Cheapest homeowners insurance companies of 2021

Read our comprehensive reviews to help identify the cheapest and best homeowners insurance companies of 2021.

If you own a house, then you're probably aware that you need homeowners insurance to protect it against the unexpected. While it's often tempting to settle on the cheapest home insurance available, remember that your house is arguably the biggest investment you’ll ever make, so you’ll want to make sure it’s adequately protected with a policy from a financially stable and reliable company.

To make your shopping experience easier, we broke down the best and cheapest homeowners insurance based on reviews of insurance companies offered through Policygenius. While coverage affordability played a big factor, we also looked at things like the quality of the policies themselves, financial ratings from A.M. Best, customer satisfaction ratings from J.D. Power, and claims handling.

Five cheapest homeowners insurance companies of 2021

  • Hippo - Most comprehensive policy

  • Stillwater - Most affordable coverage

  • Travelers - Best for most homes

  • State Auto - Best discounts

  • Safeco - Best replacement cost coverage

CompanyPolicygenius Review RatingAverage Annual RateJ.D. Power Satisfaction RatingA.M. Best Rating
Hippo8$1,499Not ratedA-
Stillwater8$1,589Not ratedA-
Travelers7.7$1,5542/5A++
State Auto7.6$1,803Not ratedA-
Safeco7.3$1,6832/5A

Average annual cost based on an analysis of quotes submitted with Policygenius for a home with a replacement cost of $300,000 and a $1,000 deductible. Learn more about the methodology for our insurance company reviews here.

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Most comprehensive policy: Hippo

Hippo checks just about every box, providing a fast and easy quote and multiple coverage options and add-ons, all at a relatively affordable price. Hippo is a fairly new entrant in the insurance industry, so the jury is still out in terms of long-term financial viability and how they handle claims, but all signs point to Hippo being a top-rated carrier for years to come.

ProsCons
• You can get a quote in under a minute• Can't file claims online
• Multiple robust, modernized policy options• Lack of industry reputation
• Policies include multiple additional coverages• No auto insurance

Hippo offers several policy discounts, including:

  • Protective devices discount

  • Claims-free discount

  • Early quote discount

  • HOA discount

  • New home purchase discount

  • No mortgage discount

Most affordable insurance company: Stillwater

Stillwater is one of our highest rated insurance companies, and, thanks to its $1,589 average annual premium for $300,000 in coverage it’s one of the cheapest homeowners insurance companies offered by Policygenius. Stillwater also has outstanding coverage options, good financial and customer satisfaction ratings, and a bevy of discounts to help keep your rates down.

ProsCons
• Will insure homeowners with subpart credit and prior policy lapses• Minimal informational resources
• Multiple discount opportunities• Limited coverage options
• Easily customizable policies

Stillwater gives its customers multiple opportunities to save, including:

  • Protective devices discount

  • Claim-free discount

  • New home discount

  • Roof-type discount

  • Gated community discount

Best for most homes: Travelers

With its cheap coverage and flexible underwriting capabilities, we found that Travelers was the best carrier for most homes. Travelers has no home-age restrictions, so whether you’re looking for coverage for a newly built property or a house that was built in the early 1900s, Travelers will likely insure your home.

ProsCons
• Large range of policy options• Below-average customer satisfaction ratings
• Multiple additional coverages and coverage enhancements• Below-average claim satisfaction ratings

Travelers also offers a few discounts to its customers, including:

  • Protective devices discount

  • Claims-free discount

  • New homebuyer discount

  • Green home discount

  • Multi-policy discount

Best discounts: State Auto

State Auto provides high-quality homeowners insurance options at an affordable rate, as well as several ways to save with nine available discounts. If you’re looking for top-notch coverage on a budget, then State Auto may be your best bet.

ProsCons
• Several available coverage add-ons• Limited dwelling coverage options
• Excellent discount options• Only available in a handful of states
• Accepts all dog breeds

State Auto gives customers a few different ways to save on insurance premiums, including:

  • Advanced quote discount

  • Dwelling age discount

  • Previous carrier discount

  • Alarm systems and protective devices discount

  • Roof construction discount

  • Smart home discount

  • Fortified home discount

  • Loyalty discount

  • Multi-policy discount

Best replacement cost coverage: Safeco

Safeco offers four homeowners insurance coverage packages at an affordable rate, and its highest coverage tier provides guaranteed replacement cost dwelling coverage, a policy feature that covers a full rebuild of your home regardless of the cost. If you’re looking for effective and reliable homeowners insurance with a reputable insurer, Safeco won’t disappoint.

Safeco
ProsCons
• Comprehensive coverage options• Below-average customer satisfaction ratings
• Straightforward claims process• Fewer ways to save than competitors
• Excellent home and auto bundle

Safeco offers a few ways to trim your insurance premiums, including:

  • Multi-policy discount

  • New home discount

  • Pay-in-full discount

Cheapest homeowners insurance in each state

The location of your home can have a big influence on 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 homeowners insurance. The cost of homeowners insurance in tornado-prone Oklahoma, for example, is around $2,000 more on average than the cost of coverage in New York.

Below are the cheapest homeowners insurance companies in each state and their respective annual rates, according to an analysis of quotes submitted with 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 find the cheapest homeowners insurance

When shopping homeowners insurance, there are a few things you can do to compare companies accurately and save money on homeowners insurance.

1. Compare rates from at least three insurance companies

Shopping for coverage using an insurance marketplace like Policygenius is a good way to ensure you’re not missing out on any deals. Be sure to get quotes from at least three different homeowners insurance companies.

2. Get an accurate replacement cost estimate of your home

Your insurance rates will vary from company to company depending on the amount of property you’re insuring, so it’s important to get an accurate rebuild estimate of your home prior to shopping. Your home’s rebuild estimate, or replacement cost, informs the dwelling coverage portion of your policy and can have major sway on your insurance premiums. If you’re comparing quotes using an inaccurate replacement cost estimate, you risk paying too much for coverage.

To get a rebuild estimate of your home, 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, and, similar to your mortgage company, insurance companies love that.

5. Look for discounts

Many homeowners insurance companies offer discounts if you’re a senior citizen, if you protect your home with a security system, if you make your home more disaster resistant, or if you bundle your home and auto insurance with the same insurer.

Affordable home insurance FAQs

What is the average premium for homeowners insurance?

The average cost of homeowners insurance is $1,211, but your insurance premiums will vary based on where you live.

Which companies have the cheapest homeowners insurance?

The cheapest companies for homeowners insurance are Hippo, Stillwater, Travelers, Safeco, and Progressive, according to an analysis of quotes submitted with Policygenius.

How much can I save if I bundle my home and auto insurance?

Policygenius customers save an average of 27% per year by bundling their home and auto insurance with us.

Homeowners Insurance Expert

Pat Howard

Homeowners Insurance Expert

Pat Howard is a homeowners insurance editor at Policygenius in New York City. He has written extensively about home insurance cost, coverage, and companies since 2018, and his insights have been featured on Investopedia, Lifehacker, MSN, Zola, HerMoney, and Property Casualty 360.

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