Whether you are a homeowner or renter, having the best home insurance policy can save you a lot of fortune. Luckily, comparing cheap home insurance quotes is not complicated. It is actually super easy. Through this article you can compare homeowners and renters insurance quotes online, expand your knowledge about home insurance, read customer reviews and find the best home insurance companies, while ending up having the best home insurance coverage at the cheapest rate for your precise needs.
HOMEOWNERS INSURANCE: INTRODUCTION
Home insurance, also known as homeowner’s insurance, is a form of property insurance that protects the physical property of your home as well as the belongings you keep inside it.
After our families, our homes and contents are probably the most precious possessions we have.
That’s why household insurance is a must-have for all homeowners.
The same principle holds true for renters: despite not owning the home, renters require coverage for their precious possessions and valuable items within the place they live in and rent from someone else.
Decent home insurance will cover you for:
- Loss or theft of furniture, house contents, and other personal possessions
- Accidental damage to the structure of your home, garage, and outbuildings
- Accommodation and living costs if you’re obliged to move out of your home for repairs
- Rebuild costs should your home be badly damaged or destroyed
Depending on your policy, your cover may also include:
- Specific insurance for particularly valuable items like jewelry, art, or antiques
- Compensation payouts for injuries or accidents caused to others by you or your actions
- Insurance for personal property in storage.
It’s simple, really: if you have a home, you need insurance!
In this review, we consider all types of home insurance, various popular companies that provide it, the cost of a policy, and the pros and cons of each.
For your reference, the average homeowners insurance cost is $1,450 a year, or $121 per month.
Below, we have created several tables to show you how different companies stack up against each other, as well as how different kinds of home insurance compare.
This should give you a good idea of what to look for in the house insurance marketplace, and then we will discuss factors that may affect your home insurance policy rates and ways to ensure that you get the best home insurance quote and most cost-effective deal.
CHEAP HOME INSURANCE COMPANIES: AVERAGE HOMEOWNERS INSURANCE COST OF DIFFERENT COMPANIES
The following table gives the average homeowners insurance cost for annual premiums. Also, these average premiums are for homes between 200,000 and 300,000 square feet.
| Company | Cost per month | Cost per year |
| Lemonade homeowners insurance | From $25 | From $300 |
| GEICO home insurance | $150 | $1,800 |
| Progressive home insurance | $171 | $2,050 |
| State Farm home insurance | $125 | $1,500 |
| Allstate home insurance | $138 | $1,650 |
| USAA home insurance | $146 | $1,750 |
| Costco Ameriprise home insurance | $79 | $950 |
| Metlife home insurance | $154 | $1,850 |
| Amica Mutual home insurance | $108 | $1,300 |
| AAA home insurance | $100 | $1,200 |
| Travelers home insurance | $142 | $1,700 |
| Liberty Mutual home insurance | $150 | $1,800 |
* Exact figures for Costco are difficult to estimate. This represents the most advertised price.
Homeowners insurance policies can vary greatly in rates depending on add-ons, features, discounts, and other factors. For example, Costco offers its members discounts on insurance through its partner, Ameriprise.
Additionally, GEICO provides clients with home insurance from 31 different underwriting partners. These include Travelers , Liberty Mutual , United P&C, and more.
AVERAGE HOME INSURANCE COST BY COVERAGE TYPE
In this table, we see the average yearly cost of different kinds of home insurance. Homeowner’s insurance comes in at the top just to give you a reminder about the baseline cost throughout the country.
| Type | Cost per month | Cost per year |
| Homeowners Insurance | $121 | $1,450 |
| Renters Insurance | $15 | $180 |
| Landlord Insurance | $138 | $1,650 |
| Property Insurance | $63 | $750 |
| Mortgage Protection Insurance (Rough estimate, based on a $250,000 home at an average rate of 0.29%) | $100 | $1,200 |
| Hazard Insurance | $63 | $750 |
| Mobile Home Insurance | $67 | $800 |
Different types of insurance are designed for different styles of homes, different styles of property, and even different types of policyholders. Below, we’ll take an in-depth look at what these types of insurance mean, what they are designed to protect, and why the value of their premiums range so widely.
WHY HOUSE INSURANCE IS SO IMPORTANT?
It’s a fact of life that we’ll all experience mishaps or accidents in our homes at some stage: a burst pipe, a burglary, a broken window, fire or damage caused by extreme weather.
None of these events are ever pleasant, but you can at least mitigate the impact by knowing you have decent house insurance to help make good the damage.
We all know someone who suffered a theft or accident only to discover that their house insurance had lapsed, or that a certain valuable item was not covered by their policy. Their misfortune only serves to underline how important it is not only to have house insurance but also to have a policy that’s right for you. You may not be able to replace everything in the event of a major loss, but you can take comfort from the fact that your insurance will enable you to rebuild what’s gone.
