Compare home insurance quotes for September 2023

Compare homeowners insurance quotes by company

There are hundreds of home insurance companies on the market, which may make it confusing to know where to start. One of the first considerations when shopping for home insurance coverage may be the price of a policy and how much coverage you need. In the United States, the average cost of a homeowners policy is $1,428 per year for $250,000 in dwelling coverage. However, your homeowners insurance rate will vary based on a number of factors, including the replacement value of your home, your location, your claims history and what company you choose.

Every property insurer has a different rating system for your home and personal property, so you may want to compare homeowners insurance rates from several different providers to find the best rate for the coverage you need. Additionally, you may need more or less coverage than the standard $250,000 dwelling limit used as our base profile. We’ve included average rates across a range of coverage levels for the largest companies by market share in the country to help conduct a home insurance comparison. Each company on this list was included in the 2022 J.D. Power U.S. Home Insurance Study, and each received an AM Best financial strength rating of “excellent” or “superior.”

Top home insurance company reviews

Most insurance professionals agree that comparing home insurance quotes is one of the best ways to find the rates, coverage options, discounts and other policy features you want. Here’s how to go about it, step by step:

Step 1: Think about your coverage needs

You and your next-door neighbor may have similar homes but wildly different home insurance needs. To help you determine how much home insurance is right for you, it is first helpful to understand what a typical home insurance policy includes — and excludes — so you can structure a policy that works for you. 

What does home insurance typically cover?

Home insurance policies are divided up into coverage types. Each coverage type is subject to its own limit (either a specific dollar amount or percentage) and is designed to financially protect homeowners in different ways. Below, we’ve detailed the coverage types found in a standard home insurance policy: 

What does home insurance not cover?

Home insurance is not all-inclusive or all-encompassing. Some common exclusions include: 

• Earthquake and land movement damage
• Flood damage
• Wear and tear and neglect
• Pest damage
• War
• Nuclear hazard
• Power failures
• Government action
• Theft of a dwelling while under construction
• Vandalism and malicious mischief to a dwelling left vacant for more than a specified amount of time
• Intentional acts to property or bodily injury by the insured 

The state you live in may also determine what perils are excluded from standard home insurance policies. Regions with frequent threats of loss from tornadoes and hurricanes may have wind and hail exclusions. For example, Texas windstorm insurance is an endorsement purchased by many residents with homes near the Gulf of Mexico. And some Florida home insurance policies can include a separate hurricane deductible. 

Just because something is excluded from your home insurance policy does not mean you can’t  be covered for it. Home insurance providers sell separate endorsements for earthquakes, floods and other perils to protect your home further.  

Step 2: Get quotes from several home insurance companies

Once you know what you are looking for in a company, experts recommend requesting quotes from several home insurance providers that might fit your needs. You can request quotes multiple ways: 

• Get a home insurance quote online: Online home insurance quotes are a great place to begin. Some carriers may allow you to purchase your policy entirely online, while others will put you in contact with an agent to complete the process. Getting a handful of quotes online can help give you a better estimate of what your home insurance policy will cost. 
• Use a captive insurance agent: A captive agent works for one insurance provider. As such, working with a captive agent is typically best if you’ve already chosen a company but need help building or finalizing your policy.
• Go through an independent agent or broker: If you prefer personalized service and want help gathering quotes, then working with an independent insurance agent or broker could be the best choice. Unlike captive agents, independent agents can provide you with home insurance quotes from multiple companies. Independent agents and brokers typically earn a commission from your policy, so be mindful of upselling. 

Experts recommend collecting between three and five home insurance quotes to better gauge what your policy will really cost.

The first thing you may notice, besides the differing premiums, is the different dwelling coverage amounts. Because each home insurance company uses its own valuation tool to determine the rebuilding cost of a home, it’s common to get quotes for slightly different dwelling amounts from different companies. Because many other home insurance coverage types default to a percentage of the dwelling amount, these coverage limits also vary between the quotes.

The first quote has a lower dwelling limit, but a higher liability limit and a slightly higher deductible than the second quote. If someone is injured on your property, for example, and you are found liable for their injuries, the first quote will pay up to $300,000 for your liability protection, whereas the second quote will only pay up to $100,000. If you file a claim for damage to your home, you’ll have to pay $1,500 out of pocket — your deductible limit — if you purchase the first quote, and only $1,000 if you purchase the second quote.

There isn’t a right or wrong answer as to which quote is better. The quote you choose will depend on your needs, budget and risk-tolerance level. If you prefer a higher dwelling coverage amount and are less concerned about your liability limit, for example, the second quote may be better suited for you. Coverage types B, C and D are predetermined percentages of coverage A, so if you need more coverage than what is first offered, you can usually increase those limits for an additional premium. You may want to work with a licensed agent if you have any questions or require specialty coverage.

Average home insurance cost by state

The average annual home insurance premium for a home with a dwelling coverage amount of $250,000.

Home insurance coverage for other kinds of property

Depending on the type of home you have and how it’s used, there’s a specific type of property insurance policy you can purchase. These include:

• Renters insurance: If you rent your home, you won’t need to insure the structure of your home. Instead, renters insurance steps in to provide coverage for your personal belongings, as well as personal liability and some loss of use coverage.
• Landlord insurance: As a landlord, this type of policy will insure your property’s structure and provide liability coverage and cover loss of income if the home is uninhabitable due to a covered claim.
• Condominium insurance: As a condo owner, you’re responsible for the interior of your unit, instead of the entire building. This type of policy provides that, along with insurance for your belongings and personal liability.
• Mobile and manufactured homes: This type of property insurance is for mobile and manufactured homes, which comes with its own specific coverage. Importantly, most mobile and manufactured homes typically do not cover any damage while in transit.

Methodology

Base profile

Bankrate utilizes Quadrant Information Services to analyze 2023 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. Our base profile includes 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

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: fire ($80,000 loss), liability ($31,000 loss), theft ($5,000 loss) and wind ($12,000 loss).

Year built: Rates were calculated based on the following years built for homes and assigned to our homeowners: 1959, 1982, 1992, 2010, 2016 (base) and 2020.

Various dwelling coverage limits

Bankrate utilizes Quadrant Information Services to analyze 2023 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: $350,000, $450,000
• Coverage B, Other Structures: $35,000, $45,000
• Coverage C, Personal Property: $175,000, $225,000
• Coverage D, Loss of Use: $70,000, $90,000
• Coverage E, Liability: $300,000
• Coverage F, Medical Payments: $1,000

The homeowners also have a $1,000 deductible and a separate wind and hail deductible (if required). Depending on your dwelling coverage limit, you may need to have a higher deductible.

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