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Cheapest homeowners insurance in August 2022

Updated Aug 10, 2022
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Cheap homeowners insurance can provide you with the financial protection you need while helping you stay within your budget. The average cost of home insurance in the U.S. is $1,383 per year, or$115 per month, for $250,000 of dwelling coverage, but finding affordable home insurance in many places is possible. Bankrate’s research into nearly 150 insurance companies might make finding the cheapest homeowners insurance for your needs easier. Using average rates from Quadrant Information Services in conjunction with J.D. Power customer satisfaction scores and AM Best financial strength ratings, we were able to identify some of the best cheap home insurance companies on the market.

Cheapest overall homeowners insurance companies for August 2022

Based on our research, Erie and USAA offer the cheapest average home insurance rates in the U.S. Erie is available in 12 states and USAA serves active-duty military, veterans and their qualified family members. If neither company is an option for you, you might want to get homeowners insurance quotes from the other cheap home insurance options on our list: Progressive, Nationwide, Auto-Owners and Travelers.

Although finding low-cost homeowners insurance rates may be a priority, you should also ensure that you have a solid understanding of what home insurance coverage you need and choose a policy that fits those needs. After all, your home may be your most significant investment; you want to make sure you and your family are financially protected from a catastrophic loss such as a hurricane, tornado or fire.

Based on Bankrate’s research, if you are looking for the most affordable homeowners insurance options, you may want to start your search by getting quotes from some of these six companies:

Rates for $250,000 dwelling coverage

Home insurance company Average annual premium Average monthly premium
Erie
Bankrate Score: 5.0
$959 $80
USAA
Bankrate Score: 4.8
$978 $82
Auto-Owners
Bankrate Score: 5.0
$995 $83
ASI Progressive
Bankrate Score: 4.2
$1,061 $88
Nationwide
Bankrate Score: 3.9
$1,075 $90
Travelers
Bankrate Score: 4.2
$1,202 $100

Rates for $350,000 in dwelling coverage

Home insurance company Average annual premium Average monthly premium
Erie
Bankrate Score: 5.0
$1,347 $112
USAA
Bankrate Score: 4.8
$1,243 $104
Auto-Owners
Bankrate Score: 5.0
$1,279 $107
ASI Progressive
Bankrate Score: 4.2
$1,536 $128
Nationwide
Bankrate Score: 3.9
$1,504 $125
Travelers
Bankrate Score: 4.2
$1,660 $138

Rates for $450,000 in dwelling coverage

Home insurance company Average annual premium Average monthly premium
Erie
Bankrate Score: 5.0
$1,697 $141
USAA
Bankrate Score: 4.8
$1,480 $123
Auto-Owners
Bankrate Score: 5.0
$1,547 $129
ASI Progressive
Bankrate Score: 4.2
$1,906 $159
Nationwide
Bankrate Score: 3.9
$1,869 $156
Travelers
Bankrate Score: 4.2
$2,063 $172

Comparing the cheapest home insurance companies

The cheapest home insurance companies overall are Erie, USAA, Auto-Owners, Progressive, Nationwide and Travelers, based on our 2022 study of quoted annual premiums. See how these providers compare.

A good choice for first-time homebuyers on a strict budget

JD Power:
835 /1000
AM best:
A +
Avg. annual premium for 250k dwelling
$ 959

Erie offers the cheapest rates of the property insurers we analyzed, making it a top choice for customers looking for cheap homeowners coverage. The company provides numerous coverage options, like service line protection and sewer backup coverage, to help you tailor your policy to your needs. Over 13,000 local independent agents across its 12 states can help you get a quote and buy a policy. The super-regional company also ranks highly in customer satisfaction, which may give first-time homebuyers both peace of mind and financial breathing room. It holds an A+ (Superior) financial strength rating from A.M. Best.

