When you’re searching for homeowners insurance, you want to make sure you’re getting the best coverage you can afford.
Your home, after all, is one of the most significant purchases you’ll make in your lifetime.
However, you also don’t want to pay too much. How do you find inexpensive homeowners insurance and know you’re getting the coverage you need?
Stick with us, and we’ll tell go over everything you need to get cheap homeowners insurance online.
What You Need To Get Homeowners Insurance
Before you begin your search for homeowners insurance, it helps to gather certain information together.
Most insurance companies will ask for the following:
Personal Info
Home Info
By having this information available, you’ll make it easier to get quotes and coverage online or for insurance agents to give you an accurate quote.
THE SIMPLY INSURANCE WAY
Home Insurance made easy.
Agents not required.
Get quotes and sign up online without talking to an agent. But, we are here if you need us.
Unbiased, expert advice.
Get unbiased insurance education from licensed experts and also avoid dodgy sales calls.
Coverage in minutes.
You can get home insurance coverage within minutes of getting your quotes and applying.
Top Cheap Homeowners Insurance Companies
We work with many insurance companies, but we often find that our customers consistently choose certain companies over others.
Our goal is to make choosing homeowners insurance easy, so we’ll break down some of the features of our top three homeowners insurance companies.
Lemonade Insurance
Lemonade Insurance is changing the way the insurance industry does works. They use a super-smart AI to “craft the perfect insurance for you” and have it to you in less than five minutes.
All you need to do is answer a few questions.
They receive a fixed fee from your monthly homeowners insurance payments, using those funds to cover claims and expenses.
The rest is given back to local communities and global causes as part of their “give back” program.
Lemonade is fast, easy to use, and offers some of the lowest-priced policies in the industry. They are rated A-Exceptional by Demotech.
Lemonade’s policies cover:
Policies start as little as $25 per month, and they’ll even help you switch from your current insurance provider if you have an existing policy.
Lemonade Insurance is not available in all states. For more information and our in-depth review, go here.
Hippo Insurance
One of the biggest reasons we like Hippo Insurance is because they offer some of the best rates in the industry.
They’re also setting a new standard for homeowners insurance policies—and the bar is high.
Even if you’re looking for cheap homeowners insurance for older homes, Hippo covers things like home electronics and smart appliances in their plans.
Like Lemonade, Hippo Insurances offers a 100 percent online experience, returning quotes within 60 seconds.
Their premiums can be up to 25 percent lower than anywhere else.
Their coverage includes:
Hippo is rated A- by AM Best rating but is not available in all states.
For more information on Hippo Insurance, read our comprehensive review.
Progressive Insurance
Progressive may be the only name on this list that you recognize. They can provide insurance for your home, car, RV, and boat, among many other offerings.
Bundling your insurance policies also comes with the advantage of a discount.
Additionally, with their “HomeQuote Explorer,” you can compare rates and coverage across multiple companies, allowing you to choose the best policy for your situation.
Their standard coverage offerings include:
Progressive is rated A+ Superior by AM Best.
For more information on Progressive Insurance, read our comprehensive review.
Now that you know about a few of the top insurance companies, here’s what you need to do to get cheap homeowners insurance.
1. Shop Around
Spend a little time comparing different home insurance companies.
A Google search of “best homeowners insurance” or “compare homeowners insurance companies” will allow you to compare multiple companies and save time over calling individual agents and asking for quotes.
Remember, sometimes the cheapest option isn’t always the best, so make sure to compare coverage as well as cost.
2. Don’t Over-insure
Understand the difference between the “market value” of your home and the “replacement value.”
The market value includes the value of your land, which is not covered by your homeowners insurance.
Additionally, it pays to take an inventory of the valuables in your home.
Your agent may ask for an estimate of their value, and a comprehensive list helps you make a realistic appraisal of what they’re worth.
INSURANCE WHERE YOU LIVE
Home insurance by state.
3. Bundle Your Policies
Take advantage of your insurance company’s bundle program.
Many agencies will offer anywhere from five to fifteen percent off when you have multiple policies with them.
4. Take Advantage of Other Discounts
Insurance companies will often provide discounts for their customers. Certain professional organizations or businesses negotiate lower prices.
Loyalty or long-time customers might earn certain concessions, as would being in a gated community or having a monitored alarm system.
Make sure to ask about any that are available.
THE SIMPLY INSURANCE WAY
Home Insurance made easy.
Agents not required.
Get quotes and sign up online without talking to an agent. But, we are here if you need us.
Unbiased, expert advice.
Get unbiased insurance education from licensed experts and also avoid dodgy sales calls.
Coverage in minutes.
You can get home insurance coverage within minutes of getting your quotes and applying.
5. Consider a Higher Deductible
Your deductible is the amount you must pay out of pocket before your insurance coverage kicks in. Raising your deductible will lower your monthly payments.
If you choose to increase your deductible, it is best if you consider what you can afford to pay if an accident happens and your home is damaged.
6. Add Safety Features
There are some things that you can do to lower your homeowners insurance rates further.
Things like deadbolts and security systems, smoke detectors, and fire alarms can lower your premium.
You might also consider making your home more resilient in the face of disaster by installing storm shutters or reinforcing your roof.
All of the above can reduce your insurance costs.
7. Rethink Certain Risky Choices
Just as there are things you can do to lower your insurance costs, there are things that raise it as well.
Wood-burning fireplaces and stoves are likely to raise your rates. Do you run a business out of your home? Office equipment can be expensive to replace.
“Attractive nuisances” like trampolines or in-ground swimming pools can negatively impact insurance costs too.
Even the type of dog you own can affect how much you pay every month.
8. Maintain Good Credit
More and more, insurance companies are checking your credit rating when they write up your policy.
Paying your bills on time, keeping your credit balances low, and not having more credit than you need will all raise your credit score, which could reduce the price of your insurance policy.
9. Review Your Coverage Every Year
It’s worthwhile to review your policy every year.
Major purchases or renovations can affect the amount and type of insurance you need.
Spending a few minutes with your insurance agent can ensure you’re not over-paying or under-insured if the worst happens.
THE SIMPLY INSURANCE WAY
Home Insurance made easy.
Agents not required.
Get quotes and sign up online without talking to an agent. But, we are here if you need us.
Unbiased, expert advice.
Get unbiased insurance education from licensed experts and also avoid dodgy sales calls.
Coverage in minutes.
You can get home insurance coverage within minutes of getting your quotes and applying.
Taking Action
Finding cheap homeowners insurance doesn't have to be complicated.
It’s important to take the time to assess your belongings and find an insurance policy that works best for you.
If you need homeowners insurance, we’ve done the hard work for you—check out the top three companies or get your free quote for homeowners insurance.