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Compare home insurance quotes for May 2024
Comparing quotes from top home insurance providers like Allstate, Chubb and State Farm may help you find the right carrier for your needs.
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Powered by Coverage.com (NPN: 19966249)
Coverage.com, LLC is a licensed insurance producer (NPN: 19966249). Coverage.com services are only available in states where it is licensed. Coverage.com may not offer insurance coverage in all states or scenarios. All insurance products are governed by the terms in the applicable insurance policy, and all related decisions (such as approval for coverage, premiums, commissions and fees) and policy obligations are the sole responsibility of the underwriting insurer. The information on this site does not modify any insurance policy terms in any way.
Compare homeowners insurance quotes by company
There are hundreds of home insurance companies on the market, which may make it confusing to know where to start. Bankrate is aware that most homeowners would appreciate an estimate of how much they can expect to spend on a policy first. In the United States, the average cost of homeowners insurance is $2,153 per year for $300,000 in dwelling coverage. This can help you gauge what other Americans budget for their home insurance, but this is just a statistical average. Your exact rate is likely to be different.
Insurers use a number of personal rating factors to calculate home insurance premiums, such as your claims history, where you live, the age of your home and the amount of coverage you need. Every property insurer has its own rating system, so it’s helpful to compare homeowners insurance rates from several providers to find the best price.
Additionally, you may need more or less coverage than the standard $300,000 dwelling limit used as our base profile. We’ve included average rates across a range of coverage levels for the largest companies by market share in the country to help conduct a home insurance comparison. Each company on this list was included in the 2023 J.D. Power U.S. Home Insurance Study, and each received an AM Best financial strength rating of “excellent” or “superior.”
| Insurance company | J.D. Power score | Average monthly premium | Average annual premium | |
|---|---|---|---|---|
|
809
/1,000 |
$160
|
$1,917
|
||
|
813
/1,000 |
$133
|
$1,594
|
||
|
801
/1,000 |
$299
|
$3,593
|
||
|
856
/1,000 |
$132
|
$1,578
|
||
|
800
/1,000 |
$209
|
$2,510
|
||
|
812
/1,000 |
$139
|
$1,662
|
||
|
829
/1,000 |
$150
|
$1,795
|
||
|
790
/1,000 |
$193
|
$2,312
|
||
|
881
/1,000 |
$119
|
$1,431
|
||
|
791
/1,000 |
N/A
|
N/A
|
| Insurance company | J.D. Power score | Average monthly premium | Average annual premium |
|---|---|---|---|
|
809
/1,000 |
$179
|
$2,151
|
|
|
813
/1,000 |
$145
|
$1,746
|
|
|
801
/1,000 |
$319
|
$3,823
|
|
|
856
/1,000 |
$148
|
$1,782
|
|
|
800
/1,000 |
$241
|
$2,891
|
|
|
812
/1,000 |
$154
|
$1,852
|
|
|
791
/1,000 |
N/A
|
N/A
|
|
|
829
/1,000 |
$165
|
$1,983
|
|
|
790
/1,000 |
$221
|
$2,649
|
|
|
881
/1,000 |
$132
|
$1,590
|
| Insurance company | J.D. Power score | Average monthly premium | Average annual premium |
|---|---|---|---|
|
809
/1,000 |
$201
|
$2,410
|
|
|
813
/1,000 |
$170
|
$2,040
|
|
|
801
/1,000 |
$350
|
$4,206
|
|
|
856
/1,000 |
$183
|
$2,198
|
|
|
800
/1,000 |
$303
|
$3,635
|
|
|
812
/1,000 |
$187
|
$2,239
|
|
|
791
/1,000 |
N/A
|
N/A
|
|
|
829
/1,000 |
$200
|
$2,398
|
|
|
790
/1,000 |
$279
|
$3,350
|
|
|
881
/1,000 |
$159
|
$1,905
|
| Insurance company | J.D. Power score | Average monthly premium | Average annual premium |
|---|---|---|---|
|
809
/1,000 |
$285
|
$3,424
|
|
|
813
/1,000 |
$227
|
$2,728
|
|
|
801
/1,000 |
$505
|
$6,059
|
|
|
856
/1,000 |
$273
|
$3,274
|
|
|
800
/1,000 |
$477
|
$5,724
|
|
|
812
/1,000 |
$303
|
$3,640
|
|
|
791
/1,000 |
N/A
|
N/A
|
|
|
829
/1,000 |
$295
|
$3,544
|
|
|
790
/1,000 |
$457
|
$5,485
|
|
|
881
/1,000 |
$234
|
$2,804
|
Top home insurance company reviews
Allstate offers unique homeowner coverage options and easy-to-navigate digital tools. These features help the carrier tie for Best Home Insurance Company Overall in the 2024 Bankrate Awards. Allstate also won a Bankrate Award for Best for Bundling Home and Auto Insurance. Policyholders have the flexibility to purchase a policy, make changes or pay bills directly with its extensive network of agents or independently via the mobile app. Allstate advertises nine different endorsements and plentiful discount opportunities to help reduce your premium. Allstate also sits below baseline on the National Association of Insurance Commissioners (NAIC) Complaint Index, which indicates customers file fewer complaints about its home product than expected for a company of this size.
