As Insurify’s home and pet insurance editor, Danny also specializes in auto insurance. His goal is to help consumers navigate the complex world of insurance buying.
Evelyn PimplaskarEditor-in-Chief, Director of Content
10+ years in insurance and personal finance content
30+ years in media, PR, and content creation
Evelyn leads Insurify’s content team. She’s passionate about creating empowering content to help people transform their financial lives and make sound insurance-buying decisions.
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Homeowners insurance is essential — and expensive. The average cost for a policy with a $300,000 dwelling coverage limit rose 12% in 2023, landing at $1,770 per year, according to Insurify data. If you live in a state with high risks from severe weather, like Florida, your annual home insurance premium can be much higher than the national average.
Comparing quotes from multiple companies could help you find the most affordable coverage for your needs. But keep in mind that the company with the cheapest rates may not be the best option for you.
Travelers is the cheapest nationally available home insurance company, on average.
Your home’s age, location, structure, and other factors affect the cost of home insurance.
Florida is the most expensive state for home insurance, with an average annual premium of $9,213. Vermont has the cheapest home insurance coverage, averaging $914 per year.
Cheapest home insurance companies in 2024
Travelers is the cheapest home insurance company, with an average annual premium of $1,555 annually. Allstate and Auto-Owners are second- and third-cheapest, with average annual premiums of $1,607 and $1,658, respectively.
Your exact premium will depend on factors like your home’s size, location, and age. It may also be possible to find cheaper coverage through regional insurance companies like Westfield (annual average $917) or Erie ($1,258), but regional insurers won’t be available in every state.
Insurance Company
Average Annual Premium
Best For
IQ Score
The Insurify Quality (IQ) Score uses more than 15 criteria to objectively rate insurance companies on a one-to-five scale. The Insurify editorial team researches insurer data to determine the final scores.
Travelers
$1,555
Low rates
3.9
Allstate
$1,607
Overall
4.1
Auto-Owners
$1,658
Customization
3.7
State Farm
$1,692
Customer service
4.1
Chubb
$1,804
High-value homes
3.9
Our editorial team spent 350 hours developing the Insurify Quality (IQ) Score and scoring insurance companies. The IQ Score objectively analyzes and calculates a score for insurers using more than 15 crucial criteria. Criteria are weighted by importance to the consumer — factors such as customer reviews and affordability influence the score more than availability and third-party ratings.
We rate each company on a 1 to 5 scale based on five categories: financial ratings, customer satisfaction, affordability, customer support and transparency, and availability. We update ratings once a year or as more recent information becomes available.
Third-party financial ratings: We use data from AM Best, S&P, Moody's, and more to compare insurance companies’ credit and ability to pay out future claims.
Customer satisfaction: To calculate this score, Insurify analyzed more than 20,000 customer reviews across 155 car insurance companies. We also considered third-party ratings from J.D. Power, the National Association of Insurance Commissioners, and Trustpilot.
Affordability: Our data scientists analyzed more than 90 million real-time auto insurance rates from our partners across the United States, as well as available discounts, to calculate an affordability score.
Customer support and transparency: This measures coverage options, ease of claims filing, and the insurer's transparency surrounding discounts, coverages, and claims process.
Availability and reach: Insurify identified the number of states in which insurers offer coverage and company size by market share to score availability and reach.
The Insurify Quality (IQ) Score uses more than 15 criteria to objectively rate insurance companies on a one-to-five scale. The Insurify editorial team researches insurer data to determine the final scores.
4.3
JD Power
J.D. Power data measures overall customer satisfaction and claims satisfaction based on a 1,000-point scale.
829
$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.
$130/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.
$203/mo
Travelers is the sixth-largest home insurance company in the U.S. and offers the lowest rates, according to Insurify data.[1] It’s available throughout the U.S. and offers robust replacement cost and personal property coverage.
Travelers offers a number of home insurance discounts, including ones for newly purchased homes, multiple policies, being claims-free, and having a certified “green home.”
Pros
Low rates
Noteworthy discounts
Cons
Fair IQ Score
Significantly higher-than-average number of customer complaints, according to the National Association of Insurance Commissioners (NAIC)
The Insurify Quality (IQ) Score uses more than 15 criteria to objectively rate insurance companies on a one-to-five scale. The Insurify editorial team researches insurer data to determine the final scores.
