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The Cheapest Homeowners Insurance Companies

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    Home insurance isn’t legally required in any state. However, it’s a smart investment for every homeowner. If you’re thinking about homeowners insurance but you’re concerned about the cost, then you may find our review of cheap homeowners insurance companies helpful.

    For this review, we evaluated major national and regional providers based on customer ratings, coverage, financial strength, and customer experience. We identified that the most affordable home insurance carriers are Amica, Allstate, The Hartford, Progressive, USAA, and Lemonade. Keep reading to see our full review of the best cheap home insurance providers.

    The 6 Cheapest Homeowners Insurance Companies

    Compare the Cheapest Homeowners Insurance Companies

    Reviews.com Score Score is based on company’s customer experience, financial stability, and coverage options. J.D. Power Overall Customer Satisfaction J.D. Power scores are based on surveys for customer satisfaction and product quality. AM Best Financial Strength AM Best rates insurance providers creditworthiness. Ratings are based on the provider’s ability to follow through with a payout when a consumer files a claim.
    Pin Amica4.25/5853/1,000A+
    Pin Allstate4.0/5829/1,000A+
    Pin The Hartford5.0/5832/1,000A+
    Pin Progressive3.75/5N/AA+
    Pin USAA4.0/5889/1,000A++
    Pin LemonadeN/AN/AA

    *Data as of 1/5/2021.

    Amica

    Amica’s home insurance discounts are among the best in the industry and can help lower your premium.

    Amica

    Best for discounts

    Why we chose it

    Amica scores highly with consumer satisfaction organizations, and it has excellent financial strength. The company also stands out for its unique discounts, extensive coverage options, and focus on customer experience.
    • 4.25 Reviews Score Score is based on company’s customer experience, financial stability, and coverage options.
    • A+ AM Best Rate AM Best rates insurance providers creditworthiness. Ratings are based on the provider’s ability to follow through with a payout when a consumer files a claim.
    • 853* J.D. Power J.D. Power scores are based on surveys for customer satisfaction and product quality.

    Why we chose it

    Amica scores highly with consumer satisfaction organizations, and it has excellent financial strength. The company also stands out for its unique discounts, extensive coverage options, and focus on customer experience.

    Pros

    • Great customer service
    • Wide range of discounts
    • Money-back dividends for some policies
    • Highly rated claims handling

    Cons

    • More expensive than other carriers
    • Sets rates using credit-based insurance scoring
    • Agents not available in all areas
    Read More

    Discounts available

    • Credit when you insure your new or remodeled home
    • Burglar or fire alarms
    • Automatic detection devices such as a water or gas leak system

    Unique features

    Amica’s most unique feature is its consistent appearance at the top of best customer service lists. It was No. 1 with J.D. Power for 18 years.

    *J.D. Power 2020 Home Insurance Customer Satisfaction Survey, based on a 1,000-point scale

    Further Reading on Amica:

    Allstate

    Allstate offers a wide variety of coverage options, which makes it easy to customize your policy based on your unique needs.

    Allstate

    Best for customizable coverage

    Why we chose it

    If you’re looking for customized home insurance, consider a policy from Allstate. From musical instrument coverage to yard and garden coverage, it’s easy to fill gaps in standard coverage with Allstate home insurance.
    • 4.0 Reviews Score Score is based on company’s customer experience, financial stability, and coverage options.
    • A+ AM Best Rate AM Best rates insurance providers creditworthiness. Ratings are based on the provider’s ability to follow through with a payout when a consumer files a claim.
    • 829* J.D. Power J.D. Power scores are based on surveys for customer satisfaction and product quality.

    Why we chose it

    If you’re looking for customized home insurance, consider a policy from Allstate. From musical instrument coverage to yard and garden coverage, it’s easy to fill gaps in standard coverage with Allstate home insurance.

    Pros

    • Diverse coverage options
    • Good discount opportunities
    • Informative website and digital tools

    Cons

    • Higher than average customer complaints
    • Poor claims handling reviews
    Read More

    Discounts available

    • Early signing discount
    • Home buyer discount
    • Hail-resistant roof discount

    Unique features

    Allstate’s add-on coverage list is longer than most national insurers’. You can get optional coverages for musical instruments, sports equipment, yard and garden, water backup, and more.

    *J.D. Power 2020 Home Insurance Customer Satisfaction Survey, based on a 1,000-point scale

    Further Reading on Allstate

    The Hartford

    The Hartford sells home insurance exclusively to AARP members and offers exceptional customer service, coverage, and discounts.

