Home Home insurance Cheapest homeowners insurance in 2024 Cheapest homeowners insurance in 2024 Allstate has the cheapest homeowners insurance in the U.S. on average, but several other companies aren’t far behind. Find out where you can get the best price on homeowners insurance. View Carriers Please enter valid zip Compare top carriers in your area Written by Chris Kissell Chris Kissell Chris Kissell is a Denver-based writer and editor with work featured on U.S. News & World Report, MSN Money, Fox Business, Forbes, Yahoo Finance, Money Talks News and more. | Reviewed by Leslie Kasperowicz Leslie Kasperowicz Leslie Kasperowicz is an insurance educator and content creation professional with nearly two decades of experience first directly in the insurance industry at Farmers Insurance and then as a writer, researcher, and educator for insurance shoppers writing for sites like ExpertInsuranceReviews.com and InsuranceHotline.com and managing content, now at Insurance.com. | Expert insight from Theresa Breunig-Silbernagel Theresa Breunig-Silbernagel Head of strategy and experience at Main Street America Insurance, an insurance company.Go to comment | Updated on: August 12, 2024 Why you can trust Insure.com Quality Verified At Insure.com, we are committed to providing the timely, accurate and expert information consumers need to make smart insurance decisions. All our content is written and reviewed by industry professionals and insurance experts. Our team carefully vets our rate data to ensure we only provide reliable and up-to-date insurance pricing. We follow the highest editorial standards. Our content is based solely on objective research and data gathering. We maintain strict editorial independence to ensure unbiased coverage of the insurance industry. With homeowners insurance rates rising nationwide we analyzed rates to find the best deal on a home insurance policy. Our analysis finds Allstate to be the cheapest home insurance company on average The nationwide average annual rate at Allstate is $2,098, or $172 a month, for a policy with $300,000 in dwelling and liability coverage and a $1,000 deductible. A handful of other companies also offer affordable coverage, including several insurers that charge less than $200 a month for coverage. Although our rate comparison found that Allstate offers the best deal on average, some homeowners will do better with other companies. For example, if you have a history of claims or live in a hurricane-prone area, another insurer might suit you better. Key Takeaways Allstate offers the cheapest homeowners insurance coverage, at $175 a month, or $2,098 annually. Several other insurers also offer coverage that averages less than $200 a month. Some key factors — ranging from the age of your home to where you live and your credit score — can make a big difference in terms of how much you pay for coverage. Insure.com’s choice: Cheap homeowners insurance companies Allstate is the top choice among major insurance companies for those seeking affordable coverage, but a handful of other insurers have premiums that are almost as affordable. Below are the 10 insurers that charge the cheapest rates based on the most recent Insure.com analysis. We have broken out USAA separately because only members of the military and their families are eligible for coverage from the insurer. Note that not all companies offer coverage in all areas. Company Average annual premiumAverage monthly premiumAllstate$2,098$175Auto-Owners$2,160$180State Farm$2,169$181Erie Insurance$2,183$182American Family$2,504$209Nationwide$2,746$229Progressive$3,193$266Farmers$3,194$266Travelers$3,701$308USAA*$2,506$209 *USAA is only available to military families. How we found the cheapest home insurance companies In our analysis, we used a sample coverage of $300,000 each for dwelling and liability coverage and a $1,000 deductible. Rates were fielded by Quadrant Data Services in all 50 states and D.C. Overall, we examined 82 companies and analyzed more than 20 million quotes from 2023. We presented the rates from the largest companies available in the widest area to provide useful data to the largest number of readers. Although rates for USAA are shown, they are separated because USAA only writes insurance for military families. We also broke down the rates by state, where regional carriers often outprice the national ones. Our ZIP code tool allows you to find the cheapest rates in your area and compare them to the national companies shown on this page. Find cheap homeowners insurance rates in your state Where you live can play a major role in how much you pay for homeowners insurance. Additionally, many regional companies may offer much cheaper insurance in your area. The tool below allows you to compare rates from companies large and small so you can find the cheapest policy in your state. Just enter your ZIP code to compare quotes. Homeowners insurance rates by state calculator See how the average annual home insurance rates vary with the options chosen. State AlabamaAlaskaArizonaArkansasCaliforniaColoradoConnecticutDelawareFloridaGeorgiaHawaiiIdahoIllinoisIndianaIowaKansasKentuckyLouisianaMaineMarylandMassachusettsMichiganMinnesotaMississippiMissouriMontanaNebraskaNevadaNew HampshireNew JerseyNew