Also known as AmFam, American Family’s average annual premiums are considerably lower than the national average. The company also offers savings opportunities, including a generational discount for policyholders aged 18 to 30 whose parents are also American Family members, and a discount for renovated homes. You could even get a discount on an ADT system and other smart home devices if you’re an American Family policyholder. This company, however, isn’t available in all states, so your eligibility may vary.
Chubb is known for providing insurance for high-value homes. Its standard home insurance policies include enhanced coverage options that usually cost extra, like extended replacement cost coverage. Its coverage limits are also higher than most insurers, with liability coverage up to $30 million. Boutique-like coverage options and risk mitigation consulting services are why Chubb won the 2024 Bankrate Award for Best For High-Value Homes. While Chubb also scored lower than average for overall customer satisfaction in the 2023 J.D. Power Home Insurance Study, it does have agents available stateside and abroad, making it a stand-out option for policyholders with overseas vacation homes.
According to our research, Erie has some of the cheapest average homeowners insurance rates in states where it’s available. It also offers guaranteed replacement cost coverage, which aims to give homeowners the total cost to rebuild their homes, regardless of the dwelling limit listed on their policies. Another perk that sets Erie apart is its pet coverage — while most providers exclude birds and fish, Erie offers up to $500 in coverage for animals, birds and fish included. However, Erie is only available in 12 states, so a homeowners insurance policy through Erie may not be an option for you.
With three packages available (Standard, Enhanced and Premier), Farmers could be an excellent option for people purchasing their first homeowners policy who don’t want to go through the trouble of crafting custom coverage. Homeowners can modify these packages further with endorsements like Eco-Rebuild, which would cover the cost of rebuilding a home following a covered loss with more environmentally friendly materials. Still, it is important to know that Farmers isn’t available in every state. It’s also among the most expensive companies on our list, on average. But this company may be worth considering for people looking for a streamlined process when purchasing a homeowners insurance policy.
On average, Nationwide is one of the cheapest homeowners insurance companies on our list, which helped it earn Bankrate's Best Budget Home Insurance Company award for 2024. The company offers add-ons like Better Roof Replacement, which will replace your roof with higher-quality materials in the event of a covered claim. Homeowners who prefer to manage their home insurance policy and financial products with one company may find Nationwide appealing, as well. Nationwide may not be ideal for you, though, if you’re more concerned with customer service than price. It scored lower-than-average in a study of customer satisfaction, according to J.D. Power.
Who this may be best for:
Homeowners looking to bundle their home and auto policies
If you own a home, you could consider bundling home and auto insurance together with Progressive to take advantage of its multi-policy discount. On its website, Progressive advertises that new policyholders can save up to 20 percent when they bundle home and auto together. Progressive homeowners insurance is only available in 40 states and its coverage options and add-ons are somewhat limited, but it could still be a great option for people looking to purchase multiple insurance products from the same company. Progressive also has some of the lowest average homeowners rates of the companies we analyzed.
State Farm is the largest homeowners insurance company in the country by market share — although it doesn’t currently write home policies in Massachusetts, Rhode Island or California. The company boasts a high customer satisfaction rating per J.D. Power for overall customer satisfaction and its digital tools. Like Allstate, State Farm also boasts an impressive, nationwide network of agents. Additionally, State Farm’s average premium for homeowners insurance is on par with the national average.