4.2
JD Power
J.D. Power data measures overall customer satisfaction and claims satisfaction based on a 1,000-point scale.
833
$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.
$134/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.
$192/mo
The second-largest home insurer in the U.S., Allstate offers a respectable combination of affordable rates, customization, and customer satisfaction. In addition to standard home insurance coverages, Allstate offers optional coverages including umbrella policies and flood insurance.
The Insurify Quality (IQ) Score uses more than 15 criteria to objectively rate insurance companies on a one-to-five scale. The Insurify editorial team researches insurer data to determine the final scores.
4.1
JD Power
J.D. Power data measures overall customer satisfaction and claims satisfaction based on a 1,000-point scale.
837
$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.
$138/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.
$197/mo
Many insurers offer optional coverages, but Auto-Owners stands out for the range of coverage options it offers and the ability to customize multiple policies. In addition to standard coverages, Auto-Owners offers guaranteed home replacement cost, water backup coverage, increased repair or replacement cost coverage, equipment breakdown, high-value home coverage, and home cyber protection.
Multi-policy discounts can help policyholders save when they bundle their home coverage with another Auto-Owners insurance product, such as auto or life insurance.
Pros
Robust array of optional coverages
Higher-than-average score (834 out of 1,000) in J.D. Power’s 2023 U.S. Home Insurance Study
Cons
Cheaper options may be available
Many complaints on Trustpilot about poor claims service
The Insurify Quality (IQ) Score uses more than 15 criteria to objectively rate insurance companies on a one-to-five scale. The Insurify editorial team researches insurer data to determine the final scores.
4.4
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 largest U.S. home insurance company by market share. While its rates aren’t the cheapest, the company stands out for its reputation of customer service. Only one other nationally available insurer scored higher for claims satisfaction in J.D. Power’s 2023 study.
State Farm allows you to file claims online, over the phone, or through its mobile app.
Pros
Well-below-average number of complaints reported to NAIC
Score of 829 (out of 1,000 points) in J.D. Power 2023 U.S. Home Insurance Study
The Insurify Quality (IQ) Score uses more than 15 criteria to objectively rate insurance companies on a one-to-five scale. The Insurify editorial team researches insurer data to determine the final scores.
2.8
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++
$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.
$150/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.
$234/mo
The ninth-largest home insurer in the U.S. by market share, Chubb’s extended replacement cost coverage, wildfire and hurricane insurance, and extras, like coverage to restore lost data destroyed by a computer virus, make it a good option for people with high-value homes.
The company also offers risk consulting, property manager services, and a cash settlement option if you choose not to rebuild after a total loss.
Pros
Multiple types of coverage for high-net-worth policyholders
Well-below-average number of complaints with the NAIC
Cons
Not the cheapest option
Policies not available online
How we chose the cheapest home insurance companies
To choose the cheapest and best home insurance companies, Insurify’s editors and data analysts considered each company’s average national premium, third-party financial strength ratings, consumer satisfaction indicators, customer support, discounts, customization options, and availability.
Average annual quotes are based on a dwelling coverage limit of $300,000 and draw from Insurify’s proprietary database as well as Quadrant Information Services data.
Cheapest home insurance by dwelling coverage
Higher dwelling coverage limits result in higher premiums. But it’s important to consider the value of your home and your location’s risk when determining how much coverage you need. Generally, your dwelling coverage amount should be equal to at least 80% of your home’s replacement cost.
It’s also important to note that the cheapest insurer for your desired dwelling coverage limit can vary. For example, in the table below, Allstate has the lowest annual rate for a policy with a $500,000 limit, while Travelers is the cheapest for a $250,000 policy.
Insurance Company
$250,000
$350,000
$500,000
Allstate
$1,439
$1,786
$2,305
Auto-Owners
$1,487
$1,834
$2,363
Chubb
$1,536
$2,087
$2,806
Farmers
$1,525
$2,049
$2,862
Foremost
$1,789
$2,563
$3,620
Nationwide
$1,637
$2,169
$3,002
State Farm
$1,487
$1,866
$2,457
Travelers
$1,369
$1,767
$2,431
Cheapest home insurance for new construction: Travelers
Travelers is the cheapest home insurance company for new construction, with an average annual premium of $1,089. Newer homes tend to be cheaper to insure than older homes since they’re less likely to have issues that require claim payouts.
