Cheapest homeowners insurance companies of April 2024
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BLUEPRINT
Updated 11:05 p.m. UTC April 21, 2024
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Progressive has the cheapest home insurance rates, based on our analysis of home insurance cost and coverage.
Cheapest homeowners insurance companies of 2024
- Progressive: Best home insurance for cheap rates.
- Nationwide: Best home insurance for high-value houses.
- Erie: Best home insurance for property claims customer satisfaction.
- USAA: Best home insurance for veterans and military.
- State Farm: Best home insurance for home and auto bundling.
- Westfield: Best home insurance.
- Allstate: Best home insurance for home-sharing.
- Auto-Owners: Best home insurance for discounts.
Why trust our home insurance experts
Our team of experts evaluates hundreds of insurance products and analyzes thousands of data points to help you find the best product for your situation. We use a data-driven methodology to determine each rating. Advertisers do not influence our editorial content. You can read more about our methodology below.
- 31,600 rates analyzed.
- 14 companies evaluated.
- 5 levels of fact-checking.
Compare the cheapest home insurance rates
Comparing the cheapest homeowners insurance companies
Here is how the cheapest homeowners insurance companies chalk up to one another.
| HOME INSURANCE COMPANY | AVERAGE COST PER YEAR FOR $350,000 IN DWELLING COVERAGE | AVERAGE AMOUNT BELOW NATIONAL AVERAGE | % DIFFERENT FROM NATIONAL AVERAGE | PRODUCT CTA LINK | ||||||
|---|---|---|---|---|---|---|---|---|---|---|
 Progressive | $729 | $949 | 56% cheaper | Learn More Via Progressive’s website | ||||||
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 Nationwide | $1,157 | $521 | 31% cheaper | Compare Rates Compare rates offered by participating partners | ||||||
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 Erie | $1,256 | $422 | 25% cheaper | Compare Rates Compare rates offered by participating partners | ||||||
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 USAA | $1,270 | $408 | 24% cheaper | Learn More Via USAA’s website | ||||||
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 State Farm | $1,298 | $380 | 23% cheaper | Compare Rates Compare rates offered by participating partners | ||||||
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 Westfield | $1,344 | $334 | 20% cheaper | Compare Rates Compare rates offered by participating partners | ||||||
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 Allstate | $1,395 | $283 | 17% cheaper | Compare Rates Compare rates offered by participating partners | ||||||
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 Auto-Owners | $1,525 | $153 | 9% cheaper | Compare Rates Compare rates offered by participating partners | ||||||
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Methodology
We researched 14 insurers to find the best home insurance companies, using home insurance data from Quadrant Information Services.
From those top insurers, we chose the eight with average home insurance rates below the national average to determine the best cheap home insurance.
The average rates are based on policies:
- For a 40-year-old female homeowner with a good credit score and no claims history.
- Dwelling coverage of $200,000, $350,000, $500,000 and $750,000.
- Other structures coverage limit of 10% of dwelling coverage limit.
- Personal property coverage limit of 50% of dwelling coverage limit.
- Loss of use coverage limit of 10% of dwelling coverage limit.
- Medical payments to others coverage limit of $1,000.
- Personal liability coverage limit of $100,000.
- A $500 deductible.
Cheapest homeowners insurance in your state
Home insurance rates vary by location. For example, if you live in a state that’s prone to hurricanes you might pay higher rates compared to someone who lives in the Pacific Northwest where tropical storms are less of a threat.
Here are the cheapest home insurance company options by state, based on the rates we analyzed. Keep in mind that some of these insurance companies may only be available in each state or only in select states.
Cheapest home insurance company by dwelling coverage limit
The cost of your home insurance will be greatly impacted by how much dwelling coverage you need. Here are the five best cheapest home insurance companies for different dwelling coverage limits.
Cheapest home insurance for $200,000 in dwelling coverage
Progressive is the cheapest home insurance for $200,000 in dwelling coverage by almost $240. The next cheapest is Nationwide and then Erie.
| HOME INSURANCE COMPANY | $200,000 DWELLING COVERAGE | |||
|---|---|---|---|---|
| Progressive | $514 | |||
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| Nationwide | $752 | |||
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| Erie | $773 | |||
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| USAA | $869 | |||
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| State Farm | $896 | |||
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Cheapest home insurance for $350,000 in dwelling coverage
Progressive is the cheapest home insurance company for $350,000 by a wide margin. Besides Progressive, the rest of the companies in our analysis all cost over $1,000 per year for $350,000 in dwelling coverage.
| HOME INSURANCE COMPANY | $350,000 DWELLING COVERAGE | |||
|---|---|---|---|---|
| Progressive | $729 | |||
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| Nationwide | $1,157 | |||
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| Erie | $1,256 | |||
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| USAA | $1,270 | |||
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| State Farm | $1,298 | |||
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Cheapest home insurance for $500,000 in dwelling coverage
| HOME INSURANCE COMPANY | $500,000 DWELLING COVERAGE | |||
|---|---|---|---|---|
| Progressive | $975 | |||
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| Westfield | $1,513 | |||
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| Nationwide | $1,591 | |||
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| USAA | $1,652 | |||
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| Erie | $1,663 | |||
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Cheapest home insurance for $750,000 in dwelling coverage
A home insurance policy with $750,000 in dwelling coverage will cost you an average of $1,424 per year with Progressive — the cheapest by a wide margin. The second cheapest home insurance company for a policy with $750,000 in dwelling coverage is Westfield.