Standout discounts:

  • Advanced quote
  • Fire alarm, burglar alarm, sprinkler system
  • Multi-policy

A good option for active-duty military service members, veterans and eligible family members

JD Power:
882 /1000
AM best:
A ++
Avg. annual premium for 250k dwelling
$ 978

USAA, the third-largest home insurer in the U.S. by market share, according to the Insurance Information Institute (Triple-I), is widely considered one of the best insurance companies for exceptional customer service, but coverage is only available to members of the military community and their families. If you qualify for coverage, USAA offers some of the best cheap homeowners insurance on the market, with top-notch service, a wide range of coverage options and consistently low premiums. The company carries an A++ (Superior) financial strength rating from AM Best, the highest level available.

Standout discounts:

  • Advanced quote
  • Fire alarm, burglar alarm, sprinkler system
  • Multi-policy
Not officially ranked by J.D. Power due to eligibility restrictions

A good option for flexible coverage

JD Power:
831 /1000
AM best:
A ++
Avg. annual premium for 250k dwelling
$ 992

Auto-Owners is a regional carrier that offers property coverage in 26 states through a broad network of independent agents. Its home insurance policies are highly flexible, with coverage options like guaranteed home replacement, equipment breakdown and identity theft coverage. Although Auto-Owners’ average premium isn’t the cheapest of the companies Bankrate reviewed, the carrier does offer several discounts, including multi-policy, water shut-off system and mortgage-free. The company carries an A++ (Superior) financial strength rating from AM Best.

Standout discounts:

  • Life multi-policy
  • Paid-in-full
  • Water shut-off system

A good choice for comparing rates and saving time

JD Power:
821 /1000
AM best:
A +
Avg. annual premium for 250k dwelling
$ 1061

Progressive is the 10th-largest homeowners insurer in the U.S. and might be appealing if you like handling your insurance needs online or via a mobile app. The company maintains robust online and user-friendly mobile tools that generate quick and easy homeowners insurance quotes that tech-savvy customers may appreciate. However, Progressive’s homeowners underwriting company, American Strategic Insurance (ASI), typically receives below-average customer satisfaction scores from J.D. Power. Progressive maintains an A+ (Superior) financial strength rating from AM Best.

Standout discounts:

  • New construction
  • New purchase
  • Quote in advance

A good choice for consolidating insurance and banking products

JD Power:
812 /1000
AM best:
A +
Avg. annual premium for 250k dwelling
$ 1075

Nationwide offers diverse coverage options for homes, condos and apartments, farms, pets, vehicles, investment products and much more. For homeowners looking to consolidate their insurance and financial products with one company, Nationwide might be a good choice. Nationwide is not the cheapest homeowners insurance company on our list, but its average premium is still well below the national average. Additionally, the eighth-largest home insurer in the U.S. offers several discounts that could help you lower your rate. Nationwide holds an A+ (Superior) financial strength rating from AM Best.

Standout discounts:

  • Gated community
  • Home renovation
  • Smart home

A good choice for customizable coverage

JD Power:
800 /1000
AM best:
A ++
Avg. annual premium for 250k dwelling
$ 1202

Travelers’ average premium is only slightly below the national average, but its wide array of coverage choices might make up for its average home insurance rate. Travelers, the 6th largest U.S. home insurer, offers a wide range of coverage options, including jewelry and other valuables, identity fraud and green homes. The company also offers several discounts, including savings for bundling home and auto policies, having an environmentally-friendly home certification and being loss-free. Travelers holds an A++ (Superior) financial strength rating from AM Best. However, the company received a below-average customer satisfaction score from J.D. Power.

Standout discounts:

  • Green home
  • Home buyer
  • Multi-policy
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Quick Facts
Moneybag
$382/year
average savings through Bankrate
Two Thirds
2 out of 3 homes
are underinsured
Insurance Home
1 out of every 20
insured homes makes a claim each year
Circle Check
100% of homes
need insurance before getting a mortgage
See more providers in
Choose from insurers in
Mortgage

Leaving so soon? Your custom quotes are just minutes away.