Insurance Company
Average Annual Premium
Travelers
$1,089
Allstate
$1,125
Auto-Owners Insurance Co
$1,161
State Farm
$1,184
Farmers
$1,237
Chubb
$1,263
Nationwide
$1,336
Foremost
$1,511
Cheapest home insurance for old homes: Travelers
Older homes can be more expensive to insure for multiple reasons. They can be more likely to have issues that will require insurance payouts.[2] And they may be built with construction materials or architectural details that are more costly to repair or replace.
Insurance Company
Average Annual Premium
Travelers
$1,560
Allstate
$1,612
Auto-Owners Insurance Co
$1,664
State Farm
$1,698
Farmers
$1,772
Chubb
$1,810
Nationwide
$1,914
Foremost
$2,165
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Cheapest home insurance for bad credit: Travelers
In most states, home insurance companies can consider your credit history when establishing rates. Insurers use credit information to generate credit-based insurance scores and predict your likelihood of filing a claim.[3]
Insurance Company
Average Annual Premium
Travelers
$1,679
Allstate
$1,736
Auto-Owners
$1,791
State Farm
$1,827
Farmers
$1,908
Chubb
$1,948
Nationwide
$2,061
Foremost
$2,331
Cheapest home insurance for high deductible: Travelers
Home insurance policies typically have one or more deductibles, an amount you’ll have to pay out of pocket toward a covered loss before your insurance kicks in. Because a higher deductible is your way of sharing more risk with the insurer, the higher your deductible, the lower your premium will generally be.
But before buying a high-deductible policy, make sure you can afford to pay it out of pocket in the event of a claim.
Cheapest home insurance for bundling home and auto insurance: Travelers
Bundling home and auto insurance is one of the best ways to save money on a policy. Discounts can range from 10% to 25% — or even more — depending on the insurance company. Bundling may result in savings on one or both policies you buy with the same company.
Insurance Company
Average Annual Premium
Travelers
$1,368
Allstate
$1,414
Auto-Owners
$1,459
State Farm
$1,489
Farmers
$1,555
Chubb
$1,588
Nationwide
$1,679
Foremost
$1,899
Cheapest home insurance by state
Vermont has the lowest average annual home insurance rate for a policy with a $300,000 dwelling coverage limit: $914, according to Insurify data. Utah and Oregon are the second- and third-cheapest states, with average annual premiums of $1,018 and $1,049, respectively.
Florida is the most expensive state for home insurance, with an average annual premium of $9,213. The state’s exposure to severe coastal weather results in a higher number of claims and a high cost of claims, which pushes home insurance costs higher.
Oklahoma, with its exposure to tornadoes, is the second-most expensive state for home insurance. The average annual premium there is $4,782.
Rates differ so drastically between states for various reasons. Many states, like Florida, Oklahoma, and Louisiana, are much more prone to severe weather than others, resulting in more expensive premiums. Things like the cost of materials, location, and labor costs can also affect your home insurance premiums.
Always compare quotes from multiple insurance companies before buying a policy.
State
Cheapest Company
Cheapest Rate
Alaska
Umialik Insurance
$895
Alabama
Foremost
$2,079
Arkansas
Metropolitan
$2,079
Arizona
Armed Forces Insurance Exchange
$924
California
Allstate
$571
Colorado
Pure
$1,619
Connecticut
State National
$866
Washington D.C.
