Read our comprehensive reviews to help identify the cheapest and best homeowners insurance companies of 2021.
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byFabio Faschi, PLCS, SBCS, CLCS
Fabio Faschi, PLCS, SBCS, CLCS
Operations Lead, Property & Casualty
Updated June 30, 2021|4 min read
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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.
Hippo - Most comprehensive policy
Stillwater - Most affordable coverage
Travelers - Best for most homes
State Auto - Best discounts
Safeco - Best replacement cost coverage
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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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.
|• 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
Early quote discount
New home purchase discount
No mortgage discount
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.
|• 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
New home discount
Gated community discount
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.
|• 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
New homebuyer discount
Green home discount
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.
|• 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
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.
|• 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:
New home discount
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.
|State||Cheapest company on average||Average annual rate|
|North Dakota||State Auto||$1,624|
When shopping homeowners insurance, there are a few things you can do to compare companies accurately and save money on homeowners insurance.
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.
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.
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.
A good credit score is a good sign of financial health and stability, and, similar to your mortgage company, insurance companies love that.
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.
The average cost of homeowners insurance is $1,211, but your insurance premiums will vary based on factors like where you live, what type of home you have and your insured history.
The cheapest companies for homeowners insurance are Hippo, Stillwater, Travelers, Safeco, and Progressive, according to an analysis of quotes submitted with Policygenius.
Bundling your home and auto insurance with the same company is a surefire way to save on insurance costs. Often, homeowners can save more than 20% off their premiums by combining multiple policies with the same carrier.
Your homeowners insurance deductible is the out-of-pocket amount you’re responsible for paying before your insurance kicks in. If you raise your deductible, it will lower your insurance premiums.