Travelers scored third-lowest in overall customer satisfaction in the 2023 J.D. Power U.S. Home Insurance Study. Even so, if you own an environmentally friendly home, Travelers could offer cheaper home insurance through its green home discount. With this program, you may qualify for a 5 percent discount if you’ve received a “green home” certification from the Leadership Energy and Environmental Design (LEED) organization. Travelers also offers a lengthy list of insurance endorsements for homeowners looking to craft a bespoke policy, including identity fraud coverage, additional replacement cost protection and special personal property coverage.
USAA is best known for its military-focused coverage, inexpensive premiums and high customer service ratings. Its well-rounded insurance offerings helped it tie for Best Home Insurance Company Overall in the 2024 Bankrate Awards. Although not officially ranked due to eligibility restrictions, USAA earned a score of 881/1,000 in the 2023 J.D. Power Home Insurance Study — the highest score of all the companies included. USAA also has a lower-than-average premium for home policies with $300K in dwelling coverage, according to proprietary rate data, and your belongings are automatically insured at replacement cost value. However, USAA has strict eligibility requirements and is only available to military members, veterans and their eligible family members.
How to shop for homeowners insurance
When comparing home insurance quotes, preparation is key. Having a copy of your current policy on hand along with an idea of what changes you may like to make on your new policy can save you time and stress down the road. Most insurance companies ask for the same type of information, such as:
- Personal details: Along with your name and date of birth, you are typically asked about your marital status, how long you have lived in the home and who may live there with you. If you own your home with a spouse, family member or anyone else, you will also need to provide their information. In some states, you may also be asked to provide your social security number in order to check your credit-based insurance score.
- Property details: A carrier will need your address, including your ZIP code. Companies might be able to look up additional information, but you may want to be prepared with your home’s construction year, the age of the roof, square footage, custom features and material types of interior and exterior finishes, and home systems like your HVAC.
- Insurance history: You will likely be asked if your residence already has insurance, which may make you eligible for a discount. Insurance companies will also ask if the home has any existing damage, if there have been any prior claims filed on the property, and if you have a mortgage.
- Coverage needs: An insurer will review your coverage needs when issuing a quote. This will include your policy limits, deductibles and endorsements. They will also ask about additional risk factors such as running a business from your home, having a pool or if you own a dog. While some of the factors can raise a red flag, in most cases, it is a way for your agent to advise of the extra coverage you may need to purchase to cover any insurance gaps.
Bankrate tip: home inventory
Creating a home inventory of your personal belongings may help you decide how much home insurance you need, specifically personal property coverage. Even if you already have coverage in place, an inventory might illuminate insurance gaps you are unaware of. Additionally, a home inventory may help expedite the claims process if you do experience a covered loss. To create a home inventory, you might consider the following steps:
- Make an inventory list for each room and take photos to accompany your list.
- For big-ticket items like furniture, appliances and electronics, include the make and model, value, serial number, purchase date and receipts if you have them.
- Take a general count of smaller objects and estimate their value.
- Make note of any especially valuable items, like jewelry or antiques, that may require scheduled personal property coverage.
- Store your inventory in a safe place. Creating and storing a digital copy of your inventory may help ensure you can access it easily at any time.
- Update your inventory regularly with any new or sold items.
How to compare home insurance quotes
Most insurance professionals agree that comparing home insurance quotes is one of the best ways to find the rates, coverage options, discounts and other policy features you want. Here’s how to go about it, step by step:
Step 1: Think about your coverage needs
You and your next-door neighbor may have similar homes but wildly different home insurance needs. To help you determine how much home insurance is right for you, it is first helpful to understand what a typical home insurance policy includes — and excludes — so you can structure a policy that works for you.
What does home insurance typically cover?
