Homeowners Insurance rates: The best home insurance companies provide high-quality coverage that protects your home structure and your property from damage, whether caused by lightning, wind, fire, or other imminent perils.
Homeowners insurance also comes with significant liability coverage that can save you financially if someone is injured on your property and decides to sue you for damages.
That said, not all homeowners insurance is created equal, and the best home insurance companies stand out because of the breadth of their policy offerings, the discounts they offer, and their affordable premiums.
Find the best home insurance (what does homeowners insurance cover) company for your needs and your budget.
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What is homeowners insurance?
Homeowners insurance is a form of property insurance that covers loss and damage to a person’s residence, including home furnishings and other assets.
Homeowners insurance provides (progressive homeowners insurance) liability coverage against accidents to the home or property.
Find the most affordable homeowners insurance
Off-Premises Theft Exclusion – This endorsement provides coverage for your personal property that is taken and stolen from your home.
It comes with a heavy price tag. Typically, you’re looking at an extra 10% in premiums for very little coverage.
It’s not often that you’ll transfer more than $1,000 in personal items from your home. Drop this coverage and maximize your savings by saving another 10%
Buy your policy – Does your insurance agent do market research for you every few years? Market conditions, premiums and schedules vary from year to year.
You should get quotes from different carriers at least every 3 years to have the most affordable homeowners insurance. Ask your agent to quote you homeowners insurance through other available insurance companies.
Security System –
Do you have an alarm system? Did you tell your insurance agent? If not, make sure they are notified. Having a central station alarm for both burglars and fire will reduce your premiums by at least 10%.
Deductible – In today’s market I recommend that you have a deductible of at least $1,000 or more Anything less could cost you a lot.
Keep the extra premium in your pocket and save for a rainy day. Moving your deductible from $500 to $1000 can reduce your premium by up to 15%!
Housing Coverage- Cover your home only for the cost of renovating your home and not for the full market value of your home. The insurance premium is directly based on the accommodation amount.
Over-insuring a home without any additional coverage leads to high premiums. On Long Island, typical renovations cost an average of about $200 per square foot of living space. Use this as a baseline for remodeling your home.
Best Home Insurance Company Reviews
Lemonade:
Lemonade offers no-hassle instant home insurance quotes and their rates start at just $25 per month. This insurance company operates online and through its mobile app, with an average rating of 4.6 stars on Google Play and 4.9 out of 5 stars on the App Store.
Since Lemonade uses the latest technology, it can provide instant insurance quotes with just a few clicks of a button. It promises an incredibly fast claims process with 24/7 customer service.
Although most of its insurance claims are handled electronically, Lemonade also provides human customer service agents who can answer questions along the way.
With Lemonade, you have the opportunity to customize coverage to meet your needs. Its homeowners insurance policy can include coverage for your residence, other structures, personal belongings, medical care for others, loss of use and personal liability coverage.
Liberty Mutual
Liberty Mutual has been in business since 1912, so the company has more than a century of experience in the insurance industry.
This provider is also known for allowing customers to customize policies so they can “just pay for it” when it comes to home insurance and other products they offer.
Liberty Mutual home insurance covers auto housing coverage and personal liability, you have the option to add items like personal property coverage for replacement costs and water backup and sump pump overflow coverage.
Customers can also avail 10% discount on purchasing their policy online. Home buyers can also get discounts on insurance for their new home.
Hippo
Hippo prides itself on their “best customer service” and they are ready to help you through the claim process. Where this company has only 12. NationwideStarting offering coverage in states, Hippo now provides affordable homeowners insurance in 37 different states.
Best Homeowners Insurance Companies Hippo makes it easy to get a free quote for home insurance online, and they say you can save up to 25% on homeowners insurance compared to their competitors.
Hippo also offers a “Hippo Smart” program in some states that allows customers to qualify for discounts on insurance premiums if they install qualified home surveillance and security systems.
Travelers
Travelers has been operating longer than most other home insurance companies in operation today. Based in New York City,
Travelers Insurance writes policies across the country, an important factor for homeowners shopping for new coverage.
With customers across the country, a company can more easily absorb disasters like hurricanes that generate large amounts of claims in a short period of time.
Independent insurance rating agencies such as A.M. Travelers also like Best and Moody’s, who give it consistently high marks for stability.
Allied
Allied Insurance, part of the Nationwide Insurance family, offers solid, flexible coverage at competitive rates. If you prefer getting questions answered over the telephone, you’ll appreciate the friendly approach to customer service.
Also note that Allied allows you to choose from flexible coverage options so you have the ability to customize your standard home insurance policy to fit your specific needs as well as your budget.
As policies are supported nationwide, with more than nine decades of experience, Allied is a reliable and stable partner If you’re already a Nationwide customer, ask about multi-policy discounts and claims-free discounts
Amica Mutual
Amica Mutual may not get the name recognition of some of our other favorites, but it continues to top the list thanks to consistent praise for customer service and speedy claims processing.
In fact, Amica Mutual received exceptional ratings from JD Power for customer satisfaction and claims satisfaction in 2021. Both of these studies rely on the user experience of past customers to generate their rankings.
Amica also gets high marks for its financial stability. They may not do much in terms of national advertising and brand management, but people across the country have heard of this century-old company.
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