t forget to look into the ratings and reviews of a home insurance company to make sure it’s reputable.
What is a home insurance quote?
A home insurance quote is an estimate of the cost of a home insurance policy based on the information you provide to the insurance company. Keep in mind that the quote is not a guarantee of the final cost of the policy, but rather an estimate that may be higher or lower than the actual price you pay. It usually includes dwelling, personal property, and liability coverage. Here are a few examples of home insurance quotes:
Allstate: $2,364 per year
Hippo: $1,512 per year
Why should you compare home insurance quotes?
“If you take the time to compare home insurance quotes, you can find the best coverage options and the most affordable prices,” explains Nick Schrader, an insurance agent at Texas General Insurance. “This strategy lets you view the range of prices and coverage options at your disposal so you can choose the policy that best meets your needs and budget.”
While you don’t have to compare quotes, not doing so may cost you. You may have to settle for a more expensive policy or a coverage option that doesn’t necessarily check off all your boxes.
“Comparing home insurance quotes is vitally important because the quote you receive from one agent or company may not be actually comparable to another quote due to the stark difference in coverage,” says Ron Wadley, owner of Insurance for Texans. “You may love the premium for one quote that potentially has a giant gap in coverage like claims settlement at actual cash value rather than replacement cost. Or it might lack needed water coverage like sewer backup. But that love is tarnished quickly when it comes time to claim and you are spending thousands of dollars out of pocket.”
Learn More: Actual Cash Value vs. Replacement Cost: Which Is Best?
What factors influence the cost of home insurance?
A number of factors may affect how much you spend on a home insurance policy, such as:
Location: Your state and ZIP code can play a role in your home insurance costs. If you live in an area with high rates of theft, vandalism, and extreme weather events, for example, you can expect higher premiums.
Credit history: In some states, home insurance companies may look at your credit-based insurance score while evaluating your application. Good credit usually leads to lower rates.
Age of home: If you live in an older home, you’ll likely pay a higher premium than someone in a newer home. This is because it will be more expensive to repair or replace.
Marital status: You may be surprised to learn that whether you’re married or single can influence your home insurance costs. Home insurance companies usually charge lower rates for married couples because they assume they’re lower-risk.
Deductible: The deductible is the amount you’ll pay out of pocket for a covered claim. A higher deductible will reduce your premium and vice versa.
Learn More: Homeowners Insurance Premiums: Why They Go Up and How to Lower Them
How to compare home insurance quotes
Online comparison tools like Insurify make it fast and easy to compare home insurance quotes online. This eliminates the need to reach out to multiple insurance companies directly. As long as you have certain information handy, you can receive the personalized quotes you want in minutes, all in one place.
When you visit a quote-comparison site, you’ll be asked to provide some personal information. The more information you provide, the more accurate your quote. You can start by simply entering your ZIP code to get a general idea of the average rates in your area.
When you’re ready to further fine-tune your search, enter information such as your address, property type and square footage, age, gender, marital status, credit score, and phone number or email address to receive a more accurate quote.
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The best home insurance companies
The top home insurance companies based on A.M. Best ratings include Travelers, Nationwide, and Acuity. As you compare home insurance quotes, consider ratings in addition to annual premiums. This way, you can ensure quality coverage for your home at the most affordable price point.
This table shows the best home insurance companies by annual cost and A.M. Best rating.
|Insurance Company||Average Annual Cost||A.M. Best Rating|
|Midvale Home & Auto||$2,772||A|
|Homeowners of America||$4,188||A|
Top home insurance companies by state
Home insurance rates vary by state due to factors such as the risk of extreme weather events and natural disasters, the housing market, and the availability of building materials. It’s important to keep this in mind when you compare quotes and average annual premiums. Below is an overview of the leading home insurance companies by state.
|State||Insurance Company||Average Annual Cost|
|North Dakota||State Auto||$1,284|
|South Dakota||State Auto||$1,188|
|West Virginia||State Auto||$1,224|
How to choose the right home insurance quote
As you compare quotes, consider these factors to help you home in on the ideal coverage for your unique situation:
Coverage type: Think about your specific property and the type of coverage you’d like. Is a standard home insurance policy with basic coverage enough, or do you need additional coverage for high-value items? One insurer may not cover basement flooding in your area because of too many previous claims, for example. If flooding is a potential issue in the future, you’ll want to go to a different insurer that will offer you coverage for floods.