Home insurance policies are divided up into coverage types. Each coverage type is subject to its own limit (either a specific dollar amount or percentage) and is designed to financially protect homeowners in different ways. Below, we’ve detailed the coverage types found in a standard home insurance policy:
| Coverage type | Coverage amount | What it covers |
|---|---|---|
| A - Dwelling coverage | Estimated cost to rebuild your home | Your home’s physical structure if it is damaged in a covered loss |
| B - Other structures | Up to 10 percent of dwelling coverage amount | Non-attached structures like a gazebo, fence or shed if they are damaged in a covered loss |
| C - Personal property | Between 50 and 70 percent of dwelling coverage amount | Your personal belongings in your home, plus limited coverage for your belongings housed in other locations |
| D - Additional living expenses (also known as loss of use) | Between 20 and 30 percent of dwelling coverage amount | Expenses, like a hotel room and restaurant bills, if you are displaced from your home due to a covered loss |
| E - Personal liability | Between $100,000 and $500,000 | Legal expenses if you or a member of your household is found negligent for someone else’s injuries or property damage |
| F - Medical payments | Between $1,000 and $5,000 | Guests medical bills if they are injured on your property |
What does home insurance not cover?
Home insurance is not all-inclusive or all-encompassing. Some common exclusions include:
- Earthquake and land movement damage
- Flood damage
- Wear and tear and neglect
- Pest damage
- War
- Nuclear hazard
- Power failures
- Government action
- Theft of a dwelling while under construction
- Vandalism and malicious mischief to a dwelling left vacant for more than a specified amount of time, typically 30 or 60 consecutive days
- Intentional acts to property or bodily injury by the insured
The state you live in may also determine what perils are excluded from standard home insurance policies. Regions with frequent threats of loss from tornadoes and hurricanes may have wind and hail exclusions. For example, Texas windstorm insurance is an endorsement purchased by many residents with homes near the Gulf of Mexico. And some Florida home insurance policies can include a separate hurricane deductible. California homes in high-risk wildfire zones may have limited wildfire coverage, as well, or an insurer may exclude wildfire damage from the policy altogether.
Just because something is excluded from your home insurance policy does not mean you can’t be covered for it, though. Home insurance providers sell separate endorsements for earthquakes, floods and other perils to protect your home further.
Bankrate tip: ACV vs RCV
Your home insurance personal property coverage will either cover your items at actual cash value (ACV) or replacement cost value (RCV), depending on what your insurer offers. In the event of a covered loss, ACV pays out the current value of your items after taking depreciation and your deductible into account. RCV, on the other hand, pays out what it would cost to replace the item with a new version today, minus the deductible. Some policies automatically cover personal property at actual cash value, but others require the homeowner to purchase an RCV endorsement. If an insurer offers RCV and ACV policies, an RCV policy will likely result in a higher premium.
For example, suppose your living room furniture cost $6,000 five years ago when you bought it. If it depreciated 7 percent a year, today's current value is about $3,900, a depreciation of $2,100. However, to replace it with a similar living room set costs about $7,000. If you have a $1,000 policy deductible, here are how the two options would play out if that furniture were destroyed in a covered loss:
- ACV: $7,000 (replacement cost) - $2,100 (depreciation) = $4,900 (actual cash value) - $1,000 (deductible) = $3,900 (claim payout)
- RCV: $7,000 (cost new of similar furniture) - $1,000 (deductible) = $6,000 (claim payout)
Step 2: Get quotes from several home insurance companies
Once you know what you are looking for in a company, experts recommend requesting quotes from several home insurance providers that might fit your needs. You can request quotes multiple ways:
- Get a home insurance quote online: Online home insurance quotes are a great place to begin. Some carriers may allow you to purchase your policy entirely online, while others will put you in contact with an agent to complete the process. Getting a handful of quotes online can help give you a better estimate of what your home insurance policy will cost.
- Use a captive insurance agent: A captive agent works for one insurance provider. As such, working with a captive agent is typically best if you’ve already chosen a company but need help building or finalizing your policy.
- Go through an independent agent or broker: If you prefer personalized service and want help gathering quotes, then working with an independent insurance agent or broker could be the best choice. Unlike captive agents, independent agents can provide you with home insurance quotes from multiple companies. Independent agents and brokers typically earn a commission from your policy, so be mindful of upselling.
Experts recommend collecting between three and five home insurance quotes to better gauge what your policy will really cost.
Bankrate tip: switching home insurance companies
Even if you already have a home insurance policy in place, you might consider shopping around on occasion to make sure you're getting the coverage and customer service you need at the best price. Home insurance isn’t a “set it and forget it” type of expense; if you’re hit with a steep rate increase, your coverage needs have changed or you’re not satisfied with your current carrier, collecting quotes can be an effective way to find the right policy at the right price.
