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Cheapest homeowners insurance in June 2024

Auto-Owners and USAA are the cheapest home insurance companies on average, according to Bankrate’s research. 

Updated Jun 10, 2024

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Compare the cheapest home insurance companies

Based on our research, Auto-Owners and USAA offer the cheapest average home insurance rates in the U.S. USAA exclusively serves active-duty military, veterans and their qualifying family members, and Auto-Owners writes home insurance policies in 26 states. If neither company is an option for you, you might want to get homeowners insurance quotes from the other options on our list: Erie, American Family, Nationwide and Allstate.

In the tables below, you’ll find the average premiums for these six cheap home insurance companies to help get you started on your shopping journey.

Caret Down
Insurance Company Monthly premium* Annual premium* Savings vs national avg
$129
$1,544
- $686
$121
$1,452
- $778
$152
$1,827
- $403
$140
$1,681
- $549
$194
$2,325
+ $95
$163
$1,959
- $271

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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.

Insurance Company Monthly premium* Annual premium*
$143
$1,720
$134
$1,608
$161
$1,935
$157
$1,887
$222
$2,664
$182
$2,187
Insurance Company Monthly premium* Annual premium*
$173
$2,080
$161
$1,926
$190
$2,279
$187
$2,239
$281
$3,370
$220
$2,636

How Bankrate picked the cheapest homeowners insurance companies

To find the cheapest home insurance companies, Bankrate’s insurance editorial team started by obtaining June 2024 premium information for the largest homeowners insurance companies by market share from Quadrant Information Services. Because we know that many people want to find not just the cheapest, but 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 $300,000 in dwelling coverage
  • Have a Bankrate Score of 3.0 or higher
  • Have an AM Best financial strength rating of A (Excellent) or higher
  • Be ranked in the 2023 J.D. Power U.S. Home Insurance Study
Bankrate logo

Bankrate's trusted insurance industry expertise

Read our full methodology

46

years of industry expertise

122

carriers reviewed

34.5K

ZIP codes examined

1.2M

quotes analyzed

Top 6 most affordable home insurance companies

A good option for flexible coverage

Auto-Owners

4.6

Rating: 4.6 stars out of 5

Avg. premium for $300K dwelling

$129/mo

Avg. premium for $300K dwelling

$1,544/yr

Customer satisfaction

834/1,000

A good option for military-focused coverage

USAA

4.7

Rating: 4.7 stars out of 5

Avg. premium for $300K dwelling

$121/mo

Avg. premium for $300K dwelling

$1,452/yr

Customer satisfaction

881/1,000

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

Erie

4.4

Rating: 4.4 stars out of 5

Avg. premium for $300K dwelling

$152/mo

Avg. premium for $300K dwelling

$1,827/yr

Customer satisfaction

856/1,000

A good choice for customizable coverage

American Family

4.2

Rating: 4.2 stars out of 5

Avg. premium for $300K dwelling

$133/mo

Avg. premium for $300K dwelling

$1,594/yr

Customer satisfaction

813/1,000

A good choice for consolidating insurance and banking products

Nationwide

4.3

Rating: 4.3 stars out of 5

Avg. premium for $300K dwelling

$140/mo

Avg. premium for $300K dwelling

$1,681/yr

Customer satisfaction

812/1,000

A good choice for policy management options

Allstate

4.2

Rating: 4.2 stars out of 5

Avg. premium for $300K dwelling

$163/mo

Avg. premium for $300K dwelling

$1,959/yr

Customer satisfaction

809/1,000

Cheapest homeowners 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.

The cheapest home insurance company for poor credit: Secura

In every state except California, Maryland and Massachusetts, your credit-based insurance score is among the rating factors used to determine your home insurance premium. Homeowners with poor credit are statistically 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 $2,230 per year for $300,000 in dwelling coverage. Homeowners with poor credit pay an average of $3,748 per year for the same policy, while those with average credit pay $2,402. 

Based on Bankrate’s analysis of quoted premiums from Quadrant Information Services, these six companies offer competitive premiums for homeowners with average credit. We’ve also included rates for other credit tiers in the table below for comparison purposes.

