Best Cheap Homeowners Insurance Companies
Protect the roof over your head without emptying your wallet
Finding the best cheap homeowners insurance can be tricky, because a low price isn't always accompanied by great coverage.
We created several test profiles and got home insurance quotes from all the major companies in locations across the country. Based on overall price, discounts, coverage and service, we came up with this list of the best cheap homeowners insurance providers.
Our top picks for the cheapest homeowners insurance
We went through the quote process with several of our recommended companies. At the end of it all, we settled on our three favorite.
- Large discount selection: Save on your premiums by taking advantage of Farmers' wide variety of homeowner discounts.
- Insures older homes: Farmers offers HO8 policies to protect your older home.
- Simple claim filing: Easily file and track your claim online, over the phone, or with the Farmers iClaim app.
- A.M. Best Rating A
- Known Discounts 12
- Nationwide Availability? Yes
- Several ways to save: Liberty Mutual offers claims-free, multi-policy, and new home discounts, among others.
- 24/7 emergency repair: Liberty Mutual will send a repairman to your home at any time in the event of an emergency.
- Customize your policy: Add optional coverages to create a policy tailored to your needs.
- A.M. Best Rating: A
- Known Discounts: 9
- Nationwide Availability?: Yes
- Higher deductible option: Choosing a higher deductible will lower your insurance premiums.
- Locate reliable contractors: Amica helps you locate a trustworthy contractor to do your repairs.
- Prompt claim payments: Amica sends payment on your claim within 24 hours of receiving the necessary paperwork from you.
- A.M. Best Rating: A++
- Known Discounts: 8
- Nationwide Availability?: Yes
What to look for to find cheap home insurance
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.