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Best and Cheapest Homeowners Insurance Companies
The best and cheapest homeowners insurance don’t often describe the same thing. However, after extensive research, our team uncovered several providers that specialize in keeping the average cost of home insurance at a minimum while providing top-notch insurance coverage.
Some cheap homeowners insurance companies also offer additional advantages, such as the ability to combine your home and auto insurance, even lower monthly payments in return for a higher deductible, high-risk coverages, personal property protections, and financial products like banking, life insurance, and even balance transfer credit cards.
Find the cheapest home insurance available, along with the extra perks you need here.
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Trusted Company Reviews #1 Pick for 2024
- Online marketplace featuring many home insurance companies
- Choose from a wide selection of home insurance options
- Several other financial tools and services also available
Why we love it 💖
Credible offers numerous insurance and financial products in a marketplace setting which allows you to choose the policy, plan, personal loan, debt consolidation options, or savings features that work best for you.
Our Highest Rated Cheap Homeowners Insurance Companies
- Allows customers to choose the best policy for their needs and budget
- No fee for using Credible's services
- Earns income from insurance companies instead of customers
- Highly rated financial product company
- Graded A+ at the Better Business Bureau (BBB)
- Offers several insurance products and financial services
- Available to military members and their families
- Some benefits cater specifically to the needs of service members
- Highly rated customer service and claims handling
- Focused on online account and claim management
- Long company history, since 1922
- Multiple insurance options available
- Offers customizable coverage limits and deductibles
- Company enjoys strong ratings for its financial health
- Known for rapid claims processing
- Available in 26 states
- Several discount options available
- Complimentary insurance needs evaluations available
- Online account and claims management tools available
- Commercial insurance options also available
- Some customer claims complaints
- Financial, retirement planning, and specialty health services also available
- Not available in seven states
- Personalized customer support available through local agents
- Customizable policies with various insurance add-ons available
- Financially stable company
- Company consistently offers affordable rates
- Some zero-deductible coverage options
- Some low customer ratings relating to claims disputes
What is Affordable Home Insurance?
Home insurance provides financial protection against losses due to disasters, theft, and accidents. It covers repairs or replacement of a home and its contents if damaged. Additionally, it offers liability coverage for accidents that occur on the property, ensuring homeowners are safeguarded against potential financial burdens from unforeseen events. Affordable home insurance features typcially offer ways for homeowners to save through policy options, such as choosing a higher deductible, and available discounts.
What is hazard homeowners insurance?
Hazard homeowners insurance specifically covers physical damage to your home caused by hazards such as fires, storms, or theft. The protections typically include the replacement cost of your home up to the coverage limit stated in the policy. Homeowners in areas prone to specific risks, like floods, may also need to consider adding coverages from the National Flood Insurance Program, as standard policies might not cover such events, depending on your zip code.
Do you need homeowners insurance?
Having homeowners insurance is essential. It not only helps to protect your home, which is likely one of your most significant investments, but also protects you and your wallet against potential liabilities. Additionally, virtually all mortgage lenders require homeowners to carry a policy to protect their interest in your home loan.
How much homeowners insurance do I need?
What does your insurance cover?, is an essential question that you and your mortgage provider will want to know the answer to before signing up for a policy or requesting the lender to approve a loan.
The amount of homeowners insurance you need should cover the cost to rebuild your home at the current market rates and prices. The protection level ensures you can fully restore your covered property in the case of a total loss. Your homeowners insurance rates will vary based on the size of your home, location, and the estimated cost of labor and materials.
Do I need homeowners insurance during construction?
If you’re building a home, obtaining homeowners insurance during construction is essential. Known as builders risk insurance, the protection covers loss or damage to the building materials and structure as your contractor builds it. It’s crucial for protecting your investment from the unforeseen like theft, vandalism, or weather-related damages, and most lenders will require you to have the protection in place.
What is the cheapest homeowners insurance?