Home insurance company Poor credit Average credit Good credit Excellent credit
$1,681
$1,123
$1,077
$976
Pekin
$2,381
$1,609
$1,533
$1,370
$2,103
$1,647
$1,613
$1,503
$2,420
$1,536
$1,452
$1,307
Hastings Mutual
$2,177
$1,238
$1,134
$886
AAA
$4,283
$2,052
$1,845
$1,567
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Bankrate's take:

A low credit score can impact your financial stability in many surprising ways and having to pay more for home insurance is just one of them. Insurance actuarial data shows that consumers with lower credit-based insurance scores tend to file more claims than those with higher insurance scores. Homeowners whose insurance score falls into the poor category pay an average of 56 percent more per year for $300,000 in dwelling coverage than homeowners with average credit. Unless you live in California, Maryland or Massachusetts, working to improve your credit from poor to average could potentially put an additional $1,500 in savings each year.

The cheapest home insurance company for new homeowners: Nationwide

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 offer some of the cheapest homeowners insurance rates with these discount options, which could help your budget amid the expenses of homeownership.

Home insurance company*
Average annual premium
Nationwide $1,681
Grange $1,802
Travelers $2,325
Allstate $1,959
ASI Progressive $2,369
*Not all of these home insurance companies are available in all areas.
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Bankrate’s take: While shopping for an insurance policy after purchasing a home can feel stressful, being a first-time homeowner may actually work to your advantage. Aside from first-time buyer discounts, many providers offer savings geared toward new customers, such as early shopping discounts. Inquiring about discounts tailored to your situation may save you a significant amount of money now and in the future.

The cheapest home insurance company for claims history: Auto-Owners

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 $300,000 in dwelling coverage for homeowners with one wind claim on their profile.

Home insurance company*
Average annual premium
Auto-Owners $1,559
USAA $1,583
Erie $1,830
American Family $1,594
Nationwide $1,713
Allstate $2,120
*Not all of these home insurance companies are available in all areas.
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Bankrate’s take: Policyholders with little to no claims are viewed as a lower risk than homeowners with an active claims history. Limiting the number of claims submitted to your insurance provider could help keep your premium lower. Consider only filing claims where the cost of repairs is more than what you can reasonably afford to pay independently. You may want to try to avoid filing claims that cost only a little more than your deductible. Filing multiple claims could lead to having your policy nonrenewed.

The cheapest for bundling home and auto insurance: Erie

Many home insurers incentivize customer loyalty with a bundling discount. If you purchase multiple policies from the same provider, like home and auto insurance, you may be rewarded with a discount. A bundling discount may be another added perk for homeowners who prefer the convenience of using one company for all of their insurance needs.

The premiums listed below represent annual averages for home insurance policies with $300,000 in dwelling coverage.

Home insurance company Average annual premium Typical bundle discount
Erie $1,827 Up to 25 percent
Nationwide $1,681 Up to 20 percent
State Farm $1,854 Up to $1,073
Allstate $1,959 Up to 25 percent
Travelers $2,325 Up to 10 percent* on auto insurance policy and up to 12 percent on home policy

*In Texas and Oklahoma, the Travelers bundling discount is capped at 7 percent for auto policies.

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Bankrate’s take: The exact amount you save with a bundling discount will likely vary based on where you live, and savings are generally applied to both policies. Bundles do not stop at just home and auto though; some insurers offer discounts for bundling RV coverage, boat insurance, umbrella coverage and more.

The cheapest for homeowners with a high deductible: Secura

The deductible level you choose influences your premium. Your insurance deductible represents your level of financial responsibility when you file a claim with your provider. By shifting some of the financial burden away from your insurance provider, you may be rewarded with a lower premium. 

Selecting a deductible is a balancing act between immediate out-of-pocket expenses and long-term premium savings. A higher deductible can be a cost-effective option for those who are financially prepared to pay more out of pocket in the event of a covered incident. This strategy may be particularly appealing for homeowners looking to reduce their insurance costs while still maintaining adequate coverage. Note that most insurance professionals recommend keeping your deductible low enough that you could comfortably pay it with little notice. 

