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Auto-Owners and USAA are the cheapest home insurance companies on average, according to Bankrate’s research. Natalie Todoroff Maggie Kempken Mark Friedlander Maggie Kempken Mark Friedlander Updated May 09, 2024 Powered by Coverage.com (NPN: 19966249) Advertising disclosure This advertisem*nt is powered by Coverage.com, LLC, a licensed insurance producer (NPN: 19966249) and a corporate affiliate of Bankrate. The offers and links that appear on this advertisem*nt are from companies that compensate Coverage.com in different ways. The compensation received and other factors, such as your location, may impact what offers and links appear, and how, where and in what order they appear. While we seek to provide a wide range of offers, we do not include every product or service that may be available. Our goal is to keep information accurate and timely, but some information may not be current. Your actual offer from an advertiser may be different from the offer on this advertisem*nt. All offers are subject to additional terms and conditions. Insurance disclosure Coverage.com, LLC is a licensed insurance producer (NPN: 19966249). Coverage.com services are only available in states where it is licensed. Coverage.com may not offer insurance coverage in all states or scenarios. All insurance products are governed by the terms in the applicable insurance policy, and all related decisions (such as approval for coverage, premiums, commissions and fees) and policy obligations are the sole responsibility of the underwriting insurer. The information on this site does not modify any insurance policy terms in any way.
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What to know first
Like many products and services, home insurance isn’t immune toinflation. As a result, many homeowners may be paying more for coverage now than ever before. Bankrate can help. Our insurance editorial team includes licensed agents with real-world experience helping people obtain affordable homeowners insurance policies that meet their individualized needs.
Based on our review of proprietary premium data from Quadrant Information Services, the national average rate of a homeowners policy with $300,000 in dwelling coverage is $2,151 annually. For homeowners looking to save a little money, it can be tempting to go with whichever company offers you the cheapest quote. However, cheap insurance is only worthwhile if it provides financial protection when you need it most. To find the best cheap companies, Bankrate analyzed vital metrics like third-party customer satisfaction scores, customer service availability, financial strength ratings and more.
Cheapest home insurance companies:
- Erie:Best for first-time homebuyers on a tight budget
- USAA:Best for military-focused coverage
- Auto-Owners:Best for flexible coverage
- Nationwide:Best for consolidating insurance and banking products
- Travelers:Best for customizable coverage
- Allstate:Best for multiple policy management options
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On This Page
- Compare the cheapest home insurance companies
- Cheapest homeowners insurance companies for different homeowners
- Cheapest home insurance companies by state
- How to get cheap home insurance
- How to save on homeowners insurance
- Frequently asked questions
- Methodology
Cheapest insurance providers in
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Compare the cheapest home insurance companies
Based on our research, Auto-Owners and USAA offer the cheapest average home insurance rates in the U.S. USAA exclusively serves active-duty military, veterans and their qualified family members, and Auto-Owners writes home insurance policies in 26 states. If neither company is an option for you, you might want to get homeowners insurance quotes from the other options on our list: Erie, Nationwide, Travelers and Allstate.
In the tables below, you’ll find the average premiums for these six cheap home insurance companies to help get you started on your shopping journey.
| Insurance Company | Monthly premium* | Annual premium* | Savings vs national avg | |
|---|---|---|---|---|
Auto-Owners | $117 | $1,406 | - $747 | |
USAA | $119 | $1,431 | - $722 | |
Erie | $132 | $1,578 | - $575 | |
Nationwide | $139 | $1,662 | - $491 | |
Travelers | $193 | $2,312 | + $159 | |
Allstate | $160 | $1,917 | - $236 |
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| Insurance Company | Monthly premium* | Annual premium* | |
|---|---|---|---|
Auto-Owners | $131 | $1,569 | |
USAA | $132 | $1,590 | |
Erie | $148 | $1,782 | |
Nationwide | $154 | $1,852 | |
Travelers | $221 | $2,649 | |
Allstate | $179 | $2,151 |
| Insurance Company | Monthly premium* | Annual premium* | |
|---|---|---|---|
Auto-Owners | $158 | $1,896 | |
USAA | $159 | $1,905 | |
Erie | $183 | $2,198 | |
Nationwide | $187 | $2,239 | |
Travelers | $279 | $3,350 | |
Allstate | $201 | $2,410 |
Home insurance rates are known to fluctuate frequently, but you can rely on Bankrate to offer you the latest options available.
