Best Price For Home Insurance

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Best Price For Home Insurance

Best Price For Home Insurance

Home insurance is one of the most important things you can have. It protects not only your home and its contents, but also your family, friends and pets. But it’s not always easy to find a good deal on home insurance. That’s why we’ve created this guide!

In this article we’ll show you how to save money on your home insurance by comparing quotes from multiple companies and finding the best price for home insurance. We’ll also cover what to look for when shopping around for the best deal on home insurance: what types of coverage you need and which companies offer those types of coverage at a lower cost than other companies.

Ready? Let’s get started!

Best Price For Home Insurance Product Information

How Bankrate picked the cheapest homeowners insurance companies

To find the cheapest home insurance companies, Bankrate’s insurance editorial team started by obtaining 2023 premium information for the largest homeowners insurance companies by market share from Quadrant Information Services. Because we know that many people want to find the best home insurance, we also used J.D. Power customer satisfaction scores and AM Best financial strength ratings in our research. Our analysis method allowed us to identify our top picks for the cheapest home insurance companies on the market. To qualify for ranking on this list, the companies had to meet these criteria:

  • Have an average annual premium below the national average for $250,000 in dwelling coverage
  • Have a Bankrate Score of 3.0 or higher
  • Have an AM Best rating of A+ (Superior) or higher
  • Be ranked in the 2022 J.D. Power U.S. Home Insurance Study
46
years of industry expertise
122
carriers reviewed
20.7K
ZIP codes examined
1.2M
quotes analyzed
  • Home insurance rates methodology

Top 5 most affordable home insurance companies

Erie

A good choice for first-time homebuyers on a strict budget

Rating: 3.1 stars out of 5

3.1Bankrate Score

JD Power: 827 AM Best: A+
See more details +

USAA

USAA logo

A good option for military-focused coverage

Rating: 3.7 stars out of 5

3.7Bankrate Score

JD Power: 884 AM Best: A++
See more details +

Auto-Owners

Nationwide

A good choice for consolidating insurance and banking products

Rating: 3.2 stars out of 5

3.2Bankrate Score

JD Power: 816 AM Best: A+
See more details +

Travelers

Allstate

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Insurance Disclosure

QUICK FACTS
$382/year
average savings through Bankrate
2 out of 3 homes
are underinsured
1 out of every 20
insured homes makes a claim each year
100% of homes
need insurance before getting a mortgage

Cheapest home insurance companies by state

State-specific factors, such as the likelihood of natural disasters and the rising cost of building materials, can affect your home insurance premiums. For example, in states like Florida and Louisiana, where widespread wind damage from hurricanes is more likely, home insurance rates are likely to be higher than they would be in lower-risk areas.

Through our research, we determined the provider that has the cheapest home insurance rates in each state. According to our research, USAA was the cheapest homeowners insurance company in many states, but because the company is only available to a certain segment of the marketplace, we chose not to include it in the cheapest home insurers by state table. If you qualify for coverage with USAA, you may find cheap coverage after getting a quote.

Cheapest companies for homeowners insurance in each state

StateCheapest home insurance companyAverage annual premium for $250,000 dwelling coverage
AlabamaCincinnati Insurance$768
AlaskaUmialik Insurance Company$920
ArizonaArmed Forces Insurance$511
ArkansasTravelers$1,755
CaliforniaArmed Forces Insurance$526
ColoradoASI$641
ConnecticutNarragansett Bay Insurance Co$558
DelawareCumberland Mutual Fire Insurance Co$421
FloridaSecurity First$284
GeorgiaASI$865
HawaiiUniversal P&C Insurance Co$254
IdahoMutual of Enumclaw Insurance$599
IllinoisAllstate$961
IndianaBuckeye State Mutual Insurance Co$490
IowaWest Bend$715
KansasAuto-Owners$1,565
KentuckyCincinnati Insurance$1,036
LouisianaArmed Forces Insurance$677
MaineVermont Mutual Insurance Co$394
MarylandBrethren Mutual Insurance Co$586
MassachusettsNorthern Security Insurance Co$726
MichiganAuto-Owners$241
MinnesotaAuto-Owners$1,003
MississippiNationwide$874
MissouriAuto Club Insurance Co$1,426
MontanaEMC$1,108
NebraskaAmerican Family$1,568
NevadaUniversal P&C Insurance Co$526
New HampshireAmerican Family$473
New JerseySelective Auto Insurance Co of NJ$370
New MexicoState Farm$1,382
New YorkNY Central Mutual Fire Insurance Co (NYCM)$586
North CarolinaUniversal P&C Insurance Co$711
North DakotaFarmers Union Insurance$1,123
OhioBuckeye State Mutual Insurance Co$374
OklahomaAllstate$2,179
OregonMutual of Enumclaw Insurance$323
PennsylvaniaCumberland Mutual Fire Insurance Co$385
Rhode IslandNarragansett Bay Insurance Co$608
South CarolinaLighthouse Property Insurance Co$599
South DakotaNorth Star Mutual Insurance Co$1,404
TennesseeErie$1,043
TexasBankers Insurance Group$609
UtahMutual of Enumclaw Insurance$455
VermontVermont Mutual Insurance Co$392
VirginiaCincinnati Insurance$414
WashingtonPemco Mutual Insurance Co$443
Washington, D.C.Chubb$892
West VirginiaAmerican Select Insurance Company$611
WisconsinWest Bend$531
WyomingAmco Insurance$689