How Bankrate picked the cheapest homeowners insurance companies

Bankrate’s insurance editorial team obtained 2022 premium information for the largest homeowners insurance companies by market share from Quadrant Information Services. Because we know that many people want to find the best home insurance, we also used J.D. Power customer satisfaction scores and AM Best financial strength ratings in our research. Our analysis method allowed us to identify our top picks for the cheapest home insurance companies on the market.

Cheapest home insurance companies for different homeowners

The cheapest home insurance company for you depends on your individual circumstances. Researching average rates by state, credit tier and insurance company size may help you decide which companies to consider.

Cheapest home insurance companies by state

State-specific factors, such as the likelihood of natural disasters and the rising cost of building materials, can affect your home insurance premiums. Through our research, we determined the provider that has the cheapest home insurance rates in each state. If you’re looking for cheap coverage, you could start with a quote from these carriers. According to our research, USAA was the cheapest homeowners insurance company in many states, but because the company is only available to a certain segment of the marketplace, we chose not to include this carrier in the cheapest home insurers by state table. If you qualify for coverage with USAA, you may find cheap coverage after getting a quote.

State Cheapest home insurance company Average annual premium for $250,000 dwelling coverage
Alabama Cincinnati Insurance $746
Alaska Umialik Insurance Company $907
Arizona ASI $740
Arkansas Travelers $1,634
California Armed Forces Insurance $525
Colorado State Auto Insurance $612
Connecticut Narragansett Bay Insurance Co $515
Delaware Cumberland Mutual Fire Insurance Co $448
Florida Security First $341
Georgia ASI $780
Hawaii Universal P&C Insurance Co $253
Idaho Mutual of Enumclaw Insurance $590
Illinois Allstate $930
Indiana Buckeye State Mutual Insurance Co $478
Iowa West Bend $688
Kansas Auto-Owners $1,534
Kentucky Cincinnati Insurance $949
Louisiana United P&C Insurance Co $699
Maine Vermont Mutual Insurance Co $392
Maryland Brethren Mutual Insurance Co $583
Massachusetts Quincy Mutual Insurance Co $708
Michigan Auto-Owners $229
Minnesota Auto-Owners $1,012
Mississippi Nationwide $844
Missouri Auto Club Insurance Co $1,378
Montana Chubb $1,034
Nebraska American Family Insurance $1,612
Nevada Universal P&C Insurance Co $508
New Hampshire American Family $437
New Jersey Selective Auto Insurance Co of NJ $364
New Mexico Allstate $1,394
New York NY Central Mutual Fire Insurance Co $498
North Carolina Universal P&C Insurance Co $750
North Dakota Farmers Union Insurance $1,100
Ohio Buckeye State Mutual Insurance Co $369
Oklahoma Allstate $2,315
Oregon Mutual of Enumclaw Insurance $316
Pennsylvania American Select Insurance Company $375
Rhode Island Narragansett Bay Insurance Co $587
South Carolina Lighthouse Property Insurance Co $572
South Dakota North Star Mutual Insurance Co $1,399
Tennessee Erie $927
Texas Bankers Insurance Group $578
Utah Mutual of Enumclaw Insurance $444
Vermont Vermont Mutual Insurance Co $389
Virginia Cincinnati Insurance $420
Washington Pemco Mutual Insurance Co $383
Washington, D.C. Chubb $831
West Virginia American Select Insurance Company $598
Wisconsin West Bend $525
Wyoming Amco Insurance $687
Advertising Disclosure
This advertisement is powered by Coverage.com, LLC, a licensed insurance producer (NPN: 19966249) and a corporate affiliate of Bankrate. The offers and links that appear on this advertisement are from companies that compensate Coverage.com in different ways. The compensation received and other factors, such as your location, may impact what offers and links appear, and how, where and in what order they appear. While we seek to provide a wide range of offers, we do not include every product or service that may be available. Our goal is to keep information accurate and timely, but some information may not be current. Your actual offer from an advertiser may be different from the offer on this advertisement. All offers are subject to additional terms and conditions.
Mortgage

