Christy Rakoczy has been a personal finance and insurance writer for over a decade. Her work has been published on USA Today, MSN, Yahoo Finance, Credit Karma, Forbes Advisor, and more. Christy has a JD from UCLA School of Law and previously worked as a data analyst for Blue Cross and as a paralegal studies instructor before transitioning to writing full time.
7+ years in business and financial services content
Chris is a seasoned writer/editor with past experience across myriad industries, including insurance, SAS, finance, Medicare, logistics, marketing/advertising, and many more.
Mark FriedlanderDirector, Corporate Communications, Triple-I
Corporate communications director for Insurance Information Institute
20+ years in insurance and communications
As Director, Corporate Communications for Triple-I, Mark serves as the non-profit’s national spokesperson, sharing information and education on a wide array of insurance issues.
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Home insurance is a major purchase for property owners, with the national average annual cost of a policy coming in at $1,770 for $300,000 in dwelling coverage, according to Insurify data. But while it’s natural to want to avoid higher rates, the best home insurance companies offer more than just low prices.
It’s important to consider the bigger picture, including insurer reputation, quality, scope of coverage, claims processing, and more. Insurify analyzed premiums, discounts, customer service, financial strength, and market share to find the best home insurers so you can find the right company to meet your needs.
Quick Facts
Westfield and Erie offer some of the cheapest home insurance on the market.
Replacement cost coverage will replace your covered home and items with identical materials.
Standard home insurance coverage doesn’t protect you against earthquakes, floods, or landslides.
Best homeowners insurance companies
Home insurers have different policies and different practices for setting premiums. And property owners have different priorities when getting insured.
This means that some companies may be better for certain homeowners, while other owners could find better value with competitors. The right insurance company for you will depend on many factors, including the cost of the policy, coverages available, and services offered. These services can include in-person support or a full-featured mobile app.
The table below shows some of the best insurance companies that could provide the protection you need for one of your most valuable assets.
Insurance Company
▲▼
Average Annual Premium ($300,000)
▲▼
IQ Score
The Insurify Quality (IQ) Score uses more than 15 criteria to objectively rate insurance companies on a one-to-ten scale. The Insurify editorial team researches insurer data to determine the final scores.
▲▼
Best For
▲▼
State Farm
$1,692
4.1
Customer service
Stillwater
$1,524
4.4
Homeowners in high-risk areas
American Family
$1,360
4.3
Young homeowners
Farmers
$1,767
4.2
Environmentally conscious homeowners
Nationwide
$1,908
4.2
High-value homes
Table data sourced from real-time quotes from Insurify’s partner insurance providers and quote estimates from Quadrant Information Services. Actual quotes may vary based on the policy buyer’s unique profile.
Insurify’s team of data scientists analyzed millions of home insurance quotes and weighed publicly available reviews, claims payout rates, complaint indexes, financial strength scores, company reputations, and proprietary quoting data. Our editorial team applies this insight to inform our unbiased reviews and recommendations.
The Insurify Quality (IQ) Score uses more than 15 criteria to objectively rate insurance companies on a one-to-ten scale. The Insurify editorial team researches insurer data to determine the final scores.
9.3/10
JD Power
J.D. Power data measures overall customer satisfaction and claims satisfaction based on a 1,000-point scale.
842
$300,000 Dwelling
A standard HO-3 home insurance policy typically includes dwelling, personal property, and liability coverage. The average rate displayed here reflects a policy with the following coverage limits: $300,000 dwelling; $25,000 personal property; $300,000 personal liability; $30,000 loss of use; and a $1,000 deductible for medical payments to others.
$141/mo
$500,000 Dwelling
A standard HO-3 home insurance policy typically includes dwelling, personal property, and liability coverage. The average rate displayed here reflects a policy with the following coverage limits: $500,000 dwelling; $25,000 personal property; $300,000 personal liability; $30,000 loss of use; and a $1,000 deductible for medical payments to others.
