Cheapest Homeowners Insurance 2022 – MarketWatch
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To find the cheapest homeowners insurance companies on the market, look for providers that offer discounts, competitive rates and unique benefits.
Since your home is likely your most important investment, covering it with a comprehensive policy from one of the best homeowners insurance companies is crucial, but it doesn’t have to break the bank.
We at the Home Media reviews team obtained cost information from insurance carriers and have identified five companies that consistently offer affordable policies relative to other major players in the industry.
Here are our top 5 picks for cheap homeowners insurance providers:
We included sample quotes below on a 2,000-square-foot single-family house in Richmond, Va., with a rebuilding cost of around $275,000. Because home insurance pricing depends on your personal information, property details, required coverage and exact location, we recommend getting quotes from a few providers and comparing rates.
Not only is Lemonade one of the cheapest home insurance companies on the market, it’s also one of the most accessible, providing a mobile app with AI technology that helps customers sign up for a policy, file fast claims and manage documents.
While a class-action lawsuit has been filed against Lemonade regarding its alleged collection and storage of biometric data, we still consider it to be a reputable insurer and recommend it for its quick claims, easy-to-use app and affordable rates. You can learn more in our Lemonade review. The company also has a unique giveback program, which donates a portion of its consumers’ unclaimed premiums to charity.
+ Includes specific electronics coverage in standard policies
+ Offers coverage add-ons for swimming pool liability and musical instruments
+ Offers customizable coverage limits for dwelling, personal property and liability
– Has only been in business since 2015
– Is only available in 23 states and Washington, D.C.
Sample Annual Premium: $885.00
Lemonade offers discounts for consumers who:
► Install fire safety equipment, such as fire extinguishers and alarms
► Own homes located in a gated community
► Live near a fire hydrant and fire station
► Have a monitored burglar alarm
To get an instant home insurance quote online or to learn more about the company, visit Lemonade’s website.
Travelers has some of the most affordable homeowners insurance policies and offers a variety of deductible options, which can help decrease your premium. When signing up for a policy from this insurer, you’ll get to choose between nine deductibles ranging from $1,000 to $50,000.
Though our sample quote included a deductible of $2,500, the premium dropped to $452 a year when we switched to a higher deductible option. Additionally, this insurer offers a decreasing deductible add-on that decreases your deductible by $100 each year that you keep your policy.
+ Offers 24/7 claims support, including on holidays
+ Has been in business for more than 160 years
+ Offers five personal property coverage options from 25% to 100% of dwelling coverage
– Your dwelling limit can’t be customized beyond 125% of the estimated replacement cost
– Doesn’t offer a water backup endorsement
Sample Annual Premium: $825.00
Travelers offers discounts for consumers who:
► Have a history of paying bills on time
► Get a quote and submit their first payment before their current policy expires
► Have a LEED-certified house
► Install protective devices like a fire alarm or home security system
► Are new home buyers
► Bundle with auto insurance
For a customized quote from Travelers, visit the company’s website.
Liberty Mutual commonly offers the most discount options compared with the other home insurance providers in this review. For example, if you have a full-time job or a higher level of education, you could qualify for additional savings. Not to mention, you could qualify for up to 12% off your premium just for purchasing a policy online.
+ Been in business more than 100 years
+ Offers an earthquake coverage add-on
+ Is available in all 50 states
– Its personal property coverage limit isn’t customizable
– Its policies often include separate deductibles for hurricanes and wind/hail perils
Sample Annual Premium: $897.00
Liberty Mutual has the following available discounts for consumers who:
► Buy online
► Have certain types of jobs or have attained higher education
► Are a new home buyer
► Shop early before their current policy expires
► Have a newer home or recent renovation
► Insure their dwelling up to or over the appraised value of the home
► Have a claim-free history
► Have a new roof
► Install protective devices like a monitored fire alarm or security system
► Bundle with auto insurance
For specific cost information, get a free online quote from Liberty Mutual.
Another cheap homeowners insurance provider is Nationwide. In addition to its competitive pricing, this insurer is known for its comprehensive coverage and add-on options. Standard Nationwide policies include coverage options that typically cost extra when offered by other companies. For example, our sample quote included personal property replacement coverage, inflation protection, loss assessment, identity theft protection up to $25,000 and building ordinance coverage — all items that would cost extra from other companies.
+ Has a mobile app for policy management
+ Is available in all 50 states
+ Features a helpful quote tool with educational resources
– Some states require contacting an agent for a quote
– Customer service department can be hard to reach
Sample Annual Premium: $900.62
Nationwide offers discounts for consumers who:
► Install protective devices, such as fire alarms and extinguishers
► Have a claim-free history
► Recently constructed or renovated their home
► Have a newer roof
► Bundle with auto insurance
► Purchased the home within the last 12 months
We recommend State Farm for new homeowners, since it connects you with a local agent who can help you sign up for the right coverage. Although the sample premium we received from State Farm was a bit higher than the other insurance carriers in this review, we were quoted another premium of $745 a year for a policy bundled with auto insurance, making it the cheapest option for those who already have an auto policy with State Farm.
+ Includes specific coverage for firearms and silverware in standard policies
+ Provides extra add-ons through your local agent
+ Is available in all 50 states
– Offers fewer discounts than competitors
– Some states don’t offer instant quotes
Sample Annual Premium: $1,137.00
State Farm has discounts available for consumers who:
► Bundle with other policies
► Install impact-resistant roofing materials
► Bundle with car insurance
► Have home alert protection systems
► Have a claim-free history
We always recommend getting quotes from a few home insurance providers, since home insurance premiums are based on a variety of factors, such as your location, payment history and property details. Here are a few factors to consider before buying a home insurance policy:
Whether you’re leaning toward Travelers for its deductible options, Lemonade for its technological accessibility and fast claims, Liberty Mutual for its extensive discounts, Nationwide for its impressive coverage options, or State Farm to insure your first home, we recommend getting quotes from at least three companies to compare prices.
Call 855-948-5219 or use this easy online tool to get started with a quote from cheap home insurance providers in your area.
To lower your insurance premium, look for discount opportunities, such as a home and auto insurance bundle. You can also get better prices when you lower your coverage limits, select a higher deductible, maintain a good credit score, renovate your home and remove any risky elements on your property, such as a trampoline or broken fence. When requesting a quote, it also doesn’t hurt to reach out to an insurance agent to see what additional savings options may be available to you.
Purchasing a homeowners insurance policy can provide peace of mind if your home and personal belongings suffer damage from a natural disaster, fire, theft or other covered peril. While it isn’t required by law, your mortgage lender will likely require a policy with a certain minimum coverage limit.
The cost of homeowners insurance varies greatly depending on factors such as your location, property details, claims history and credit score. The best way to determine the price of home insurance is to get a few quotes from different providers and compare prices.
Our team surveyed dozens of home insurance providers and created a scoring system to judge each company’s quality and service. We reach out for sample quotes, both over the phone and on the internet, to simulate a real customer experience. Here are the factors that account for our provider reviews:
Companies with the best customer service exhibit 24/7 availability, educational resources on their website, useful digital tools and a seamless claims-filing process. To score reputation, we compare data from each company’s Better Business Bureau page, customer reviews, registered complaints and years of experience.
Additionally, we dig into specific quotes and policy details to determine the value that each company offers in coverage, cost and additional benefits. Providers that offer extensive discount options, endorsements, customizable coverage options and unique features score significantly higher than those that don’t, putting them toward the top of our recommendations to readers.
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