Rates refreshed as of May 2024
Read our full methodology
How Bankrate picked the cheapest homeowners insurance companies
To find the cheapest home insurance companies, Bankrate’s insurance editorial team started by obtaining May 2024 premium information for the largest homeowners insurance companies by market share from Quadrant Information Services. Because we know that many people want to find not just the cheapest, but the best home insurance, we also used J.D. Power customer satisfaction scores and AM Best financial strength ratings in our research. Our analysis method allowed us to identify our top picks for the cheapest home insurance companies on the market. To qualify for ranking on this list, the companies had to meet these criteria:
- Have an average annual premium below the national average for $300,000 in dwelling coverage
- Have a Bankrate Score of 3.0 or higher
- Have an AM Best financial strength rating of A+ (Superior) or higher
- Be ranked in the 2023 J.D. Power U.S. Home Insurance Study
Bankrate's trusted insurance industry expertise
46
years of industry expertise
122
carriers reviewed
34.5K
ZIP codes examined
1.2M
quotes analyzed
Top 6 most affordable home insurance companies
A good option for flexible coverage
4.6
4.6
Rating: 4.6 stars out of 5 Bankrate scores primarily reflect a weighted rank of industry standard ratings for financial strength and customer experience, in addition to average quoted rates. A secondary assessment of each provider's online and mobile resources and policy management options also contributed to overall ratings. Bankrate Score
Auto-Owners ReviewGet a personalized quote
Avg. premium for $300K dwelling
$117/mo
Avg. premium for $300K dwelling
$1,406/yr
Customer satisfaction
834/1,000
Auto-Owners offers property coverage in 26 states through a broad network of independent agents. Its home insurance policies are highly flexible, with coverage options like guaranteed home replacement, equipment breakdown and identity theft coverage. In addition to being the cheapest company Bankrate reviewed, the carrier also offers several discounts, including multi-policy, water shut-off system and mortgage-free. The company carries an A++ (Superior) financial strength rating from AM Best.
Pros
- Numerous optional coverage choices
- Cheapest homeowners insurance rates on our list
- Superior financial strength rating from AM Best
Cons
- Only available in 26 states
- Fewer digital tools than some other companies
Life multi-policy
Paid-in-full
Water shut-off system
$150,000 $350,000 $450,000 $750,000 Auto-Owners $968 $1,569 $1,896 $2,841 National Average $1,293 $2,447 $3,034 $4,758
A good option for military-focused coverage
4.7
4.7
Rating: 4.7 stars out of 5 Bankrate scores primarily reflect a weighted rank of industry standard ratings for financial strength and customer experience, in addition to average quoted rates. A secondary assessment of each provider's online and mobile resources and policy management options also contributed to overall ratings. Bankrate Score
USAA ReviewGet a personalized quote
Avg. premium for $300K dwelling
$119/mo
Avg. premium for $300K dwelling
$1,431/yr
Customer satisfaction
881/1,000
USAA is the fourth-largest home insurer in the U.S. by market share, according to the Insurance Information Institute (Triple-I). It is widely considered one of the best insurance companies for exceptional customer service, but coverage is only available to members of the military community and their families. If you qualify for coverage, USAA offers some of the best cheap homeowners insurance on the market, with top-notch service, a wide range of coverage options and consistently low premiums. The company carries an A++ (Superior) financial strength rating from AM Best, the highest level available.
