Cheapest homeowners insurance companies of 2022

Plymouth Rock, Acuity, Swyfft, and Farmers topped our list of the most affordable home insurance companies.

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Finding cheap home insurance with good coverage limits isn't impossible. You just have to know where to look.

To compile our list of the cheapest homeowners insurance companies, we analyzed data from actual Policygenius quotes based on a standard homeowners insurance policy with $300,000 in replacement cost coverage and a $1,000 deductible. You can check out our full methodology below. 

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Keep in mind that the national average for home insurance premiums is $1,249 per year, according to the National Association of Insurance Commissioners (NAIC). [1] Many companies on our list have slightly higher rates than this national average. That’s because the rate you get will vary based on where you live, coverage limits and add-ons, discounts you qualify for, and several other factors.

Cheapest homeowners insurance companies of 2021

CompanyAverage monthly costAverage annual premiumPolicygenius rating (out of 5 stars)
Plymouth Rock$97$1,1654
Acuity$105$1,2604
Swyfft$108$1,2963.8
Farmers$123$1,4764
Hippo$125$1,4994
State Farm$125$1,5004
Travelers$130$1,5543.8
Stillwater$132$1,5893.8
Allstate$140$1,6803.9
Safeco$140$1,6833.8

Plymouth Rock

4

Policygenius rating

How we score: Policygenius’ ratings are determined by our editorial team. Our methodology takes multiple factors into account, including pricing, financial ratings, quality of customer service, and other product-specific features.

Plymouth Rock logo

Plymouth Rock’s affordable rates, slew of discounts, and coverage add-ons for pets, sinkholes, and more make it a standout insurer — but it’s only available in the Northeast.

Pros

  • Competitive rates 7% below the national average — roughly $1,165 per year

  • 10+ discounts, including new customer, newer home, multi-policy, advanced quote, e-billing, and more

  • File claims online or through its mobile app

  • Offers coverage for guaranteed replacement costs, sinkholes, utility service lines, water backup, pets, appliances, and more

Cons

  • Only available in 6 states — Connecticut, New Hampshire, New Jersey, New York, Massachusetts, and Pennsylvania

  • No repair network to help you find a certified contractor or repair professional after filing a claim

Acuity

4

Policygenius rating

How we score: Policygenius’ ratings are determined by our editorial team. Our methodology takes multiple factors into account, including pricing, financial ratings, quality of customer service, and other product-specific features.

Acuity logo

With competitive rates and several discount opportunities, Acuity could be a smart choice for homeowners on a budget. Just make sure it’s available in your state.

Pros

  • Low rates on par with the national average — roughly $1,257 per year

  • Offers guaranteed replacement cost coverage — meaning it’ll pay to repair your home regardless of the cost

  • Score discounts for owning a new or mature home, paying your yearly premium in full, bundling your home and auto, and more

Cons

  • Only available in 29 states throughout the West and Midwest

Swyfft

3.8

Policygenius rating

How we score: Policygenius’ ratings are determined by our editorial team. Our methodology takes multiple factors into account, including pricing, financial ratings, quality of customer service, and other product-specific features.

Swyfft logo

Swyfft is ideal for homeowners haunted by past claims — it doesn’t weigh your claims history as much as other insurers in determining your premium.

Pros

  • Rates on par with the national average — roughly $1,260 per year

  • Claims history doesn’t affect rates as much as with other insurers

  • File claims online or by phone if you need the extra help

  • Offers a direct repair network to help you find a local contractor or repair professional — backed by a three-year warranty

Cons

  • Only available in 6 states — Alabama, Florida, Massachusetts, North Carolina, South Carolina, and Texas

  • Doesn’t disclose discounts or coverage options on its website 

Farmers

3.7

Policygenius rating

How we score: Policygenius’ ratings are determined by our editorial team. Our methodology takes multiple factors into account, including pricing, financial ratings, quality of customer service, and other product-specific features.

