Quickly Compare Our Top Providers
Our team found four primary factors that can make home insurance costs fluctuate, including your dwelling amount (or cost to rebuild your home), deductible, credit score and claims history. You can compare costs across these four categories below among seven of our top-ranked home insurance companies.
Things To Know Before Getting a Quote
Before seeking quotes for homeowners insurance, our team recommends equipping yourself with all the information you might need. If you have current insurance, gather details about your coverage and claims you’ve made in the past five years. We recommend keeping handy some details about your home, such as square footage, the year it was built and the type of building materials used, to help the quote process go smoother.
How Much Coverage Do I Need?
You should acquire enough dwelling coverage to cover the entire cost of rebuilding your home. Keep in mind that the market value of your home, or how much you can sell your home for, is not necessarily the same as the cost to rebuild. A quick way to calculate the cost of rebuilding your home is by multiplying the cost to rebuild a home per square foot in your area by your home’s square footage.
Once you come up with that number, enter it into our calculator below to get the Insurance Information Institute’s (Triple-I) recommended coverage amounts.
What Impacts Home Insurance Quotes?
While you cannot necessarily change certain factors that affect home insurance costs such as your location and claims history, adjusting your deductible and bundling insurance with other policies can help lower the overall cost.
Factors You Can Change
- Deductible amount: Along with your coverage type, the deductible you choose can change your insurance rate. Generally, a higher deductible will lower your premium, and a lower deductible will increase your rate.
- Multi-policy bundling: Some carriers offer discounts for bundling your homeowners insurance with other lines of coverage such as auto or life insurance.
Use the tabs below to see how changing your deductible and bundling your home coverage with another insurance policy, specifically auto insurance, can affect average annual premium quotes.
Factors You Cannot Easily Change
- Dwelling amount: Also considered your home value, dwelling coverage is determined by calculating the cost of replacing your home based on the current market value of labor and materials.
- Credit score: If you have a credit score below 670, you might not qualify for the best rates. Some ways to improve your credit score are maintaining low credit card balances and paying your bills on time.
- Home age: If you own an older home that has not had recent major upgrades, insurers may consider your home riskier to insure and charge you higher insurance rates. Having a newer roof and updated plumbing and electrical wiring can help mitigate rate increases.
- Claims history: If you’ve made multiple claims over the past five years, especially major claims, you might face higher rates.
Use the tabs below to learn details about how each of these factors can impact your average quote.
How Should I Get a Home Insurance Quote?
Using an online quote comparison tool is the quickest way to get custom quotes without having to enter your information multiple times. Another way to get quotes is to go directly to the individual provider’s website. Some companies allow you to get quotes online, while others will require you to speak to an agent by phone. Another option is to work with a local agent either by phone or in person.
Use a Quote Comparison Tool
- Your name
- Your date of birth
- Your marital status
- Your home’s size, age and type of construction
After submitting the form, you can typically get a quote immediately or an agent will contact you to help you find the best deal.
However, if you are seeking a quote from a specific company, you’re not guaranteed to receive it. Generally, quote comparison tools present quotes from a selected list of insurance providers. If you don’t have all the information required, such as your property’s size and type of construction, you might not be able to receive an accurate quote.
Get Quotes From Individual Providers
Requesting quotes directly from insurance companies varies by provider. Some companies offer online quotes when you fill out a form, others require you to speak to an agent by phone, and some providers offer both options.
For online forms, you’re generally asked to provide personal and home details. Some companies access public records to confirm information about your property. Generally, getting an online quote is quicker than speaking to an agent by phone. When you’re looking to compare quotes from multiple providers, requesting quotes directly from each company could take longer than using a quote comparison tool, in our experience.
Work With a Local Insurance Agent
Working with a local agent is another option when you want to get customized quotes or personalized attention. One advantage of consulting a local agent is they are likely familiar with your area, which can help them customize your coverage to fit your specific needs. Local agents can offer insights into specific hazards, laws or regulations that could influence your coverage needs. They might also know of discounts to lower the cost of coverage. To find an agent, consider asking for referrals from friends and family, searching online or contacting the insurer directly, as some have a network of agents and local offices.
Independent agents or brokers can give you quotes for multiple providers, while captive agents can only offer coverage from one company. However, getting quotes from a local agent could take longer than requesting quotes online, and you might have to pay the agent service fees.
What Information Do You Need for a Quote?
When you start looking for quotes for homeowners insurance, companies will require you to enter some information about yourself and your home. Here are some details insurance companies will want to know:
Resources To Use While Getting Quotes
Using the checklist above can help make the process of gathering home insurance quotes smoother. However, as you compare options, you may note certain coverage types and terms that do not sound familiar to you. We’ve compiled a glossary of important home insurance terms and tips from the Triple-I to help you navigate the process of getting quotes.
Home Insurance Glossary
As you shop for quotes, you may find it difficult to decode home insurance terms that sound unfamiliar to you. We have compiled a glossary of some of the most important terms used in home insurance to help as you go through the quote process, as well as tips from Mark Friedlander of the Insurance Information Institute (Triple-I).
Ask an Expert
We consulted with industry experts to help answer frequently asked questions (FAQs) about homeowners insurance.
What To Do After Getting Quotes
Once you’ve received quotes from at least three companies, it’s time to compare those quotes with the coverage offered by each insurer. Keep in mind that the cheapest provider may not offer the best option if the coverage will not cover rebuilding your home or includes fine-print exclusions that might cost you in the long run.
Compare Providers and Prices
We recommend choosing a home insurance provider that provides value by offering reasonable rates, robust coverage and brand trust. Keep in mind that where you live plays a large role in choosing the best provider to insure your home. For instance, if you live in a coastal area prone to tropical storms and hurricanes, you want to ensure the provider you choose offers robust wind protection. Conversely, if you live in a neighborhood with high crime rates, you might face higher premiums as a result of a higher risk of potential theft or home damage.
How To Start Your Policy
There is a big difference between an estimate and a bindable quote. An estimate is a rough idea of the price you’ll pay. Quotes are the exact coverage price and are considered legally binding contracts once you agree to the terms.
If you’re applying for a mortgage loan to buy a new home, your lender will often require you to show proof of homeowners insurance coverage before approving the loan. The effective date, or first day of coverage, is typically your closing date or the day you receive keys to your new home. If you are switching providers to cover an existing home, set your new coverage to start the day your old plan ends to prevent any gaps in protection.