$205/mo
State Farm is the nation’s largest insurer by market share, and one big reason for this is the company’s history of customer service and customer satisfaction. The company scored an 829 for overall customer satisfaction in J.D. Power’s 2023 U.S. Home Insurance Study. The industry average is 819.
Pros
Discount for bundling home coverage with another State Farm policy, like auto or life insurance
Strong customer satisfaction ratings
Nation-wide network of 19,000 exclusive local State Farm agents
Cons
Comparatively few discounts available for home insurance
Does not offer new coverage in California, Massachusetts, and Rhode Island
May not be the cheapest option for home insurance
Stillwater: Best for homeowners in high-risk areas
The Insurify Quality (IQ) Score uses more than 15 criteria to objectively rate insurance companies on a one-to-ten scale. The Insurify editorial team researches insurer data to determine the final scores.
4.4/10
JD Power
J.D. Power data measures overall customer satisfaction and claims satisfaction based on a 1,000-point scale.
Not rated
A.M. Best
A.M. Best analyzes an insurer’s financials, operating performance, business profile, and other factors to generate an opinion-based rating of a company’s financial and credit strength. Ratings range from A++ (exceptional) to D (poor).
A-
Rooted in more than 20 years of experience in the insurance industry, Stillwater offers home, auto, renters, condo, landlord, umbrella, and business insurance. Optional add ons include animal liability, extended replacement cost, and more. Policyholders can save with discounts for a home built by an accredited builder, having an automatic sprinkler system, having multiple policies with Stillwater, and more. Currently, Stillwater has an A- (Excellent) financial stability rating from AM Best. The company has a lower-than-average number of complaints in the National Association of Insurance Commissioners’ complaint index.
The Insurify Quality (IQ) Score uses more than 15 criteria to objectively rate insurance companies on a one-to-ten scale. The Insurify editorial team researches insurer data to determine the final scores.
9.1/10
JD Power
J.D. Power data measures overall customer satisfaction and claims satisfaction based on a 1,000-point scale.
840
$300,000 Dwelling
A standard HO-3 home insurance policy typically includes dwelling, personal property, and liability coverage. The average rate displayed here reflects a policy with the following coverage limits: $300,000 dwelling; $25,000 personal property; $300,000 personal liability; $30,000 loss of use; and a $1,000 deductible for medical payments to others.
$113/mo
$500,000 Dwelling
A standard HO-3 home insurance policy typically includes dwelling, personal property, and liability coverage. The average rate displayed here reflects a policy with the following coverage limits: $500,000 dwelling; $25,000 personal property; $300,000 personal liability; $30,000 loss of use; and a $1,000 deductible for medical payments to others.
$156/mo
American Family Insurance provides coverage in 19 states and is the seventh-largest U.S. homeowners insurance company by market share, according to the National Association of Insurance Commissioners. Young homeowners can find plenty of opportunities for bundling discounts with American Family, as the insurer sells multiple products, including condo, manufactured homes, auto, life, umbrella, pet, and other insurance coverages. The company offers additional discounts for loyalty, smart security systems, renovations, and more. The insurer carries an A (Excellent) financial strength rating from AM Best.
Pros
Fewer complaints than average on the NAIC National Complaint Index
Wide variety of coverage options
Generational discounts if parents have American Family coverage
Cons
Only available in 19 states
Android users experience app glitches
Restrictions on liability coverage for owners of certain dog breeds, like pit bulls, Dobermans, or Rottweilers
Farmers: Best for environmentally conscious homeowners
The Insurify Quality (IQ) Score uses more than 15 criteria to objectively rate insurance companies on a one-to-ten scale. The Insurify editorial team researches insurer data to determine the final scores.
8.3/10
JD Power
J.D. Power data measures overall customer satisfaction and claims satisfaction based on a 1,000-point scale.
815
$300,000 Dwelling
A standard HO-3 home insurance policy typically includes dwelling, personal property, and liability coverage. The average rate displayed here reflects a policy with the following coverage limits: $300,000 dwelling; $25,000 personal property; $300,000 personal liability; $30,000 loss of use; and a $1,000 deductible for medical payments to others.