| HOME INSURANCE COMPANY | $500,000 DWELLING COVERAGE | |||
|---|---|---|---|---|
| Progressive | $1,424 | |||
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| Westfield | $1,754 | |||
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| USAA | $2,276 | |||
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| Erie | $2,303 | |||
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| Nationwide | $2,338 | |||
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How to get the cheapest home insurance
The cheapest home insurance policy available may not be the best option for you. Your goal should be to get the home insurance coverage you need at a price you can afford.
Here are some tips for saving on your homeowners insurance.
Shop around and get multiple quotes
It’s easy to get homeowners insurance quotes, either online or over the phone, and it’s worth your time if you’re hoping to get the best rates possible. Requesting quotes from at least three insurance agencies is a good place to start. If you have a copy of your current policy, you can use that as a guide for determining the type and amount of coverage you need.
Install security systems or smart home devices
Getting cheaper homeowners insurance hinges largely on risk management. Taking a look at your home through the eyes of an insurer can help you pinpoint areas where you may be able to reduce risk.
“Home security and monitoring systems provide added peace of mind that your home is protected. It’s also a sign to your home insurance provider that you’re a safe and responsible homeowner, which may help you earn discounts on your annual premium for having these systems set up,” said Steve Wilson, director of technical underwriting at Hippo, a home insurance company.
Your insurance company may offer a discount if you install a burglary alarm, smart home monitoring system and fire alarms and sprinkler systems.
Update your household systems and storm-proof your house
Updating your household systems if they’re old or weather-proofing your house can help mitigate your risk. For example, upgrading your HVAC system or replacing your roof could help lower your rates if you’re able to qualify for a discount. Likewise, installing storm-proof windows and doors can lower your risk and may lower your home insurance costs.
Consider raising your deductible
A higher deductible means lower rates, but it also means you’ll be paid out less in the event of a claim. Bumping your deductible from $1,000 to $2,500, for instance, could require you to set aside more cash in emergency savings.
“If your savings give you some cushion and you’re generally a safe and proactive homeowner, consider increasing your deductible to cut down on your annual premium. Higher deductibles can establish the amount of risk you plan to retain, while also saving on your premium,” said Wilson.
Ask about pets
Certain insurance companies may refuse to insure certain dog breeds for liability coverage. If you own pets, it’s important to know what restrictions might apply to your policy, if any and how that could affect your rates.
Maintain good credit
You may know that your FICO credit scores affect your ability to qualify for loans. But you may not be aware that you also have an insurance-based credit score that can affect what you pay for coverage.
California, Maryland and Massachusetts don’t allow insurance companies to consider your insurance-based scores for homeowners quotes but other states do. If you live in a state that relies on credit scores as a determining factor for insurance premiums, it’s to your advantage to work on maintaining good credit.
You can do that by paying bills on time, keeping debt balances low and limiting how often you apply for new lines of credit.
How to save on homeowners insurance
One of the incentives insurance companies offer to attract new customers is discounts. There are numerous discounts you may qualify for that could result in cheaper home insurance, including:
- Multi-policy discounts if you’re bundling home and auto insurance.
- New customer discounts if you’re transferring a policy from another home insurance company.
- Loyalty discounts for maintaining your home insurance policy for a certain number of years.
- Claim-free discounts if you go a certain period of time without a home insurance claim.
- Discounts for home improvements or renovations.
- Home security system discounts.
- Family discounts if you have other family members who have coverage through the same home insurance company.
The more discounts you’re able to qualify for, the more money you could save on homeowners insurance.
How to bundle home and auto insurance
You can bundle your home and auto insurance by buying both policies through one insurance company — and it could yield substantial savings. Here are the home insurance companies with the best bundling discounts.
| HOME INSURANCE COMPANY | HOME INSURANCE DISCOUNT |
|---|---|
State Farm
| 23%
|
Auto Club of Southern California
| 20%
|
American Family
| 18%
|
Farmers
| 18%
|
AAA The Auto Club Group (MI)
| 17%
|
Allstate
| 15%
|
Erie
| 15%
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MetLife
| 15%
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Nationwide
| 15%
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Mercury
| 12%
|
Travelers
| 11%
|
Auto-Owners
| 10%
|
CSAA Insurance Group
| 9%
|
Progressive
| 7%
|
USAA
| 6%
|
Westfield
| 6%
|
In addition to saving money on homeowners insurance, bundling can simplify your financial life. Rather than paying one bill for homeowners coverage and another for auto insurance, you’ll have just one bill to pay.
Keep in mind, however, that removing your auto insurance from the bundle could cause you to lose the discount.
How much is home insurance?
