There is a lot of variability in prices, so the best way to start is to do some shopping online. You may be able to find great comparison information on your state government insurance department’s website.
Before you get a new policy, you will probably need to have a home inspection that was done within the previous five years. If you have already gotten this done in the homebuying process, you can just have the company forward the report to an insurance agent or directly to a couple of companies that you are considering using.
Many homeowners find that the process for homeowners insurance shopping is much easier with a local insurance agent. Agents can get multiple quotes for you, can help you understand policies, find the best value (which may not necessarily be cheap homeowners insurance) and file claims.
To be sure that you are getting the right coverage if you are doing this without an agent, ask for detailed quotes and coverages and go over each one carefully, paying attention to what is covered, the overall cost, exclusions and deductibles. Lower deductibles mean lower out of pocket spending in case of a problem, so those policies are more expensive.
Learn About Costs
The amount you will pay depends on a lot of features, such as:
- Your location, including the threat of natural disasters there
- Your home’s square footage
- Your home’s construction quality
- Special features like swimming pools
- Your home’s value
- Your home’s age
- Safety related information such as having a fence around your pool and having a dog that is considered to be a dangerous breed
- The age of major parts of your home, such as your roof
- Whether you have certain protective features, such as storm shutters
- Whether you have other policies with the company or not
The average amount paid for homeowners insurance nationwide for a home with $250,000 dwelling coverage is $1,312 per year, or $109 per month. If you have a mortgage, you will probably pay this amount as part of your monthly mortgage payment.
The most expensive states for homeowners insurance are Oklahoma, Nebraska, Kansas, Arkansas and New Mexico. The least expensive states are Hawaii, Utah, Delaware, Vermont and Oregon.
Some of the most popular choices include Progressive home insurance and Geico homeowners insurance. Both Geico and Progressive homeowners insurance can be bundled with other types of insurance coverage such as auto insurance for savings.