Homeowners Insurance Reviews
Whether you’re a first-time homeowner, looking to make a switch from your existing carrier, or need renters insurance, you can rely on our homeowners insurance reviews to help you compare coverage options, costs, and other features you might need.
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Frequently Asked Questions
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What should you look for when buying homeowners insurance?
When considering any insurance policy, you should look for a financially strong company with good consumer reviews and relatively few complaints. Compare at least a few companies and see if you're eligible for a multi-policy bundling discount from your current auto insurer. You should also know what type of policy you want and how much coverage you need.
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How much is home insurance?
The average cost of a standard homeowners insurance policy was $1249 in 2018, according to data released in 2021 from the NAIC. The average price of a renter’s policy was $179. How much you pay will depend on the size, location, and age of your house, plus what type of coverage you get, how much your deductible is, and your insurance credit score.
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Who is the most reliable home insurance company?
A reliable home insurance company should be financially stable and there when you need it. Amica Mutual, State Farm, and Erie Insurance are all financially strong insurers that consistently score high in J.D. Power's customer satisfaction and claims services ratings. But which insurer is best for you will depend on your specific policy needs.
Learn More: What Is an A-Rated Insurance Company? -
Who has the cheapest home insurance?
State Farm and Amica Mutual feature among the most affordable homeowners insurance companies. They have top-tier rankings in J.D. Power's customer satisfaction and claims services ratings and have low NAIC complaint scores. But if you're on the hunt for cheap insurance, make sure you get the coverage you need with a company that will be there when you need it.
Learn More: Best Cheap Homeowners Insurance -
How can you lower your home insurance premium?
You can lower your premium by increasing your deductible, bundling your auto and homeowner policies, asking about discounts, making certain home improvements, raising your credit score, and shopping around. Just be sure that any changes you make make sense. If you increase your deductible, for example, be sure you can afford to pay that amount out of pocket.
Learn More: How To Lower Your Homeowners Insurance Premium
Key Terms
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DEDUCTIBLE
An insurance deductible is the amount of money you will pay on an insurance claim before your coverage kicks in and pays the rest.
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CLAIM
An insurance claim is a formal request for payment made by someone to their policy provider. A claim is made after an incident occurs that's covered by the policy.
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POLICY LIMITS
An insurance policy limit is the maximum amount an insurer will pay for a particular type of coverage. Once you hit a policy’s limit, any leftover expenses are your responsibility.
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HO-3 POLICY
This is the standard home insurance policy. It provides an affordable way to have all risk coverage on your building while maintaining more limited coverage on the movable items in your home (your personal belongings).
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DECLARATION PAGE
An insurance declaration page sums up what is in an insurance policy. It comes at the start of your paperwork and outlines your deductible, coverage, discounts, and more.
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REPLACEMENT COST
Replacement cost is the amount of money required to replace an item or structure with one that has a similar type of construction.
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COVERED PERIL
A covered peril in homeowner's insurance refers to the types of damage for which your insurance company will pay. Perils are hazards and events that can cause loss or damage.
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ENDORSEMENT
An endorsement, also known as a policy rider, adds coverage for perils not originally listed as covered in your policy—usually for an additional premium.
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ACTUAL CASH VALUE
Actual cash value (ACV) is an insurance industry method of valuation that accounts for depreciation. ACV can be applied to any kind of insured property, such as a home or a vehicle. ACV payouts are based on the cost of the insured item, minus any depreciating factors like age or wear and tear.
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SCHEDULED PERSONAL PROPERTY COVERAGE
This is a type of insurance endorsement that provides additional protection for your personal belongings. It can protect high-value items, such as jewelry, furs, stamps, coins, guns, computers, antiques, and other items that aren't typically covered.
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