    The Hartford

    Best for retired homeowners

    Why we chose it

    If you’re over age 50 and belong to AARP, consider a policy from The Hartford. In addition to low rates, The Hartford offers a wide range of add-on coverages, friendly agents, and online quotes. It’s one of the only companies that has a perfect 5.0 rating from Reviews.com.
    • 5.0 Reviews Score Score is based on company’s customer experience, financial stability, and coverage options.
    • A+ AM Best Rate AM Best rates insurance providers creditworthiness. Ratings are based on the provider’s ability to follow through with a payout when a consumer files a claim.
    • 832* J.D. Power J.D. Power scores are based on surveys for customer satisfaction and product quality.

    Why we chose it

    If you’re over age 50 and belong to AARP, consider a policy from The Hartford. In addition to low rates, The Hartford offers a wide range of add-on coverages, friendly agents, and online quotes. It’s one of the only companies that has a perfect 5.0 rating from Reviews.com.

    Pros

    • Low premiums
    • Highly rated customer service
    • Variety of add-on coverages
    • 12-month rate lock

    Cons

    • Only available for AARP members
    • Few discounts compared to other providers
    Read More

    Discounts available

    • Claim-free
    • Retiree credit 
    • Fire protection system

    Unique features

    The Hartford offers two add-on coverage packages: Advantage and Advantage Plus. The packages offer a few unique coverage options, like lock replacement coverage, green rebuilding coverage, and assisted living care coverage. 

    *J.D. Power 2020 Home Insurance Customer Satisfaction Survey, based on a 1,000-point scale

    Further Reading on The Hartford

    Progressive

    Based on competitor comparisons, Progressive offers consistently low rates for homeowners across the country.

    Progressive

    Best for low rates

    Why we chose it

    Progressive is our top recommendation for anyone who is looking for cheap rates. However, the company lags behind some competitors in terms of customer service, claims handling, and optional coverages.
    • 3.75 Reviews Score Score is based on company’s customer experience, financial stability, and coverage options.
    • A+ AM Best Rate AM Best rates insurance providers creditworthiness. Ratings are based on the provider’s ability to follow through with a payout when a consumer files a claim.
    • N/A J.D. Power J.D. Power scores are based on surveys for customer satisfaction and product quality.

    Why we chose it

    Progressive is our top recommendation for anyone who is looking for cheap rates. However, the company lags behind some competitors in terms of customer service, claims handling, and optional coverages.

    Pros

    • Low rates
    • Variety of discounts
    • Single deductible when bundled with auto insurance
    • Online quotes with price comparison

    Cons

    • No online claims
    • Few optional coverages
    • Average customer service ratings
    Read More

    Discounts available

    • Quote in advance
    • New home purchase
    • New home construction

    Unique features

    Progressive works with a network of contractors, recommending appropriate contractors in your area for when you need to repair your home after a claim.

    Further Reading on Progressive

    USAA

    USAA is rated highly for its excellent customer service, comprehensive policies, and fair prices. The only catch is that you must be a current or former military member to purchase a policy.

    USAA

    Best for military families

    Why we chose it

    USAA has earned a stellar reputation for quality and service within the military community. If you fit the demographic, getting a quote from USAA should be the first step in your search for great homeowners insurance.
    • 4.0 Reviews Score Score is based on company’s customer experience, financial stability, and coverage options.
    • A++ AM Best Rate AM Best rates insurance providers creditworthiness. Ratings are based on the provider’s ability to follow through with a payout when a consumer files a claim.
    • 889* J.D. Power J.D. Power scores are based on surveys for customer satisfaction and product quality.

    Why we chose it

    USAA has earned a stellar reputation for quality and service within the military community. If you fit the demographic, getting a quote from USAA should be the first step in your search for great homeowners insurance.

    Pros

    • Outstanding customer service
    • Policies tailored to military family needs
    • Competitive pricing

    Cons

    • Only available to current and former military members and their immediate families
    • Limited discounts
    Read More

    Discounts available

    • Multi-policy
    • Claims-free
    • Home security system

    Unique features

    USAA’s policies are written with service men and women in mind. That means they have features that anyone in the military can appreciate, such as full coverage for uniforms for active duty and deployed members.

