Out of the 287,000 residents of Lincoln that call this Nebraska city home, 58% of them own their homes. Finding the best cheap homeowners insurance in Lincoln is essential for these residents, especially with the average cost of homeowners insurance being well above the national average of $1,312 at $2,060 per year for $250,000 in dwelling coverage.
With a crime rate over 80% higher than other US cities and located in tornado alley, it’s a good idea for Lincoln residents to shop around for the best homeowners insurance carriers that fit their needs. Home insurance coverage and available discounts for Lincoln homeowners vary depending on many factors. With a little research, homeowners can find a great insurance company.
Best cheap home insurance companies in Lincoln
Lincoln residents have plenty of options when it comes to choosing the right homeowners insurance for them. Utilizing customer satisfaction rations based on the 2020 J.D. Power Home Insurance Study, the policy rates, available discounts and more, Bankrate reviewed several of the available carriers to determine the best cheap home insurance companies in Lincoln.
|Home insurance company||Average annual premium for $250K dwelling||J.D. Power score|
Out of these five Lincoln home insurance carriers, American Family’s rates are the cheapest. This in addition to a high customer satisfaction rating makes them one of the best cheap options for Lincoln homeowners looking to protect their home and finances.
American Family offers all the standard coverages plus additional options such as credit theft coverage, equipment breakdown coverage, matching siding protection and flood insurance. They also offer several discounts including discounts for multi-policies, autopay enrollment, full payment, customer loyalty and more.
In addition to Nationwide’s standard homeowners insurance coverage, customers may also obtain ordinance insurance for rebuilding their home to code in the event of a covered loss. Extra add-ons can be purchased if needed such as water backup and flood insurance.
There are several discounts available that could be beneficial to Lincoln residents including discounts for living in a gated community and having safety devices such as security systems.
Travelers insurance offers many additional coverage options in addition to standard homeowners insurance coverage. Some possible add-ons include loss of use which can help in the event of a tornado making your home inhabitable and personal articles floater which can help in the event of a burglary.
Travelers gives several discounts to their customers including multi-policy, loss-free, protective devices, green home and new homebuyer discounts.
MetLife offers home insurance with competitive rates and several additional coverage options. A policy with MetLife covers tornadoes, hail, fire, theft, and vandalism. In the event of a covered disaster, they offer coverage that replaces the items without depreciation deduction. Identity theft coverage is often included in their homeowners insurance policies as well.
MetLife doesn’t offer a ton of discounts but they do discount for bundling of policies and home safety devices.
Farmers insurance company offers a wide variety of coverage and discount options. In addition to standard coverage, homeowners can also add-on coverage for eco-rebuild, living expenses in the event of a covered peril, medical payments and contents replacement cost coverage which can be very helpful for a city like Lincoln where the crime rate is higher.
Farmers also offers several discounts for claims-free, home renovations, home safety devices, new build homes and more.
Home insurance coverage options in Lincoln
While having home insurance is not a legal requirement, it is almost always required by lenders and is highly encouraged for all homeowners. Homeowners insurance protects your home and finances in the event of natural or other disasters.
The following additional coverages may be beneficial for Lincoln residents.
- Dwelling replacement cost coverage: In the event that your home is destroyed in a covered event such as a tornado, dwelling replacement cost coverage allows you to rebuild your home to its original condition, without depreciation.
- Personal property floater: The crime rate in Lincoln is higher than 80% of US cities so it’s a good idea to consider having additional coverage for your valuables.
- Flood insurance: Flood damage is not covered by standard homeowners insurance and for a state like Nebraska, you’ll definitely want to consider purchasing a flood insurance policy. Many major insurance providers sell flood insurance, and it is also available through the federal National Flood Insurance Program.
Home insurance discounts in Lincoln
With home insurance rates in Lincoln being significantly higher than in the rest of the country, homeowners should look for available discounts. Luckily there are many available discounts for Lincoln residents including:
- Multi-policy: One of the easiest ways to obtain discounts is by using the same insurance carrier for your homeowners insurance as you do for your auto, life and any other insurance policies you may have.
- Safety measures: Installing a security device, smoke alarm and other protective devices in your home could earn you discounts from your insurance carrier.
- New home: New build homes often qualify for additional discounts from your insurance provider.
- Loss-free: If you have previously had homeowners insurance and have a claims-free record, this could work to your benefit.
Frequently asked questions
What is the best home insurance company?
The best home insurance company depends on numerous factors and determining which insurance company to go with is based on each homeowners’ circumstances and budget.
How much does home insurance in Lincoln cost?
The average homeowners insurance cost in Lincoln is $2,060 per year for $250,000 in dwelling coverage. Specific rates for homeowners insurance in Lincoln will vary depending on particular factors such as previous claims, your zip code, your credit score and other factors.
How much home insurance do I need in Lincoln?
The amount of home insurance you need in Lincoln is based on what it would take to rebuild your home in the event of a total loss. It’s always a good idea to speak with an insurance agent to determine exactly how much coverage you will need to protect your home and assets.
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.