Home insurance company Average premium for $5,000 deductible
Secura $908
Erie $1,372
USAA $1,126
Nationwide $1,223
Auto-Owners $1,434

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, average home insurance rates are often 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. According to our research, USAA was the cheapest homeowners insurance company in many states, but note that it only writes policies for active and retired military members and their families, so not everyone will qualify for coverage. Fortunately, many other carriers also offer competitive average rates.

Cheapest companies for homeowners insurance in each state

Cheapest home insurance company
USAA
Average annual premium for $300,000 dwelling coverage
$2,745
Cheapest home insurance company
Umialik
Average annual premium for $300,000 dwelling coverage
$987
Cheapest home insurance company
Armed Forces
Average annual premium for $300,000 dwelling coverage
$2,000
Cheapest home insurance company
USAA
Average annual premium for $300,000 dwelling coverage
$3,056
Cheapest home insurance company
Progressive
Average annual premium for $300,000 dwelling coverage
$1,453
Cheapest home insurance company
Grange Insurance Association
Average annual premium for $300,000 dwelling coverage
$3,124
Cheapest home insurance company
Vermont Mutual
Average annual premium for $300,000 dwelling coverage
$1,677
Cheapest home insurance company
Cumberland Mutual Fire
Average annual premium for $300,000 dwelling coverage
$966
Cheapest home insurance company
State Farm
Average annual premium for $300,000 dwelling coverage
$5,533
Cheapest home insurance company
Georgia Farm Bureau
Average annual premium for $300,000 dwelling coverage
$1,945
Cheapest home insurance company
Allstate
Average annual premium for $300,000 dwelling coverage
$1,134
Cheapest home insurance company
Mutual of Enumclaw
Average annual premium for $300,000 dwelling coverage
$1,265
Cheapest home insurance company
USAA
Average annual premium for $300,000 dwelling coverage
$2,189
Cheapest home insurance company
Buckeye State Mutual
Average annual premium for $300,000 dwelling coverage
$1,655
Cheapest home insurance company
Nationwide
Average annual premium for $300,000 dwelling coverage
$2,012
Cheapest home insurance company
Auto-Owners
Average annual premium for $300,000 dwelling coverage
$4,103
Cheapest home insurance company
AAA
Average annual premium for $300,000 dwelling coverage
$3,113
Cheapest home insurance company
Armed Forces
Average annual premium for $300,000 dwelling coverage
$4,274
Cheapest home insurance company
Vermont Mutual
Average annual premium for $300,000 dwelling coverage
$1,190
Cheapest home insurance company
Brethren Mutual
Average annual premium for $300,000 dwelling coverage
$1,528
Cheapest home insurance company
Narragansett Bay
Average annual premium for $300,000 dwelling coverage
$1,622
Cheapest home insurance company
Auto-Owners
Average annual premium for $300,000 dwelling coverage
$1,809
Cheapest home insurance company
North Star Mutual
Average annual premium for $300,000 dwelling coverage
$2,417
Cheapest home insurance company
USAA
Average annual premium for $300,000 dwelling coverage
$2,820
Cheapest home insurance company
USAA
Average annual premium for $300,000 dwelling coverage
$2,065
Cheapest home insurance company
USAA
Average annual premium for $300,000 dwelling coverage
$2,521
Cheapest home insurance company
American Family
Average annual premium for $300,000 dwelling coverage
$5,249
Cheapest home insurance company
Auto-Owners
Average annual premium for $300,000 dwelling coverage
$1,138
Cheapest home insurance company
Vermont Mutual
Average annual premium for $300,000 dwelling coverage
$973
Cheapest home insurance company
Selective
Average annual premium for $300,000 dwelling coverage
$1,112
Cheapest home insurance company
State Farm
Average annual premium for $300,000 dwelling coverage
$2,058
Cheapest home insurance company
NYCM
Average annual premium for $300,000 dwelling coverage
$1,690
Cheapest home insurance company
State Farm
Average annual premium for $300,000 dwelling coverage
$2,495
Cheapest home insurance company
North Star Mutual
Average annual premium for $300,000 dwelling coverage
$2,538
Cheapest home insurance company
Buckeye State Mutual
Average annual premium for $300,000 dwelling coverage
$1,188
Cheapest home insurance company
American National
Average annual premium for $300,000 dwelling coverage
$4,700
Cheapest home insurance company
Auto-Owners
Average annual premium for $300,000 dwelling coverage
$986
Cheapest home insurance company
Cumberland Mutual Fire
Average annual premium for $300,000 dwelling coverage
$1,149
Cheapest home insurance company
State Farm
Average annual premium for $300,000 dwelling coverage
$1,961
Cheapest home insurance company
USAA
Average annual premium for $300,000 dwelling coverage
$2,360
Cheapest home insurance company
USAA
Average annual premium for $300,000 dwelling coverage
$2,732
Cheapest home insurance company
USAA
Average annual premium for $300,000 dwelling coverage
$2,410
Cheapest home insurance company
Armed Forces
Average annual premium for $300,000 dwelling coverage
$3,726
Cheapest home insurance company