Pros
- Affordable homeowners insurance rates
- Military-focused coverage choices
- Consistently high customer satisfaction scores
Cons
- Only available to active-duty military, veterans and eligible family members
- Limited discount options
Connected home
Protective device
Loyalty savings
$150,000 $350,000 $450,000 $750,000 USAA $922 $1,590 $1,905 $2,804 National Average $1,293 $2,447 $3,034 $4,758
A good choice for first-time homebuyers on a strict budget
4.4
4.4
Rating: 4.4 stars out of 5 Bankrate scores primarily reflect a weighted rank of industry standard ratings for financial strength and customer experience, in addition to average quoted rates. A secondary assessment of each provider's online and mobile resources and policy management options also contributed to overall ratings. Bankrate Score
Erie ReviewGet a personalized quote
Avg. premium for $300K dwelling
$132/mo
Avg. premium for $300K dwelling
$1,578/yr
Customer satisfaction
856/1,000
Erie’s home insurance rates are well below the national average of $2,153 per year for $300,000 in dwelling coverage, making it a top choice for customers looking for cheap homeowners insurance coverage. The company provides numerous coverage options, like service line protection and sewer backup coverage, to help you tailor your policy to your needs. Over 13,000 local independent agents across its 12 states can help you get a quote and buy a policy. The regional company also ranks highly in customer satisfaction, which may give first-time homebuyers both peace of mind and financial breathing room. It holds an A+ (Superior) financial strength rating from AM Best.
Pros
- Ranked first in the J.D. Power 2023 Home Insurance Study for customer satisfaction
- Numerous coverage options
- Local independent agents
Cons
- Only available in 12 states
- No online coverage calculator
Advanced quote
Fire alarm, burglar alarm, sprinkler system
Multi-policy
$150,000 $350,000 $450,000 $750,000 Erie $1,149 $1,782 $2,198 $3,274 National Average $1,293 $2,447 $3,034 $4,758
A good choice for consolidating insurance and banking products
4.3
4.3
Rating: 4.3 stars out of 5 Bankrate scores primarily reflect a weighted rank of industry standard ratings for financial strength and customer experience, in addition to average quoted rates. A secondary assessment of each provider's online and mobile resources and policy management options also contributed to overall ratings. Bankrate Score
Nationwide ReviewGet a personalized quote
Avg. premium for $300K dwelling
$139/mo
Avg. premium for $300K dwelling
$1,662/yr
Customer satisfaction
812/1,000
Nationwide offers diverse coverage options for homes, condos and apartments, farms, pets, vehicles, investment products and much more. For homeowners looking to consolidate their insurance and financial products with one company, Nationwide might be a good choice. Nationwide is not the cheapest homeowners insurance company on our list, but its average premium is still well below the national average. Additionally, the insurer offers several discounts that could help you lower your rate. Nationwide holds an A+ (Superior) financial strength rating from AM Best.
Pros
- Offers numerous types of insurance and other financial products, including banking and retirement options
- Several discounts to help reduce premium
Cons
- Below-industry average J.D. Power customer satisfaction scores
- Mobile app provides limited services for homeowners customers
Gated community
Home renovation
Smart home
$150,000 $350,000 $450,000 $750,000 Nationwide $994 $1,852 $2,239 $3,640 National Average $1,293 $2,447 $3,034 $4,758
A good choice for customizable coverage
4.1
4.1
Rating: 4.1 stars out of 5 Bankrate scores primarily reflect a weighted rank of industry standard ratings for financial strength and customer experience, in addition to average quoted rates. A secondary assessment of each provider's online and mobile resources and policy management options also contributed to overall ratings. Bankrate Score
Travelers ReviewGet a personalized quote
Avg. premium for $300K dwelling
$193/mo
Avg. premium for $300K dwelling
$2,312/yr
Customer satisfaction
790/1,000
Travelers’ average premium is only slightly below the national average, but its wide array of coverage choices might make up for its average home insurance rate. Travelers offers a wide range of coverage options, including jewelry and other valuables, identity fraud and green homes. The company also offers several discounts, including savings for bundling home and auto policies, having an environmentally-friendly home certification and being loss-free. Travelers holds an A++ (Superior) financial strength rating from AM Best. However, the company received a below-average customer satisfaction score from J.D. Power.