For our review, Credible stands out as the best and cheapest homeowners insurance available. However, we’re not singling out one policy. Due to the wide variations in customer needs, depending on location and a long list of other pricing factors, there’s really no way to distinguish the absolute cheapest company.
Credible provides multiple company and coverage options each time a potential customer makes an inquiry and allows them to choose the one that works best for them. This ensures that you get not only the cheapest, but the most appropriate one that includes all of the provisions necessary to meet your needs.
What state has the cheapest homeowners insurance?
Because home insurance rates vary due to numerous variables down to the zip code where you live, pinpointing the cheapest state overall for coverage is challenging. Experts disagree on which state consistently has the lowest home insurance rates. However, the states that most often appear in reports for being the cheapest include Vermont, Delaware, Alaska, and West Virginia.
Typically, states with lower risk of natural disasters and lower property values will have cheaper insurance rates. Coastal areas, where hurricanes are a risk, or where wildfire activity is increasing generally experience the highest home insurance rates.
How to Get the Cheapest Homeowners Insurance
To get the cheapest homeowners insurance, start by comparing quotes from multiple providers. Credible, of course, as a provider that provides rates and policies from multiple companies, makes this process simple.
In other cases you can input your zip code into individual company websites to find local insurers and compare their offerings.
Increase your deductible to lower premiums, bundle policies, and make sure to update your policy information regularly to reflect any changes or improvements in your home’s value for the best rates possible for your current situation.
Best and Cheapest Homeowners Insurance Companies Side-by-Side
| Average Annual Cost for $300-$400k dwelling coverage | BBB Rating | Available Discounts | |
| Credible Home Insurance | Varies by provider | A+ | Varies by provider |
| USAA | $1,160 | A+ | Automatice sprinkers, smart home systems, bundling, loyalty, impact-resistant roofing, protective devices |
| Auto-Owners | $1,500 | A+ | Pay in full, bundling, paperless, payment history, protective devices, mortgage free, construction features |
| Nationwide | $1,200 | A+ | Bundling, protective devices, claims free, renovation credits, smart home, roof age and condition |
| Erie | $1,250 | A+ | Bundling, on-time payments, advanced quotes |
Credible Home Insurance
Trusted Company Reviews Rating Score for Credible Home Insurance: 9.8
Credible Home Insurance Review
Credible Home Insurance tops our list as the best and cheapest home insurer available. The company is well-known for its many financial products available in it unique marketplace platform. Credible scores a massive 4.8 out of five stars on Trustpilot and carries an A+ Grade at the BBB. However most Credible reviews focus on its debt consolidation, personal loan, and other financial product listings, as its home insurance program is a relatively new addition to the company’s lineup.
Positive reviews generally reflect satisfaction with the results of using the company’s platform to identify needed products, citing speed and convenience as the stand-out features. Negative reviews point to some difficulties encountered during complicated exchanges with the company, when customers were seeking solutions for unusual circumstances.
About Credible Home Insurance
Credible provides several financial products on its platform, including home insurance, some of the best personal loans for fair credit, student loans, student loan refinancing, home loans, credit cards, and savings options. The company is also listed in our review of the best debt consolidation companies available for offering customers the ability to pick and choose the solution that’s best for them based on their financial needs.
Credible Home Insurance Features and Benefits
Credible offers a highly convenient way to shop for, evaluate, purchase, and realize the best coverages and best savings available from its partner companies.
- Charges no fees to use the service and select a provider and policy
- Choose from numerous home insurance providers
- Provides a selection of personalized home insurance options
- No commitment is necessary to shop around on the platform
- Allows you to avoid shopping multiple companies for a home insurer
Why We Chose Credible Home Insurance
While most of the companies featured here in our review offer a single home insurance option, Credible comes to the table with a list of potential providers. This advantage places the platform squarely in our number one spot. By offering rates, quotes, and coverages from numerous insurers, customers can find the cheapest and best home insurance option while also identifying adequate coverage solutions.