If your coverage needs have changed — maybe you want to add flood insurance or you inherited a valuable jewelry collection — you might start by getting quotes for any additional coverage needs with your current carrier. You can then compare these with quotes for the same coverage types and limits from a few other carriers.
In most cases, you can switch home insurance carriers at any time — even if your premium payments come from an escrow account.. You may want to shop early, and end your old policy on the same date your new one starts to avoid a lapse in coverage. A coverage lapse could leave you and your home financially vulnerable and could raise your rates.
Learn more: How to switch home insurance companies
Step 3: Review each home insurance quote for accuracy
Once you have your quotes on hand, it’s time to go over them with a fine-toothed comb for accuracy. Review the documentation you receive and ensure that each home insurance quote is in line with the information you provided. Your coverage amounts may vary based on each insurance company’s valuation tool, but as long as your quotes are in the same ballpark, you should be able to compare them.
Aside from coverage amounts, you will also want to take a close look at the deductible, the policy type and whether your belongings are insured on an actual cash value or replacement cost value basis. These may seem like minor details but can have a major impact on what you wind up paying for your policy.
Step 4: Choose your home insurance policy
Your budget is an important consideration when searching for the perfect home insurance policy. However, it is not the only thing to take into consideration. Hopefully, you never need to file a home insurance claim, but if disaster strikes, you’ll want to know that insurance will be there for you when you need it. As such, experts recommend choosing a company that has a strong financial history, high rates of customer satisfaction and robust coverage offerings.
Example of how to compare homeowners insurance quotes
To help you understand how to compare homeowners insurance quotes, which often have differing coverage limits and premiums, we’ve included two examples below. Please note that these are example quotes and not representative of actual quoted premiums.
- Coverage A, Dwelling: $275,000
- Coverage B, Other Structures: $27,500
- Coverage C, Personal Property: $137,500
- Coverage D, Loss of Use: $55,000
- Coverage E, Liability: $300,000
- Coverage F, Medical Payments: $1,000
- Deductible: $1,500
- Coverage A, Dwelling: $293,000
- Coverage B, Other Structures: $29,300
- Coverage C, Personal Property: $146,500
- Coverage D, Loss of Use: $58,600
- Coverage E, Liability: $100,000
- Coverage F, Medical Payments: $1,000
- Deductible: $1,000
The first thing you may notice, besides the differing premiums, is the different dwelling coverage amounts. Because each home insurance company uses its own valuation tool to determine the rebuilding cost of a home, it’s common to get quotes for slightly different dwelling amounts from different companies. Because many other home insurance coverage types default to a percentage of the dwelling amount, these coverage limits also vary between the quotes.
The first quote has a lower dwelling limit, but a higher liability limit and a slightly higher deductible than the second quote. If someone is injured on your property, for example, and you are found liable for their injuries, the first quote will pay up to $300,000 for your liability protection, whereas the second quote will only pay up to $100,000. If you file a claim for damage to your home, you’ll have to pay $1,500 out of pocket — your deductible limit — if you purchase the first quote, and only $1,000 if you purchase the second quote.
There isn’t a right or wrong answer as to which quote is better. The quote you choose will depend on your needs, budget and risk-tolerance level. If you prefer a higher dwelling coverage amount and are less concerned about your liability limit, for example, the second quote may be better suited for you. Coverage types B, C and D are predetermined percentages of coverage A, so if you need more coverage than what is first offered, you can usually increase those limits for an additional premium. You may want to work with a licensed agent if you have any questions or require specialty coverage.
