Your home is likely one of your most valuable assets, so it’s important to have the right homeowners insurance coverage while still paying an affordable price. Additionally, insurance needs of homeowners vary by state based on the severe weather risks in the area. Evaluating your insurance needs and doing your research on different companies and policies is the perfect recipe to help you find the best homeowners insurance company near you.
Most affordable homeowners insurance companies
Price is one of the most important factors to consumers when it comes to choosing a homeowners insurance company. Below you can find a table of the average homeowners insurance rates for a $200,000 home from some of the largest home insurance companies in the country. Keep in mind the companies listed in these tables aren’t limited to just home insurance companies that sell near you.
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The rates for each of these companies are based on a $200,000 dwelling with the following coverage limits: $100,000 personal property, $20,000 loss of use, $20,000 other structures, $300,000 liability and $5,000 medical. The policy has a $1,000 deductible. The house used for the profile was constructed in 2004 and the individual had a good insurance score. The rates displayed should only be used for comparative purposes as individual rates will differ. Rate data is provided by Quadrant Information Services.
To get these company rates, we averaged data across all states we had available data for. Please note: rate data wasn’t available for every company in every state.
Comparing homeowners insurance companies near me
Choosing the company to insure your home is a major decision, especially because companies vary in all aspects like price, trustworthiness and customer service. When making this decision, doing your research and comparing multiple companies is important.
As a homeowners insurance shopper, you should get quotes from multiple companies so you can compare your options to find the best value. You should compare specifics of the policies, including the coverage each company is offering, discounts available and deductible amounts. Price is a main factor when determining which policy to choose, but it’s important to make sure you have sufficient coverage as well.
Additionally, you’ll want to compare the companies you got quotes from. They all claim to be the best, but how do you find the one that’s actually best for you? You can utilize thousands of insurance company reviews and ratings on Clearsurance written by policyholders. Reviews will help you discover the honest truth about the companies and allow you to see how consumers say the company performs in certain areas like customer service, claims process or rate increases.
How homeowners insurance can differ by state
Homeowners have different risks and needs depending on the area they live in and the severe weather or natural disasters they experience. For example, the needs of homeowners in Montana are very different from those living along the coast of Florida, so homeowners in each of these states need significantly different coverage. About 40 percent of all hurricanes that strike the United States hit Florida bringing damaging high winds and flooding creating challenges for Florida homeowners buying insurance.
A standard homeowners insurance policy likely covers wind damage to your home but flooding is a bit more situational. Flooding in your home is only covered if it was caused by something sudden or accidental inside your home, such as a broken pipe. Flooding from a weather-related incident, however, is not covered under your standard policy. Therefore, homeowners in states like Florida with a high risk of flooding need to purchase flood coverage on top of their standard homeowners insurance policy in order to be covered. In addition to Florida, coastal areas and areas at high risk to severe storms are more likely to have damaging flooding.
Like storm flooding, a standard homeowners insurance policy also doesn’t cover damage from an earthquake. Certain states are more susceptible to earthquakes and may benefit from this additional coverage.
Insurance companies that write homeowners insurance vary in each state based on the risk associated with the area. Likewise, the cost of homeowners insurance policies can be affected by severe weather experienced near you.
Do I need homeowners insurance?
About 95 percent of homeowners have homeowners insurance to protect their investment. While it’s not required by law like car insurance is, if you’re financing your home with a mortgage, your lender will most likely require you to have homeowners insurance.
Given the value of your home and the investment you’ve made, nothing beats the peace of mind of having homeowners insurance to ensure your investment is protected from the unknown. But say your mortgage is paid off, do you still need homeowners insurance? While you won’t be required to have it, there are high risks in doing so that can put you in financial danger.
A surefire sign you need homeowners insurance is if you can’t afford to rebuild your home out of pocket. Additionally, homeowners insurance gives you liability protection in the event that someone is injured on your property and it can also provide protection for personal valuables, such as an engagement ring or family heirlooms. Homeowners insurance is beneficial even once you’ve paid off your mortgage, so check out who other homeowners recommend in your state.