Pros
- Long list of optional coverage types
- Unique discounts might help you save money
Cons
- Not the cheapest company on this list
- Below-industry-average J.D. Power customer satisfaction scores
Green home
Home buyer
Multi-policy
$150,000 $350,000 $450,000 $750,000 Travelers $1,365 $2,649 $3,350 $5,485 National Average $1,293 $2,447 $3,034 $4,758
A good choice for policy management options
4.2
4.2
Rating: 4.2 stars out of 5 Bankrate scores primarily reflect a weighted rank of industry standard ratings for financial strength and customer experience, in addition to average quoted rates. A secondary assessment of each provider's online and mobile resources and policy management options also contributed to overall ratings. Bankrate Score
Allstate ReviewGet a personalized quote
Avg. premium for $300K dwelling
$160/mo
Avg. premium for $300K dwelling
$1,917/yr
Customer satisfaction
809/1,000
Whatever your preference, Allstate offers options that could make it easy to manage your policy. The company has a nationwide network of brick-and-mortar agencies, a 24/7 contact center and a mobile app. Additionally, Allstate offers robust homeowners coverage options, including extra protection options for those participating in home-sharing and endorsem*nts for musical instruments and sports equipment. Allstate holds an A+ (Superior) financial strength rating from AM Best. Since Allstate is one of the most expensive of our cheapest home insurance companies, it may not be ideal for homeowners on a strict budget. Still, those looking for robust coverage options and multiple ways to handle their policy may want to consider requesting a quote. These factors and more helped Allstate become a 2024 Bankrate Awards winner for Best Home Insurance Company.
Pros
- 24/7 customer service with an online portal, mobile app and contact center
- Wide network of local agents
- Many coverage add-ons such as landscaping, eco-friendly home improvements, musical instruments and more
Cons
- Highest average premium on our list
- Fell below the industry average in the J.D. Power U.S. Property Claims Satisfaction Study
Responsible payment
Early signing
Easy pay plan
$150,000 $350,000 $450,000 $750,000 Allstate $1,309 $2,151 $2,410 $3,424 National Average $1,293 $2,447 $3,034 $4,758
Cheapest homeowners insurance companies for different homeowners
Not all homeowners have the same rating metrics, and home insurance rates vary widely based on your individual circ*mstances. To help you understand what your average rate might be, we’ve isolated the cheapest companies based on several underlying rating factors.
The cheapest home insurance company for poor credit: Secura
In every state except California, Maryland and Massachusetts, your credit-based insurance score is among the rating factors used to determine your home insurance premium. Homeowners with poor credit score histories are statistically more likely to file claims.
To compensate for the increased risk, companies usually charge more for homeowners with lower insurance scores. For homeowners with good credit, the national average cost of home insurance is $2,153 per year for $300,000 in dwelling coverage.
Based on our research, these eight companies offer competitive premiums for homeowners with average credit, based on 2024 rates pulled from Quadrant Information Services.
| Home insurance company | Poor credit | Average credit | Good credit | Excellent credit |
|---|---|---|---|---|
Secura | $1,681 | $1,123 | $1,077 | $976 |
Pekin | $2,381 | $1,609 | $1,533 | $1,370 |
Cincinnati | $2,007 | $1,598 | $1,568 | $1,470 |
USAA | $2,400 | $1,517 | $1,431 | $1,317 |
Hastings Mutual | $2,298 | $1,301 | $1,192 | $929 |
AAA | $4,212 | $2,015 | $1,813 | $1,540 |
Home insurance rates are known to fluctuate frequently, but you can rely on Bankrate to offer you the latest options available.
Rates refreshed as of May 2024
Read our full methodology
Bankrate's take:
A low credit score can impact your financial stability in many surprising ways and having to pay more for home insurance is just one of them. Insurance actuarial data shows that consumers with lower credit-based insurance scores tend to file more claims than those with higher insurance scores. Homeowners whose insurance score falls into the poor category pay an average of 123 percent more per year for $300,000 in dwelling coverage than homeowners with average credit. Unless you live in California, Maryland or Massachusetts, working to improve your credit from poor to average could potentially put an additional $1,703 back into your pocket every year.
The cheapest home insurance company for new homeowners: Nationwide
If you are a first-time homebuyer, you may be happy to know that several companies offer new purchase or first-time buyer discounts.
These five companies offer some of the cheapest homeowners insurance rates with these discount options, which could help your budget amid the expenses of homeownership.
Home insurance company* | Average annual premium |
|---|---|
| Nationwide | $1,662 |
| Grange | $1,802 |
| Travelers | $2,312 |
| Allstate | $1,917 |
| ASI Progressive | $2,359 |
*Not all of these home insurance companies are available in all areas.
Home insurance rates are known to fluctuate frequently, but you can rely on Bankrate to offer you the latest options available.
