We compared rates from companies across the country to find affordable homeowners insurance in your state.
Homeownership is already expensive, so why pay more than you need to for your homeowners insurance? You don’t have to settle for a high rate of homeowners insurance. It can provide great coverage.
NerdWallet reviewed pricing data from 141 insurers to determine the best home insurance rates in the country. These rates are for a homeowner aged 40 with a $1,000 deductible and $300,000 of dwelling coverage. Your rates may differ.
The lowest home insurance rates available in every state
The cost of your insurance policy for your home and belongings will be affected by where you live. Your rate can be affected by how close you are to the coast, how crime rates in your region, and other factors. Below is a map showing the average annual rate and the lowest-cost state for home insurance.
Different situations may require home insurance at the lowest price
A company’s cost-effectiveness does not necessarily mean it will be the best option for every situation. NerdWallet examined how various factors such as the age of the home and the framing method used to build it had an impact on home insurance rates.
NerdWallet compared rates between companies offering homeowners insurance in at most 15 states to determine the best insurers. Each of these categories was examined:
- MetLife is the cheapest home insurance company for new houses, at $711 per annum ($59 per month).
- Home insurance with the lowest premium for homeowners with bad credit*: Universal Property, $2.053 per annum ($171 per lună).
- MetLife $1,275/year ($106/month) is the cheapest home insurance policy with a lower limit of liability.
- State Farm is the cheapest home insurance available for homeowners who have had a water or fire claim within the last six months. It costs $1,468 annually ($122 per month).
- MetLife $1,386/year ($116 per month) is the cheapest home insurance available for homes constructed with wood framing instead of masonry.
How to get homeowners insurance cheap
While some may require more work than others, there are many ways to save money on your home and personal possessions. Here are the top ways to save money on your home insurance.
Compare rates from multiple companies. Do not buy the first quote you receive. Compare rates from several companies in your area to get an affordable policy from a reputable firm.
Make sure you insure your home for the right amount. You should not insure your home based only on its current market value. This is the amount the home would sell for. Instead, you should insure it according to the cost of rebuilding your home in case of a claim. Your home insurance agent should estimate the replacement cost of your home so that you can insure it for the right amount.
Bundle your policies. Many carriers offer a discount if you bundle home and auto insurance to make both policies more affordable.
Your deductible can be increased. You can lower your premium by choosing a higher deductible, but make sure you have enough cash to cover it should you need to file a claim.
Avoid making small claims. Customers who have not filed a claim within the last three to five years are eligible for a discount from most home insurance companies. To avoid increased rates, you should pay cash for your home and only file a claim if absolutely necessary.
Avoid making risky purchases. Your homeowners insurance could be more expensive if you purchase anything that is considered to be high-risk for a claim. If you are looking for low-cost coverage, don’t think twice about adding a pool.
Consider adding safety features to your home. Your home’s safety now can save you money in the long-term. Insurance companies often offer discounts for features that help protect your home from theft and fire. You can save money by purchasing fire extinguishers and deadbolts as well as security systems.
Credit repair is a good idea. Low credit scores can lead to higher insurance costs, even for homeowners insurance. While not an overnight fix, you can rebuild credit by making payments on time and using less than 10% of your total credit card limits.