Compare home insurance rates

Answer a few questions to see personalized rates from top carriers.
Location-Icon Created with Sketch.
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Powered by Coverage.com (NPN: 19966249)
Insurance Disclosure

Coverage.com, LLC is a licensed insurance producer (NPN: 19966249). Coverage.com services are only available in states where it is licensed. Coverage.com may not offer insurance coverage in all states or scenarios. All insurance products are governed by the terms in the applicable insurance policy, and all related decisions (such as approval for coverage, premiums, commissions and fees) and policy obligations are the sole responsibility of the underwriting insurer. The information on this site does not modify any insurance policy terms in any way.

Quick Facts
Moneybag
$382/year
average savings through Bankrate
Two Thirds
2 out of 3 homes
are underinsured
Insurance Home
1 out of every 20
insured homes makes a claim each year
Circle Check
100% of homes
need insurance before getting a mortgage
See more providers in
Choose from insurers in
Mortgage

Leaving so soon? Your custom quotes are just minutes away.

Cheapest homeowners insurance in 20 major cities

While your state plays a big role in your premium, so does your city. Coverage tends to be more expensive in larger metropolitan areas, where the cost of living is higher, but some cities are still cheaper than others. Check out the cheapest home insurance company in the largest 20 cities in the country by population, below. Just like with the states, we left USAA off the list since not all homeowners will qualify.

City Cheapest home insurance company Average annual premium for $250,000 dwelling coverage
New York City, NY NYCM $623
Los Angeles, CA Mercury $600
Chicago, IL Travelers $1,045
Houston, TX Bankers Insurance Group $643
Phoenix, AZ ASI $824
Philadelphia, PA American Select Insurance $456
San Antonio, TX Bankers Insurance Group $469
San Diego, CA Mercury $573
Dallas, TX Bankers Insurance Group $492
San Jose, CA Mercury $447
Austin, TX Bankers Insurance Group $345
Jacksonville, FL Security First $456
Fort Worth, TX Bankers Insurance Group $448
Columbus, OH Buckeye State Mutual Insurance Co $372
Indianapolis, IN Buckeye State Mutual Insurance Co $550
Charlotte, NC Universal P&C Insurance Co $670
San Francisco, CA Mercury $546
Seattle, WA PEMCO $369
Denver, CO State Auto Insurance $651
Nashville, TN Allstate $866

Cheapest home insurance companies by credit tier

In most states, your credit-based insurance score is among the rating factors used to determine your home insurance premium. Homeowners with low credit scores may be more likely to file claims. To compensate for the increased risk, companies usually charge more for homeowners with lower insurance scores. For homeowners with good credit, the national average cost of home insurance is $1,383 per year for $250,000 in dwelling coverage. Based on our research, these five companies offer competitive premiums for homeowners with average credit, based on 2022 rates pulled from Quadrant Information Services:

Average annual rates by credit score for $250,000 in dwelling coverage

Home insurance company* Poor credit Average credit Good credit Excellent credit
Cincinnati Insurance $1,494 $1,032 $959 $886
USAA $1,705 $1,058 $978 $897
National General $2,066 $1,088 $1,079 $957
Hastings Mutual $1,744 $1,150 $1,100 $848
AAA $2,190 $1,155 $1,046 $1,028

*Not all of these home insurance companies are available in all areas.

Cheapest home insurance companies for new homeowners

If you are a first-time homebuyer, you may be happy to know that several companies offer new purchase or first-time buyer discounts. The following four companies are among the cheapest homeowners insurance carriers with these discount options, which could help your budget amid the expenses of homeownership:

Home insurance company* Average annual premium for $250,000 in dwelling coverage
ASI Progressive $1,061
Nationwide $1,075
Travelers $1,202
Allstate $1,300

*Not all of these home insurance companies are available in all areas.

