Cheapest Homeowners Insurance in 2024 (Save With These 10 Companies)

Cheapest for Homeowners: Allstate

11,413 reviews

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4.0

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Company Facts

Min. Coverage for Homeowners

$176/mo

A.M. Best Rating

A+

Complaint Level

Low

Pros & Cons

• Multiple coverage options
• Various discounts
• Additional savings programs

• Lower than average customer service ratings
• Higher than average auto insurance rates

» Allstate Insurance Review

11,413 reviews

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2nd Cheapest for Homeowners: Erie

1,814 reviews

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4.3

Company Facts

Min. Coverage for Homeowners

$180/mo

A.M. Best Rating

A+

Complaint Level

Low

» Cheapest for Homeowners: Erie

1,814 reviews

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3rd Cheapest for Homeowners: Am Fam

2,180 reviews

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4.0

Company Facts

Min. Coverage for Homeowners

$181/mo

A.M. Best Rating

A

Complaint Level

Low

Pros & Cons

• Customer Service
• Coverage Options
• Discounts

• Digital Tools
• Policy Terms
• Claims Satisfaction

» Cheapest for Homeowners: American Family

2,180 reviews

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The cheapest homeowners insurance providers are Allstate, Erie, and American Family, with rates starting at $176/month.

Allstate stands out for its flexible policy coverage. Erie delivers a regional focus with excellent customer support, and American Family offers loyalty discounts for additional savings.

Our Top 10 Company Picks: Cheapest Homeowners Insurance

Insurance Company	Rank	Monthly Rates	A.M. Best	Best For	Jump to Pros/Cons
	#1	$176	A+	Flexible Coverage	Allstate
	#2	$180	A+	Regional Focus	Erie
	#3	$181	A	Loyal Discounts	American Family
	#4	$184	B	Competitive Rates	State Farm
	#5	$185	A+	New Homes	Nationwide
	#6	$186	A+	Volume Pricing	Progressive
	#7	$187	A	Insurance Discounts	Farmers
	#8	$188	A++	Mobile Tools	Geico
	#9	$192	A++	Eco-Friendly	Travelers
	#10	$193	A	Large Network	Liberty Mutual

This article compares home insurance companies and breaks down rates, coverage, and discounts to help you choose the best provider. Picking the right company is crucial for safeguarding your property at the best possible rate.

Don’t wait until it’s too late – protect your home by using our free quote comparison tool to find affordable home insurance today.

#1 – Allstate: Top Overall Pick

Pros

• Customizable Policies: Allstate tailors cheap home insurance to your exact needs. Learn how in our Allstate insurance review.
• Affordable Home Coverage: Cheap homeowners insurance rates start at $176/month.
• Safety Discounts: Save on home insurance by adding features like sprinklers or smoke detectors.

Cons

• Low Customer Satisfaction: Allstate ranks lower in claims satisfaction than other cheap home insurance companies.
• Paperwork Hassles: Some homeowners find Allstate’s documentation process tedious.

#2 – Erie: Cheapest Regional Focus

Pros

• Regional Expertise: Erie focuses on providing affordable homeowners insurance tailored to local needs.
• Low Rates: Cheap home insurance coverage starts at just $180/month.
• Claims-Free Discounts: Save more if you’ve had no prior claims when buying home insurance.

Cons

• Not Nationwide: Erie’s policies aren’t available everywhere.
• Fewer Bundling Deals: Other cheap home insurance providers may offer more bundling options.

#3 – American Family: Best Loyalty Discounts

Pros

• Loyalty Savings: Long-term AmFam customers get substantial discounts for cheaper home insurance coverage.
• Affordable Home Rates: Policies start at $181/month, helping homeowners stick to a budget.
• Protective Device Discounts: Save on cheap home coverage by installing alarms and smoke detectors.

Cons

• Regional Coverage: Cheap home insurance options depend on your location. Find out if it’s available near you in our American Family Insurance review.
• Pricey Add-Ons: Adding extra home coverage options can increase premiums significantly.