Rates refreshed as of May 2024
Read our full methodology
Bankrate’s take:While shopping for an insurance policy after purchasing a home can feel stressful, being a first-time homeowner may actually work to your advantage. Aside from first-time buyer discounts, many providers offer savings geared toward new customers, such as early shopping discounts. Inquiring about discounts tailored to your situation may save you a significant amount of money now and in the future.
The cheapest home insurance company for claims history: Selective
While experiencing home damage is never a pleasant experience, it is why we carry homeowners insurance. Rates do typically increase after a home insurance claim, though, so being prepared for the increase and knowing what companies might be cheaper could help you shop once your claim is closed.
The rates below are average annual premiums for $300,000 in dwelling coverage for homeowners with one wind claim on their profile.
Home insurance company* | Average annual premium |
|---|---|
| Selective | $476 |
| PEMCO | $739 |
| Mercury | $867 |
| Secura | $1,077 |
| Erie | $1,676 |
| USAA | $1,564 |
| Auto-Owners | $1,469 |
| Cincinnati Insurance | $1,568 |
*Not all of these home insurance companies are available in all areas.
Home insurance rates are known to fluctuate frequently, but you can rely on Bankrate to offer you the latest options available.
Rates refreshed as of May 2024
Read our full methodology
Bankrate’s take:Policyholders with little to no claims are viewed as a lower risk than homeowners with an active claims history. Limiting the number of claims submitted to your insurance provider could help keep your premium lower. Consider only filing claims where the cost of repairs is more than what you can reasonably afford to pay independently. You may want to try to avoid filing claims that cost only a little more than your deductible. Filing multiple claims could lead to having your policy nonrenewed.
The cheapest for bundling home and auto insurance: Erie
Many home insurers incentivize customer loyalty with a bundling discount. If you purchase multiple policies from the same provider, like home and auto insurance, you may be rewarded with a discount. A bundling discount may be another added perk for homeowners that prefer the convenience of using one company for all of their insurance needs.
The premiums listed below represent annual averages for home insurance policies with $300,000 in dwelling coverage.
| Home insurance company | Average annual premium | Typical bundle discount |
|---|---|---|
| Erie | $1,578 | Up to 25 percent |
| Nationwide | $1,662 | Up to 20 percent |
| State Farm | $1,795 | Up to $1,073 |
| Allstate | $1,917 | Up to 25 percent |
| Travelers | $2,312 | Up to 10 percent* on auto insurance policy and up to 12 percent on home policy |
*In Texas and Oklahoma, the Travelers bundling discount is capped at 7 percent for auto policies.
Home insurance rates are known to fluctuate frequently, but you can rely on Bankrate to offer you the latest options available.
Rates refreshed as of May 2024
Read our full methodology
Bankrate’s take:The exact amount you save with a bundling discount will likely vary based on where you live, and savings are generally applied to both policies. Bundles do not stop at just home and auto though; some insurers offer discounts for bundling RV coverage, boat insurance, umbrella coverage and more.
The cheapest for homeowners with a high deductible: Secura
The deductible level you choose influences your premium. Opting for a high deductible generally leads to lower premiums, as you'll have a higher out-of-pocket cost in the event of a claim.
Selecting a deductible is a balancing act between immediate out-of-pocket expenses and long-term premium savings. A higher deductible can be a cost-effective option for those who are financially prepared to pay more out of pocket in the event of a covered incident. This strategy may be particularly appealing for homeowners looking to reduce their insurance costs while still maintaining adequate coverage. Note that most insurance professionals recommend keeping your deductible low enough that you could comfortably pay it with little notice.
| Home insurance company | Average premium for $5,000 deductible |
|---|---|
| Secura | $908 |
| Erie | $1,372 |
| USAA | $1,126 |
| Nationwide | $1,223 |
| Auto-Owners | $1,229 |
Home insurance rates are known to fluctuate frequently, but you can rely on Bankrate to offer you the latest options available.
Rates refreshed as of May 2024
Read our full methodology
Cheapest home insurance companies by state
State-specific factors, such as the likelihood of natural disasters and the rising cost of building materials, can affect your home insurance premiums. For example, in states like Florida and Louisiana, where widespread wind damage from hurricanes is more likely, average home insurance rates are often higher than they would be in lower-risk areas.
