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Homeowners insurance helps protect the physical structure of your home, your personal belongings, and your liabilities in the case of a covered peril. Most mortgage lenders require you to have a home insurance policy, but it’s often a good idea even if it’s not required.

Written by Elizabeth Rivelli

Edited by Alyssa DiCrasto

Last updated: June 28, 2023

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What is homeowners insurance?

Homeowners insurance is a policy that protects the physical structure of your home, your personal belongings, and your liabilities. If your home or personal items get damaged in a covered loss, your insurance company reimburses you for the cost of repairs. It also pays to rebuild your home if your house gets destroyed in a covered peril. Read more.


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Based on your answers to our short quiz, we’ll estimate how much your home insurance will cost at each of the top providers near you, so you can find the coverage you need at a price you can afford.



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Personalized rate estimates calculated using the insurance company’s rating plan (plus any applicable discounts) 


Why you can trust Rate Retriever

Our rates are based on public rate filings obtained by analytics company First Interpreter. While we may partner with some of the carriers you see on our site, we maintain editorial independence and it does not affect the rates you see. Read more about our rating methodology or see our rigorous editorial policy. 

What are the best home insurance companies?

Some of the best home insurance companies on the market are Amica, Allstate, State Farm, Nationwide, and USAA. But while these companies are some of the largest insurers with the highest ratings, the best home insurance company depends on your unique circumstances.

When shopping for home insurance, it’s important to consider your location, the type of home you live in, and your coverage needs. You should also compare home insurance quotes to find the most affordable policy for your situation.

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Do I need homeowners insurance?

Home insurance is not required by law. However, most mortgage lenders require it as part of a loan agreement. Having homeowners insurance provides financial protection for the lender in case something happens to your home before your loan is paid off.

But even if you are not required to have home insurance, it’s still a good idea to purchase coverage. Without home insurance, you are financially responsible for anything that might happen to your home or personal belongings.

What are the types of homeowners insurance?

Home insurance is a package policy. There are a few types of coverage that are included in most standard policies:

Dwelling insurance

Dwelling insurance protects the physical structure of your home and attached structures, such as a garage, porch, or deck.

Personal property insurance

Personal property insurance covers personal belongings, such as furniture, clothing, and electronics. It also covers items in your vehicle.

Personal liability insurance

Personal liability insurance covers your financial responsibilities if someone gets injured on your property, or if you accidentally damage someone else’s property.

Medical payments insurance

Medical payments insurance pays for the medical bills of someone that gets injured on your property, even if you were not responsible.

Additional living expenses

Additional living expenses (also called loss of use) covers the cost of temporary housing, restaurant meals, parking fees, and laundry if your home is damaged in a covered loss and you have to relocate while it gets repaired.

What does homeowners insurance cover?

A standard home insurance policy includes multiple types of coverage. It includes coverage for the structure of your home, your personal possessions, personal liabilities, medical payments for injuries, and additional living expenses.

Additionally, home insurance policies either provide coverage for named perils or open perils. Named perils are specific losses that are listed in your policy. They typically include:

  • Fire, smoke, and lightning
  • Windstorms and hail
  • Explosions
  • Volcanic eruptions
  • Riots
  • Damage from cars and aircrafts
  • Vandalism
  • Theft
  • Falling objects
  • Weight of ice, snow, or sleet
  • Accidental discharge or overflow of water or steam
  • Sudden and accidental damage from an electrical current
  • Freezing of a plumbing, HVAC, or other home system
Home Insurance Finley

The alternative to a named perils policy is an open perils policy. With an open perils policy, your dwelling and personal items are protected against any losses that are not explicitly excluded from the wording of your policy documents.

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How to save money on home insurance

Home insurance rates are different for every property owner. However, there are plenty of ways to save money on home insurance coverage. Here are some tips for getting a lower rate:

Take advantage of discounts

Many insurance companies offer discounts for things like having a new home, getting a quote in advance of your policy’s start date, and signing up for automatic payments.

Bundle your auto and home insurance

Bundling your auto and home insurance policies with the same insurer often results in a discount. 