MexicoNew YorkNorth CarolinaNorth DakotaOhioOklahomaOregonPennsylvaniaRhode IslandSouth CarolinaSouth DakotaTennesseeTexasUtahVermontVirginiaWashingtonWashington, D.C.West VirginiaWisconsinWyoming Dwelling Dwelling coverage pays for the rebuilding or repair of your physical home structure. Choose an amount that would cover the cost of rebuilding your home. $200,000$300,000$400,000$600,000$1,000,000 Liability Covers the medical expenses of people who are hurt while in your home or on your property, as well as damage you caused to others’ property. Also covers legal fees if you are sued by someone hurt in your home or on your property. Limits of $100,000 or $300,000 are recommended. $100,000$300,000 Deductible Standard ($1000)Hurricane (2% of insured value) Filter Average Annual Home Insurance Rates In Florida $5,097 Average rate $9,995 Highest rate The estimated highest premium in Florida $853 Lowest rate The estimated lowest premium in Florida START SHOPPING NOW Home insurance companies in Florida Company Average annual rate Travelers $1,755 Security First Insurance $3,694 Amer Integrity Ins Co of FL $4,051 Heritage Insurance Holdings $4,481 Progressive $4,638 State Farm $4,806 HCI Group Inc $4,887 Allstate $4,916 Nationwide $5,611 Universal Insurance Holding $6,484 FedNat Holding $7,212 Citizens Property Insurance $8,632 Cheapest home insurance by coverage level The amount of coverage you purchase also has a big impact on the cost of your homeowners insurance. The more coverage you buy, the more you will pay for a policy. Here is a breakdown of the cheapest company at various coverage levels. Dwelling coverageLiabilityCompany groupAnnual premiumMonthly premium$200,000$100,000Erie Insurance$1,570 $131 $200,000$300,000Erie Insurance$1,583 $132 $300,000$100,000Allstate$2,067 $172 $300,000$300,000Allstate$2,098 $175 $400,000$100,000Allstate$2,440 $203 $400,000$300,000Allstate$2,470 $206 $600,000$100,000Allstate$3,224 $269 $600,000$300,000Allstate$3,254 $271 $1,000,000$100,000Allstate$4,830 $402 $1,000,000$300,000Allstate$4,860 $405 A closer look at the cheapest home insurance companies Many other factors can influence the cost of your homeowners insurance policy. Here is a list of some of the most important factors, as well as which companies offer the cheapest coverage to homeowners impacted by these factors. CategoryCompanyAverage annual premiumCheapest overall nationwideAllstate$2,098Cheapest for homeowners with claimsState Farm$2,433Cheapest for homeowners with bad creditAllstate$4,585Cheapest for homeowners living in hurricane-prone areas American Family$1,186 Remember that the cheapest company last year may not be the cheapest when your policy renews. “Homeowners insurance costs can change even if you don’t make changes to your policy,” says Theresa Breunig-Silbernagel, head of strategy and experience at Main Street America Insurance, an insurance company. “This occurs for many reasons — like labor and material costs, economic changes, and shifting weather patterns.” Cheapest for homeowners with claims If you have a recent history of homeowners insurance claims, insurers likely will view you as a bigger risk to file a claim in the future. Insurers often charge higher premiums to account for such a risk. Here are the companies that offer the cheapest home insurance coverage to those with past claims, based on an average of rates across all claim types and for one or two claims. In this category, State Farm has the cheapest rates. CompanyAverage annual premiumAverage monthly premiumState Farm$2,433$203Allstate$2,936$245American Family$3,364$280Erie Insurance$3,403$284Nationwide$3,702$309Progressive$3,943$329Auto-Owners$4,210$351Farmers Insurance$4,291$358Travelers$4,380$365USAA*$3,182$265 Cheapest for homeowners with poor credit In most states, insurance companies use credit-based insurance scores when setting rates. Homeowners with poor scores tend to pay higher rates, while those with better scores may see their costs decline. Insurers use these scores when setting rates because they have found a link between a person’s credit-based insurance score and the likelihood that they will file a claim in the future. It’s important to note that a handful of states — California, Hawaii, Maryland, Massachusetts, Michigan, Nevada, Oregon and Utah — prohibit the use of credit-based scoring. Here’s a look at rates from the top home insurance companies for homeowners with poor credit. As you can see, the cost with some companies is so high as to be prohibitive; these are companies that avoid taking on the risk of homeowners with poor credit by pricing them out. Fortunately, top companies like Allstate and Nationwide have affordable rates with poor credit. Poor credit Company Annual premiumMonthly premiumAllstate$4,585$382Nationwide$4,762$397Progressive$4,871$406American Family$4,996$416State Farm$5,414$451Erie Insurance$8,213$684Farmers$10,447$871Travelers$17,525$1,460Auto-Owners$51,186$4,266USAA*$5,249$437 Fair credit The table below shows what even a moderate improvement in credit score can do for your home insurance rates. Allstate remains the cheapest option. Company Annual premiumMonthly premiumAllstate$2,661$222State Farm$3,021$252American Family$3,069$256Nationwide$3,479$290Progressive$3,737$311Erie