Home insurance costs $1,678 per year on average nationwide for a home insurance policy with $350,000 worth of dwelling coverage, according to our analysis. But the amount you pay for homeowners insurance can depend on several factors, including:
- Your house’s replacement cost. How much dwelling coverage you need will depend on your house’s replacement cost, or rebuild value, which is the amount it would cost to build your house back to its original state if it’s destroyed.
- The age of the house. Sometimes older houses can be more expensive to insure if they have outdated wiring or plumbing. Many insurers give a new house or new build discount if your house is under a certain age.
- The fire rating of your house. This includes its proximity to fire hydrants or a fire station.
- The construction materials and makeup of your house. This includes factors like what your house is made of and whether it sits on a slab or crawlspace or has a basement.
- Location and the claims history for the area. Insurers look at what ZIP code you live in to help assess risks, this includes looking at the area in terms of natural disasters and vandalism and home break-in reports. If you live in a high-risk area that experiences theft and frequent severe weather, you may see higher home insurance rates.
- Claims history. This includes your personal claims history (even in your previous residence) as well as claims made by previous owners.
- Coverage limits and deductibles. The higher your deductible the lower your rates will be. If your policy includes more coverage you’ll pay higher rates.
The cheapest home insurance for you may look very different from what constitutes a cheap policy for someone else. That’s why it’s important to shop around and get personalized quotes so you can make the most informed decision possible.
What does home insurance cover?
Home insurance pays to rebuild, repair and replace your house and belongings in the event they are damaged or destroyed by a covered type of damage in your policy, like a house fire or home break-in. Here’s how all the coverages in a homeowners insurance policy work.
- Dwelling coverage: Pays to repair or rebuild the structure and attached structures of your house if damaged by a covered cause of damage, like weather-related damage.
- Other structures coverage: Pays to repair or rebuild other structures on your property, like a shed or gazebo.
- Personal property coverage: Pays to repair or replace your personal belongings, like clothing, furniture and electronics.
- Loss of use coverage: Pays for additional living expenses, like restaurant bills or hotel stays, if your home becomes uninhabitable after a covered loss in your policy.
- Liability coverage: Pays for someone else’s medical expenses or property damage bills if you’re responsible. Also pays for your legal fees and any settlements or judgments if you’re taken to court over the matter, like if your dog bites someone and they sue you.
- Medical payments to others coverage: Pays a guest’s medical expenses if they’re injured on your property, regardless of who was at fault.
What doesn't home insurance cover?
Home insurance typically doesn’t cover floods, earthquakes or any of the following:
- Pest or animal infestations.
- Mold.
- Water damage from drain or sump pump backups.
- Nuclear hazards.
- Maintenance issues or damage caused by neglect.
- Smog, dry rot, dust and corrosion.
- Damage caused by your own pets.
- Shrinking, settling or expansion of footings, foundations, floors, roofs, ceilings or walkways.
Insurance coverage for disasters: Is tornado damage covered?
Cheapest home insurance companies FAQs
Of the companies in our rating of the best home insurance, Progressive has the cheapest home insurance on average. See if Progressive home insurance is right for you.
You can reduce your home insurance costs by raising your deductible or mitigating your house’s risk by installing a home security system, weather-proofing doors and windows, bundling your home and auto insurance and maintaining good credit. Make sure you check with your insurance company to learn which discounts you qualify for and review your coverage limits annually.
If you recently filed a claim, your rates may go up. Inflation can also affect the price of home insurance rates — if the price of labor and construction go up in your area, that means your house’s rebuild costs will also rise. Since a majority of your home insurance rates are based on rebuild costs, you may see rates go up from that.
Yes, your homeowners insurance costs may go up after you file a claim because it increases the risk that you’ll file similar claims in the future. Depending on the insurance company, your rate may go down again if you go claim-free for a certain amount of time, like three years.
Many home insurance companies offer online quote tools. You may be able to apply for a policy online, as well as submit claims online, depending on the insurance company.
The lowest deductible for home insurance can vary by insurer. For instance, you might pay $500 at one insurance company while another requires a minimum deductible of $1,000 instead. A lower deductible means the less you pay out of pocket if you need to file a claim but it can result in a higher cost for coverage.
No, your credit score doesn’t directly impact your home insurance rates. However, insurance companies will look at your credit-based insurance score when determining your insurance premium. This score is a numerical summary of your credit report that is based on factors such as your credit history, payment history, length of credit history, credit utilization and collections.
Your age doesn’t usually impact your home insurance rates, but you may see a discount if you’re a senior or retiree. Some home insurance companies offer retiree discounts if you’re over the age of 55, because if you’re retired you’re likely home more, which means there’s less of a risk for prolonged damage to your house.
Blueprint is an independent publisher and comparison service, not an investment advisor. The information provided is for educational purposes only and we encourage you to seek personalized advice from qualified professionals regarding specific financial decisions. Past performance is not indicative of future results.
Blueprint has an advertiser disclosure policy. The opinions, analyses, reviews or recommendations expressed in this article are those of the Blueprint editorial staff alone. Blueprint adheres to strict editorial integrity standards. The information is accurate as of the publish date, but always check the provider’s website for the most current information.