Compare home insurance quotes by state
Average home insurance cost by state
The average annual home insurance premium for a home with a dwelling coverage amount of $300,000.
| State | Avg. annual premium | Avg. monthly premium |
|---|---|---|
|
Avg. annual premium
$2,745
|
Avg. monthly premium
$229
|
|
|
Avg. annual premium
$1,010
|
Avg. monthly premium
$84
|
|
|
Avg. annual premium
$1,988
|
Avg. monthly premium
$166
|
|
|
Avg. annual premium
$3,056
|
Avg. monthly premium
$255
|
|
|
Avg. annual premium
$1,452
|
Avg. monthly premium
$121
|
|
|
Avg. annual premium
$3,092
|
Avg. monthly premium
$258
|
|
|
Avg. annual premium
$1,655
|
Avg. monthly premium
$138
|
|
|
Avg. annual premium
$966
|
Avg. monthly premium
$81
|
|
|
Avg. annual premium
$6,366
|
Avg. monthly premium
$530
|
|
|
Avg. annual premium
$1,972
|
Avg. monthly premium
$164
|
|
|
Avg. annual premium
$1,134
|
Avg. monthly premium
$94
|
|
|
Avg. annual premium
$1,309
|
Avg. monthly premium
$109
|
|
|
Avg. annual premium
$2,186
|
Avg. monthly premium
$182
|
|
|
Avg. annual premium
$1,645
|
Avg. monthly premium
$137
|
|
|
Avg. annual premium
$2,005
|
Avg. monthly premium
$167
|
|
|
Avg. annual premium
$4,103
|
Avg. monthly premium
$342
|
|
|
Avg. annual premium
$3,049
|
Avg. monthly premium
$254
|
|
|
Avg. annual premium
$6,140
|
Avg. monthly premium
$512
|
|
|
Avg. annual premium
$1,260
|
Avg. monthly premium
$105
|
|
|
Avg. annual premium
$1,528
|
Avg. monthly premium
$127
|
|
|
Avg. annual premium
$1,622
|
Avg. monthly premium
$135
|
|
|
Avg. annual premium
$1,828
|
Avg. monthly premium
$152
|
|
|
Avg. annual premium
$2,476
|
Avg. monthly premium
$206
|
|
|
Avg. annual premium
$2,820
|
Avg. monthly premium
$235
|
|
|
Avg. annual premium
$2,065
|
Avg. monthly premium
$172
|
|
|
Avg. annual premium
$2,521
|
Avg. monthly premium
$210
|
|
|
Avg. annual premium
$5,588
|
Avg. monthly premium
$466
|
|
|
Avg. annual premium
$1,202
|
Avg. monthly premium
$100
|
|
|
Avg. annual premium
$963
|
Avg. monthly premium
$80
|
|
|
Avg. annual premium
$1,112
|
Avg. monthly premium
$93
|
|
|
Avg. annual premium
$2,058
|
Avg. monthly premium
$172
|
|
|
Avg. annual premium
$1,663
|
Avg. monthly premium
$139
|
|
|
Avg. annual premium
$2,776
|
Avg. monthly premium
$231
|
|
|
Avg. annual premium
$2,539
|
Avg. monthly premium
$212
|
|
|
Avg. annual premium
$1,194
|
Avg. monthly premium
$100
|
|
|
Avg. annual premium
$4,493
|
Avg. monthly premium
$374
|
|
|
Avg. annual premium
$1,006
|
Avg. monthly premium
$84
|
|
|
Avg. annual premium
$1,149
|
Avg. monthly premium
$96
|
|
|
Avg. annual premium
$1,961
|
Avg. monthly premium
$163
|
|
|
Avg. annual premium
$2,360
|
Avg. monthly premium
$197
|
|
|
Avg. annual premium
$2,583
|
Avg. monthly premium
$215
|
|
|
Avg. annual premium
$2,370
|
Avg. monthly premium
$197
|
|
|
Avg. annual premium
$3,773
|
Avg. monthly premium
$314
|
|
|
Avg. annual premium
$1,182
|
Avg. monthly premium
$98
|
|
|
Avg. annual premium
$806
|
Avg. monthly premium
$67
|
|
|
Avg. annual premium
$1,487
|
Avg. monthly premium
$124
|
|
|
Avg. annual premium
$1,350
|
Avg. monthly premium
$112
|
|
|
Avg. annual premium
$952
|
Avg. monthly premium
$79
|
|
|
Avg. annual premium
$1,169
|
Avg. monthly premium
$97
|
|
|
Avg. annual premium
$1,352
|
Avg. monthly premium
$113
|
|
|
Avg. annual premium
$1,377
|
Avg. monthly premium
$115
|
Other factors to consider when comparing home insurance quotes
Cost is usually the top priority for many shoppers when comparing home insurance quotes, but that is only one factor out of several that matter. From customer service to the ease of doing business, here are a few other factors to consider:
- Would you prefer a company with 24/7 customer service?