    *J.D. Power 2020 Home Insurance Customer Satisfaction Survey, based on a 1,000-point scale

    Further Reading on USAA

    Lemonade

    Lemonade is a digital-forward home insurance company that has an easy online claims process and speedy payouts.

    Lemonade Home Insurance

    Best for claims handling

    Why we chose it

    Lemonade is our top pick for claims satisfaction. After filing a claim online, you’ll be asked to submit a short video of the damage, which eliminates the need for a home visit. You can track the status of your claim online, and when it’s time to get paid, you receive a direct deposit into your bank account.
    • 3.0 Reviews Score Score is based on company’s customer experience, financial stability, and coverage options.
    • A AM Best Rate AM Best rates insurance providers creditworthiness. Ratings are based on the provider’s ability to follow through with a payout when a consumer files a claim.
    • N/A J.D. Power J.D. Power scores are based on surveys for customer satisfaction and product quality.

    Why we chose it

    Lemonade is our top pick for claims satisfaction. After filing a claim online, you’ll be asked to submit a short video of the damage, which eliminates the need for a home visit. You can track the status of your claim online, and when it’s time to get paid, you receive a direct deposit into your bank account.

    Pros

    • Fast claims process
    • Low rates
    • Giveback program rewards policyholders with leftover money

    Cons

    • The company is fully digital, so there are no agents
    • Not available in every state
    • Basic coverage
    Read More

    Discounts available

    • Anti-theft system
    • Fire alarm system
    • Claims-free

    Unique features

    Lemonade operates entirely online, which is ideal for homeowners who don’t have time to meet with an agent in person or via phone. That’s part of the reason why Lemonade is able to keep their rates low. 

    Further Reading on Lemonade:

    How to buy cheap home insurance

    Owning a home can be expensive, so no one wants to overpay when they buy homeowners insurance. The good news is that you can find an affordable home insurance policy in any state. You just have to know what you’re looking for, and understand how to get a good rate. In the next section, we’ll break down some of the most effective ways to get a cheap home insurance policy. 

    5 ways to lower your current home insurance premiums

    Homeowners pay different insurance rates based on factors like location, age, credit score, and home size. However, there are several ways to lower your rate.

    1. Raise your deductible

    Your deductible is the amount of money you pay out of pocket toward a covered loss. When you raise your deductible, you get a lower monthly premium. Before you do it, just make sure you can afford the higher deductible if you need to file a claim.

    2. Bundle auto and home insurances

    Most insurance companies that sell home and auto insurance will give you a lower premium if you bundle the policies together. Some insurance companies offer bundles for home, auto, renters, life, and other types of insurance.

    3. Install home security systems

    Installing a home security system in your home is a great way to save money on your insurance premium. Many insurance companies offer this discount for hardwired security systems and DIY security systems. 

    4. Look for discounts

    The best home insurance companies offer discounts for things like fire alarm systems and home improvements, which can lower your premium. When you’re shopping for home insurance, pay attention to the discounts each provider offers. 

    5. Shop around

    The best way to find an affordable home insurance premium is to shop around and get quotes from multiple providers. Doing this research makes it easy to compare quotes and find the best deal. 

    Methodology

    To determine the best insurance companies, we evaluated them based on factors like their customer rating and experience, financial stability, and coverage. We then calculated a Reviews.com score to help you easily identify the right provider for your needs. 

    • Customer Ratings – Customer ratings are an indication of satisfaction with the process of filing a claim. We measured this factor using J.D. Power Homeowners Satisfaction ratings.
    • Coverage – As there isn’t one company to fit everyone’s needs, we evaluated companies by the number of coverage options and add-ons available. 
    • Confidence – It is extremely important for insurance companies to fulfill customers’ claims. Companies with sound financial strength will not have issues paying out claims, regardless of the amount. However, companies with weak financial strength might not be able to pay out claims. We measured this factor using AM Best.
    • Customer Experience – The number of complaints a company receives is an indicator of the overall customer experience. We have based this measure on the NAIC National Complaint Index.

    FAQs

    About the Authors

    Elizabeth Rivelli

    Elizabeth Rivelli Contributing Writer

    Elizabeth Rivelli is an insurance writer for Reviews.com. Over the last year, she has covered insurance providers, best policies, industry trends and more. Elizabeth has been featured in The Simple Dollar, Bankrate and Coverage.com, among others. She holds a bachelor's degree in Communication Studies from Northeastern University in Boston, MA. The Best Term Life Insurance Companies is Elizabeth’s favorite review on Reviews.com.

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