Premiums: You naturally want the most affordable rate for the coverage you need. However, always keep your coverage needs top of mind because when you compare quotes, you’ll find that premiums can vary by hundreds of dollars. It’s up to you to find the best price for the policy that meets your needs.
Discounts: Most home insurance companies offer a number of discounts to policyholders, including claim avoidance and perks for adding safety measures like burglar alarms. Find out which ones you might qualify for before you choose a policy.
How to compare home insurance companies
Not all home insurance companies are created equal. Focus on these factors as you compare them:
Price differences: It’s not uncommon for one home insurance provider to charge you hundreds of dollars less than another for the same type of coverage. And while price isn’t the only thing you should focus on, keep price differences in mind as you compare home insurance companies.
Ratings: Some home insurance companies have higher ratings than others. Choose a provider with great ratings from reputable sources, like A.M. Best and J.D. Power.
Customer reviews: It’s a good idea to find out what past and current customers are saying about a home insurance company before you become a customer yourself. Too many negative reviews can be a red flag.
How to compare quotes for home and car insurance bundles
Some insurance companies offer discounts for bundling home and auto insurance. Depending on the company, you may save anywhere from 5% to 25%, or even more. If you’re in need of both home insurance and car insurance, it only makes sense to compare quotes for bundles. Begin with your current home insurance or auto insurance provider, and compare their bundling rates to rates from other companies.
Best companies for home and auto insurance bundles
Fortunately, some of the top insurance companies also offer the best discounts on bundles of home and auto insurance. Here’s a brief overview of a few of them.
If you bundle with Allstate, you can receive a discount of up to 25%. Since the provider offers a variety of policy options, you shouldn’t have any issues finding the right plans for your particular coverage needs. Allstate also offers a claims satisfaction guarantee that will refund your six-month premium for free if you file a claim but are displeased with the process.
GEICO is one of the most popular insurance companies in the U.S. Its policies are available in every state, and you can save even more if you insure multiple vehicles. Note that GEICO works with other companies to offer some types of insurance, so you may or may not be able to bundle with the company directly.
Nationwide offers a fairly high bundling discount of up to 20%. Plus, its homeowners policies are very affordable. It also has a strong A.M. Best score of A+, which speaks to its reputability and financial integrity. Just keep in mind that Nationwide doesn’t offer home or auto insurance in every state.
Progressive offers great deals on bundling. The company even lets you compare competitor prices. If you do choose Progressive, ask about additional discounts to further reduce your premiums, as many are available. Progressive has also earned high ratings from A.M. Best and J.D. Power. Just be aware that some of its bundled options include policies provided by third parties.
State Farm is available in every state. Depending on your situation and where you live, you may lock in a bundling discount of up to 20%. State Farm also offers a unique perk in that it adjusts its homeowners policies for inflation. In addition, the company’s website is loaded with useful digital tools.
Home insurance quotes FAQs
Here are answers to some commonly asked questions about home insurance and comparing homeowners insurance quotes.
Home insurance isn’t required by state or federal law. But if you have a mortgage on your home, the lender will probably mandate it. Investing in a policy is a good idea, even if it’s not required, as it can protect your property from damages and losses after an unexpected event.
You can call various home insurance companies to compare quotes, or you can use an online comparison tool to simplify the process. This will provide you with personalized quotes in minutes.
It’s a good idea to compare quotes, even if you already have a home insurance policy, just to make sure you’re not missing anything. Rates and coverage amounts can change, so reviewing your policy and exploring other options are well worth your time.
The cheapest home insurance company depends on factors like your location, coverage type, marital status, and credit score. To lock in the best deal, compare quotes through an online tool.
To reduce the cost of your home insurance policy, shop around and compare quotes. You can also increase your deductible, look for discounts, and add safety or security features to your home.
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