Homeowners’ insurance gives you peace of mind because it protects your home , personal possessions and other assets in the event that something unexpected occurs. You may keep your policy for many years, so you should compare the options to find the right coverage at a price you can afford . Here are a few tips to help you get the best homeowners insurance quotes.
Takeaways from the Key Notes
- Your home, your personal possessions and any liability claims are covered by homeowners insurance.
- As of 2021, the average cost of a homeowners insurance policy is $1398 per year in the U.S. 1
- Online or directly with an agent, you can obtain quotes.
- Get at least 3 quotes to find the right policy for you.
What is the cost of homeowners insurance?
According to the Insurance Information Institute, in 2021, the average homeowners insurance premium was $1398 per year. 1 Your rate may be higher or less than this average depending on your personal details and that of your home.
| Average Homeowners’ Insurance Premiums in 2020 by State | |
|---|---|
| State | Average Premium |
| Alabama | $1,465 |
| Alaska | $985 |
| Arizona | $897 |
| Arkansas | $1,477 |
| California | $1,285 |
| Colorado | $1,748 |
| Connecticut | $1,644 |
| Delaware | $917 |
| District of Columbia | $1,291 |
| Florida | $2,192 |
| Georgia | $1,365 |
| Hawaii | $1,285 |
| Idaho | $831 |
| Illinois | $1,162 |
| Indiana | $1,049 |
| Iowa | $1,010 |
| Kansas | $1,546 |
| Kentucky | $1,153 |
| Louisiana | $1,965 |
| Maine | $947 |
| Maryland | $1,168 |
| Massachusetts | $1,668 |
| Michigan | $1,033 |
| Minnesota | $1,514 |
| Mississippi | $1,643 |
| Missouri | $1,343 |
| Montana | $1,391 |
| Nebraska | $1,587 |
| Nevada | $850 |
| New Hampshire | $1,059 |
| New Jersey | $1,294 |
| New Mexico | $1,167 |
| New York | $1,364 |
| North Carolina | $1,074 |
| North Dakota | $1,260 |
| Ohio | $888 |
| Oklahoma | $1,921 |
| Oregon | $763 |
| Pennsylvania | $939 |
| Rhode Island | $1,720 |
| South Carolina | $1,328 |
| South Dakota | $1,245 |
| Tennessee | $1,281 |
| Texas | $1,954 |
| Utah | $776 |
| Vermont | $1,004 |
| Virginia | $1,089 |
| Washington | $961 |
| West Virginia | $938 |
| Wisconsin | $779 |
| Wyoming | $1,403 |
What factors affect the cost of homeowners insurance?
There is no standard price for homeowners insurance. Each quote is tailored to the individual applicant. Insurance companies use a number of factors, both personal and property related, to determine their rates.
- You can choose the coverage limits and deductibles.
- Age, construction and condition of your home.
- The cost of replacing your home, which may not be the same as the price you paid.
- Location, including areas that are prone to natural catastrophes and proximity to fire stations, may result in a lower insurance premium.
- Local crime rates
- What breed of dog do you own?
- How to protect a home business
- The home has been recently renovated or remodeled
- Features such as deadbolt locks and smoke detectors are security features
- If there is a wood-burning fireplace, swimming pool or hot tub
- Your credit history, marital status and claims history
Quotes vary between companies, even though the information about you and your house remains the same.
How to get a homeowners insurance quote
Compare at least three quotes to ensure you are getting the best deal for your money. To compare apples to apples, make sure that each quote is based upon similar coverage limits and endorsements.
You have several options when you are ready to buy homeowners insurance:
- Get a quote for homeowners insurance online or over the phone.
- Working with a captive agent.
- Independent insurance agents or brokers are the best choice.
Get a Homeowners Insurance quote online or over the phone
Most insurance companies provide a free quote request online. You may need to call the insurance company to complete the quote, or clarify any questions you have.
You can save time by comparing multiple home insurance quotes using a comparison site. Insurify and Policygenius, two of the most reputable websites that offer real-time quotes in accurate time.
Online quotes can be estimates and may not be as accurate or reliable as quotes from a real estate agent or broker.
Working with a captive insurance agent
Captive insurance agents represent a single insurer, such as Amica Mutual or State Farm. They can explain the options available to you and help you decide what coverage is best for your needs, but they are restricted by only one insurance company. Agents may not have any other options if you do not like the products or do qualify for them.
Captive agents, who represent only one insurer, tend to be familiar with their products, which is something independent agents and brokers cannot claim.
Working with an independent insurance agent or broker
If you’re looking for more options in home insurance, an independent agent or broker would be a good choice. Independent agents and brokers have access to a wide range of insurance policies because they work with several companies.
It is important to remember that captive agents are not able to quote insurance policies. Just because you are working with an independent broker or agent doesn’t guarantee that you will be informed of all your options.
Homeowners Insurance: How to save money
You can make your premiums more affordable by following a few simple steps. Here are some suggestions:
- Increase your deductible —The lower your premiums, the higher your deductible.
- Bundle policies —Â Most companies will offer you a discount when you combine home and auto insurance.
- Cover to rebuild and not to purchase– The cost to rebuild your house is not the same as the price you paid. Your coverage limit should be based on the cost of rebuilding, since your land is not at risk for theft or fire.
- Ask for discounts —If your age is 55 or over, retired, work from home, nonsmoker or new homebuyer you may be eligible. You may also be eligible for a discount if you have certain safety features in your home, such as smoke alarms and deadbolt locks.
Bottom Line
While price is important, it’s also good to focus on finding a dependable insurer that offers the right coverage for your home and rates well in terms of customer service. While price is important, you should also look for an insurer who provides the right coverage and has good customer service. You’ll be able to rest easy knowing that you can rely on your policy in the event of a claim.
SOURCES OF ARTICLE
Adsrocks’s writers are required to use primary resources to support their writing. White papers, government statistics, original reporting and interviews with experts in the industry are some of these sources. Where appropriate, we also refer to original research by other reputable publishers. Our editorial policies will tell you more about our standards for producing accurate and unbiased content.
- Insurance Information Institute. ” Insights and Trends: Homeowners Insurance Rate Increases.”