Through our research, we determined the provider that has the cheapest home insurance rates in each state. According to our research, USAA was the cheapest homeowners insurance company in many states, but note that it only writes policies for active and retired military members and their families, so not everyone will qualify for coverage. Fortunately, many other carriers also offer competitive average rates.
Cheapest companies for homeowners insurance in each state
| State | Cheapest home insurance company | Average annual premium for $300,000 dwelling coverage |
|---|---|---|
Alabama | Cheapest home insurance company USAA | Average annual premium for $300,000 dwelling coverage $2,745 |
Alaska | Cheapest home insurance company Umialik | Average annual premium for $300,000 dwelling coverage $1,010 |
Arizona | Cheapest home insurance company Armed Forces | Average annual premium for $300,000 dwelling coverage $1,988 |
Arkansas | Cheapest home insurance company USAA | Average annual premium for $300,000 dwelling coverage $3,056 |
California | Cheapest home insurance company Progressive | Average annual premium for $300,000 dwelling coverage $1,452 |
Colorado | Cheapest home insurance company Grange Insurance Association | Average annual premium for $300,000 dwelling coverage $3,092 |
Connecticut | Cheapest home insurance company Vermont Mutual | Average annual premium for $300,000 dwelling coverage $1,655 |
Delaware | Cheapest home insurance company Cumberland Mutual Fire | Average annual premium for $300,000 dwelling coverage $966 |
Florida | Cheapest home insurance company State Farm | Average annual premium for $300,000 dwelling coverage $6,366 |
Georgia | Cheapest home insurance company Auto-Owners | Average annual premium for $300,000 dwelling coverage $1,972 |
Hawaii | Cheapest home insurance company Allstate | Average annual premium for $300,000 dwelling coverage $1,134 |
Idaho | Cheapest home insurance company Mutual of Enumclaw | Average annual premium for $300,000 dwelling coverage $1,309 |
Illinois | Cheapest home insurance company USAA | Average annual premium for $300,000 dwelling coverage $2,186 |
Indiana | Cheapest home insurance company Buckeye State Mutual | Average annual premium for $300,000 dwelling coverage $1,645 |
Iowa | Cheapest home insurance company Nationwide | Average annual premium for $300,000 dwelling coverage $2,005 |
Kansas | Cheapest home insurance company Auto-Owners | Average annual premium for $300,000 dwelling coverage $4,103 |
Kentucky | Cheapest home insurance company AAA | Average annual premium for $300,000 dwelling coverage $3,049 |
Louisiana | Cheapest home insurance company Armed Forces | Average annual premium for $300,000 dwelling coverage $6,140 |
Maine | Cheapest home insurance company Vermont Mutual | Average annual premium for $300,000 dwelling coverage $1,260 |
Maryland | Cheapest home insurance company Brethren Mutual | Average annual premium for $300,000 dwelling coverage $1,528 |
Massachusetts | Cheapest home insurance company Narragansett Bay | Average annual premium for $300,000 dwelling coverage $1,622 |
Michigan | Cheapest home insurance company Auto-Owners | Average annual premium for $300,000 dwelling coverage $1,828 |
Minnesota | Cheapest home insurance company North Star Mutual | Average annual premium for $300,000 dwelling coverage $2,476 |
Mississippi | Cheapest home insurance company USAA | Average annual premium for $300,000 dwelling coverage $2,820 |
Missouri | Cheapest home insurance company USAA | Average annual premium for $300,000 dwelling coverage $2,065 |
Montana | Cheapest home insurance company USAA | Average annual premium for $300,000 dwelling coverage $2,521 |
Nebraska | Cheapest home insurance company American Family | Average annual premium for $300,000 dwelling coverage $5,588 |
Nevada | Cheapest home insurance company Auto-Owners | Average annual premium for $300,000 dwelling coverage $1,202 |
New Hampshire | Cheapest home insurance company Vermont Mutual | Average annual premium for $300,000 dwelling coverage $963 |
New Jersey | Cheapest home insurance company Selective | Average annual premium for $300,000 dwelling coverage $1,112 |