Credible Home Insurance Pros and Cons
Pros
- No fees to use service and find a provider
- Highly rated company features several other financial products
- Receive offers from several providers with a single inquiry
Cons
- Not a direct insurance provider
Read our Credible Home Insurance Review, Credible Loans Review, and Credible Student Loans and Refinancing Review
| Average Annual Cost for $300-$400k dwelling coverage | BBB Rating | Other Insurance and Financial Products Available | Available Discounts |
| Varies by provider | A+ | Personal loans, debt consolidation, student loans, student loan refinancing, home loans, credit cards, savings | Varies by provider |
USAA
Trusted Company Reviews Rating Score for USAA: 9.2
Review: Is USAA Good Insurance?
Like most insurers, USAA experiences mixed reviews that reflect both high praise and some dissatisfaction among its policyholders. Positive reviews highlight the company’s attentive customer service, especially during the claims process. Negative reviews often cite inadequate compensation for home damages.
About USAA Home Insurance
USAA, short for United Services Automobile Association, offers a range of insurance products and financial services, focusing primarily on serving the U.S. military community and their families. Products include home insurance, auto insurance, renters insurance, and banking services among others. Established in 1922, USAA is renowned for its commitment to service members, veterans, and their families, providing them with products that address the unique aspects of military life. USAA is also noted for its innovation in financial technology, offering robust online and mobile platforms that enhance user experience and accessibility.
Who Is Eligible for USAA Insurance?
USAA insurance is exclusively available to members of the U.S. military, veterans who have honorably served, and their eligible family members. This includes spouses, widows, widowers, and un-remarried former spouses of USAA members who joined USAA prior to or during the marriage.
USAA Home Insurance Features and Benefits
USAA stands out as a home insurer for its services tailored to the needs of military families and other features.
- Offers a wide range of insurance products
- Provides military-specific benefits
- Offers coverage during deployments
- Highly rated for customer service and claims handling.
- Coverage extends to family members of service personnel.
- Highly rated for financial stability and claims-paying ability.
- Known for quick and efficient claims resolution.
- Bundling discounts are available
Why We Chose USAA Home Insurance
We chose USAA Home Insurance for inclusion in our review of the best and cheapest home insurance companies primarily for its dedication to serving the military community. Its specialized products offer both value and tailored protection that are hard to find elsewhere.
USAA’s strong reputation customer service is supported by numerous testimonials from members who have received support through significant personal and natural crises.
USAA Home Insurance Pros and Cons
Pros
- Competitive prices
- Comprehensive coverage options
- Easy management and claims process
Cons
- Availability restricted to military members, veterans, and their families
- Some reports of dissatisfaction with claim payouts
- Can be more expensive than civilian alternatives for some users
| Average Annual Cost for $300-$400k dwelling coverage | BBB Rating | Other Insurance and Financial Products Available | Available Discounts |
| $1,160 | A+ | Auto insurance, checking and banking, credit cards, renters insurance, home loans, health and life insurance, auto loans | Automatic sprinklers, smart home systems, bundling, loyalty, impact-resistant roofing, protective devices |
Auto-Owners Insurance
Trusted Company Reviews Rating Score for Auto-Owners Insurance: 8.8
Review: Is Auto-Owners Insurance a Good Company?
Auto-Owners Insurance receives mixed reviews from its customers. Positive reviews highlight efficient claim handling, with customers often mentioning satisfactory experiences with significant home insurance claim situations. However, other reviews recall some frustration with claim delays and poor communication.
About Auto-Owners Insurance
Auto-Owners Insurance, established in 1916, has grown to offer a wide range of insurance products including auto, home, life, and business insurance across 26 states. Known for its financial stability and attention to personal service, Auto-Owners takes pride in its network of independent agents who focus on providing a personalized service experience for customers.
