Summary: Cheapest Home Insurance Companies
The Cheapest Home Insurance Companies In More Detail
We found that Progressive offers the most affordable coverage for four different dwelling coverage amounts: $200,000, $350,000, $500,000 and $750,000. Though Erie has slightly higher rates, the company combines those excellent rates with low consumer complaints.
Cheapest Homeowners Insurance Companies by State
Here’s a look at the cheapest home insurance in each state, based on the companies we analyzed.
| State | Cheapest company | Average annual cost | Average monthly cost |
|---|---|---|---|
| Farmers | $543 | $45 | |
| Alaska | Country Financial | $646 | $54 |
| Progressive | $430 | $36 | |
| Farmers | $1,766 | $147 | |
| National General | $520 | $43 | |
| Auto-Owners | $1,152 | $96 | |
| Century National | $497 | $41 | |
| State Farm | $600 | $50 | |
| Security First | $356 | $30 | |
| Progressive | $622 | $52 | |
| Hawaii | Dongbu | $219 | $18 |
| Idaho | American National | $242 | $30 |
| Erie | $802 | $67 | |
| Buckeye | $435 | $36 | |
| Iowa | Nationwide | $938 | $78 |
| Kansas | Auto-Owners | $1,537 | $128 |
| Progressive | $659 | $55 | |
| Centauri | $638 | $53 | |
| Vermont Mutual | $486 | $41 | |
| Erie | $729 | $61 | |
| Norfolk and Dedham | $452 | $38 | |
| Auto-Owners | $338 | $28 | |
| Secura | $1,011 | $84 | |
| Allstate | $1,014 | $85 | |
| Missouri | Nationwide | $1,038 | $87 |
| Montana | Nationwide | $833 | $69 |
| Nebraska | Nationwide | $1,505 | $125 |
| Nevada | CSAA | $583 | $49 |
| Amica | $563 | $47 | |
| United P&C | $405 | $34 | |
| New Mexico | State Farm | $1,138 | $95 |
| Ocean Harbor Casualty | $395 | $33 | |
| Nationwide | $411 | $34 | |
| North Dakota | EMC Insurance | $1,201 | $100 |
| Buckeye | $363 | $30 | |
| American National and State Farm (tie) | $2,411 | $201 | |
| Mutual of Enumclaw | $449 | $37 | |
| Cumberland | $506 | $42 | |
| State Farm | $636 | $53 | |
| Bankers | $715 | $60 | |
| South Dakota | Nationwide | $1,026 | $86 |
| American National | $697 | $58 | |
| Bankers | $619 | $52 | |
| Utah | Unigard | $425 | $35 |
| Vermont Mutual | $453 | $38 | |
| Virginia | Progressive | $542 | $45 |
| Nationwide | $387 | $32 | |
| West Virginia | Progressive | $858 | $72 |
| Rockford Mutual | $575 | $48 | |
| Wyoming | Nationwide | $812 | $68 |
In some cases, Armed Forces Insurance or USAA have the cheapest rate but they are open only to those who qualify with a military affiliation.
Cheapest Home Insurance by City
Location is one factor that goes into home insurance costs. Our research found the cheapest company often varies by where you live.