Cheap home insurance from smaller insurance companies

Larger national insurance companies tend to dominate the advertisements that you see for cheap home insurance coverage, but that doesn’t mean that smaller regional companies don’t have solid coverage and affordable home insurance. The following regional carriers have low average rates but may only be available in certain areas of the country:

Home insurance company* Average annual premium for $250,000 in dwelling coverage
Secura $720
Pekin $876
Cincinnati Insurance $959
Grange $1,134

*Not all of these home insurance companies are available in all areas.

How to get cheap home insurance

Although home insurance isn’t required by law, your mortgage lender will probably require you to maintain a policy. Home insurance could be a smart purchase; a policy can protect you from financial devastation if your home is damaged or destroyed in a covered incident. While most insurance experts agree that purchasing home insurance is a good idea, you don’t have to overpay for coverage. You can take steps to find the most affordable home insurance policy that fits your needs and provides you with financial peace of mind.

  1. Evaluate your needs: Before you start shopping for coverage, determine what matters to you most. Are you just looking for cheap home insurance? Do you need access to specialty coverage, digital policy management tools or outstanding customer service? Once you know what you need from a homeowners insurance policy, you might be able to narrow down your choices.
  2. Determine your home’s replacement cost: Although each insurance company will have its own valuation tool, knowing how much home insurance you need before you start shopping could be helpful. That way, you can focus on getting a quote for an appropriate amount of dwelling coverage. Just remember that your home’s replacement cost is not the same as its market value. Online tools are available to help you determine your home’s rebuilding cost. Your insurance professional can also help you with this process.
  3. Consider your liability exposure: Most standard home insurance policies come with an average of $300,000 in liability coverage. However, if you have a pool, trampoline, playset or host guests frequently, you may want to consider a higher liability coverage limit or even an umbrella policy. A higher limit will increase your rates a bit, but it provides valuable financial protection against lawsuits if someone is injured on your property to ensure you have an adequate level of protection from a catastrophic loss.
  4. Shop around: Getting insurance quotes from several property insurers allows you to compare rates, coverage, discounts and additional features of each company to find high-quality and cheap homeowners insurance. The Triple-I recommends obtaining a minimum of three quotes when shopping for coverage to help you determine if a company fits your budget and coverage needs. Working with a local insurance agent can be very beneficial in this process.
  5. Improve or maintain your credit score: Your credit can influence your home insurance premium. Most homeowners insurance companies use your credit-based insurance score as a rating factor, although a few states prohibit insurers from using credit information to determine rates. According to the Triple-I, homeowners with lower credit are statistically more likely to file claims, so insurance companies charge higher premiums to compensate for this increased risk. Improving or at least maintaining your credit score might help you keep your home premium lower.
  6. Take advantage of home insurance discounts: Discounts might help you save on home insurance. Although every company offers a different selection of discounts, some common discounts include multi-policy, home safety features, loyalty, new homebuyer and claims-free.

The best way to see if you are taking advantage of the best home insurance discounts your company offers is to talk to your local insurance agent. Discount availability varies, and an insurance agent should be able to help you identify the discounts you qualify for.

Learn more: How to find the right, cheap home insurance for your budget

Factors to consider when buying cheap home insurance

Finding the cheapest house insurance can be a boon for your budget, but you also likely want to ensure you are purchasing adequate coverage. Skimping on coverage to save money could leave you in a perilous financial position if your home is damaged or destroyed in a covered loss. Working with an agent can help you feel at peace with your coverage decisions. In addition to considering cheap home insurance rates, you may also want to factor a company’s customer service and financial strength ratings into your decision to help ensure that you choose a company with a track record of delivering on its promise to its policyholders when a claim is filed.