#4 – State Farm: Best for Competitive Rates

Pros

• Affordable Home Coverage: Cheap homeowners insurance policies start at $184/month.
• Nationwide Availability: Cheap home insurance is available in all 50 states.
• Home Safety Discounts: Save on premiums by adding safety features like impact-resistant roofs.

Cons

• Fewer Home Discounts: Other providers may have more savings options for homeowners. Learn more in our State Farm insurance review.
• Costly Full Coverage: Comprehensive home policies can be more expensive.

#5 – Nationwide: Cheapest for New Homes

Pros

• New Home Coverage: Specialized options for recently built or remodeled homes.
• Affordable Rates: Cheap home policies start at $185/month. Read more in our Nationwide insurance review.
• Multiple Ways to Save: Offers insurance discounts for claims-free histories or home renovations.

Cons

• Inconsistent Home Pricing: Rates can vary significantly by region.
• Fewer Loyalty Benefits: Long-term homeowners might find limited perks.

#6 – Progressive: Cheapest Volume Pricing

Pros

• Volume Savings for Homes: Affordable rates start at $186/month.
• Advance Quote Discounts: Save by switching your home policy early or bundling it with auto.
• Flexible Payments: Our Progressive Insurance review states that it allows customizable payment plans for cheap home premiums.

Cons

• Complicated Add-Ons: Adding extra home coverage can be confusing.
• No Regional Focus: Lacks home-specific pricing tailored to local needs.

#7 – Farmers: Best Home Insurance Discounts

Pros

• More Discounts: Farmers offers more discounts on cheap homeowners insurance than many other national providers.
• Loyalty Discounts for Homeowners: Get discounts for cheap home insurance when you stick with Farmers over time.
• Roof Discounts: Save with a recently installed or upgraded home roof. Learn how in our Farmers insurance review.

Cons

• Higher Starting Premiums: Farmers’ initial home insurance rates are steeper than other companies at $187/month.
• Limited Home Management Tools: Online tools for managing home policies could be better.

#8 – Geico: Best Mobile Tools

Pros

• Excellent Mobile Tools: You can buy, change, and cancel policies and file claims with the Geico mobile insurance app.
• Bundling Discounts: Combine home and auto insurance for maximum savings.
• Early Quote Savings: Homeowners can save by switching early or getting a quote in advance. Explore more about this in our Geico insurance review.

Cons

• Limited Home Customization: Geico home insurance might not cover unique needs.
• Small Local Agent Network: Homeowners needing in-person support may find limited availability.

#9 – Travelers: Cheapest for Eco-Friendly Homes

Pros

• Eco-Friendly Add-Ons: Travelers green home coverage covers eco-friendly materials that aren’t included in standard policies.
• Green Home Discounts: Eco-friendly homeowners can get cheap home insurance rates with additional discounts.
• Eco-Efficient Operations: Travelers is focused on reducing its carbon footprint by implementing an environmental policy and management system.

Cons

• Higher Starting Rates: Travelers’ base rates for cheap home insurance may be higher at $192/month. Compare free quotes in our Travelers Insurance review.
• Limited Local Home Support: In-person assistance can be harder to access.

#10 – Liberty Mutual: Best Agent Network

Pros

• Wide Agent Network: Homeowners can access in-person help easily.
• Efficient Claims: Customers can quickly file home insurance claims online.
• Paperless Discounts: Save on cheap home premiums with eco-friendly billing options. See more discounts in our Liberty Mutual insurance review.

Cons

• Higher Initial Home Rates: Starting premiums are $193/month, pricier than other home insurers.
• Fewer Unique Discounts: Homeowners looking for niche savings may have limited options.

How to Get The Cheapest Homeowners Insurance

Home insurance costs depend on things like your home’s size, the materials it’s made from, and risks in your area, such as flooding, earthquakes, or crime.

Among top providers, Allstate offers the lowest rates, starting at $176/month for a $300,000 policy, while Erie provides competitive pricing at $180/month with a strong regional focus. American Family combines affordability at $181/month with valuable loyalty discounts.