Mutual of Enumclaw
Average annual premium for $300,000 dwelling coverage
$1,182
Cheapest home insurance company
Vermont Mutual
Average annual premium for $300,000 dwelling coverage
$806
Cheapest home insurance company
Homeowners of America
Average annual premium for $300,000 dwelling coverage
$1,497
Cheapest home insurance company
Nationwide
Average annual premium for $300,000 dwelling coverage
$1,337
Cheapest home insurance company
USAA
Average annual premium for $300,000 dwelling coverage
$952
Cheapest home insurance company
Rockford Mutual
Average annual premium for $300,000 dwelling coverage
$1,154
Cheapest home insurance company
Allied
Average annual premium for $300,000 dwelling coverage
$1,352
Cheapest home insurance company
USAA
Average annual premium for $300,000 dwelling coverage
$1,377
Cheapest home insurance company
Georgia Farm Bureau
Average annual premium for $300,000 dwelling coverage
$1,945
Cheapest home insurance company
Allstate
Average annual premium for $300,000 dwelling coverage
$1,134
Cheapest home insurance company
Mutual of Enumclaw
Average annual premium for $300,000 dwelling coverage
$1,265
Cheapest home insurance company
USAA
Average annual premium for $300,000 dwelling coverage
$2,189
Cheapest home insurance company
Buckeye State Mutual
Average annual premium for $300,000 dwelling coverage
$1,655
Cheapest home insurance company
Nationwide
Average annual premium for $300,000 dwelling coverage
$2,012
Cheapest home insurance company
Auto-Owners
Average annual premium for $300,000 dwelling coverage
$4,103
Cheapest home insurance company
AAA
Average annual premium for $300,000 dwelling coverage
$3,113
Cheapest home insurance company
Armed Forces
Average annual premium for $300,000 dwelling coverage
$4,274
Cheapest home insurance company
Vermont Mutual
Average annual premium for $300,000 dwelling coverage
$1,190
Cheapest home insurance company
Brethren Mutual
Average annual premium for $300,000 dwelling coverage
$1,528
Cheapest home insurance company
Narragansett Bay
Average annual premium for $300,000 dwelling coverage
$1,622
Cheapest home insurance company
Auto-Owners
Average annual premium for $300,000 dwelling coverage
$1,809
Cheapest home insurance company
North Star Mutual
Average annual premium for $300,000 dwelling coverage
$2,417
Cheapest home insurance company
USAA
Average annual premium for $300,000 dwelling coverage
$2,820
Cheapest home insurance company
USAA
Average annual premium for $300,000 dwelling coverage
$2,065
Cheapest home insurance company
USAA
Average annual premium for $300,000 dwelling coverage
$2,521
Cheapest home insurance company
American Family
Average annual premium for $300,000 dwelling coverage
$5,249
Cheapest home insurance company
Auto-Owners
Average annual premium for $300,000 dwelling coverage
$1,138
Cheapest home insurance company
Vermont Mutual
Average annual premium for $300,000 dwelling coverage
$973
Cheapest home insurance company
Selective
Average annual premium for $300,000 dwelling coverage
$1,112
Cheapest home insurance company
State Farm
Average annual premium for $300,000 dwelling coverage
$2,058
Cheapest home insurance company
NYCM
Average annual premium for $300,000 dwelling coverage
$1,690
Cheapest home insurance company
State Farm
Average annual premium for $300,000 dwelling coverage
$2,495
Cheapest home insurance company
North Star Mutual
Average annual premium for $300,000 dwelling coverage
$2,538
Cheapest home insurance company
Buckeye State Mutual
Average annual premium for $300,000 dwelling coverage
$1,188
Cheapest home insurance company
American National
Average annual premium for $300,000 dwelling coverage
$4,700
Cheapest home insurance company
Auto-Owners
Average annual premium for $300,000 dwelling coverage
$986
Cheapest home insurance company
Cumberland Mutual Fire
Average annual premium for $300,000 dwelling coverage
$1,149
Cheapest home insurance company
State Farm
Average annual premium for $300,000 dwelling coverage
$1,961
Cheapest home insurance company
USAA
Average annual premium for $300,000 dwelling coverage
$2,360
Cheapest home insurance company
USAA
Average annual premium for $300,000 dwelling coverage
$2,732
Cheapest home insurance company
USAA
Average annual premium for $300,000 dwelling coverage
$2,410
Cheapest home insurance company
Armed Forces
Average annual premium for $300,000 dwelling coverage
$3,726
Cheapest home insurance company
Mutual of Enumclaw
Average annual premium for $300,000 dwelling coverage
$1,182
Cheapest home insurance company
Vermont Mutual
Average annual premium for $300,000 dwelling coverage
$806
Cheapest home insurance company
Homeowners of America
Average annual premium for $300,000 dwelling coverage
$1,497
Cheapest home insurance company
Nationwide
Average annual premium for $300,000 dwelling coverage
$1,337
Cheapest home insurance company
USAA
Average annual premium for $300,000 dwelling coverage
$952
Cheapest home insurance company
Rockford Mutual
Average annual premium for $300,000 dwelling coverage
$1,154
Cheapest home insurance company
Allied
Average annual premium for $300,000 dwelling coverage
$1,352
Cheapest home insurance company
USAA
Average annual premium for $300,000 dwelling coverage
$1,377

