Home Insurance Quotes

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Free home insurance quotes in minutes

What is homeowners insurance?

Homeowners insurance will protect you financially in the event that an unfortunate situation occurs with your home such as a fire, burglary or damage.

Buying homeowners insurance is a big decision.

It can be overwhelming to find the right homeowners insurance company. We will help you to make an informed decision when comparing between homeowners insurance quotes and policies by providing you with the right insights and tools.

What is the best way to compare homeowners insurance companies?

If you are trying to purchase homeowners insurance for your very first home, just shopping around or trying to change companies to save some money, comparing companies might be the ideal way to receiving the best coverage and rates. It’s clear that companies can appear to look the same with the more quotes your receive.

How do you compare homeowners insurance quotes?

There are several factors that home insurance companies use to determine your quote. The price received is the result of multiple policy and coverage limits. Therefore, you really need to consider more than the final price estimate from a quote. It can be that a companies premium cost more monthly, but you benefit from more coverage as a result.

There will be a dwelling coverage amount, that is the reimbursement maximum a home insurance company will payout in the event that your home is required to be rebuilt. One of the companies might quote $150,000 and the other might quote $180,000. Keep in mind that one company provides more coverage for a dwelling than the other, when comparing the final quote price between two companies.

Personal property coverage, your dwelling and other structures will include a replacement type. Either actual cash value (ACV) or replacement cost (RC).

Actual Cash Value

You get reimbursed on actual cash value policies based on the value of the item factoring in depreciation and also at the time of loss. You will receive a much lower settlement that will reflect the used piece of furniture value i.e. if it was lost in the event of a fire.

Replacement Cost

You receive reimbursement based on the complete damaged item replacement cost. an example would be if you lost some furniture in a fire, then a RC policy would provide reimbursement to purchase a new piece of furniture.

The coverage in your policy can be ACV or RC. It is quite normal for property coverage to be ACV and dwelling coverage to be RC. You could see several deductibles on your policy. Examples are hurricane deductible, wind or hail, policy deductible or special deductible. The out of pocket amount that you would pay for a deductible will depend on where you live.

Examples of home insurance quotes comparisons

Comparison sites such as InsureOpinion allows you to receive multiple quotes at once while enabling you to select the policy that meets your needs. Here are two example policies that is described below.

There are two monthly premiums for the two example policies. For example, Policy A costs less than Policy B, but how do these coverage’s compare?

It appears that Policy A provides less liability protection than Policy B. Therefore if you reach your liability limitation, of $100,000 through Policy A, then any out of pocket expense you will be likely be responsible for. Comparably, the dwelling coverage for Policy B is higher and your home structure is protected for a much larger amount.

You should also consider a wind deductible and could be out of pocket $1,000 for Policy A, but as little as $250 for Policy B if the loss is a result of wind. Any policy savings could be negated by this difference if you decided to go with Policy A.

You need to consider the replacement type for property. You will commonly receive the cash value after the loss for policy A, which means you will have to pay out of pocket to replace the item completely. On the other hand, the replacement cost for policy B, indicates that your insurance company would most likely reimburse you the cost for replacing your items after the loss.

If you aren’t receiving the needed coverage, then the final homeowners insurance policy cost will not matter. One company might have a lower monthly premium, but if it does not provide full coverage after a loss, then that where the problem lies. This is why we suggest comparing quotes and price coverage limitations.

Here are a few questions to ask your insurance company about your quote?

If you ask a few good questions, it could help to have a better understanding of your insurance quote options and therefore make a better decision, however it’s not always straightforward for what sort of questions you need to ask the insurance companies while comparing quotes.

These are some quote questions you need to ask

▪ Are there any specific exclusions for coverage?
▪ Am I eligible for any additional discounts?
▪ Will my household items be covered by ACV or RC?
▪ Are there deductibles for hurricane, hail or wind?

How much does it cost for homeowners insurance?

How much can you expect to pay in your state?

Based on our research, the average homeowners insurance cost within the United States is $1,215 per year.

The data indicates that the rates for homeowners insurance increase from $8 to $91 per year. It might be time to change companies if your rates increase to over your State average.

Many natural disasters are covered by homeowners insurance, and some states are at higher risk for natural disasters also have higher rates. Tornado’s in Oklahoma, Hurricanes in Florida and Wildfires in the State of California add to their higher policy premiums.

It may be that the insurance coverage you have now, is more expensive than a cheaper policy with another carrier. Therefore, shopping around won’t hurt even if you are happy with your existing home insurance company.

The rates for home insurance will depend on where you live

Depending on your state and city, the premiums will vary. It’s best to find out what home insurance costs in your location and what you can do to save as much as possible.

Here are some frequently asked questions:

Q: Is it a requirement to have homeowners insurance?

a. It is not a requirement by law to have a homeowners insurance policy. But if you have a mortgage, some lenders will require insurance as a safeguard for a loan.

Q: What is the best way to compare homeowners insurance quotes?

a. Coverage can vary between companies, so comparing home insurance quotes is more than about rates. It is a good idea to receive multiple quotes in order to find the best coverage and rates.

Q: What is covered in homeowners insurance?

Your home items and belongings are covered, and also provides liability coverage as well as some other protections.

Q: What does home insurance cost?

a. The average cost of homeowners insurance according to a study is $1,215. You can review the State averages to determine exactly where your state ranks.