- Do you want to make policy changes independently from an agent?
- Are you more comfortable speaking to an agent in person, over the phone or via chat?
- If a claim were to arise, do you want to submit it through your carrier's app or over the phone?
- How much does customer service matter to you?
Researching companies can be a big undertaking, which is why we created Bankrate Scores. Our proprietary scoring system aims to provide a quick look at the quality of products and services that each home insurance company offers. On a scale of 0.0 to 5.0, Bankrate Scores reflect third-party ratings from companies like AM Best and J.D. Power, average premiums as provided by Quadrant Information Services, digital tool availability and more. Here’s how some of the biggest names in home insurance rank according to our Bankrate Scores:
| Insurance Company |
Bankrate Score
Bankrate Scores primarily reflect a weighted rank of industry-standard ratings for financial strength and customer experience in addition to analysis of quoted annual premiums from Quadrant Information Services, spanning all 50 states and Washington, D.C.
Bankrate Scores primarily reflect a weighted rank of industry-standard ratings for financial strength and customer experience in addition to analysis of quoted annual premiums from Quadrant Information Services, spanning all 50 states and Washington, D.C.
|
|---|---|
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4.7
|
|
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4.4
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|
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4.3
|
|
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4.3
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|
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4.2
|
|
|
4.2
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|
|
4.2
|
|
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4.1
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|
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3.6
|
Home insurance coverage for other kinds of property
Depending on the type of home you have and how it’s used, there’s a specific type of property insurance policy you can purchase. These include:
- Renters insurance: If you rent your home, you won’t need to insure the structure of your home or its detached structures. Instead, renters insurance provides coverage for your personal belongings, as well as personal liability and some loss of use coverage.
- Landlord insurance: As a landlord, this type of policy will insure your property’s structure and provide liability coverage and cover loss of income if the home is uninhabitable due to a covered claim.
- Condominium insurance: As a condo owner, you’re responsible for the interior of your unit, instead of the entire building. This type of policy provides that, along with insurance for your belongings and personal liability.
- Mobile and manufactured homes: This type of property insurance is for mobile and manufactured homes, which comes with its own specific coverage. Importantly, most mobile and manufactured homes typically do not cover any damage while in transit.
Frequently asked questions
Methodology
Base profile
Bankrate utilizes Quadrant Information Services to analyze May 2024 rates for all ZIP codes and carriers in all 50 states and Washington, D.C. Quoted rates are based on married male and female homeowners with a clean claim history, good credit and the following coverage limits:
- Coverage A, Dwelling: $150,000, $300,000, $350,000, $450,000, $750,000
- Coverage B, Other Structures: $15,000, $30,000, $35,000, $45,000, $75,000
- Coverage C, Personal Property: $75,000, $150,000, $175,000, $225,000, $375,000
- Coverage D, Loss of Use: $30,000, $60,000, $70,000, $90,000, $150,000
- Coverage E, Liability: $500,000
- Coverage F, Medical Payments: $1,000
The homeowners also have a $1,000 deductible, a $500 hail deductible and a 2 percent hurricane deductible (or the next closest deductible amounts that are available) where separate deductibles apply.
These are sample rates and should be used for comparative purposes only. Your quotes will differ.
Credit: Rates were calculated based on the following insurance credit tiers assigned to our homeowners: “poor, average, good (base) and excellent.” Insurance credit tiers factor in your official credit scores but are not dependent on that variable alone. The following states do not allow credit to be a factor in determining home insurance rates: California, Maryland, Massachusetts.
Claims: Rates were calculated based on the following insurance claims assigned to our homeowners: “fire ($80,000 in losses), liability ($31,000 in losses), theft ($5,000 in losses) and wind ($12,000 in losses).”
Year built: Rates were calculated based on the following years built for homes and assigned to our homeowners: “1959, 1982, 1992, 2010, 2016 (base) and 2020.”
Bankrate Scores
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Cost & ratings 50%
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Coverage & savings 30%
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Support 20%
Natalie Todoroff is an insurance writer for Bankrate, prior to which she wrote for a popular insurance comparison shopping app. She has a Bachelor of Arts in English and has written over 800 articles about insurance throughout her career.
