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Cheapest homeowners insurance in December 2022

Erie, USAA and Auto-Owners offer the cheapest home insurance at rates less than $1,000 per year, according to Bankrate's average premium analysis

Updated Dec 01, 2022
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With inflation reaching a decades-long high, many consumers are likely feeling some financial pressure. Home insurance costs an average of $1,383 per year in the U.S., or about $115 per month, but lower rates are available and could help free up some room in your budget. Bankrate researched nearly 150 insurance companies and spent time analyzing their rates. Because we know price is only one part of a policy, we also took coverage options, available discounts and third-party scores into consideration. Our information could help you find a home insurance policy that fits your needs and your budget.

Compare the cheapest home insurance companies

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:

Average annual home insurance premium by carrier

Caret Down
Erie
Rating: 4.6 stars out of 5
4.6
Bankrate Score
Info Hover for more
Average monthly premium
$80
Average annual premium
$959
Savings vs national average*
- $424
Get a quote
USAA
Rating: 4.8 stars out of 5
4.8
Bankrate Score
Info Hover for more
Average monthly premium
$82
Average annual premium
$978
Savings vs national average*
- $405
Get a quote
Auto-Owners
Rating: 4.3 stars out of 5
4.3
Bankrate Score
Info Hover for more
Average monthly premium
$83
Average annual premium
$995
Savings vs national average*
- $388
Get a quote
Progressive
Rating: 3.7 stars out of 5
3.7
Bankrate Score
Info Hover for more
Average monthly premium
$88
Average annual premium
$1,061
Savings vs national average*
- $322
Get a quote
Nationwide
Rating: 4.1 stars out of 5
4.1
Bankrate Score
Info Hover for more
Average monthly premium
$90
Average annual premium
$1,075
Savings vs national average*
- $308
Get a quote
Travelers
Rating: 3.7 stars out of 5
3.7
Bankrate Score
Info Hover for more
Average monthly premium
$100
Average annual premium
$1,202
Savings vs national average*
- $181
Get a quote
*Based on policies with $250k dwelling coverage for 2022
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USAA
Rating: 4.8 stars out of 5
4.8
Bankrate Score
Info Hover for more
Average annual premium
$1,243
Average monthly premium
$104
Auto-Owners
Rating: 4.3 stars out of 5
4.3
Bankrate Score
Info Hover for more
Average annual premium
$1,279
Average monthly premium
$107
Erie
Rating: 4.6 stars out of 5
4.6
Bankrate Score
Info Hover for more
Average annual premium
$1,347
Average monthly premium
$112
Nationwide
Rating: 4.1 stars out of 5
4.1
Bankrate Score
Info Hover for more
Average annual premium
$1,504
Average monthly premium
$125
Progressive
Rating: 3.7 stars out of 5
3.7
Bankrate Score
Info Hover for more
Average annual premium
$1,536
Average monthly premium
$128
Travelers
Rating: 3.7 stars out of 5
3.7
Bankrate Score
Info Hover for more
Average annual premium
$1,660
Average monthly premium
$138
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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.

USAA
Rating: 4.8 stars out of 5
4.8
Bankrate Score
Info Hover for more
Average annual premium
$1,480
Average monthly premium
$123
Auto-Owners
Rating: 4.3 stars out of 5
4.3
Bankrate Score
Info Hover for more
Average annual premium
$1,547
Average monthly premium
$129
Erie
Rating: 4.6 stars out of 5
4.6
Bankrate Score
Info Hover for more
Average annual premium
$1,697
Average monthly premium
$141
Nationwide
Rating: 4.1 stars out of 5
4.1
Bankrate Score
Info Hover for more
Average annual premium
$1,869
Average monthly premium
$156
Progressive
Rating: 3.7 stars out of 5
3.7
Bankrate Score
Info Hover for more
Average annual premium
$1,906
Average monthly premium
$159
Travelers
Rating: 3.7 stars out of 5
3.7
Bankrate Score
Info Hover for more
Average annual premium
$2,063
Average monthly premium
$172
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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.