Farmers logo

Farmers offers special discounts for teachers, nurses, first responders, and smoke-free households — plus the option to rebuild your home with green materials after a claim.

Pros

  • Offers eco-rebuild coverage to rebuild your home with green materials and appliances after a disaster

  • Score discounts for having a smoke-free household or being a teacher, first responder, military member, doctor, nurse, dentist, or engineer

  • File claims online, via text, on its mobile app, or by calling its claims center

  • Available in all 50 states, plus Washington, D.C.

Cons

  • Rates are 18% higher than the national average — roughly $1,476 per year

  • No repair network to help you find a certified contractor or repair professional after filing a claim

Hippo

4

Policygenius rating

How we score: Policygenius’ ratings are determined by our editorial team. Our methodology takes multiple factors into account, including pricing, financial ratings, quality of customer service, and other product-specific features.

Hippo logo

Hippo is paving the way with budget-friendly home insurance policies that offer discounts for tech-savvy homes. The only downside? You can’t file claims online.

Pros

  • Free smart home monitoring system with the purchase of a qualifying policy

  • Four times higher coverage limits for computers and home office equipment than traditional insurers 

  • Even its most basic policies offer coverage and features that rival higher-tier policies with other insurers

Cons

  • Rates are 20% higher than the national average — roughly $1,499 per year

  • Can’t file claims online — it must be done over the phone

  • Not available nationwide

State Farm

4

Policygenius rating

How we score: Policygenius’ ratings are determined by our editorial team. Our methodology takes multiple factors into account, including pricing, financial ratings, quality of customer service, and other product-specific features.

State Farm logo

State Farm’s customer satisfaction and financial strength ratings are through the roof — but you won’t find as many discount opportunities as other insurers.

Pros

  • File and track claims online, over the phone, in person, or through its mobile app

  • High customer satisfaction and financial strength ratings

  • Available in all 50 states, plus Washington, D.C.

Cons

  • Rates are 20% higher than the national average — roughly $1,500 per year

  • No discounts for first-time homebuyers or going a year without a claim

Travelers

3.9

Policygenius rating

How we score: Policygenius’ ratings are determined by our editorial team. Our methodology takes multiple factors into account, including pricing, financial ratings, quality of customer service, and other product-specific features.

Travelers logo

Travelers shines thanks to its four comprehensive coverage packages and extra add-ons specifically for green homes. But its rates aren’t the lowest out there.

Pros

  • Offers green home coverage and discounts

  • Protect expensive family heirlooms and appliances with equipment breakdown, guaranteed replacement cost, or personal articles coverage

  • Add on extended replacement cost or water backup coverage for an additional fee

  • File claims online — plus, Travelers has special catastrophe centers for claims after a natural disaster

Cons

  • Rates are 24% higher than the national average — roughly $1,554 per year

  • Subpar customer service and claims satisfaction ratings from J.D. Power

  • Not available nationwide

Stillwater

3.8

Policygenius rating

How we score: Policygenius’ ratings are determined by our editorial team. Our methodology takes multiple factors into account, including pricing, financial ratings, quality of customer service, and other product-specific features.

Stillwater logo

Stillwater is willing to work with homeowners with subpar credit or past policy lapses — plus it offers a slew of discounts to lower your rate.

Pros

  • Open to homeowners with less-than-stellar credit and prior policy lapses

  • 10+ discounts for living in a gated community, being married, using an accredited builder, and more

  • Offers guaranteed, extended replacement, and personal property replacement cost coverages

  • File claims online, through its mobile app, or over the phone

Cons

  • Rates are 27% higher than the national average — roughly $1,589 per year

Allstate

3.9

Policygenius rating

How we score: Policygenius’ ratings are determined by our editorial team. Our methodology takes multiple factors into account, including pricing, financial ratings, quality of customer service, and other product-specific features.

