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How we find the cheapest insurance
quotes in your area
Your home is one of the biggest purchases in your life. Our home insurance guides help you figure
out what you need to protect it, while our tools help you compare local home insurance options so
you can save on quality coverage.
We source and compare over 70 home Insurance companies to get you the coverage, service, and
price you want! We don’t sell insurance coverage ourselves, so our only motivation is to provide you
with the best insurance quotes for your home. We offer you transparency and objective
comparisons so you can determine what is best for you and your family.
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- Home Insurance Buyer's Information Guide -
What is home insurance?
Homeowners insurance policies generally cover destruction and damage to a residence’s interior and exterior, the loss or theft of possessions, and personal liability for harm to others.
Three basic levels of coverage exist:
1. Actual cash value
2. Replacement cost,
3. Extended replacement cost/value.
Unlike car insurance, which is required by law, homeowners insurance is not. Most mortgage lenders will require some basic form of homeowners insurance to cover the cost of loan and property if there is a total loss.
Buying Home Insurance
Homeowners who finance
There are no state-mandated requirements for homeowners coverage (as there are for auto insurance in most states), and a mortgage lender may only require you to insure for 80 percent of the replacement value of your home. But being underinsured could leave you on the hook for a significant sum, especially if you need to completely rebuild.
Buying too much coverage isn’t worthwhile, either. It’s a mistake, for instance, to assume you need coverage equal to your home’s market value. That value includes the land your home rests on, which will remain even after a catastrophe. That’s why in most cases your home’s market value will be higher than the cost to totally rebuild it.
Always buy enough insurance to cover the labor and materials to completely rebuild your home, called the replacement value or replacement cost. Your insurance agent can help you figure out that amount. Mention unique features, to ensure that they’re accounted for, and make sure inflation is factored in
Homeowners without financing
Legally, you can own a home without homeowners insurance. However, in most cases, those who have a financial interest in your home—such as a mortgage or home equity loan holder—will require that it be insured.
When buying a home
We get it: buying home insurance for the first time can be a doozy. Especially if you’re a young, first-time homeowner, the insurance market could easily give you option paralysis. But this is one of the best times to buy. If you’re looking into home insurance plans for the first time, here are a couple things to look out for:
The kinds of hazards that are covered in the policy (Fire damage? Floods? Earthquakes? Burglary?);
The limit, or the highest payout the company will give you when you file a claim;
The deductible, or the amount you'll pay in the event of home damage before your company starts reimbursing you;
And finally, whether or not the policy is an Actual Cash Value or a Replacement Cost Value type.
In addition, don’t just settle on the first company that you come across! Get the lowdown on multiple policies — you may be able to save on certain types of coverage due to the location you live in, or if you bundle it with auto insurance. Some plans may give you more for your money than others.
Learn more:
When your term is up
If your contract is up for renewal, it may also be a good time to shop around for insurance policies. Keep in mind, though, that staying with your insurance provider for a long period of time could net you some discounts: insurers tend to reward loyalty over ten years or more. That’s why if you’re considering a switch, you should make sure that the potential benefits of a new policy far outweigh the losses. Some key questions to ask are:
Are your monthly payments or your deductible significantly lower?
Do you get extended coverage for a lower price?
Would a new contract raise the payout limit by a significant margin?
The good news is, if you are an experienced homeowner who’s already on an insurance plan, remember — you’re in a good place. You have bargaining power. Don’t be afraid to ask for discounts to incentivize either staying with your current company or switching to a new one.
Escrow
In short, you don’t pay for your home insurance the same way you pay for other kinds of insurance. In this case, you put your money into an escrow, or a separate account between you and your mortgage lender.
Every month, rather than paying bills yourself, you deposit money into the escrow account when you pay your mortgage. Then, when the bill is due, your mortgage lender uses the money in the escrow account to pay your insurance company.
The thing is, home insurance usually comes as a single, large lump sum. Without an escrow, you’d have to come up with a huge amount of money at a single time — not an ideal situation for mortgage lenders or insurance companies, who want to ensure that the payment process is as reliable and risk-free as possible.
Additional living expenses
If the damage to your house is extreme enough, you may not be able to live there at all. Luckily, your home insurance will have a policy to cover alternative housing and cost-of-living until your home gets the necessary repairs. That budget could include rent, but it could also include other expenses related to being displaced, such as food or medical bills. That said, you’ll want to check your contract to know exactly what’s covered and what isn’t — most contracts will have a cap on payouts for alternative housing/living expenses.
Learn more:
Deductible
A deductible is the largest amount you agree to pay in the case of a claim. So, if you have a $1000 deductible, and your home suffers $2000 in damage, you must pay the initial $1000 on your own before your insurance company will reimburse you for any of the repairs.
It seems simple: a lower deductible would be better than a high one, right? But that’s not always the case.
Higher deductibles come with a few benefits, like lower premiums (which we’ll cover in the next section). That’s why you shouldn’t make your deductible unreasonably high, but you should make it as high as you can afford to. It seems like an unorthodox strategy, but it’ll save you money in the long run.
Learn more:
What is a deductible and how much should I have?
What are Additional Living Expenses (ALE) and when would I need them?
What affects your premium?
Home insurance premiums are a complicated thing — they’re affected by many different factors. According to a 2018 study, home insurance premiums rose by 3.6 percent in 2015, following a similar rise in 2014. So knowing exactly what goes into them is important.
DEDUCTIBLE
The first thing you'll want to think about is your deductible. The higher your deductible, the lower your premiums will be.
PAST CLAIMS:
The second most important factor is how often you file claims. If you file home insurance claims frequently, your premiums will be higher because insurers will view your home as a high-risk investment. (That's another reason why having a high deductible is a good strategy: you probably shouldn't be filing claims for anything trivial anyways.)
RISK
Finally, the last major factor that'll affect your premiums is simply how risky your home is to insure. If you live in a flood-prone region, but your home doesn't have any renovations to protect against water damage, you'll be paying higher premiums. On the other hand, if your home has been recently renovated, has a security system and isn't a risky prospect for insurance companies, they'll likely offer you a lower monthly payment.
MISCELLANEOUS FACTORS:
Other than those three main factors, there are a host of smaller issues that could affect your home insurance premiums: whether you own a dog, how long you've been with your current company, even whether or not anybody in your house smokes cigarettes. Check the related links below for more information.
Learn more:
Claims and exclusions
The exact coverage of any homeowner’s insurance plan will depend on your specific contract, so reading yours is essential. Make sure you take a close look
That said, there are some things that home insurance doesn't usually cover.
It may surprise you to hear that many insurers won’t include flood, sinkhole or earthquake coverage in their base plans — you’ll likely have to purchase separate insurance for such situations. But other natural disasters, like fires, strong winds or hail are usually covered by home insurance. It’s also not just limited to your house itself. Home insurance can usually be used to cover any valuable assets you own, like jewelry or heirlooms, though you may have to sign an additional rider and pay slightly higher premiums.
That said, be careful. Even though items inside your house can be covered by insurance, oftentimes structures attached to or on the outside of your house will not be covered. This could include sheds, patios and the like. Home insurance is confusing! That’s why this website is here to help.