New Mexico | Cheapest home insurance company State Farm | Average annual premium for $300,000 dwelling coverage $2,058 |
New York | Cheapest home insurance company NYCM | Average annual premium for $300,000 dwelling coverage $1,663 |
North Carolina | Cheapest home insurance company State Farm | Average annual premium for $300,000 dwelling coverage $2,776 |
North Dakota | Cheapest home insurance company North Star Mutual | Average annual premium for $300,000 dwelling coverage $2,539 |
Ohio | Cheapest home insurance company Buckeye State Mutual | Average annual premium for $300,000 dwelling coverage $1,194 |
Oklahoma | Cheapest home insurance company State Farm | Average annual premium for $300,000 dwelling coverage $4,493 |
Oregon | Cheapest home insurance company Auto-Owners | Average annual premium for $300,000 dwelling coverage $1,006 |
Pennsylvania | Cheapest home insurance company Cumberland Mutual Fire | Average annual premium for $300,000 dwelling coverage $1,149 |
Rhode Island | Cheapest home insurance company State Farm | Average annual premium for $300,000 dwelling coverage $1,961 |
South Carolina | Cheapest home insurance company USAA | Average annual premium for $300,000 dwelling coverage $2,360 |
South Dakota | Cheapest home insurance company USAA | Average annual premium for $300,000 dwelling coverage $2,583 |
Tennessee | Cheapest home insurance company USAA | Average annual premium for $300,000 dwelling coverage $2,370 |
Texas | Cheapest home insurance company Armed Forces | Average annual premium for $300,000 dwelling coverage $3,773 |
Utah | Cheapest home insurance company Mutual of Enumclaw | Average annual premium for $300,000 dwelling coverage $1,182 |
Vermont | Cheapest home insurance company Vermont Mutual | Average annual premium for $300,000 dwelling coverage $806 |
Virginia | Cheapest home insurance company Homeowners of America | Average annual premium for $300,000 dwelling coverage $1,487 |
Washington | Cheapest home insurance company Nationwide | Average annual premium for $300,000 dwelling coverage $1,350 |
West Virginia | Cheapest home insurance company USAA | Average annual premium for $300,000 dwelling coverage $952 |
Wisconsin | Cheapest home insurance company Rockford Mutual | Average annual premium for $300,000 dwelling coverage $1,169 |
Wyoming | Cheapest home insurance company Allied | Average annual premium for $300,000 dwelling coverage $1,352 |
District of Columbia | Cheapest home insurance company USAA | Average annual premium for $300,000 dwelling coverage $1,377 |
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Home insurance rates are known to fluctuate frequently, but you can rely on Bankrate to offer you the latest options available.
Rates refreshed as of May 2024
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Cheapest homeowners insurance in 20 major cities
While your state plays a big role in your premium, so does your city. Coverage tends to be more expensive in larger metropolitan areas, where the cost of living is higher, but some cities are still cheaper than others. Check out the cheapest home insurance company in some of the 20 largest cities in the country by population, below.
City | Cheapest home insurance company | Average annual premium for $300,000 dwelling coverage |
|---|---|---|
| Los Angeles, CA | USAA | $760 |
| Chicago, IL | Allstate | $1,107 |
| Houston, TX | Armed Forces | $1,833 |
| Phoenix, AZ | Armed Forces | $670 |
| Dallas, TX | Armed Forces | $1,797 |
| Austin, TX | Nationwide | $1,343 |
| Fort Worth, TX | Armed Forces | $1,797 |
| Columbus, OH | Buckeye State Mutual | $507 |
| Indianapolis, IN | Buckeye State Mutual | $703 |
| Charlotte, NC | State Farm | $709 |
| Seattle, WA | Nationwide | $679 |
| Denver, CO | Auto-Owners | $1,744 |
| Nashville, TN | USAA | $897 $1,069 |
| Oklahoma City, OK | State Farm | $1,860 |
| Portland, OR | Mutual of Enumclaw | $490 |
| Las Vegas, NV | USAA | $991 |
| Memphis, TN | Allstate | $1,300 |
| Detroit, MI | Auto-Owners | $540 |
| Baltimore, MD | USAA | $850 |
| Milwaukee, WI | American Family | $769 |
Home insurance rates are known to fluctuate frequently, but you can rely on Bankrate to offer you the latest options available.
