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Licensed property and casualty insurance agent
NPN: 21630969
Updated
Shopping around for home insurance can be intimidating. But comparing quotes from multiple companies can help you find the policy that best fits your needs and budget. Home insurance rates can vary significantly between insurers, so shopping around could save you hundreds of dollars.[1]
You can also compare insurers based on claims handling, customer service, financial strength, discounts, and coverage options. For example, if you live in a city that has a high risk of flooding or earthquakes, you may want to work with a company that offers flood or earthquake coverage as an add-on.
The table below shows the cheapest home insurers for $300,000 worth of dwelling coverage, according to Compare.com data.
Company  | Average Yearly Premium |
|---|---|
| Grange | $1,368 |
| CSAA | $1,416 |
| Amica | $1,584 |
| AIG | $1,740 |
| Westfield | $1,812 |
| National General | $1,968 |
| USAA | $2,028 |
| American Family | $2,196 |
| AFI | $2,232 |
| Foremost | $2,484 |
| Mercury | $2,484 |
| Allstate | $2,496 |
| Travelers | $2,508 |
| ASI | $2,580 |
| Farmers | $2,772 |
| State Farm | $2,820 |
| Auto-Owners | $3,060 |
| Encompass | $3,276 |
| Nationwide | $3,360 |
| Erie | $3,396 |
| Country Financial | $3,564 |
| Chubb | $3,696 |
| Allied | $3,972 |
| Metropolitan | $4,332 |
| Shelter | $4,344 |
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Many companies offer discounts for bundling homeowners insurance with another policy, like auto insurance. Discounts vary between companies, so check with your insurer to find out how much you can save. Keep in mind that if you bundle your coverage and later cancel one policy, you risk losing the discount.
Before bundling your coverage, it’s a good idea to compare prices for your individual policies. You might find that you can save even more money by buying separate policies with different insurers.
Raising your deductible is another way to lower your home insurance costs. Your deductible is the amount you have to pay out of pocket before your insurance kicks in. The cost generally ranges from $500 to $2,000, and you can choose your deductible when you purchase your home insurance policy.
Choosing a higher deductible can lower your monthly costs. For example, opting for a $1,000 deductible instead of a $500 deductible can reduce your premium by 10%–25%. But make sure you can afford to pay the out-of-pocket costs if you need to file a claim.
Installing deadbolt locks, smoke detectors, and security alarms enhances your home’s safety and security and can lower your insurance rates. Many insurance companies offer discounts for these upgrades. Installing a sprinkler system or more sophisticated fire or burglar alarms that automatically contact the police or fire department can lower your premium by as much as 20%.
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If you live in an older home, replacing or upgrading your electrical, plumbing, or heating, ventilation, and air conditioning (HVAC) systems can help reduce the risk of fire or water damage. These upgrades may also qualify you for a discount with your insurance company.
Before making changes, check with your insurer to confirm which updates will save you money and whether you need an inspection to qualify. It’s also a good idea to document any upgrades you make to share with your insurer.
Home insurance companies want you to make upgrades that will increase your home’s resistance to things like natural disasters. Some of the top upgrades insurers care about include reinforcing your roof and installing shatterproof glass or storm shutters. You could also get lower rates for modernizing your home’s systems, like heating, plumbing, and electrical.[2]
Your claims history is another factor insurers look at when calculating your premiums. Filing a claim can cause your insurance rate to go up because your insurer considers you more likely to file more claims in the future.
To avoid an increase, you can pay for small issues out of pocket. That way, you don’t have to pay a deductible, and you can keep your claims record clean. Some insurers even offer discounts if you don’t file any claims for a certain number of years.
Many insurers offer a variety of discounts to help you save money on your premium. But savings can vary widely between companies and states. When comparing home insurers, ask about the discounts they offer to learn what you might qualify for.
The table below lists some of the common discounts home insurers offer, based on available information.
Discount | Typical Savings | How to Qualify |
|---|---|---|
| Bundling | 10%–40% | Purchase multiple policies from the same insurer. |
| Claims-free | 15% | Don’t file any claims within a specific period. |
| Protective devices | 5% | Install a qualifying protective device. |
| Smart home technology | 5%–20% | Install a qualifying smart home device. |
| New roof | 5%–35% | Use certain impact-resistant materials to replace your roof. |
Many states allow insurance companies to use a credit-based insurance score as one factor in calculating home insurance premiums.[3] But states like California and Hawaii don’t allow insurers to consider your credit history when determining rates.
Good credit might help reduce your premium, but poor credit indicates greater risk and can lead to higher rates. To improve your credit, try to pay your bills on time, avoid maxing out your credit cards, and apply for credit only when you need it.
Some insurance companies offer discounts for installing smart home devices, like smoke alarms, leak detectors, or security cameras. These devices connect to the internet and provide real-time feedback, helping reduce risk and prevent losses with early warnings.[4]
For example, installing a smart leak detector can reduce the risk of water damage by alerting you to any changes in moisture. Even if you’re on vacation, you can still receive alerts through your smartphone. In addition to monitoring, some leak detectors can automatically shut off the water source, potentially helping you avoid damage.