Insurance$4,327$361Farmers$4,989$416Auto-Owners$5,287$441Travelers$9,565$797USAA$3,220$268 Cheapest for homeowners living in hurricane-prone areas Some homeowners — especially those living along the East Coast and the Gulf Coast — are at a high risk of damage from hurricanes and tropical storms. Insurers often charge higher premiums to these homeowners to compensate for that risk. Here are the companies that offer the cheapest home insurance coverage to those who live in hurricane-prone areas. American Family is the cheapest overall across all states where hurricanes are a risk. Company Average annual premiumAverage monthly premiumAmerican Family$1,186$99Auto-Owners$1,817$151Erie Insurance$1,890$157Allstate$2,115$176State Farm$2,245$187Nationwide$2,838$237Travelers$3,012$251Progressive$3,155$263Farmers$3,218$268USAA*$2,421$202 Cheapest for older homes Older homes may have outdated wiring or plumbing or simply have more wear and tear from the years than newer homes. In addition, renovation and rebuilding costs can be higher for older homes, especially if there are things that aren’t up to current codes. So, homeowners insurance companies charge higher rates to compensate for these risks. Here are the companies that offer the cheapest home insurance coverage to those who live in older homes, based on a home that is 50 years old. CompanyAverage annual premiumAverage monthly premiumAverage percent differenceAllstate$2,118$1761%Erie Insurance$2,192$1830%Auto-Owners$2,242$1874%State Farm$2,310$1937%American Family$2,602$2174%Nationwide$2,607$217-5%Progressive$3,059$255-4%Farmers Insurance$3,259$2722%Travelers$3,812$3183%USAA*$2,485$207-1% Frequently asked questions What factors can affect your home insurance cost? As you can see above, many different factors can impact the cost you pay for homeowners insurance. They include: Where you live The dollar amount of your deductible Your history of filing claims Your credit profile Whether you live in areas prone to natural disasters, such as hurricanes Whether you live in an older home Risks on your property, like a pool or wood stove How can you get the cheapest homeowners insurance? There are several things you can do to lower your costs: Raise your deductible to reduce premiums, but make sure you can afford the deductible you choose. Ask your insurer about discounts it offers, and whether you qualify for these price breaks. Compare quotes from a number of providers and choose the insurance company that offers the coverage you need at the most affordable price. Bundle your home and auto insurance with the same company. What is the average home insurance cost? Nationwide, the average cost of home insurance is $2,601 annually. However, the cost can vary greatly depending on where you live and many of the other factors mentioned above. What our expert says Q: What affects home insurance costs? Theresa Breunig-SilbernagelHead of strategy and experience at Main Street America Insurance, an insurance company. “Homeowners insurance costs can change even if you don’t make changes to your policy. This occurs for many reasons — like labor and material costs, economic changes, and shifting weather patterns.” Methodology Insure.com commissioned rate data in all 50 states and D.C. from Quadrant Data Services based on a home insurance policy with $300,000 in dwelling coverage and liability coverage and a $1,000 deductible as the standard sample. A 2% hurricane deductible was used were applicable. Rates were also requested at additional dwelling coverage levels of $200,000, $400,000, $600,000 and $1 million. Quadrant data was also fielded for the same sample coverage with poor, fair, good and excellent credit scores, homes at various ages including the 50-year older home sample rate, and for homeowners with past claims of all types. Rates were fielded from 82 companies in 34,588 ZIP codes. Not all companies write home insurance in all locations. Rates are averages; your rates will differ. Chris KissellContributing Researcher  . .Chris Kissell is a Denver-based writer and editor with work featured on U.S. News & World Report, MSN Money, Fox Business, Forbes, Yahoo Finance, Money Talks News and more. In case you missed it What is HO-6 condo insurance and how much does it cost? Average homeowners insurance cost by ZIP code in 2024 What is dwelling coverage and how much do you need? Personal liability insurance: What it is and why you need it Renters insurance quotes: Compare rates Hurricanes and home insurance: How hurricane insurance works How replacement cost coverage works when you file a claim How much do claims increase home insurance rates? Mobile home insurance cost and coverage in 2024 Homeowners insurance basics Home Insurance Advisor How much flood insurance do I need? 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By Lena Borrelli How to find a homeowners insurance policy By Shivani Gite On this page Insure.com’s choice: Cheap homeowners insurance companiesHow we found the cheapest home insurance companiesFind cheap homeowners insurance rates in your stateCheapest home insurance by coverage levelA closer look at the cheapest home insurance companiesFrequently asked questionsWhat our expert saysMethodology ZIP Code Please enter valid ZIP See rates