Affordable Home Insurance Quotes for 2024
Finding affordable homeowners insurance is crucial but challenging due to rising costs. In 2023, the average annual cost for a $300,000 dwelling coverage policy jumped 12% to $1,770. In high-risk states like Florida, premiums can soar above the national average. Comparing quotes from various companies can help you secure the best deal. However, the lowest rates might not always be the best option.
Other Insurance: Navigating the Complex World of Life Insurance
Key Points to Consider
Quick Facts
-
- Travelers offers the lowest national average rates.
- Your home’s age, location, and structure significantly influence insurance costs.
- Florida has the highest average premium at $9,213 annually, while Vermont is the cheapest at $914 annually.
Cheapest Home Insurance Companies in 2024
Travelers stands out as the cheapest with an average annual premium of $1,555. Allstate and Auto-Owners follow closely, averaging $1,607 and $1,658 respectively. Your specific premium will vary based on factors like your home’s size, location, and age. Regional insurers like Westfield ($917) and Erie ($1,258) might offer lower rates but aren’t available everywhere.
| Insurance Company | Average Annual Premium | Best For | IQ Score |
| Travelers | $1,555 | Low rates | 3.9 |
| Allstate | $1,607 | Overall | 4.1 |
| Auto-Owners | $1,658 | Customization | 3.7 |
| State Farm | $1,692 | Customer service | 4.1 |
| Chubb | $1,804 | High-value homes | 3.9 |
Detailed Company Reviews
Travelers: Best for Low Rates
Travelers offers the lowest rates nationally, averaging $1,555 annually. Available across the U.S., it provides robust coverage and numerous discounts. Discounts include those for new homes, multiple policies, being claims-free, and certified green homes.
Pros
- Low rates
- Comprehensive coverage
- Multiple discounts
Cons
- Limited customization options
Allstate: Best Overall
Allstate combines affordable rates, customization options, and high customer satisfaction. It offers standard coverages and optional ones like umbrella policies and flood insurance.
Pros
- Affordable rates
- High customer satisfaction
- Wide range of coverages
Cons
- Average customization options
Auto-Owners: Best for Customization
Auto-Owners excels in offering customizable coverage options, including guaranteed home replacement cost, water backup coverage, and home cyber protection. Bundling policies can also lead to savings.
Pros
- Wide range of coverages
- Customizable policies
- Bundling discounts
Cons
- Limited availability in some areas
State Farm: Best for Customer Service
State Farm is the largest home insurance provider by market share. It’s known for excellent customer service and claims satisfaction. You can file claims online, over the phone, or through its mobile app.
Pros
- Excellent customer service
- Comprehensive online tools
- High claims satisfaction
Cons
- Higher rates
Chubb: Best for High-Value Homes
Chubb offers extensive coverage options, making it ideal for high-value homes. It includes extended replacement cost coverage, wildfire and hurricane insurance, and risk consulting services.
Pros
- Comprehensive high-value coverage
- Risk consulting services
- Cash settlement options
Cons
- Higher premiums
How We Chose the Best Companies
’s editors analyzed each company’s average national premiums, financial strength ratings, consumer satisfaction, customer support, discounts, customization options, and availability. Quotes are based on a $300,000 dwelling coverage limit.
Cheapest Home Insurance by Dwelling Coverage
Higher coverage limits increase premiums. However, you should consider your home’s value and risk factors when choosing coverage. The cheapest insurer can vary based on your desired dwelling coverage limit.
| Insurance Company | $250,000 | $350,000 | $500,000 |
| Allstate | $1,439 | $1,786 | $2,305 |
| Auto-Owners | $1,487 | $1,834 | $2,363 |
| Chubb | $1,536 | $2,087 | $2,806 |
| Farmers | $1,525 | $2,049 | $2,862 |
| Foremost | $1,789 | $2,563 | $3,620 |
| Nationwide | $1,637 | $2,169 | $3,002 |
| State Farm | $1,487 | $1,866 | $2,457 |
| Travelers | $1,369 | $1,767 | $2,431 |
Cheapest Home Insurance for New Construction
Travelers is the cheapest for new homes, averaging $1,089 annually. Newer homes are typically cheaper to insure due to fewer repair issues.
| Insurance Company | Average Annual Premium |
| Travelers | $1,089 |
| Allstate | $1,125 |
| Auto-Owners | $1,161 |
| State Farm | $1,184 |
| Farmers | $1,237 |
| Chubb | $1,263 |
| Nationwide | $1,336 |
| Foremost | $1,511 |
Cheapest Home Insurance for Old Homes
Older homes are costlier to insure due to potential repair issues. Travelers offers the lowest average premium at $1,560 annually.
| Insurance Company | Average Annual Premium |
| Travelers | $1,560 |
| Allstate | $1,612 |
| Auto-Owners | $1,664 |
| State Farm | $1,698 |
| Farmers | $1,772 |
| Chubb | $1,810 |
| Nationwide | $1,914 |
| Foremost | $2,165 |
Cheapest Home Insurance for Bad Credit
In many states, insurers can consider your credit history when setting rates. Travelers is the most affordable option for those with bad credit, averaging $1,679 annually.
| Insurance Company | Average Annual Premium |
| Travelers | $1,679 |
| Allstate | $1,736 |
| Auto-Owners | $1,791 |
| State Farm | $1,827 |
| Farmers | $1,908 |
| Chubb | $1,948 |
| Nationwide | $2,061 |
| Foremost | $2,331 |
Cheapest Home Insurance for High Deductible
A higher deductible lowers your premium. Travelers offers the lowest rates for high-deductible policies at $1,501 annually.
