Best homeowners insurance companies for November 2023

The best home insurance companies by state

Thanks to a combination of high customer satisfaction scores, low average premiums, discount opportunities, coverage options and more, we’re confident that the companies on this list are an excellent starting point for many shoppers. However, depending on your state, some carriers will be more competitive than others. Your location may demand premiums much higher or lower than the national average homeowners insurance cost, and some of the companies on this list may not be available in your state at all.

The United States is huge. Risks (and insurance markets) vary from state to state. Florida, for instance, is grappling with a homeowners insurance crisis, and many of the carriers on this list are no longer writing new business in the state. Instead, Floridians may need to rely on smaller regional companies for coverage. In California, home insurance companies are limiting coverage in response to increased wildfire risks (among other concerns). No matter where you live, narrowing your research by looking into the best homeowners insurance company in your state could help you find the best coverage at the best price.

Compare the best home insurance rates by state

To help illustrate how rates can differ depending on where you live, we created the interactive map below. Click on your state to see how much the average homeowners insurance policy costs in your area and how it compares to the national average. Please note that these average rates are based on policies with $250,000 in dwelling coverage.

Finding the best homeowners insurance company for you

Insurance is a highly individualized product. Finding cheap homeowners insurance with good coverage can be tricky, but it may be possible if you know your needs and priorities, as well as how your circumstances can affect your rate. Climate and location, for example, can play outsized roles in how much coverage you need. If you live along a fault line, you may consider adding an earthquake endorsement to your policy. Or, if you live somewhere with heavy rainfall, adding flood coverage is probably a wise move.

Home insurance companies typically use more than a dozen factors (that are personal to you) to calculate your rate. In most states, these factors include your credit history, ZIP code, claims history and marital status, among others. As a result, insurance rates, coverage options and savings opportunities differ from person to person (and company to company). When in doubt, you might find it helpful to speak with an independent agent who can request quotes from multiple companies on your behalf.

What factors impact the cost of home insurance?

The national average cost of home insurance is $1,428 annually for $250,000 in dwelling coverage. While it is helpful to know the average, it is also important to remember that the average won’t reflect your personal factors. You and your next-door neighbor may have drastically different home insurance premiums for comparable properties, based on some of these criteria:

• Location: ZIP code plays an important role in determining your home insurance rate. If you live in an area with elevated levels of vandalism, break-ins or other crimes, you may pay more for your coverage. Weather patterns can also play into this; homes in hurricane zones tend to be more expensive to insure.
• Amount of dwelling coverage: This is the portion of your coverage that protects your home’s physical structure, so it will fluctuate based on the size of your home, the age of the roof, building materials and more.  
• Credit history: Your credit-based insurance score will factor into your premium in all states except for California, Maryland and Massachusetts.
• Marital status: Generally speaking, married couples pay less for policies than single people.
• Claims history: If you’ve filed a home insurance claim in the past, your insurer sees you as more likely to do so in the future. This could make your premium more expensive.
• Age of home: Older homes typically have pricier premiums.
• Deductible: Having a higher deductible typically lowers your home insurance premium, but it means that you pay more out of pocket for a claim. 

This list is not exhaustive. Home insurers may also take other things into account when calculating your rate, like how far your home is from a fire or police station, if you have certain dog breeds and how far your home sits from a body of water — just to name a few.

What does homeowners insurance not cover?

What customer satisfaction metrics should you consider?

Some homeowners are less concerned with cheap rates and instead prioritize top-notch customer service. But, how can you know what a company's customer service experience is like before you've purchased a policy? Fortunately, there are a few different metrics that can give you a glimpse into how current policyholders feel about their home insurance carrier, including:

J.D. Power scores: J.D. Power conducts annual insurance studies by surveying current policyholders, asking them to rate the customer service and property claims experience they've received from their company. You can also learn about a carrier's digital tools by reviewing the 2023 J.D. Power Insurance Digital Experience Study.

NAIC Complaint Index: The National Association of Insurance Commissioners, or NAIC, records policyholder complaints and translates this data into a Complaint Index Score. Most insurance companies have an overall Complaint Index Score and a score for each line of insurance it sells. When interpreting this data, it's important to know that a company with an average number of complaints has a Complaint Index Score of 1.0. A score higher than 1.0 means the company gets more complaints on average and vice versa — a score less than 1.0 means fewer complaints than average.

Financial strength ratings: Although a company's financial strength rating may not be directly related to customer service, it's unlikely that a policyholder will be happy with their carrier if it doesn't have the funds to pay for a covered loss. Financial strength ratings issued by AM Best, Moody's, Standard & Poor’s and Demotech reflect a carrier's historical ability to pay out claims when needed. Most insurance agents agree that choosing a financially stable company is essential.

Friends and family: Speaking with friends and family already insured with a company can be a powerful tool in understanding what to expect from a carrier. Word of mouth can go a long way, especially from loved ones.

Best homeowners insurance companies for different homeowners

Home insurance needs change based on your unique situation. For example, first-time homebuyers will likely need something different from their provider than someone who purchased an Airbnb property. Below, we’ve put together a list of the best home insurance companies for a variety of different scenarios. 

How do I save on home insurance?

Best home and auto insurance bundles

Bundling home and auto insurance means you are buying both policies from the same company. Most companies offer a discount on both auto and home policies (and sometimes other policies as well) as an incentive to policyholders. This has the potential to make both policies cheaper than if you were to purchase the policies from two separate insurance companies. To help give you an idea of how much you could potentially save by bundling policies, we checked each carrier’s website or contacted them to see how significant each company’s bundling discount could be.

*Note that potential discount amounts for bundling are taken directly from the carrier website and are subject to change. Additionally, there is no guarantee that you would receive the discount advertised by the insurance company. If you want more information about bundling discounts from your insurance company, contact your insurance agent.

Industry experts weigh in 

Methodology

Bankrate utilizes Quadrant Information Services to analyze 2023 current rates for ZIP codes and carriers in all 50 states and Washington, D.C. Quoted rates are based on 40-year-old male and female homeowners with a clean claim history, good credit and the following coverage limits:

• Coverage A, Dwelling: $250,000
• Coverage B, Other Structures: $25,000
• Coverage C, Personal Property: $125,000
• Coverage D, Loss of Use: $50,000
• Coverage E, Liability: $300,000
• Coverage F, Medical Payments: $1,000