| State | City | Company | Average annual rate for company in the city | Overall average annual rate by city |
|---|---|---|---|---|
| Arizona | Mesa | State Farm | $1,148 | $1,744 |
| Phoenix | State Farm | $1,159 | $1,850 | |
| Tucson | Nationwide | $911 | $1,547 | |
| California | Bakersfield | Allstate | $351 | $1,241 |
| Fresno | Allstate | $338 | $1,245 | |
| Long Beach | Allstate | $297 | $1,484 | |
| Los Angeles | Allstate | $316 | $1,733 | |
| Oakland | Allstate | $404 | $1,172 | |
| San Diego | Allstate | $415 | $1,159 | |
| San Francisco | Allstate | $394 | $1,300 | |
| San Jose | Allstate | $370 | $1,049 | |
| Colorado | Colorado Springs | Nationwide | $1,752 | $3,666 |
| Denver | Grange | $1,719 | $3,480 | |
| Florida | Jacksonville | Travelers | $769 | $1,617 |
| Miami | Travelers | $1,216 | $2,223 | |
| Tampa | Travelers | $881 | $1,626 | |
| Georgia | Atlanta | PURE | $1,293 | $2,006 |
| Illinois | Chicago | State Farm | $1,058 | $1,719 |
| Indiana | Indianapolis | Buckeye | $746 | $1,948 |
| Kansas | Wichita | Auto-Owners | $2,417 | $3,565 |
| Kentucky | Louisville | Auto Club Group | $1,429 | $2,246 |
| Maryland | Baltimore | State Farm | $1,215 | $1,778 |
| Massachusetts | Boston | State Farm | $452 | $1,729 |
| Michigan | Detroit | Auto-Owners | $581 | $3,689 |
| Minnesota | Minneapolis | Secura | $1,363 | $2,240 |
| Missouri | Kansas City | Nationwide | $1,432 | $3,004 |
| Nebraska | Omaha | State Farm | $2,236 | $3,888 |
| Nevada | Las Vegas | CSAA | $806 | $1,160 |
| New Mexico | Albuquerque | State Farm | $1,030 | $2,245 |
| New York | New York City | Kemper | $809 | $2,131 |
| North Carolina | Charlotte | State Farm | $345 | $1,256 |
| Raleigh | State Farm | $423 | $1,405 | |
| Ohio | Columbus | Buckeye | $609 | $1,398 |
| Oklahoma | Oklahoma City | American National | $1,921 | $5,619 |
| Tulsa | American National | $1,062 | $3,729 | |
| Oregon | Portland | Capital Insurance | $325 | $938 |
| Pennsylvania | Philadelphia | American National | $840 | $1,691 |
| Tennessee | Memphis | American National | $854 | $3,125 |
| Nashville | American National | $662 | $2,188 | |
| Texas | Austin | Mercury | $682 | $1,467 |
| Dallas | Mercury | $795 | $2,291 | |
| El Paso | Mercury | $740 | $1,302 | |
| Fort Worth | Mercury | $723 | $2,393 | |
| Houston | Mercury | $817 | $2,255 | |
| San Antonio | Mercury | $602 | $1,521 | |
| Virginia | Virginia Beach | State Farm | $792 | $2,401 |
| Washington | Seattle | Nationwide | $446 | $1,229 |
| Wisconsin | Milwaukee | IMT | $699 | $1,233 |
How to Find Cheap Homeowners Insurance
Andrew Biscay
Home Insurance Expert
Les Masterson
Insurance Editor
Amy Danise
Insurance Managing Editor
Michelle Megna
Insurance Lead Editor
Jason Metz
Insurance Lead Editor
Penny Gusner
Insurance Senior Writer
Talk With Your Agent About Savings
Many insurers are now offering specific wind/hail deductibles and it is worth exploring a higher deductible in exchange for a lower premium. Ask the carrier to reorder your credit report if you feel it has improved since the policy was set up. Make sure you’re bundling home and auto when possible, and shop around with a broker or adjust lines of coverage that might have inflated over the years such as personal property. Call your current agent. They will usually have multiple suggestions to help overall premium reductions.
Home Insurance Expert
Shop Around
I recommend comparison shopping, which includes getting quotes from at least three different companies. Request quotes for the same coverage levels from each insurer so that you can compare apples to apples.
Insurance Editor
Cut Unneeded Coverage
If you’re looking to save, I recommend checking to make sure you’re not paying for unneeded coverage. Assess your coverage to be sure limits and deductibles are correct for your current situation. Think about whether you have changed anything that could have lowered the “risk” you pose to your insurance company. For instance, if you got rid of a trampoline or no longer own a dog that was affecting your home insurance rates, tell your company and see if it can reduce your rates.