Allstate logo

Allstate offers a slew of discounts — including one for new homebuyers — but you’ll be on the hook for higher-than-average premiums.

Pros

  • 8+ discounts, including autopay, bundling, zero claims, new homebuyer, and more

  • File and track claims online or through its mobile app

  • Available in all 50 states, plus Washington, D.C.

Cons

  • Rates are 35% higher than the national average — roughly $1,680 per year

Safeco

3.6

Policygenius rating

How we score: Policygenius’ ratings are determined by our editorial team. Our methodology takes multiple factors into account, including pricing, financial ratings, quality of customer service, and other product-specific features.

Safeco logo

Safeco offers four unique policy tiers so you can find the exact level of coverage that’s right for you. Just keep in mind it doesn’t have the best customer service ratings.

Pros

  • Offers equipment breakdown coverage to replace broken appliances for just $2 a month

  • File claims online or over the phone

  • Get property damage claims estimates through video chat

Cons

  • Rates are 35% higher than the national average — roughly $1,683 per year

  • Less-than-stellar customer service ratings

  • No unique discounts for green or tech-savvy homes

Cheapest homeowners insurance companies in each state

Location plays a big role in your homeowners insurance rates. Your home’s proximity to the coast, the crime rate in your neighborhood, and the probability of natural disasters can all impact the cost of your insurance premiums. 

For example, the cost of coverage in tornado-prone Oklahoma is around $2,000 more on average than the cost of coverage in New York.

Here are the cheapest home insurance companies in each state and their respective annual rates, according to an analysis of quotes submitted through Policygenius.

StateCheapest company on averageAverage annual rate
AlabamaSafeco$1,562
ArizonaTravelers$832
ArkansasASI$1,312
CaliforniaHippo$911
ColoradoASI$1,477
ConnecticutASI$1,241
DelawareStillwater$1,021
FloridaTower Hill$1,787
GeorgiaHippo$1,356
IdahoStillwater$548
IllinoisTravelers$1,227
IndianaTravelers$1,259
IowaStillwater$1,102
KansasASI$1,849
KentuckyASI$1,376
LouisianaSafeco$1,689
MaineMetlife$709
MarylandHippo$972
MassachusettsASI$1,015
MichiganASI$1,166
MinnesotaTravelers$1,634
MississippiSafeco$1,614
MissouriHippo$1,685
MontanaStillwater$1,013
NebraskaTravelers$1,988
NevadaStillwater$754
New HampshireStillwater$934
New JerseyHippo$1,005
New MexicoASI$918
New YorkVelocity$753
North CarolinaVelocity$1,109
North DakotaState Auto$1,624
OhioState Auto$985
OklahomaASI$2,261
OregonSafeco$514
PennsylvaniaTravelers$1,013
Rhode IslandMetlife$1,445
South CarolinaStillwater$1,026
South DakotaStillwater$1,388
TennesseeStillwater$1,334
TexasVelocity$2,166
UtahStillwater$660
VermontMetlife$629
VirginiaTravelers$886
WashingtonTravelers$799
West VirginiaASI$735
WisconsinHippo$862
WyomingStillwater$1,469

How to get cheap homeowners insurance

When you’re shopping for homeowners insurance, here are eight ways to cut down on costs.

  1. Compare rates from at least three insurance companies through Policygenius. Shopping for coverage using an insurance marketplace like Policygenius is a good way to ensure you’re not missing out on any deals. Simply enter information about yourself and your home, and they’ll crunch the numbers for you to find the best companies at the lowest rates.

  2. Get an accurate replacement cost estimate of your home. If you’re comparing quotes using an inaccurate replacement cost estimate — the cost to rebuild your home — you risk paying too much for dwelling coverage. To get an updated rebuild estimate, use our homeowners insurance calculator or consult an appraiser who specializes in replacement cost appraisals.

