Last updated on Sep 10, 2021

Homeowners Insurance Quotes

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Where you live can impact which providers are available and how much coverage will cost. Requesting quotes with your ZIP code is the best way to compare providers in your area.

Comparing Homeowners Insurance Quotes

Searching for the best cheap homeowners insurance policy for you can be daunting, but learning how insurance companies calculate your premium can help. The cost of homeowners insurance depends on many factors, including your address, assets, credit history, claims history, and so on. Each insurer evaluates these factors according to its own underwriting standards, which means quotes can vary widely — sometimes by hundreds of dollars for the exact same coverage. For that reason, many shoppers choose to compare multiple rates before buying. Experts recommend checking quotes from at least three homeowners insurance companies in order to find the most affordable rates for you.

Factors That Affect Homeowners Insurance Prices

Home Type

When generating homeowners insurance quotes, be advised that the type of home being insured will likely have an impact on the cost of the homeowners policy. Companies that offer online home insurance quotes will typically allow homeowners to select from a list of home types that includes rambler, ranch, raised ranch, one-story, two-story, Colonial, Cape Cod, Victorian, and many others. Also, the material used in construction, like brick or stone, as well as the size will likely be considered in the home insurance price.

Home Age

The age of a home is typically another  important factor used to determine  home insurance quotes. One reason that older homes come with higher insurance premiums is that they are typically more susceptible to problems with aging plumbing and electrical systems — which can be costly to repair. An aging roof may also increase the home’s insurance premium. 

Some home insurance companies will offer an age of construction discount, reducing the home insurance premium for homes built before a specified year. Newly purchased and newly renovated homes are also often eligible for home insurance discounts. Elderly homeowners may also see a discount on their home insurance quotes – as many insurance providers offer deals to customers over a certain age.

Home Location

A home’s location can significantly influence homeowners insurance quotes. For instance, if a home is situated in a location with greater risk of harm from natural disasters, its owners will likely pay more for coverage. The probability of major perils like hurricanes, tornadoes, floods, mudslides, wildfires, and other natural disasters is often directly correlated with the geographic location of the home. Consequently, the state where the home is located will play a major role in the home insurance quote. Proximity to the local fire department and fire hydrants are also often considered in policy pricing.

Individual Credit and Insurance Scores

Home insurance companies will typically look at the credit score and the insurance score of the homeowner when generating a home insurance quote, in most states. A credit score is used by the financial industry to determine the creditworthiness of a borrower. The homeowner’s credit history, amounts owed, types of credit, and several other factors are used to determine this score. An insurance score is used by the insurance industry to determine the risk associated with a policyholder and is typically used for home and auto insurance policies. This score is based on specific credit score measurements, like payment history, length of credit history, balances on accounts, bankruptcies, and other related inputs.

Other Factors

Similar to most types of insurance, policyholders that frequently file claims will likely face higher rates. Risk factors like owning a swimming pool, an aggressive dog, or a trampoline will all play a role in home insurance quotes, and will likely result in increased rates. You may want to check with an insurance agent to see what a basic homeowners policy will cover — and whether you want additional coverage. To find the best home insurance for your budget, you may want to research the discount options available to you. Several safety features can help lower the cost of homeowners insurance, including smoke and fire detectors, a security system, and deadbolt locks. Those looking for a low homeowners insurance rate may also want to ensure all available discounts offered by the home insurance company are being utilized.