$147/mo
$500,000 Dwelling
A standard HO-3 home insurance policy typically includes dwelling, personal property, and liability coverage. The average rate displayed here reflects a policy with the following coverage limits: $500,000 dwelling; $25,000 personal property; $300,000 personal liability; $30,000 loss of use; and a $1,000 deductible for medical payments to others.
$238/mo
Farmers is the fifth-largest provider of home insurance in the U.S. by market share. Environmentally conscious homeowners can benefit from multiple Farmers discounts, including for having ENERGY STAR, LEED, and EPA green certifications. The insurer also offers discounts for homes with asphalt or fiberglass roof shingles approved by UL. Alabama homeowners can receive a discount for homes built to Fortified Home standards, and California homeowners can receive a discount for also having earthquake coverage through the California Earthquake Authority.
Pros
Offers extended and guaranteed replacement cost options
Notable number of home insurance discounts available
Large nationwide network of more than 48,000 exclusive and independent agents
Cons
Not all discounts available in every state
Higher-than-average number of homeowner complaints in the NAIC's consumer complaint index
Much lower-than-average ranking for customer satisfaction in J.D. Power's 2023 Home Insurance Study
Nationwide: Best for homeowners with high-value homes
The Insurify Quality (IQ) Score uses more than 15 criteria to objectively rate insurance companies on a one-to-ten scale. The Insurify editorial team researches insurer data to determine the final scores.
8.7/10
JD Power
J.D. Power data measures overall customer satisfaction and claims satisfaction based on a 1,000-point scale.
815
$300,000 Dwelling
A standard HO-3 home insurance policy typically includes dwelling, personal property, and liability coverage. The average rate displayed here reflects a policy with the following coverage limits: $300,000 dwelling; $25,000 personal property; $300,000 personal liability; $30,000 loss of use; and a $1,000 deductible for medical payments to others.
$159/mo
$500,000 Dwelling
A standard HO-3 home insurance policy typically includes dwelling, personal property, and liability coverage. The average rate displayed here reflects a policy with the following coverage limits: $500,000 dwelling; $25,000 personal property; $300,000 personal liability; $30,000 loss of use; and a $1,000 deductible for medical payments to others.
$250/mo
Nationwide is one of the nation’s largest insurance companies. Nationwide provides a wide range of insurance products, including homeowners, renters, condo, life, umbrella, motorcycle, RV, pet, and auto insurance. The insurer offers discounts for property and car insurance bundling, smart home technology, renovations to plumbing, heating, cooling, and electrical systems, and more. Owners of high-value homes may find Nationwide's Valuables Plus coverage particularly appealing. Valuables Plus can cover high-value items like jewelry, antiques, and fine art. Additionally, Natiowide offers umbrella coverage, which can extend liability protection limits for high-net worth homeowners.
Pros
Multiple discounts for homeowners and renters insurance
Intuitive online account management tools
Enhanced coverage through Nationwide Private Client, including temporary arrangements, service line, and equipment breakdown insurance
Cons
Doesn't provide new homeowners coverage in Alaska, Hawaii, New Mexico, Louisiana, Florida, New Jersey, or Massachusetts
Doesn't cover mobile or manufactured homes
Slightly lower than average rating in J.D. Power's Overall Customer Satisfaction Index for homeowners insurance
Cheapest homeowners insurance companies
Westfield has the cheapest home insurance coverage for property owners purchasing at least $150,000 in dwelling coverage, based on average premiums collected by Insurify. Erie Insurance provides the cheapest average premiums for policies with $100,000 in dwelling coverage.
Many factors affect the cost of home insurance, including your location, coverage options, home age, and claims and credit history. The materials your house is made of, applicable safety features, and whether the home has high-risk amenities, such as a pool or trampoline, can also influence your insurance cost.
The table below shows which insurers offer the lowest-priced policies for property owners with $300,000 in dwelling coverage.
