- Anti-theft system
- Fire alarm system
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.
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.
Based on our review, the cheapest insurance companies are Amica, Allstate, The Hartford, Progressive, USAA, and Lemonade. These providers offer affordable rates and discounts that can lower your premium.
To get a cheaper home insurance quote, you can look for discounts, raise your premium, improve your credit score, make home improvements, and equip your home with security and fire alarm systems.
We found that Progressive had the cheapest rates, on average. However, Progressive may not be the cheapest home insurance company for everyone. The only way to determine how much you’ll pay is to get a personalized quote. And remember that cheaper premiums may also translate to less coverage — it’s a balancing act.
The amount of homeowners insurance you need is different for everyone. As a general rule, you should have enough dwelling coverage to cover the cost of rebuilding your home, as well as enough personal property coverage to cover the value of your personal belongings. Choose liability coverage based on your lifestyle. For Instance, if you have a dog or often have guests over at your home, consider a higher policy limit.