Auto-Owners Insurance Features and Benefits
Auto-Owners Insurance stands out in the insurance industry for its dedication to customer service and comprehensive coverage solutions. Here are some of its key features:
- Can meet many and divers customer needs
- Features a network of independent agents
- Long company history
- Multiple discount opportunities are available
- Flexible payment options
- Online policy management and claim filing
- Offers programs designed to help prevent losses before they occur.
- Customizable coverage limits and deductibles.
Why We Chose Auto-Owners Insurance
Auto-Owners Insurance makes our list for its competitviely priced home insurance, backed by its century-long-plus reputation for reliability, cost-effiectiveness, and customer service. Its network of independent agents provides personalized and local service, ensuring that policyholders receive the support they may need.
Auto-Owners Insurance Pros and Cons
Pros
- Competitive rates
- Long company history
- Personalized customer service through local agents
Cons
- Limited online tools compared to industry leaders
- Available in just 26 states
- Customer service may vary due to the independent agent model
| Average Annual Cost for $300-$400k dwelling coverage | BBB Rating | Other Insurance and Financial Products Available | Available Discounts |
| $1,500 | A+ | Auto, motorcycle, RV, life, business, commercial insurance, | Pay in full, bundling, paperless, payment history, protective devices, mortgage free, construction features |
Nationwide Insurance
Trusted Company Reviews Rating Score for Nationwide Insurance: 8.6
Review: Is Nationwide Insurance Good?
Nationwide Insurance reviews reflect a varied range of customer experiences. Positive highlights include quick claims processes (in as little as two days) and professional assistance and attention, including while making large claims. On the other hand, negative reports include poor customer service and inattention, especially for former customers seeking information.
About Nationwide Insurance
You’ve likely seen the television commercials, Nationwide Insurance is a leading insurance provider offering a comprehensive mix of products including home, auto, life, and commercial insurance. Known for its “On Your Side” philosophy, Nationwide is known to provide excellent customer service and solid home insurance coverage.The company also offers financial services, retirement planning, and specialty health services.
Nationwide Insurance Features and Benefits
Nationwide Insurance is a strong competitor among cheap home insurers with its comprehensive services and customer-focused policies.
- Wide range of coverage options
- Free personalized insurance evaluations available
- Multiple policy discounts and claims-free rewards.
- Online policy management and claims process
- Replacement cost coverage available
- ID theft protection is available as an add-on for extra security.
- Full replacement cost for possessions is available
Why We Chose Nationwide Insurance
Nationwide Insurance made our list for several reasons. Their longstanding reputation for reliability, combined with a wide range of customizable insurance products, makes them a top choice for homeowners seeking home insurance protections. Nationwide’s “On Your Side” reviews, offer existing customers regular check-ins to adjust and update coverage as necessary. The company also offers add-on features, such as identity theft protection.
Nationwide Insurance Pros and Cons
Pros
- Customizable coverage options
- Local agents available in many locations
- Additional features and benefits available
Cons
- Some reports of slow cancellation processes
- Potential for higher premiums without discounts
- Limited availability in certain geographic areas and seven states
| Average Annual Cost for $300-$400k dwelling coverage | BBB Rating | Other Insurance and Financial Products Available | Available Discounts |
| $1,200 | A+ | Car insurance, personal insurance, business insurance, investments | Bundling, protective devices, claims free, renovation credits, smart home, roof age and condition |
Erie Insurance
Trusted Company Reviews Rating Score for Erie Insurance: 8.2
Review: Is Erie Insurance a good Company?
Erie Insurance is a good company overall, but has some mixed reviews. Customers appreciate the outstanding price and service, citing fast and efficient claims handling However, negative reviews point out significant customer service issues, citing a lack of compassion and organization in some cases.
About Erie Insurance
Erie Insurance offers an extensive range of insurance products, including home, auto, life, and business insurance. Known for its competitive pricing and customer-centric approach, Erie offers value and peace of mind to its customers. Founded in 1925, Erie has grown to become a respected name in the insurance industry, but is available in just 12 states.
