The cheapest homeowners insurance companies provides protection against damages to your home or property a very low cost. However finding the right coverage that suits your budget is quite pertinent. In the U.S. $1,312 is the average cost of home insurance a year, for $250,000 dwelling coverage, it cost $109 a month.
Paradiseys carried out a research on different insurance companies in other to find which, has the cheapest average rates. We can help you find the top cheapest home insurance company through our proprietary rate info. Also, we can guide you on the specific features of a company to review and also its average rates. This will help you to find the company that fits the coverage you need and your budget.
Which are the cheapest homeowners insurance companies?
From our recent research, In the U.S. USAA and Erie provides the cheapest homeowners insurance average rates. Although you can obtain Erie in 12 states only while USAA provides coverage only for veterans, military members and their family.
You can as well get homeowners insurance quotes from Nationwide, progressive or Travelers if USAA and Erie won’t be available for you.
In the cause of finding a cheap homeowners insurance, you should also look for a policy that provides the best coverage you need. Your home may be one of your most important investment and you want to ensure your financial protection against hazardous events like tornado, fire, and hurricane etc, then it is important to select the best coverage that suit your needs. Take your time to read the benefits of home owners in 2022.
From our research, if you are searching for the best cheapest homeowners insurance companies with nice options, then consider furthering your search by getting a quote from any of the six companies below:
Erie; Erie’s average annual premium for $250,000 is $897
USAA: Their average annual premium for $250,000 is $992
Progressive: Their average annual premium for $250,000 is $1,026
Nationwide: Their average annual premium for $250,000 is $1,042
Auto-owners: Their average annual premium for $250,000 is $1,165
Travelers: Their average annual premium for $250,000 is $1,269
States where the cheapest homeowners insurance companies are, and their Average annual premium for $250,000 dwelling coverage
Alabama: Cincinnati $740
Alaska: Western National $892
Arizona: Progressive $674
Arkansas: Travelers $1,511
California: Mercury $542
Colorado: State Auto $589
Connecticut: NBIC Holdings Group $502
Delaware: Cumberland Group $456
Florida : Southern Farm Bureau $645
Georgia: Progressive $692
Hawaii: Universal Insurance Co. Group $252
Idaho: Grange $564
Illinois: Travelers $946
Indiana: Buckeye Insurance Group $467
Iowa: West Bend $676
Kansas: Auto-Owners $1,560
Kentucky: Cincinnati Insurance $965
Louisiana: United Insurance Holdings Group $597
Maine: Vermont Mutual $455
Maryland: Brethren Mutual $554
Massachusetts: Quincy Mutual $731
Michigan: Auto-Owners $204
Minnesota: Auto-Owners $982
Mississippi: Nationwide $659
Missouri: AAA $1,359
Montana: Chubb $959
Nebraska: Nationwide $1,699
Nevada: Universal Insurance Co. Group $456
New Hampshire: Main Street America $398
New Jersey: NJM $355
New Mexico: Allstate $1,456
New York: NYCM $394
North Carolina: Universal Insurance Co. Group $785
North Dakota: Farmers Union Mutual $1,070
Ohio: Buckeye Insurance Group $371
Oklahoma: Farmers $1,844
Oregon: Mutual of Enumclaw $317
Pennsylvania: Westfield $283
Rhode Island: NBIC Holdings Group $551
South Carolina: Lighthouse Property Insurance Corp. $565
South Dakota: North Star Mutual $1,345
Tennessee: Erie $910
Texas: Bankers Insurance Group $563
Utah: Mutual of Enumclaw $446
Vermont: Vermont Mutual $399
Virginia: Cincinnati Insurance $443
Washington: PEMCO $325
Washington, D.C.: Chubb $769
West Virginia: Westfield $618
What do i expect when applying for cheap homeowners insurance?
Applying for home insurance policy is much similar to applying for cheap home insurance. However, if your top priority is to find a low price or the cheapest homeowners insurance companies, then you should consider the following:
Accuracy; review your quotes for accuracy, because it may seem to you that a company is more cheaper than another, not knowing that your liability limit or dwelling coverage is very low. To review quotes for accuracy, ensure that companies limitis and coverage types are very much similar.
Utilize discounts: Selecting which discounts to be included on your quotes may be done manually if you’re getting quotes online. Ensure your are qualified for the discount you are selecting and also read the descriptions.
Ensure the quotes exceed or meets mortgage requirements: You maybe required by your mortgage to take a certain dwelling coverage, likely sufficient for paying off the loan if the home gets ruined or sufficient for rebuilding the home. Your policy may likely not meet with the requirements of your lender if your quotes is cheap as a result of low dwelling coverage.
It has been recommended by experts in insurance for one to have sufficient coverage that can provide adequate financial protection, not just for mortgage payoff but for the full replacement value of your house.
What are the requirements to be eligible for the cheapest homeowners insurance companies?
Normally, being a homeowner you will qualify for cheap home insurance, but being eligible for the cheapest homeowners insurance, there are few things the cheapest policies will definitely have in common, and these are:
Proper home maintenance; Poorly maintained home are less insured by insurance companies because these homes are seen as having high risk. Therefore many home insurers focus more on well maintained homes with good condition of roofs , structure etc to ascertain the cost of coverage.
Low risk level; Home that seem to have a very low risk damage, either damages by tornado or fire, the cost of premiums are usually low for such homes. The cost of premiums may be high if your home is open to high risk damage.
Clean claims record; If you file claims often, then the cost will definitely be high because insurance claims often increase your premiums. So the less claim you file the lower the cost of your premiums. You may even need to purchase new coverage because your policy was non-renewed due to frequent claims.