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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.

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.

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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 some of the largest cities in the country by population, below.

City
Cheapest home insurance company
Average annual premium for $300,000 dwelling coverage
Los Angeles, CA USAA $760
Chicago, IL Allstate $1,107
Houston, TX Armed Forces $1,833
Phoenix, AZ Armed Forces $670
Dallas, TX Armed Forces $1,797
Austin, TX Nationwide $1,343
Fort Worth, TX Armed Forces $1,797
Columbus, OH Buckeye State Mutual $507
Indianapolis, IN Buckeye State Mutual $703
Charlotte, NC State Farm $709
Seattle, WA Nationwide $679
Denver, CO Auto-Owners $1,744
Nashville, TN USAA $1,069
Oklahoma City, OK American National $3,167
Portland, OR Mutual of Enumclaw $490
Las Vegas, NV USAA $991
Memphis, TN Allstate $1,300
Detroit, MI Auto-Owners $540
Baltimore, MD USAA $850
Milwaukee, WI American Family $769

Related content

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Factors to consider when buying cheap home insurance

Insuring your house can be a burden on your budget, but it’s imperative that your coverage meets your needs. Lower limits usually mean lower rates; however, you’ll also 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 provide you with peace of mind about your coverage decisions. In addition to looking for cheap home insurance rates, you may also want to consider a company’s customer service and financial strength ratings to help ensure that a company will be there for you when you need it most.

How to save on homeowners insurance 

Securing a lower premium for homeowners insurance often begins with research to identify affordable providers. However, beyond choosing a competitively priced insurer, there are actionable steps to potentially save even more. One strategy is to reassess your policy for coverage that may no longer be necessary. Over time, changes in your home's value, possessions or personal circumstances can impact your insurance needs. By fine-tuning your coverage to align more closely with your current situation, you might find opportunities to save on your homeowners insurance costs without compromising on essential financial protection.