Rates refreshed as of May 2024
Read our full methodology
Related content
How to choose the right, cheap home insurance for your budgetPreviously Read
Factors that impact home insurance ratesPreviously Read
How to save on homeowners insurancePreviously Read
Factors to consider when buying cheap home insurance
Insuring your house can be a boon for your budget, but it’s imperative that your coverage meets your needs. Lower limits usually mean lower rates but also that you have less financial protection. If you skimp on coverage to get a cheaper premium, you may regret it if you have to file a claim and find yourself facing high out-of-pocket costs. Working with an agent can provide you with peace of mind about your coverage decisions. In addition to looking for cheap home insurance rates, you may also want to consider a company’s customer service and financial strength ratings to help ensure that a company will be there for you when you need it most.
How to save on homeowners insurance
Securing a lower premium for homeowners insurance often begins with diligent research to identify affordable providers. However, beyond choosing a competitively priced insurer, there are actionable steps to potentially reduce your premiums further. One effective strategy is to reassess your policy for coverage that may no longer be necessary. Over time, changes in your home's value, possessions or personal circ*mstances can impact your insurance needs. By fine-tuning your coverage to align more closely with your current situation, you might find opportunities to save on your homeowners insurance costs without compromising on essential protection.
Common home insurance discounts
You might already get home insurance discounts on your policy, but you could also be missing some options. Talk to your provider to see if there are other ways to save. Sometimes the perks go beyond saving money; there are numerous benefits of bundling your home and auto insurance, for example.
- Bundling policies: If you buy your auto and home insurance from the same company, you might get a significant discount on both policies.
- Installing smart home systems: Installing smart home systems may qualify homeowners for insurance discounts. These usually apply to features that reduce the risk of claims, like smart home locks and property monitoring. If you've recently installed smart home features, you may want to notify your insurance company about these updates.
- Making home updates: If you have a new roof, updated electric system, smart home technology, new HVAC unit or have done other home updates, you might qualify for savings.
- Remaining claims-free: If you haven’t filed a claim within a certain period of time — usually three to five years, although it varies by company — you could save money on home insurance.
- Paying automatically: Enrolling in automatic payments through your insurance provider typically earns you a discount on your home insurance, depending on your provider. Paperless billing options may also offer additional savings.
- Shopping early: When changing home insurance companies, you may be eligible for an early bird discount if you secure and pay for your new policy a few days before the effective date. Typically, providers provide this discount if the policy is purchased seven to ten days ahead of time.
Frequently asked questions
Methodology
Bankrate utilizes Quadrant Information Services to analyze May 2024 current rates for ZIP codes and carriers in all 50 states and Washington, D.C. To determine rates, our base homeowner profile has the following characteristics and coverage levels.
40 year old
Male and female homeowner
2016 build year
Primary home
Good credit score
Clean claim history
Dwelling coverage
$300,000
Other structures coverage
$25,000
Personal property coverage
$125,000
Loss of use coverage
$50,000
Liability coverage
$300,000
Medical payment coverage
$1,000
Wind deductible
$1,000
The homeowners also have a $1,000 deductible, a $500 hail deductible and a 2 percent hurricane deductible (or the next closest deductible amounts that are available) where separate deductibles apply.
Bankrate Scores
Our 2024 Bankrate Score considers variables our insurance editorial team determined impacts policyholders’ experiences with an insurance company. These rating factors include a robust assessment of each company’s product availability, financial strength ratings, online capabilities and customer and claims support accessibility. Each factor was added to a category, and these categories were weighted in a tiered approach to analyze how companies perform in key customer-impacting categories.
5
Rating: 5 stars out of 5
Overall Score
Cost & ratings50%
Coverage & savings30%
Support20%
Like our previous Bankrate Scores, each category was assigned a metric to determine performance, and the weighted sum adds up to a company’s total Bankrate Score — out of 5 points. This year, our 2024 scoring model provides a more comprehensive view, indicating when companies excel across several key areas and better highlighting where they fall short.
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Written by
Natalie Todoroff
Writer, Insurance
Read more from Natalie
Natalie Todoroff is an insurance writer for Bankrate, prior to which she wrote for a popular insurance comparison shopping app. She has a Bachelor of Arts in English and has written over 800 articles about insurance throughout her career.
Edited by Maggie Kempken
