Best Home Insurance Companies

best home insurance companiesAs a homeowner, you know how valuable your home is. It could be your most expensive asset. And this includes your home’s contents. What would happen if, perish the thought, your home burnt down, flooded or were burglarized? How will you cover the repair or replacement costs? These are questions every homeowner should be asking themselves.

Taking out home insurance will have you covered for unexpected catastrophes.You’ll be protected against the hefty costs of damage to your home and contents caused by storms, water, fire, smoke, theft, or even acts of vandalism.

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  • Amazing coverage protects the stuff you own at home and everywhere else
  • If you have a mortgage, Lemonade will handle escrow payments automatically
  • Be able to customize your coverages to fit your lifestyle

If your home becomes uninhabitable because of storm damage, you may need to move into a hotel for a while. How will you cover these costs? Your home insurance policy could pay your living expenses in such a scenario! How cool is that?

How about unexpected legal and medical claims because a guest injured themselves on your property? Personal liability coverage will protect you.

What about your garage or outbuildings? If they’re damaged from flooding or fire, the costs of repairing them could be astronomical. Home insurance will have you covered.

Your personal belongings or the equipment in your home office are all items you can get insurance coverage for should you fall prey to thieves.

You may prefer not to think of these events happening to you and your home. But they DO happen—more often than you might like to believe. Home insurance has been designed to give you the best protection you need as a homeowner, when you least expect it.

Best Home Insurance Companies

Product Name 3 To 5 features Best For… Link To Product
Amica
  • Discounts offered
  • Different packages
  • Listed contractors for home repairs
  • Dividends available
Best for packages Visit Site
Allstate
  • Wide choice of coverage and options
  • Discounts for seniors and new homebuyers
  • Mobile app for claims and payments
Best for seniors and new homebuyers Visit Site
Erie Insurance
  • Low rates
  • Discounts for different coverages
  • Standard home insurance policies include replacement coverage
  • Not covered in all states
  • Sells through licensed independent agents
Best for overall coverage at a cheaper rate Visit Site
USAA
  • Mobile app for claims, payments and coverage
  • Coverage in all states
  • Optional coverage for floods and earthquakes
Best for U.S military members Visit Site
State Farm
  • Coverage for energy-efficient appliances
  • Utility lines and waterbeds covered
  • Reduced rates for roof damage
Best for energy-efficient unit cover Visit Site
Liberty Mutual
  • Discounts for renovations
  • Claims-free discount
  • Optional coverage available
Best for renters and landlords Visit Site
The Hartford
  • 24/7 customer service for ID theft coverage
  • Green and universal access rebuilding coverage
  • Decreasing premium without a claim
Best for green rebuilding coverage Visit Site
Nationwide
  • Discounts for new or renovated homes
  • Inflation coverage included
  • Customized options available
Best for farmers Visit Site
Farmers
  • Discounts for certain professions
  • No-claim premium deductions
  • Speciality homeowners insurance
Best for teachers and doctors Visit Site
Chubb Insurance
  • Standard policy includes ID theft coverage
  • Standard policy includes replacement cost coverage
  • Optional cash reimbursement
Best for condo owners Visit Site

Why Do I Need Home Insurance?

Are you a first-time home buyer? Have you recently bought a new home? Are you renting an apartment? Or are you a landlord renting out property? Either way, you need home insurance. With repair costs rising every day, paying for them out of pocket could end up being eye-wateringly expensive. And replacing contents is another expense you could do without when you haven’t budgeted for it.

If there’s an electrical short in your circuit, many of your household appliances may be damaged beyond repair. At worst, your house could burn down. All you’ll need to do is submit a claim for repairs or replacement and you’re covered. That is, if you took out home insurance! If you didn’t …yikes! We don’t even want to think about the potential out-of-pocket costs involved.

With crime being an ever-increasing concern, a home insurance policy will cover you for theft. When using the best home insurance company, paying claims will be one of their top priorities. You won’t need to stress about replacing your stolen goods out of your own wallet, because your home insurance policy has got you covered.

Your home could be severely damaged by a natural disaster such as a fire, flood, or storm. Do you live in an area prone to earthquakes? Then you know all about infrastructure damage that could be caused to your home by such events. Repairs and renovation costs are expensive, and your insurance could save you from having to take out yet another loan.

As a landlord, you’re aware of the endless stream of repairs needing to be done. From burst pipes to broken ovens, if you’re covered you’re protected against exorbitant repair costs. And if you’re a tenant, covering yourself for personal belongings will save you in the long run should there be a break-in or other damage.

If you’re taking out a mortgage, you’ll need home insurance. This has to be done before applying to mortgage loan companies. Do your research and find the best insurance company for your mortgage. It’ll also improve your chances of getting the loan you need when you want to buy your dream home.

It’s the unexpected event that catches every homeowner by surprise when they least expect it. How many times have you ended up using your vacation budget to pay for an expensive repair job to your home? Don’t let this happen to you.Take out home insurance and know you’re protected against the unexpected, without having to give up on your holiday.

Are you a first-time homebuyer? Check out our article

New Homebuyers Guide to Home Insurance

What Coverage To Look For From Home Insurance

Each insurance company will have its own home insurance policies that dictate what is covered. But you can expect a standard home insurance policy to cover you for fire and weather. Your garage and outbuildings are also covered, and most companies will give you personal property insurance coverage. This includes your furnishings, electrical appliances, and jewelry.