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 bundling your home and auto insurance, for example.

  • Bundling policies: If you buy your auto and home insurance from the same company, you might get a significant discount on both policies.
  • Installing smart home systems: Installing smart home systems may qualify homeowners for insurance discounts. These usually apply to features that reduce the risk of claims, like smart home locks and property monitoring. If you've recently installed smart home features, you may want to notify your insurance company about these updates. 
  • Making home updates: If you have a new roof, updated electric system, smart home technology, new HVAC unit or have done other home updates, you might qualify for savings.
  • Remaining claims-free: If you haven’t filed a claim within a certain period of time — usually three to five years, although it varies by company — you could save money on home insurance.
  • Paying automatically: Enrolling in automatic payments through your insurance provider typically earns you a discount on your home insurance, depending on your provider. Paperless billing options may also offer additional savings.
  • Shopping early: When changing home insurance companies, you may be eligible for an early bird discount if you secure and pay for your new policy a few days before the effective date. Typically, providers provide this discount if the policy is purchased seven to ten days ahead of time.

Frequently asked questions

Methodology

Bankrate utilizes Quadrant Information Services to analyze June 2024 rates for all ZIP codes and carriers in all 50 states and Washington, D.C. Quoted rates for our base profile are based on the following characteristics and coverage levels:

User
40 year old
Married male and female homeowner
Logo for Brand name
2016 build year
Primary home
Credit Good
Good credit score
Insurance Home
Clean claim history

Dwelling coverage

$300,000

Other structures coverage

$30,000

Personal property coverage

$150,000

Loss of use coverage

$60,000

Liability coverage

$500,000

Medical payment coverage

$1,000

Wind deductible

$1,000

Additional profiles:

  • Coverage A, Dwelling: $150,000, $350,000, $450,000
  • Coverage B, Other Structures: $15,000, $35,000, $45,000
  • Coverage C, Personal Property: $75,000, $175,000, $225,000
  • Coverage D, Loss of Use: $30,000, $70,000, $90,000
  • Coverage E, Liability: $500,000
  • Coverage F, Medical Payments: $1,000

The homeowners also have a $1,000 deductible, a $500 hail deductible and a 2 percent hurricane deductible (or the next closest deductible amounts that are available) where separate deductibles apply. 

These are sample rates and should be used for comparative purposes only. Your quotes will differ.

Credit: Rates were calculated based on the following insurance credit tiers assigned to our homeowners: “poor, average, good (base) and excellent.” Insurance credit tiers factor in your official credit scores but are not dependent on that variable alone. The following states do not allow credit to be a factor in determining home insurance rates: California, Maryland, Massachusetts. 

Claims: Rates were calculated based on the following insurance claims assigned to our homeowners: “wind ($12,000 in losses).”

Bankrate Scores

Our 2024 Bankrate Score considers variables our insurance editorial team determined impacts policyholders’ experiences with an insurance company. These rating factors include a robust assessment of each company’s product availability, financial strength ratings, online capabilities and customer and claims support accessibility. Each factor was added to a category, and these categories were weighted in a tiered approach to analyze how companies perform in key customer-impacting categories. 
5
Rating: 5 stars out of 5
Overall Score
  • Cost & ratings 50%
  • Coverage & savings 30%
  • Support 20%

Each category was assigned a metric to determine performance, and the weighted sum adds up to a company’s total Bankrate Score — out of 5 points. Our scoring model provides a comprehensive view, indicating when companies excel across several key areas and highlighting where they fall short.

Savings

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Written by
Natalie Todoroff
Writer, Insurance
Natalie Todoroff is an insurance writer for Bankrate, prior to which she wrote for a popular insurance comparison shopping app. She has a Bachelor of Arts in English and has written over 800 articles about insurance throughout her career.
Edited by Senior Editor, Insurance
Reviewed by Director of corporate communications, Insurance Information Institute