Cheapest home insurance companies in detail

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

J.D. Power:
827 /1,000
AM Best:
A +
Avg. annual premium for 250k dwelling
$ 959

A good option for military-focused coverage

J.D. Power:
884 /1,000
AM Best:
A ++
Avg. annual premium for 250k dwelling
$ 978

A good option for flexible coverage

J.D. Power:
825 /1,000
AM Best:
A ++
Avg. annual premium for 250k dwelling
$ 995

A good choice for comparing rates and saving time

J.D. Power:
801 /1,000
AM Best:
A +
Avg. annual premium for 250k dwelling
$ 1,061

A good choice for consolidating insurance and banking products

J.D. Power:
816 /1,000
AM Best:
A +
Avg. annual premium for 250k dwelling
$ 1,075

A good choice for customizable coverage

J.D. Power:
794 /1,000
AM Best:
A ++
Avg. annual premium for 250k dwelling
$ 1,202

How Bankrate picked the cheapest homeowners insurance companies

To find the cheapest home insurance companies, Bankrate’s insurance editorial team started by obtaining 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. To qualify for ranking on this list, the companies had to meet these criteria:

  • Have an average annual premium below the national average for $250,000 in dwelling coverage
  • Have a Bankrate Score of 3.5 or higher
  • Have an AM Best rating of A+ (Superior) or higher
  • Be ranked in the 2022 J.D. Power U.S. Home Insurance Study
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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

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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. For example, in states like Florida and Louisiana, where widespread wind damage from hurricanes is more likely, home insurance rates are likely to be higher than they would be in lower-risk areas. 

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.

Cheapest companies for homeowners insurance in each state

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.
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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 for different homeowners

Not all homeowners have the same rating metrics, and home insurance rates vary widely based on your individual circumstances. To help you understand what your average rate might be, we’ve isolated the cheapest companies based on several underlying rating factors.

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 eight companies offer competitive premiums for homeowners with average credit, based on 2022 rates pulled from Quadrant Information Services.

Cheapest annual rates by credit tier
Home insurance company* Poor credit Average credit Good credit Excellent credit
Secura $1,135 $757 $720 $657
Pekin $1,382 $974 $876 $882
Kemper $1,303 $991 $907 $886
Cincinnati $1,494 $1,032 $959 $886
USAA $1,705 $1,058 $978 $897
National General $92,066 $1,088 $1,079 $957
Hasting 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

Cheapest rates for new homeowners
Home insurance company* Average annual premium
ASI Progressive $1,061
Nationwide $1,075
Grange $1,134
Travelers $1,202
Allstate $1,300

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

If you are a first-time homebuyer, you may be happy to know that several companies offer new purchase or first-time buyer discounts. 

These five companies are among the cheapest homeowners insurance carriers with these discount options, which could help your budget amid the expenses of homeownership.

Cheapest home insurance companies for homeowners with a claim

While experiencing home damage is never a pleasant experience, it is why we carry homeowners insurance. Rates do typically increase after a home insurance claim, though, so being prepared for the increase and knowing what companies might be cheaper could help you shop once your claim is closed.

The rates below are average annual premiums for $250,000 in dwelling coverage for homeowners with one wind claim on their profile.

Cheapest rates with a wind claim
Home insurance company* Average annual premium
Selective $441
PEMCO $566
Mercury $726
Secura $809
Erie $983
USAA $1,015
Auto-Owners $1,139
Cincinnati Insurance $1,146

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

How to get cheap homeowners 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 begin getting quotes, take some time to understand what you are looking for. Are you looking for the lowest price possible? Do you value exceptional customer service? Do you need a certain optional coverage? Understanding your needs could help you choose carriers that better fit your situation, so you don’t waste time getting quotes from companies that aren’t going to work for you.
  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: Each home insurance company is unique. Each carrier has its own way of rating policies, as well as its own suite of coverage options and discounts. Shopping around and getting quotes from several companies allows you to compare rates, coverage choices and savings opportunities so you find the right policy for your needs and budget.
  5. 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.
  6. 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.
  7. 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.
  8. 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.
  9. 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.

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.

Lightbulb
Factors to consider when buying cheap home insurance
Finding the cheapest house insurance can be a boon for your budget, but you should first ensure that your coverage meets your needs. Lower limits usually mean lower rates but also that you have less financial protection. If you skimp on coverage to get a cheaper premium, you may regret it if you have to file a claim and find yourself facing high out-of-pocket costs. Working with an agent can help you feel at peace with your coverage decisions. In addition to looking for cheap home insurance rates, you may also want to factor a company’s customer service and financial strength ratings into your decision. This may help give you peace of mind that a company will be there for you when you need it most.

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.

How to save on homeowners insurance 

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.

Common home insurance 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, for example.

Homeowners and auto insurance bundling

Bundling your auto and home insurance often results in cheaper rates for both policies. Bundling just means buying both policies from the same insurance provider, and the discount — called a bundling, multi-policy or multi-line discount — is often one of the most significant savings opportunities a company offers. Bundling might also make it easier to manage your policies, since they’re with the same carrier. Insuring both your auto and home with the same company isn’t always the best option, though, so be sure to talk with your company or agent about your situation.

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