How to get the cheapest home insurance quotes

Applying for cheap home insurance is much like buying any home insurance policy. However, if finding a low price is your top priority, you should be aware of a few things:

  • Review your quotes for accuracy: You may think one company is cheaper than another, only to discover that your dwelling coverage or liability limit is significantly lower. To accurately compare quotes, make sure the coverage types and limits are as close as possible among companies.
  • Utilize discounts: Discounts could help you get the cheapest home insurance policy possible. If you’re getting quotes online, you may have to manually select which discounts to include on your quote. Make sure you read the descriptions and qualify for the discounts you are selecting.
  • Make sure the quotes meet or exceed mortgage requirements: Your mortgage may require you to carry a certain level of dwelling coverage, likely enough to pay off the loan if the home is destroyed or enough to rebuild the home. If your quote is cheap because your dwelling coverage is low, your policy might not meet your lender’s requirements. Insurance experts recommend you have enough coverage to provide financial protection for the full replacement value of your home, not just the mortgage payoff.

Once you have found a carrier from which you would like to buy a policy, you’ll likely have to fill out and sign an application. You may need to make at least a first month’s payment to start the policy unless your premium is paid from your mortgage escrow account, which is common if you have a mortgage on the policy. In that case, your insurance company will bill your mortgage lender for the full annual premium.

How to lower your home insurance rates

Finding the lowest home insurance premium takes some research, but how can you lower your rates once you’ve found a cheap company? Here’s a few steps you can take to lower your existing rates and get cheaper home insurance:

  • Avoid filing claims if you can: When it comes to cheap house insurance, claims can throw a wrench in things by increasing your premium. While filing a claim can be the best financial choice depending on the situation, you may want to consider paying out of pocket for smaller losses.
  • Check your discounts: You might already get home insurance discounts on your policy, but you could also be missing some options. Talk to your provider to see if there are other ways to save. Sometimes the perks go beyond saving money; there are numerous benefits of bunding your home and auto insurance.
  • Evaluate your endorsements: Optional add-ons like identity theft coverage and sewer backup coverage can help you build a personalized policy, but if you aren’t likely to use them, you might consider removing them to save money. Before you make any changes to your policy, though, talk with an agent to be sure you understand all the implications.

What impacts your home insurance premiums?

Several factors impact home insurance premiums. The following aspects of both your personal rating factors and your home could affect your average cost for coverage:

  • State you live in
  • City you live in
  • Your ZIP code (in most states)
  • Your credit-based insurance score (in most states)
  • Age of your home
  • Square footage of your home
  • Features in your home
  • Home’s replacement cost
  • Age and condition of your roof
  • Proximity to a local fire station and fire hydrants
  • Your claim history
  • Optional coverage types and levels you choose
  • Company you choose
  • The deductible you choose

Each state has its own insurance regulations as well, which could affect which rating factors are used and how heavily they are weighed by your carrier. Getting quotes from several insurance carriers might help you find the best and most affordable home insurance options for you.

Eligibility requirements for cheap homeowners insurance

Many homeowners will qualify for cheap homeowners insurance, but the cheapest homeowners insurance policies are likely going to have a few things in common:

  • Clean claims record: Insurance claims generally increase your premium, so the fewer claims you’ve filed over the years, the less likely you are to see rate surcharges.
  • Proper home maintenance: Insurance companies are less likely to want to insure poorly maintained homes, as these homes could pose a higher risk of claims or significant damage. Many home insurers are focusing on the age and condition of roofs to determine the cost of coverage due to an increased level of storm claims across the U.S.
  • Low risk level: Homes with the lowest risk of damage — whether that’s from a fire, hurricane, tornado or other insurance peril — are likely to have the lowest premiums. Insurance companies charge more if there is a greater likelihood of a claim being filed due to natural catastrophe or other hazard.

That being said, most homeowners will be able to find affordable home insurance for their situation. Because premiums vary based on so many factors, the cheapest homeowners insurance for you will depend on your individual circumstances. Understanding your needs and comparing rates may help you find affordable insurance.

Frequently asked questions

Written by
Cate Deventer
Insurance Writer & Editor
Cate Deventer is a writer, editor and insurance professional with over a decade of experience in the insurance industry as a licensed insurance agent.
Edited by Insurance Editor
Reviewed by Senior wealth manager, LourdMurray