Best cheap homeowners insurance in Gilbert
As of 2018, 72.7% of Gilbert’s residents owned a home with a median property value of $310,400. The average annual home insurance premium in Gilbert is $1,101 for a $250,000 dwelling, according to Bankrate’s 2021 study of premiums. This compares favorably with the average annual premium for a homeowners insurance policy in Arizona of $1,304. It is also less than the national average of $1,477.
Gilbert, Arizona, is the second-safest city in the U.S., according to the FBI. However, wildfires and other hazards can be a risk in the Gilbert desert environment, potentially damaging homes in the area. Bankrate’s insurance editorial team gathered up-to-date premium data from Quadrant Information Services for popular home insurance companies in the town to find the best, cheap options.
Best cheap home insurance companies in Gilbert
The table below reflects the wide range of rankings among the selected insurers for customer satisfaction according to the 2020 J.D. Power U.S. Home Insurance Study. Nevertheless, each company was chosen for particular qualities, including size, customer experience and financial strength, broad policy selections, price, and a number of discounts that customers can utilize to find affordable home insurance coverage.
|Home insurance company||Average annual premium for $250K liability||J.D. Power score|
|USAA||$530||*889 / 1000|
|Nationwide||$664||808 / 1000|
|Progressive||$710||797 / 1000|
|AAA||$753||820 / 1000|
|Auto-Owners||$952||843 / 1000|
*USAA is not eligible for a formal J.D. Power ranking due to its membership restrictions.
Though USAA does not qualify for an official J.D. Power ranking due to its exclusive service to current and former members of the military and their families, the company is highly scored by consumers. USAA received the highest score in customer satisfaction, with 889 out of 1,000 points. This rating reflects a superb reputation for customer service.
USAA also receives an exceptional A++ (Superior) rating for financial strength from AM Best. As the chart indicates, USAA home insurance is also affordable with average premiums well below the average in Gilbert.
Learn more: USAA Insurance review
Nationwide is one of the largest insurers in the U.S. with an excellent A+ (Superior) rating with AM Best. Nationwide is able to provide comprehensive coverage at affordable prices and offers many discounts for most homeowners.
Nationwide stands out from the crowd by offering certain coverages as part of basic policy packages, which other carriers provide only with an extra charge. For example, Nationwide’s ordinance or law coverage is provided with the basic coverage. Ordinance or law coverage assures that in repairing or replacing a home after a covered loss, the insurer will pay the added cost necessary to meet new or updated building and zoning codes.
Learn more: Nationwide Insurance review
Progressive is one of the most well-known home insurance companies in the country. Financial ratings from AM Best, Moody’s, and Standard and Poor are strong across the board. The company stands out with its online presence. Progressive’s user-friendly website allows applicants to easily review and price various coverage options.
Progressive has a robust offering of coverages with a number of add-ons, which can be paired with basic coverage to tailor a home insurance policy to meet most needs. Progressive’s many discount options also help to keep policies affordable.
Learn more: Progressive Insurance review
The American Automobile Association (AAA) has been providing home and other personal insurance policies for over a century. Its structure is unique, being composed of 61 million individual members, 32 motor clubs and more than 1,000 branch offices spread out across the continent. While it is necessary to pay for a membership before obtaining a quote, the many discounts available to members could more than offset the fee to join.
Specific options for coverage will often vary from club to club. However, there can be advantages that come with an AAA membership beyond several add-on options and discounts. For example, your membership may make you eligible for benefits such as automatic roadside assistance, vacation planning programs and identity theft protection.
Learn more: AAA Insurance review
Auto-Owners ranks high in customer satisfaction with J.D. Power and is recognized for its financial strength and long term stability. The company is also able to maintain affordable prices with robust policy plans.
Auto-Owners is not available in every state, though home insurance plans are available in Arizona. Its policies are robust with a number of solid add-ons available and numerous discounts to keep prices low. Auto-Owners operates through a network of independent agents who can provide personal assistance from obtaining initial quotes to claims handling.