Erie Insurance Features and Benefits
Erie Insurance has a reputation for providing numerous insurance products designed to meet the many needs of its customers.
- Offers various add-ons and riders based on your needs
- Competitive pricing
- Local agents available
- Minimal wait times for customer support
- No-deductible options available
- Limited policy discounts available
- Online policy and claims management
Why We Chose Erie Insurance
Erie Insurance’s long-standing reputation for affordability and comprehensive coverage options makes it a standout choice. The company offers personalized customer service through its network of local agents who can provide advice, support, and flexibility.
Erie Insurance Pros and Cons
Pros
- Competitive pricingRapid and efficient claims processing.
- Local agent services available
- Strong financial stability
Cons
- Available in just 12 states
- Some reports of poor customer service experiences
| Av
erage Annual Cost for $300-$400k dwelling coverage |
BBB Rating | Other Insurance and Financial Products Available | Available Discounts |
| $1,250 | A+ | Auto, property, renters, business insurances | Bundling, on-time payments, advanced quotes |
Frequently Asked Questions
These are some of the most common questions surrounding the best and cheapest homeowners insurance.
Specifics about plumbing coverages will appear in your homeowners insurance policy documents, and may or may not cover plumbing and situations related to it. In general, home insurance may cover instances in which your plumbing breaks unexpectedly. However, it’s more common that the policy covers the water-damage effects of broken plumbing rather than the plumbing itself, often with exceptions for slow leaks or neglect.
Typical homeowners insurance protections don’t extend to roof leaks unless they’re a direct result of a covered disaster, peril, or accident. Normal aging and wear on roofs is seldom covered by home insurance. Additionally, if your roof sustains damage from a peril that’s not covered by your policy, coverage for damages left behind by a roof like is also not likely to be present.
Homeowners insurance doesn’t generally include protections for aging items unless specifically identified as such in your policy documents. However, your window screens may, and are often, covered if the damage they sustain is a result of a covered event or accident, such as weather or vandalism.
Image Sources: credible.com – usaa.com – erieinsurance.com – nationwide.com – auto-owners.com
Evaluation Criteria and Methodology
Coverage Options – 15%
- Review each company’s basic coverage options including dwelling, personal property, and liability coverage.
- Examine additional coverage availability such as flood, earthquake, or special endorsements.
Pricing and Affordability – 15%
- Compare pricing dependant on several variables from multiple sources.
- Consider the deductibles offered and how they affect the premium and out-of-pocket expenses.
Discounts and Savings Opportunities – 15%
- Identify which discounts each company offers that could lower premiums, including discounts for security systems, bundle policies, claims-free history, newly renovated homes, and others.
Customer Service and Support – 10%
- Research each company’s customer service reputation through reviews, ratings, and consumer feedback.
- Evaluate the ease of access to customer service, including availability of support through online chat, phone, and email.
Claims Process – 10%
- Investigate the claims filing process for each insurer. Look for streamlined online claims services, average claims processing times, and overall customer satisfaction with the claims process.
Technology and Tools – 5%
- Research and evaluate the digital tools and platforms each company offers, such as mobile apps and online account management.
- Evaluate the user-friendliness and functionality of these tools in managing policies and payments.
Financial Stability – 10%
- Review financial strength ratings from independent agencies like A.M. Best or Standard & Poor’s for each insurer to ensure they have the capacity to pay out claims.
Consumer Reviews and Satisfaction – 10%
- Research consumer reviews focusing on aspects like ease of doing business, transparency, and overall satisfaction.
Transparency and Communication – 5%
- Evaluate how clearly each company communicates policy details and exclusions.
- Check the transparency of their pricing structure to avoid companies with hidden fees or complicated rate structures.
Legal and Compliance – 5%
- Confirm that each company is properly licensed to offer insurance in your state and adheres to state regulations.