Personal liability coverage will protect you against any legal and medical claims made by a guest visiting your home. This will cover both injuries incurred on your property and damage to a guest’s personal possessions.

What happens if you have to move out of your home while it’s being repaired or renovated? In all covered events, your living costs will be paid for by your home insurance policy. This includes temporary accommodation and food. This is often known as loss-of-use coverage.

While most of these eventualities are covered in your standard home insurance, additional coverage can be taken out for other unexpected inconveniences.

Planning to renovate your home? Read Top Insurance Tips for Home Renovations before you begin.

Types Of Home Insurance Available To You

Optional additional and customized coverage is offered by some of your best home insurance companies.

Identity theft is becoming a common problem throughout the world. By taking out additional coverage, you’ll be able to cover all associated expenses as you sort out your identity theft problem. Credit card theft and loss is another area you could add as additional coverage to your standard home insurance policy.

You can increase your coverage cost on outbuildings as well as personal items by customizing your standard insurance policy. Flood and earthquake coverage is an optional coverage that should be a serious consideration if your area is prone to either risk. Additional coverage for your home business equipment can be added to your standard home insurance policy.

Homeowners must not forget items such as sump pumps and drainage backup equipment. These can be covered as an addition to your standard policy. Some top-rated home insurance companies offer versatile packages to meet all your personal requirements. By reviewing these offers, you’ll be able to customize the best home insurance policy for yourself.

Choosing The Best Home Insurance For Your Requirements

If you’re in the market for a home insurance policy, you may feel overwhelmed by the choices available. By reviewing some of the best property insurance companies, you’ll be presented with a wide variety of options to choose from.

Use our tips to help you make the right decision for you and your personal insurance needs.

Do A Comparative Review Of Features

Once you’ve narrowed down your choice of the companies you would like to deal with, carry out a comparative review. This could include features such as:

  • Discounts being offered
  • Additional coverages included in the standard home insurance policy
  • No-claim premium decreases
  • Longtime customer benefits (e.g. decreased premiums despite a claim)
  • Special or reduced rates for new homebuyers, seniors, or green buildings
  • Convenient methods of making claims and payments
  • Coverage in your area or state

Cheap Is Not Always The Best Option

Your comparative review of features will highlight which companies you would like to pursue further. Now it’s time to ask for a quote. Most companies give you the option of going online to request a quote. But some companies require you to make an appointment with a licensed insurance agent.

When all your quotes come in, do another comparison. See which companies can give you the best quote for the best coverage. Don’t fall into the trap of believing the cheapest quote is the best option, because it rarely is. Look out for the exclusions—these are the pitfalls that could end up costing you more in the end.

The Benefits Of Home Insurance

While paying for home insurance seems like an unnecessary expense, think carefully before dismissing it completely. If you still need to be convinced, consider the following benefits:

  • Unexpected expensive repairs: We all promise to put aside money for those unexpected costs and yet it never happens (#rainydayfund or #squirreljar anyone?) When the plumbing geyser bursts or your oven’s heating element goes out, replacing it could be expensive. A home insurance policy will spare you the angst of dipping into your savings unnecessarily.
  • Natural disasters: As much as you would like to believe you’re safe from natural disasters, they happen at the most inopportune times! Water damage from a flood or infrastructure cracks from an earthquake are all expensive to repair. Including this coverage in your standard home insurance policy means you can rest assured you’re covered for such eventualities.
  • Mortgage protection: In current times, more homeowners face the prospect of losing their jobs. You don’t want to lose the roof over your head during this time. Mortgage protection gives you peace of mind while you’re searching for another job.
  • Protect yourself against lawsuits: Accidents do happen. When it’s your guest falling down the stairs, you could be liable for their medical claims. Personal liability coverage will protect you from legal and medical claims.
  • Home break-ins: Coming home from your holiday and finding you’ve been broken into is bad enough. But discovering your television, computer, and other personal possessions have been stolen could break your bank. Save on these replacement costs by taking out home insurance.

Conclusion

A home insurance policy is one of the cheapest insurance policies you can take out. At a minimal cost per month, you’ll be safeguarding your home and your belongings. And the benefits are enormous: saving you money and giving you peace of mind.

As a homeowner, you’re faced with many responsibilities. Taking out a home insurance policy means you’re protecting yourself in case of emergencies. Not only are you protecting your home but all your personal belongings too. By choosing one the best insurance companies to do business with, you’re doing the right thing as a homeowner.

Don’t delay. Contact one of these home insurance companies today and choose the best package for your home protection needs.

FAQs

When Should I Get Home Insurance?

Most mortgage loan companies require home insurance for your mortgage. This needs to be done before you approach them for a loan. If you’re purchasing your home without a loan, it’s a good idea to look into home insurance as soon as you move into your new home.

How Much Does Home Insurance Cost?

This depends on the value of your home, the area you live in, and any additional coverage you’re adding to your standard policy.

How Much Coverage Do I Need From My Home Insurance?

There are three main areas of coverage to consider: your home’s infrastructure, your personal possessions, and liability.

Make sure your home’s coverage is enough to cover its full replacement. This includes building from scratch. You’ll need to get a proper value for your home to get the right coverage.

Personal belongings are normally covered up to 70% of their value. If you want full coverage, consider an addition to your standard policy.

A base liability coverage may not be enough to cover most claims and lawsuits. Consider this when choosing additional coverage.

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