Insurance Company
▲▼
Average Annual Quote
▲▼
Westfield
$943
Armed Forces Insurance Exchange
$1,292
Erie
$1,342
American Family
$1,360
Travelers
$1,555
Progressive
$1,583
Allstate
$1,607
USAA
$1,643
Auto-Owners
$1,658
State Farm
$1,692
Table data sourced from real-time quotes from Insurify’s partner insurance providers and quote estimates from Quadrant Information Services. Actual quotes may vary based on the policy buyer’s unique profile.
How to get cheaper home insurance
If you want to keep your home insurance costs down, here are some things you can do to get a less expensive policy:
Shop around for coverage. Since different insurers charge different rates, it’s best to get sample prices from several different companies. Getting at least three or four different quotes will give you an idea of what insurance should cost and which company is the cheapest. An independent or exclusive insurance agent can help, but you may find it easier to compare options online yourself.
Take advantage of discounts. Many insurers allow you to save money on premiums by installing safety features such as an alarm system or smart home technology. You can also get discounts for bundling coverage and avoiding claims.
Change your deductible. Policies with higher deductibles have lower premiums. A deductible is the amount you pay out of pocket when a covered loss happens, so a higher deductible means you must pay more when you make a claim.
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4.8/5
How to choose the best home insurance for you
While you want an affordable home insurance company, price alone shouldn’t be the deciding factor. You have many things to take into account when choosing the best home insurance for you, including:
Premium cost: You don’t need to overpay for home insurance. Comparing quotes from several insurers can help you select the right coverage for you at the most affordable rate.
Discounts available: Many insurers provide opportunities to save, so look for an insurer that will reduce your rates based on your home’s safety features or your claim history.
The company’s financial strength: You want to be certain the insurer will have the money to pay your claim when the time comes.
Coverage options: Make sure the insurer offers all the coverages that are important to you. This could include things like extendedreplacement cost coveragethat pays for additional rebuilding costs if your dwelling coverage doesn’t pay the full amount.
Insurer reputation: Review complaints about the insurer in the database of the National Association of Insurance Commissioners, read online reviews, and check the insurer’s customer satisfaction ratings with J.D. Power to see whether it’s likely to provide good customer service and pay claims promptly and fairly.[1]
Benefits of bundling home and auto insurance
Buying home and auto insurance coverage from the same company is called bundling. Bundling coverage can also be a good way to save on insurance, as well as to enjoy other benefits. Some of the biggest advantages of bundling include:
Multi-policy discounts: Many insurers provide reduced prices if you buy multiple policies. You could save as much as 25% by bundling coverage.
Efficiency: Bundling means you only have to make payments to one insurer and deal with one insurance company or agent.
Check out the table below to see the discounts available for bundling home and auto insurance coverage from leading insurers.
Insurance Company
▲▼
Bundling Discount
▲▼
Allstate
25%
Erie
25%
Progressive
20%
Farmers
20%
Nationwide
20%
Travelers
10%
USAA
10%
Table data sourced from real-time quotes from Insurify’s partner insurance providers and quote estimates from Quadrant Information Services. Actual quotes may vary based on the policy buyer’s unique profile.
What home insurance covers
A standard home insurance policy generally provides coverage for your dwelling, other structures, liability, and personal property.
Here are the different protections you can expect with a home insurance policy:
Liability coverage
Liability insurance covers injuries others sustain on your property. It ensures legal bills and injury-related damages are covered if someone falls in your home or if your dog bites someone.
Dwelling coverage
This coverage pays for repairs or rebuilding of the home after a covered loss.
Other structures coverage
This covers other things on the property, such as a detached garage, shed, or swimming pool.
Personal property coverage
This coverage pays to repair or replace items in the home, such as your personal belongings.
Optional home insurance coverages
It’s also possible to add more protections to your home insurance policy.