You should review your home insurance policy at least once per year. This way, you can assess if you have the right coverage and if you want to stay with your current insurer or make a change.[5]
When reviewing your policy, decide whether you need additional coverage or can drop unnecessary add-ons to reduce costs. You may also want to review your deductible and increase it to reduce your premiums, or lower it if you can’t afford the out-of-pocket costs.
Policy renewal is a good time to contact your insurer to check if you’re eligible for any discounts. You can also compare quotes from other insurance companies to find out if you can get a better deal somewhere else.
Compare quotes starting at $362 for $300,00 worth of coverage.
Insurance rates vary based on several factors, including the value and age of your home, the insurance coverage you choose, and your location. For instance, owning a newer home or living close to a fire station can result in lower premiums.[6]
Take a look at the map below to learn how the average cost for $300,000 of dwelling coverage varies across states, according to Compare.com data.
State | Average Annual Premium |
|---|---|
| Alabama | $3,552 |
| Alaska | $1,356 |
| Arizona | $2,184 |
| Arkansas | $3,648 |
| California | $2,004 |
| Colorado | $3,228 |
| Connecticut | $1,932 |
| Delaware | $1,308 |
| Florida | $6,060 |
| Georgia | $2,580 |
| Hawaii | $1,524 |
| Idaho | $1,764 |
| Illinois | $2,604 |
| Indiana | $2,244 |
| Iowa | $2,808 |
| Kansas | $4,008 |
| Kentucky | $3,360 |
| Louisiana | $5,076 |
| Maine | $1,224 |
| Maryland | $1,980 |
| Massachusetts | $1,932 |
| Michigan | $2,364 |
| Minnesota | $2,664 |
| Mississippi | $3,264 |
| Missouri | $2,940 |
| Montana | $2,448 |
| Nebraska | $4,008 |
| Nevada | $1,272 |
| New Hampshire | $1,212 |
| New Jersey | $1,284 |
| New Mexico | $3,324 |
| New York | $1,332 |
| North Carolina | $3,480 |
| North Dakota | $2,592 |
| Ohio | $1,776 |
| Oklahoma | $5,760 |
| Oregon | $1,332 |
| Pennsylvania | $1,296 |
| Rhode Island | $2,196 |
| South Carolina | $2,820 |
| South Dakota | $2,796 |
| Tennessee | $3,300 |
| Texas | $4,704 |
| Utah | $1,500 |
| Vermont | $984 |
| Virginia | $1,788 |
| Washington | $1,464 |
| District of Columbia | $1,260 |
| West Virginia | $1,584 |
| Wisconsin | $1,536 |
| Wyoming | $1,740 |
You might be wondering why your home insurance rates change. There are several possible reasons, including:
Weather events: Damage from earthquakes, hurricanes, wildfires, or storms can lead to more claims. An increase in claims can drive up the overall cost of coverage.
Labor and materials: The cost of construction can vary depending on the availability of materials and where you live. In general, costs rise when supplies are limited. More densely populated areas also usually have higher construction costs.
Economic factors: Rising interest rates or inflation can drive up real estate prices. More expensive home prices usually mean higher insurance premiums.[7]
Claims history: If you’ve made any recent claims, your home insurance premiums will likely increase. That’s because insurers consider you more likely to file future claims.
If you need information on how you can lower your home insurance rates, we’re here to help. Below, we answer some common questions from homeowners about saving money on home coverage.
You have a few ways to lower your home insurance rates. One of the best ways is to shop around and compare quotes from multiple insurance companies. That way, you can make sure you get the best price for your coverage. You can also raise your deductible, ask about discounts, and install or upgrade your home’s safety features.
Yes. Home improvements can lower your home insurance premium. Upgrades that make your home more resistant to disasters, like hurricanes or earthquakes, may qualify you for discounts. The safer and more secure your home is, the less likely you are to file a claim, which lowers your rates. Check with your insurance company to find out what discounts it offers.
The 80% rule in home insurance means you should always have enough insurance to cover 80% or more of your home’s full replacement cost. If you let the number drop below 80%, your insurer may reduce the amount it will pay on a claim.
The easiest way to get a discount on home insurance is to ask your insurance company. Many insurers offer a variety of discounts, including bundling, claims-free, and loyalty discounts. You may also qualify for discounts for making home upgrades or installing smart devices.
On average, homeowners insurance costs $239 per month for $300,000 worth of dwelling coverage. But how much you pay for homeowners insurance depends on many factors, including your location, the age and condition of your home, your credit history, and your deductible.
It’s a good idea to review your home insurance policy at least once per year, when your policy is up for renewal. That way, you can determine if your rates have gone up and if your policy still provides the coverage you need.
Yes. Some home upgrades, like installing impact-resistant roofing or upgrading electrical, plumbing, or HVAC systems, can reduce your insurance costs. Many insurance companies offer discounts for upgrades, but savings can vary between insurers. Check with your insurance company to find out how upgrading your home can lower your costs.
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Licensed property and casualty insurance agent
NPN: 21630969
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