Best Cheap Homeowners Insurance Companies
Best Cheap Home Insurance
How we narrowed down the field.
Finding the best cheap homeowners insurance can be tricky, because a low price isn’t always accompanied by great coverage.
Home insurance costs vary considerably, depending on where you live, your home’s age, the desired coverage, and other factors. Therefore, the company with the lowest rates varies from one situation to the next. To find your lowest price, get quotes from several insurers and compare rates and coverage. In our comparison, Farmers offered the cheapest prices in several cities, but this may not be the case for you.
Discounts can significantly reduce your premiums. There aren’t as many opportunities to save on home insurance as there with auto insurance. but you can earn nice discounts for remaining claim-free, insuring a new home, and purchasing multiple policies. Farmers has the most discounts, although Liberty Mutual and Amica aren’t far behind. Available discounts vary by state, so see what’s available where you live
Even cheap homeowners insurance must provide adequate coverage, or it’s not worth the investment. Most home insurers cover your home, other building on your property, personal property, and personal liability. But if you have unique requirements, like coverage for an older home or earthquake protection, you may need to pay extra. All three of the top companies provide basic dwelling coverage and several optional policy add-ons. Farmers scores slightly higher than the other two in this category, because they are the only one to offer HO8 policies to protect older homes.
Choosing an insurance provider with a 24/7 claims center is important for a fast turnaround on your claim. It also helps to have multiple options for how to file a claim. An online photo inventory tool is another bonus, though not all insurers offer this. It’s useful for keeping track of your belongings, in case you need to submit this information to your insurance provider later. Farmers, Liberty Mutual and Amica all handle claims quickly and efficiently, but Amica takes a slight lead over the others because they usually send your payment within 24 hours.
The Bottom Line
There isn’t a single best pick for everyone, but if you’re looking for cheap homeowners insurance, we recommend you start with Farmers Insurance. Liberty Mutual or Amica may be better if you qualify for certain discounts, so it’s a good idea to get multiple quotes before buying a policy. Remember, the best cheap home insurance is the one that offers the best rate and adequate coverage, so the right choice may not always be the one with the lowest price tag.