These coverages can include:
Endorsements
You can purchase policy add-ons to provide coverage for valuable art or jewelry, damage to a home’s foundation, extra construction costs, and sewer drain backups.[2]
Short-term rental coverage
Homeowners who want to rent out their home would need special coverage to be protected against losses. You may need to purchase a separate policy for this coverage.
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4.8/5
What home insurance doesn’t cover
While home insurance covers most losses due to unexpected disasters, standard policies come with several exclusions, such as:
Earthquakes: Damage froman earthquakeis typically excluded.
Floods: While water damage from burst pipes can be covered,floodsaren’t. This includes storm surge from tropical cyclones.
Landslides: Land movement like landslides is also typically excluded.
Mold: Many insurers deny coverage for mold-related damages.
Wear and tear: Insurance won’t pay for routine wear and tear or home maintenance.
Slow water leaks: Insurers won’t pay for damage due to deterioration if you have a leak you don’t repair promptly.
Animal or rodent damage: Insurers won’t pay for infestation-related damage.
Foundation settling and cracking: Insurers often won’t pay for problems with a home’s foundation.[3]
Homeowners can sometimes purchase optional additional coverage for these potential losses. For example, stand-alone flood and earthquake insurance policies are available, and insurers may have riders to provide coverage for foundation damage.
Best home insurance FAQs
Still need more information about the best home insurance companies or about what coverage you need? Here are some answers to frequently asked questions many property owners have when insuring their homes.
Do you need homeowners insurance?
Most property owners need homeowners insurance. It provides protection for a valuable asset and for all of a homeowner’s property. Lenders also require dwelling coverage when homeowners have a mortgage.
Who has the cheapest home insurance?
The cheapest home insurance for you will depend on your unique circumstances. However, Westfield and Erie tend to offer affordable coverage for most homeowners. The best way to find the cheapest insurance for you is to compare quotes from several insurers.
What is the 80% rule in homeowners insurance?
The 80% rule says homeowners should set policy limits at 80% or more of their home’s total replacement cost. Otherwise, they’re considered underinsured, and any payment of claims may be reduced. This rule ensures homeowners don’t buy too little coverage and gamble on the fact most property damage repairs will cost less than the full value of a home.
Which homeowners insurance company is best at paying claims?
Erie Insurance received the highest customer satisfaction ratings on a 2023 J.D. Power survey of home insurance companies. However, many insurers are reliable and pay claims fairly. Consumers can refer to J.D. Power and the National Association of Insurance Commissioners complaint database to find an insurer who can be trusted to pay covered claims.
How are homeowners insurance claims paid?
When you make a claim, the insurance company will assign an adjuster to assess the damage. Following approval, the insurer will then pay the settlement amount minus your deductible, with the specifics depending on whether you have replacement cost or actual cash value coverage.
Your insurer will generally provide a check to both you and your lender when there’s a mortgage on the property. Part of the settlement money may be released to hire a contractor to begin repairs, and more money will be released as those repairs progress.
Methodology
Insurify’s team of data scientists analyze millions of home insurance quotes and weigh publicly available reviews, claims payout rates, complaint indexes, financial strength scores, company reputations, and proprietary quoting data. Our editorial team applies this insight to inform our unbiased reviews and recommendations.
Christy Rakoczy has been a personal finance and insurance writer for over a decade. Her work has been published on USA Today, MSN, Yahoo Finance, Credit Karma, Forbes Advisor, and more. Christy has a JD from UCLA School of Law and previously worked as a data analyst for Blue Cross and as a paralegal studies instructor before transitioning to writing full time.
7+ years in business and financial services content
Chris is a seasoned writer/editor with past experience across myriad industries, including insurance, SAS, finance, Medicare, logistics, marketing/advertising, and many more.
Mark FriedlanderDirector, Corporate Communications, Triple-I
Corporate communications director for Insurance Information Institute
20+ years in insurance and communications
As Director, Corporate Communications for Triple-I, Mark serves as the non-profit’s national spokesperson, sharing information and education on a wide array of insurance issues.
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State Farm
Stillwater
American Family
Farmers
Nationwide
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