Make your home safer

The best car insurance company is different for every driver. It depends on your coverage needs, what discounts you can qualify for, your budget, and what you value in an insurance company. To find the best car insurance company, research several insurers that meet your coverage needs, then get quotes to find the most affordable policy for you.

Pay your premium in full

Most insurance companies give discounts to customers who pay their annual premiums in full rather than in monthly installments though the year.

Compare quotes from a few insurance companies

Customers with no auto or home insurance claims on their record often get a small discount on their premium.

How to compare home insurance quotes

Before you purchase homeowners insurance, it’s a good idea to compare home insurance quotes. Follow these steps to compare prices:

1. Research insurance companies:

 Look into several insurance companies that sell coverage in your area. Read customer reviews and check third-party ratings to make sure they are a reliable and trustworthy provider.

2. Think about your coverage needs:

Consider factors such as the value of your home, your location, and the value of your personal belongings. If you want high coverage limits or special endorsements, make sure to choose an insurer that offers the coverage you want.

3. Apply for a few rate quotes:

Contact several insurance companies and request quotes based on your coverage needs. Many home insurance providers allow you to get an instant quote online.

4. Review your quotes:

Review the quotes you received and see which company can offer you the lowest rate. However, make sure to choose a carrier that meets all of your needs. The cheapest company isn’t necessarily the best one.

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Frequently asked

Frequently asked

What types of coverage are available for car insurance?

There are different types of coverage available for car insurance, such as liability, which helps pay for damage you cause to others, and collision, which helps cover damage to your own car from accidents. Comprehensive coverage can help with other damages, like theft or natural disasters. Medical coverage can help with medical expenses for you or passengers. Some policies also offer uninsured motorist protection in case you’re in an accident with someone who doesn’t have insurance. It’s important to choose the right types of coverage based on your needs, budget, and state laws.

How does car insurance pricing work?

Car insurance pricing is based on a few key factors. Insurance companies consider things like your age, driving record, type of car, and where you live when determining the price you pay for car insurance. Younger drivers or those with accidents on their record might pay more for insurance. The make and model of your car can also affect the price, as some cars are more expensive to repair or replace. Your location matters, too, as some areas have higher rates of accidents or theft. By looking at all of these factors, insurance companies determine how much risk you pose and set your premium accordingly.

What factors affect my car insurance rates?

Several factors can affect your car insurance rates. Insurance companies consider your age, driving record, type of car you drive, where you live, and much more when determining your rate. Teen drivers may have higher rates due to their lack of driving experience. If you have a history of accidents or speeding tickets, your rates may increase. The type of car you drive, like a sports car or luxury vehicle, can also impact your rates. Living in a busy city with more traffic can lead to higher rates than a rural area. It’s important to shop around and compare quotes to find the best rate for you.

What is the minimum car insurance coverage required in my state?

The minimum car insurance coverage required in your state will vary depending on where you live. However, most states require drivers to have at least liability insurance. This type of insurance helps pay for damages and injuries you may cause to others in an accident. It typically includes bodily injury liability and property damage liability coverage. It’s important to check out your state’s specific minimum requirements for car insurance in your state. A car insurance agent can help you with this too.

How can I lower my car insurance premiums?

Because different car insurance companies charge different rates for different driver profiles, one of the most effective ways to get a cheaper car insurnace premium is to shop around and compare quotes from different insurance companies to find the best rate for you. You can also lower your car insurance premiums by raising your deductible, bundling your policies, or asking about discounts for good students or safe drivers. Keeping a good credit score and maintaining a clean driving record can also help lower your premiums. Additionally, you can inquire about any available programs that offer discounts for usage-based insurance or installing safety devices in your car.

Do car insurance companies offer discounts?

Yes, car insurance companies do offer discounts to help lower the cost of insurance for drivers. These discounts can be based on factors such as having a clean driving record, being a student with good grades, owning a car with safety features, or bundling multiple types of insurance policies together. By taking advantage of these discounts, drivers can save money on their car insurance premiums and make sure they are getting the best coverage at the best price. It’s a good idea to ask your insurance agent about what discounts are available to you.