| Insurance Company | Average Annual Premium |
| Travelers | $1,501 |
| Allstate | $1,551 |
| Auto-Owners | $1,600 |
| State Farm | $1,633 |
| Farmers | $1,705 |
| Chubb | $1,741 |
| Nationwide | $1,841 |
| Foremost | $2,082 |
Cheapest Home Insurance for Bundling Home and Auto
Bundling home and auto insurance can lead to significant savings. Travelers offers the cheapest bundling option, with an average premium of $1,368.
| Insurance Company | Average Annual Premium |
| Travelers | $1,368 |
| Allstate | $1,414 |
| Auto-Owners | $1,459 |
| State Farm | $1,489 |
| Farmers | $1,555 |
| Chubb | $1,588 |
| Nationwide | $1,679 |
| Foremost | $1,899 |
Cheapest Home Insurance by State
Insurance costs vary widely by state due to factors like weather risk and local construction costs. Vermont has the lowest average premium at $914 annually, while Florida has the highest at $9,213.
| State | Cheapest Company | Cheapest Rate |
| Alaska | Umialik Insurance | $895 |
| Alabama | Foremost | $2,079 |
| Arkansas | Metropolitan | $2,079 |
| Arizona | Armed Forces Insurance | $924 |
| California | Allstate | $571 |
| Colorado | Pure | $1,619 |
| Connecticut | State National | $866 |
| Washington D.C. | USAA | $956 |
| Delaware | Cumberland Insurance Group | $670 |
| Florida | Travelers | $2,002 |
| Georgia | Allstate | $1,201 |
| Hawaii | Island Insurance Group | $418 |
| Iowa | Westfield | $878 |
| Idaho | American National P&C | $493 |
| Illinois | Westfield | $907 |
| Indiana | Allstate | $739 |
| Kansas | Armed Forces Insurance | $1,192 |
4o
CONTINUE
ChatGPT
| State | Cheapest Company | Cheapest Rate |
| Kentucky | Foremost | $1,450 |
| Louisiana | Progressive | $1,764 |
| Maine | Allstate | $693 |
| Maryland | Cumberland Insurance Group | $765 |
| Massachusetts | State National | $952 |
| Michigan | Frankenmuth Mutual | $997 |
| Minnesota | North Star Mutual | $906 |
| Mississippi | Travelers | $1,547 |
| Missouri | Auto-Owners | $1,043 |
| Montana | Farmers Union Insurance | $948 |
| Nebraska | Farmers Mutual | $1,023 |
| Nevada | American Family | $759 |
| New Hampshire | Allstate | $819 |
| New Jersey | Cumberland Insurance Group | $819 |
| New Mexico | Travelers | $978 |
| New York | State National | $1,125 |
| North Carolina | Allstate | $874 |
| North Dakota | Nodak Mutual | $802 |
| Ohio | Westfield | $917 |
| Oklahoma | American Farmers & Ranchers | $1,651 |
| Oregon | Mutual of Enumclaw | $1,014 |
| Pennsylvania | Erie | $870 |
| Rhode Island | Cumberland Insurance Group | $1,014 |
| South Carolina | Travelers | $1,065 |
| South Dakota | State Farm | $940 |
| Tennessee | Auto-Owners | $1,077 |
| Texas | Farmers | $1,791 |
| Utah | Bear River Mutual | $426 |
| Vermont | Union Mutual of Vermont | $914 |
| Virginia | USAA | $826 |
| Washington | PEMCO Mutual Insurance | $732 |
| West Virginia | Allstate | $1,014 |
| Wisconsin | SECURA Insurance | $920 |
| Wyoming | Farmers | $1,162 |
Tips for Finding Affordable Home Insurance
Shop Around
Comparing quotes from multiple insurance companies is crucial. Each company assesses risk differently, so premiums can vary significantly. Utilize online comparison tools to simplify the process.
Consider Higher Deductibles
Increasing your deductible can lower your premium. However, ensure you can afford the higher out-of-pocket cost in case of a claim.
Bundle Policies
Many insurers offer discounts if you bundle home and auto insurance. This can lead to substantial savings.
Improve Home Security
Installing security systems, smoke detectors, and deadbolt locks can reduce your premium. These measures decrease the risk of theft and damage.
Maintain Good Credit
In many states, your credit score affects your premium. Maintaining good credit can help you secure lower rates.
Ask About Discounts
Inquire about available discounts, such as those for being claims-free, having a new home, or installing protective devices. Every little bit helps in reducing your premium.
Review Coverage Annually
Re-evaluate your insurance needs annually. Life changes, such as home renovations or acquiring valuable items, can affect your coverage requirements.
Finding affordable home insurance requires research and comparison. By understanding the factors influencing premiums and exploring various insurers, you can secure the best deal for your needs. Remember, the lowest rate isn’t always the best option; ensure the coverage meets your requirements. Stay informed and proactive in managing your homeowners insurance to protect your investment effectively.
FAQs
What factors influence home insurance premiums?
Home insurance premiums are influenced by factors such as the home’s age, location, construction type, and the homeowner’s credit score and claims history.
How can I lower my home insurance premium?
To lower your home insurance premium, you can shop around for better rates, increase your deductible, bundle policies, improve home security, maintain good credit, ask about discounts, and review your coverage annually.
Is it worth getting high-deductible home insurance?
A high-deductible policy can lower your premium, but you need to ensure you can afford the higher out-of-pocket cost if you need to file a claim. Evaluate your financial situation before opting for a high-deductible policy.
Does bundling home and auto insurance save money?
Yes, bundling home and auto insurance typically results in discounts from insurers. This can lead to significant savings on both policies.
Why is my home insurance premium higher than my neighbor’s?
Premiums vary based on individual risk assessments. Factors such as differences in credit scores, home value, claims history, and specific coverage options can lead to different premiums for similar homes.