Insurance Managing Editor
Maximize Discounts
I recommend making sure you’re getting all the home insurance discounts you’re eligible for. One way is by bundling insurance for your house and vehicles with the same company, which is usually one of the best discounts, often between 5% to 25%. Other common discounts include loyalty discounts, new home discounts and retired discounts.
Insurance Lead Editor
Increase Your Deductible
I suggest asking your insurance agent how much you can save if you increase your home insurance deductible. The deductible is the amount deducted from an insurance claim check. By lowering potential payouts, you should get cheaper home insurance.
Insurance Lead Editor
Install Storm-Resistant Roof, Shutters
Depending on where you live, you may save on insurance by updating your roof and shutters. Certain types of roofing materials can result in lower home insurance premiums. I’ve also seen that some homeowners insurance companies offer discounts for houses with storm shutters and impact-resistant glass on exterior windows.
Insurance Senior Writer
What Factors Impact Home Insurance Premiums?
There a several factors that impact home insurance costs, such as:
The Risks of Buying Cheap Home Insurance
While paying less for home insurance may be your goal, don’t sacrifice coverage for a cheaper policy that leaves you underinsured.
That includes purchasing enough dwelling coverage to pay to repair or replace your home if it’s damaged. Your insurance company or agent should help you figure out the right amount of dwelling coverage.
You also want to get enough personal liability home insurance. Liability coverage pays for accidental injury or damage that you and your household members do to others. It also pays for your legal defense if you’re sued because of an injury or damage covered by your home insurance.
Instead, consider other ways to decrease costs, such as choosing a higher deductible and shopping around for a policy with lower rates by comparing home insurance quotes.
Methodology
To find the cheapest home insurance companies we analyzed costs around the country and complaints about home insurance made to state departments of insurance. We scored companies based on these factors:
- Home insurance rates for $200,000 dwelling coverage (20% of score): Based on average rates for each insurance company for homes with that dwelling limit. Source: Quadrant Information Services.
- Home insurance rates for $350,000 dwelling coverage (20% of score): Based on average rates for each insurance company for homes with that dwelling coverage. Source: Quadrant Information Services.
- Home insurance rates for $500,000 dwelling coverage (20% of score): Based on average rates for each insurance company for homes with that dwelling coverage. Source: Quadrant Information Services.
- Home insurance rates for $750,000 dwelling coverage (20% of score): Based on average rates for each insurance company for homes with that dwelling coverage. Source: Quadrant Information Services.
- Complaints (20% of score): Based on complaints about home insurance that were upheld by state insurance departments. Source: National Association of Insurance Commissioners.
Read more: How Forbes Advisor rates home insurance companies
Looking for Homeowners Insurance?
Other Home Insurance Companies We Rated
Here are other home insurance companies we analyzed as part of our analysis.
| Insurance company | Forbes Advisor rating |
|---|---|
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| Shelter | |
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Find the Best Home Insurance Companies Of 2024
Cheapest Homeowners Insurance Frequently Asked Questions (FAQs)
Why does my home insurance premium keep going up?
Home insurance companies base their rates on risk, so you may see your home insurance costs increase if you file claims or if there have been multiple claims in your area. An insurance company could also increase rates based on other factors, including inflation and higher building costs.
What is the cheapest state for home insurance?
Hawaii is the cheapest state for home insurance. Homeowners pay $380 annually, on average, for a home policy with $350,000 dwelling coverage.
Other states with an average of less than $1,000 yearly for that coverage include Nevada ($883), New Jersey ($968), New Hampshire ($970) and Delaware ($983).
Is home insurance more expensive if I have a pool?
Home insurance companies may charge you more if you have a pool since insurers may deem your property a higher risk.
Our analysis found that Mercury charges 13% more to homeowners with a pool for $350,000 dwelling coverage. Westfield charges an extra 11% and Farmers charges another 5%. Other insurance companies we reviewed, including Allstate, Nationwide, State Farm and USAA, don’t charge more for pools.