Learn more: Auto-Owners Insurance review
Home insurance coverage options in Gilbert
While home insurance is not required by law in Arizona, most mortgage lenders require their borrowers to insure the mortgaged property. Beyond this, it is important to look for ways to protect what is often people’s greatest investment — their home.
In some ways, with its low crime rate and high percentage of home ownership, Gilbert does not present some of the location risks encountered in other areas of the country. There are, however, specific weather threats that pose dangers to Gilbert homeowners. Here are some options of interest to Gilbert residents:
- Fire coverage: The dry and hot summer environment in Arizona presents risks of wildfire. Fire insurance is typically included in home insurance policies and covers damages to property and losses you may incur from a fire.
- Flood insurance: Gilbert is prone to flash floods in the monsoon season, which typically runs from June 15 to September 15. Flood insurance is not included in standard home insurance policies. Homes in high-risk flood-prone regions that have government-insured loans are often required to have flood insurance.
- Wind coverage: There are a variety of ways that insurance companies address wind coverage. In many states prone to hurricane and tornado risk, a separate wind policy is required. Residents of Gilbert should consider asking agents to explain how an insurer covers wind risk in Arizona.
Home insurance discounts in Gilbert
Most insurance companies have multiple discounts available for home insurance policies. These are typically related to the characteristics of the property, the policyholder and numerous other factors. Here are some of the most popular discounts:
- Bundling – Most insurers offer discounts to those who purchase two or more policies. For example, one of the most common bundling discounts is offered to those who insure both their home and vehicles with the same company.
- Loyalty discount – This reduces a home insurance premium by a certain percentage after a customer has been insured by the same company for a period of time. It is a reward for loyalty and an incentive to remain with the carrier.
- Claim history – This discount is provided for customers with few or no claims. Often, this discount reduces your premium after a certain period of being claims-free.
- Home improvements – This discount varies among different insurers. Many improvements can protect a home from future damage or depreciation, such as new roofs or window treatments. Consider asking your provider about which improvements qualify.
The above discounts are all available in Arizona. Of particular interest in the state might be discounts for seniors because of the high percentage of retirees in Arizona. Additionally, you could look for endorsements that specifically address risks in Arizona, such as wildfires. Ask your carrier about potential discounts available for the installation of a fire alarm and fire safety home improvements.
Frequently asked questions
What is the best home insurance company?
There are likely several insurance companies that can provide the best home insurance policy for you. It is important to look beyond just price and seek quotes from various insurers. Comparing policies and available add-ons, discounts and claim handling can help you find the coverage that best meets your needs.
How much does home insurance in Gilbert cost?
The average cost of homeowners insurance in Arizona is $1,101 per year for $250,000 in dwelling coverage. This is below the national average and above the average annual rates for the carriers in this article. However, your specific cost for home insurance will depend upon a wide variety of factors, including your personal circumstances, such as the condition and location of your home.
How much home insurance do I need in Gilbert?
Many insurance companies require at least $100,000 liability coverage for home insurance. though most people look to higher limits which help to cover the value of an insured’s assets. Some even consider an overall umbrella policy with limits over $1 million. In setting property limits to cover damage or destruction to your home, it helps to carefully assess the true replacement cost required to rebuild.
Bankrate utilizes Quadrant Information Services to analyze 2021 rates for all ZIP codes and carriers in all 50 states and Washington, D.C. Quoted rates are based on 40-year-old male and female homeowners with a clean claim history, good credit and the following coverage limits:
- Coverage A, Dwelling: $250,000
- Coverage B, Other Structures: $25,000
- Coverage C, Personal Property: $125,000
- Coverage D, Loss of Use: $50,000
- Coverage E, Liability: $300,000
- Coverage F, Medical Payments: $1,000
The homeowners also have a $1,000 deductible and a separate wind and hail deductible (if required).
These are sample rates and should be used for comparative purposes only. Your quotes will differ.