  3. Raise your deductible. Your deductible is the amount you pay out of pocket after a loss before your insurance kicks in. A higher deductible could mean significantly cheaper insurance premiums, but higher out-of-pocket expenses in the event of a claim.

  4. Maintain good credit. A good credit score is a good sign of financial health and stability. Insurance companies reward a better credit score with lower rates.

  5. Bundle your policies. Bundling your home and auto policies can mean discounts of up to 35% with some insurers. And bonus: You’ll only have to deal with one insurance company when paying premiums and filing claims.

  6. Add a home security system. Some insurance companies offer home security discounts of up to 15% for adding deadbolts, smart locks, burglar alarms, or a fully monitored home security system to your home.

  7. Avoid making risky purchases. Trampolines, pools, and even certain dog breeds can increase your premiums, since many homeowners insurers consider these a high risk for liability claims.

  8. Only file a claim when you absolutely have to. Most insurance companies reward customers with a discount for going three to five years without filing a claim. For smaller claims that you can afford to pay on your own, it might pay off in the long run to go ahead and pay the costs out of pocket.

Frequently asked questions

Can you still get cheap homeowners insurance with a bad roof?

It’s possible, but you’ll need to shop around. The age and condition of your roof is a big factor in your home insurance costs. Some insurers may refuse to cover you if your roof is above a certain age. Others may agree to cover you under the condition that you repair or replace your roof within a certain timeframe.

→ Learn more about how to get home insurance with a bad roof

Can you get cheap homeowners insurance if you have bad credit?

It’s possible, but you’ll need to shop around to find a company that’s friendly toward low-credit homeowners. Some insurance companies weigh your credit score higher in determining your rates than others. In general, if your credit score is low, you’ll probably get higher quotes compared to homeowners with higher scores.

→Learn more about how your credit score affects your home insurance premiums

How do you compare homeowners insurance quotes?

You can compare homeowners insurance quotes through Policygenius. One of our expert agents can help you choose the best coverage for your needs, get you quotes from multiple top carriers, and then compare your options to choose the best policy for the best price.

Methodology: How we found the cheapest home insurance companies

We analyzed actual quotes from Policygenius sales agents across over 20 homeowners insurance companies. The quotes we looked at were for a standard homeowners insurance policy with a home replacement cost of $300,000 and a $1,000 deductible. We used this data to find the average rate for Policygenius customers across different carriers.

We also calculated a Policygenius rating for each company based on the following criteria:

  • Rates (30%)

  • Customer experience (25%)

  • Policy options (25%)

  • Third-party reviews (10%)

  • Financial confidence (10%)

We weighted each of these five categories differently based on the importance homeowners place on each when choosing a policy.

Rates (30%)

We scored each company based on a 10-point sliding scale, with insurance carriers with 20% below-average rates scoring a perfect 10, and insurers with 125% above-average rates scoring 1 point. 

Customer experience (25%)

We looked at the online experience in terms of paying bills, filing claims, and managing your policy. We also considered whether the insurance company had a mobile app, and the different ways you could reach customer service.

Policy options (25%)

Most homeowners insurance companies offer coverage across six main areas:

  • Dwelling

  • Other structures

  • Personal property

  • Additional living expenses

  • Personal liability

  • Medical payments

Each insurance carrier received 5 points for offering all of the above coverage options. Any additional coverage offerings earned the company 1 additional point for each.

Third-party reviews (10%)

We dug into the NAIC consumer complaint index and customer satisfaction scores from reviews on Consumer Affairs, Consumer Advocate, and Trustpilot to determine this score. We weighted complaints on the NAIC more heavily since this is the most reliable data available.

Financial confidence (10%)

We looked at financial strength ratings from AM Best, Moody’s, and S&P to determine the financial stability of each company and how likely they are to have the money to pay out claims.

Policygenius prides itself on providing transparent, unbiased reviews of home insurance companies. Though we make money when you purchase a policy through our site, this does not affect our editorial independence and rigorous editorial standards. 

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