USAA
$956
Delaware
Cumberland Insurance Group
$670
Florida
Travelers
$2,002
Georgia
Allstate
$1,201
Hawaii
Island Insurance Group
$418
Iowa
Westfield
$878
Idaho
American National P&C
$493
Illinois
Westfield
$907
Indiana
Allstate
$739
Kansas
Armed Forces Insurance Exchange
$,192
Kentucky
Westfield
$1,177
Louisiana
ASI
$1,343
Massachusetts
Narragansett Bay Insurance
$663
Maryland
Brethren Mutual Insurance
$651
Maine
Vermont Mutual
$613
Michigan
Auto-Owners
$313
Minnesota
Auto-Owners
$1,310
Missouri
Armed Forces Insurance Exchange
$1,032
Mississippi
Mississippi Farm Bureau
$2,110
Montana
Foremost
$1,132
North Carolina
State Farm
$720
North Dakota
American Family
$1,501
Nebraska
Farmers
$2,612
New Hampshire
Vermont Mutual
$703
New Jersey
United P&C
$391
New Mexico
State Farm
$2,280
Nevada
Universal Insurance
$772
New York
Ocean Harbor Casualty
$726
Ohio
Buckeye Insurance Group
$652
Oklahoma
Allstate
$2,624
Oregon
Capital Insurance Group
$427
Pennsylvania
Cumberland Insurance Group
$491
Rhode Island
United P&C
$657
South Carolina
USAA
$1,588
South Dakota
Auto-Owners
$1,583
Tennessee
Westfield
$1,152
Texas
Republic Indemnity
$1,817
Utah
Unigard
$731
Virginia
Narragansett Bay Insurance
$801
Vermont
Concord Group
$494
Washington
Allstate
$626
Wisconsin
Allstate
$744
West Virginia
Westfield
$840
Wyoming
USAA
$1,388
How to get cheaper home insurance
You can get cheaper home insurance in a number of ways. Consider the following tips when you’re looking to cut your home insurance costs:
Compare home insurance quotes
Quote comparison is one of the best ways to lower your home insurance rates. Always compare quotes from at least three insurers before buying a policy.
Increase your deductible
Increasing your home insurance deductible will lower your premium. Just be sure you can afford to pay the deductible out of pocket if you need to file a claim.
Raise your credit score
Improving your credit could lead to lower home insurance rates. Insurers correlate bad credit with a higher likelihood of filing a claim.
Look for discounts
Many insurers offer a plethora of discounts that you can take advantage of. You may be able to get discounts for things like loyalty, building with better materials, and having home security.
What factors affect the cost of home insurance?
Many different factors affect the cost of home insurance, such as:
The size of your home: The larger your home, the more it’ll cost to replace. Insurers consider this when setting your rate.
Local building costs: Your premiums could increase if you live in an area where building supplies and labor are expensive, which drives up repair costs.
Your credit history: Insurance companies consider your credit when setting rates and usually offer lower rates to homeowners with higher credit scores.
The age of your home: Older homes come with unique and often expensive repair needs. Having an older home can lead to increased premiums, as insurers will compensate for the increased cost of materials required to repair the home.
Location: Factors specific to your location can affect how likely you are to file a claim, like severe weather frequency, natural disasters, and crime rates. Insurers consider these factors when determining how likely you are to file a claim and how much those claims will cost.
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Cheap home insurance FAQs
Finding good, cheap home insurance can be trickier than you may expect. Take a look at the answers to these commonly asked questions about finding cheap home insurance before you start your search.
Will your homeowners insurance go up if you file a claim?
Yes. Your homeowners insurance will typically go up at renewal time if you file a claim. Your insurer will likely consider the type, number, and cost of the claims you filed when deciding whether to renew your policy, and at what price.
But each state has its own regulations about how much insurers can increase rates.
Does age affect home insurance rates?
Yes. Your home’s age affects your home insurance rates. It’s simple: The older your home is, the more likely it is that something in it will break. Newer construction has new appliances and building materials and therefore is less likely to have issues in the near future, resulting in lower home insurance rates.
Which company has the cheapest homeowners insurance?
Travelers has the cheapest homeowners insurance for policies with a $300,000 dwelling limit. But your rates will vary based on numerous factors, so Travelers may not be the cheapest option for you. Your rate will depend on things like your home’s size and age, local building costs, location, dwelling coverage limit, and even your credit score.
What is the cheapest and best insurance bundle for home and auto insurance?
Travelers is the cheapest company to bundle home and auto insurance, with an average annual premium of $1,368. But the right insurer for you will likely be different, since every home and homeowner is different. Make sure to compare quotes before buying a policy.
Danny is a Brooklyn-based writer with a producer’s license for property and casualty insurance. A former editor at Insurify, he specializes in auto, home, and pet insurance. He works to translate his insurance expertise into digestible, easy-to-understand content for drivers, homeowners, and pet owners alike.
Evelyn PimplaskarEditor-in-Chief, Director of Content
10+ years in insurance and personal finance content
30+ years in media, PR, and content creation
Evelyn leads Insurify’s content team. She’s passionate about creating empowering content to help people transform their financial lives and make sound insurance-buying decisions.
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