Cheapest Homeowners Insurance Monthly Rates by Provider & Coverage Level

Insurance Company	$300,000 Policy	$500,000 Policy	$1 Million Policy
	$176	$220	$280
	$181	$235	$290
	$180	$225	$290
	$187	$240	$305
	$188	$245	$310
	$193	$240	$300
	$185	$230	$295
	$186	$230	$295
	$184	$230	$295
	$192	$245	$310

For higher coverage levels, providers like Farmers and Liberty Mutual offer comprehensive options starting around $240/month for $500,000 policies. Comparing rates can help you determine how much home insurance to buy and balance cost and protection effectively.

The cost of your insurance also depends on your personal risks, like your credit score, claims history, and the type of coverage you pick. Basic plans are cheaper but may not include things like floods or earthquakes, which often need extra policies.

Choosing a higher deductible can lower your monthly cost, but you’ll pay more out of pocket if you file a claim. Understanding these options can help you find a good balance between cost and protection.

Homeowners Insurance Coverage Explained

What does home insurance cover? Homeowners insurance helps protect your home, your belongings, and your finances. Standard policies cover many situations, including damage to your home and legal liability if someone gets hurt on your property.

Some policies let you add extra protection for things like floods, earthquakes, or expensive items like jewelry. Here are the main types of home insurance coverage included in most homeowners insurance policies:

• Dwelling Coverage: Protects the physical structure of your home, like the walls, roof, and attached parts, from risks such as fire, storms, or vandalism.
• Personal Property Coverage: Covers your belongings, like furniture, electronics, and clothes, if they are stolen or damaged in a covered event.
• Liability Coverage: Helps pay if you are legally responsible for someone’s injury or property damage.
• Additional Living Expenses (ALE): Pays for temporary housing and living costs if your home can’t be lived in after a covered event.

Reviewing your policy and adding the coverage you need can ensure your home and belongings are safe from both common and special risks.

Ways to Save on Homeowners Insurance

There are a lot of simple ways to save money on homeowners insurance if you know where to look. One of the easiest is bundling — this just means combining your home insurance with something like life or auto insurance under the same company. Geico and Progressive, for example, offer pretty good discounts for doing this, so it’s worth checking out.

Homeowners Insurance Discounts From the Cheapest Providers

Insurance Company	Available Discounts
	Multi-Policy, Early Signing Discount, Claims-Free, New Homebuyer, Automatic Payments, Home Safety Devices, Smoke Detectors
	Multi-Policy, Smart Home, Protective Devices, Renovated Home, Loyalty Discount, Auto-Pay, Generational
	Multi-policy (Bundling), Safety System, Smoke Detectors, Sprinkler System, Advance Quote, New Home, Claims-Free
	Multi-Policy, Protective Devices, Green Home Discount, Claims-Free, Home Renovations, New Roof
	Multi-Policy, Home Security Systems, Smoke Detectors, Sprinklers, Fire Extinguishers, Early Signing Discount
	Multi-Policy, Claims-Free, Early Quote, Safety Devices, New/Renovated Home, Paperless Billing, Gated Community
	Multi-Policy, Protective Devices, Newer Home, Claims-Free, Home Renovation, Gated Community, Home Purchase Discount
	Multi-Policy, Protective Devices, New Home, Advance Quote, Pay in Full, New Roof
	Multi-Policy, Home Security Systems, Smoke Alarms, Impact-Resistant Roofing, No Claims Discount
	Multi-Policy, Protective Devices, LEED-Certified Home, Green Home Discount, New Homebuyer, Claims-Free

You can also save by making your home safer. Adding things like smoke detectors, a security system, or sprinklers not only protects your house but can also get you a nice discount from your insurance company.

If you’ve been with the same company for a while, loyalty programs can help too. Companies like American Family often give discounts to customers who renew their policies year after year. And if you’ve never filed a claim, Erie and other companies might give you a “claims-free” discount just for being a low-risk homeowner.

By mixing and matching these savings, you can cut down on your monthly bill without losing any important coverage. It’s all about finding what works best for your situation.

Learn More: Does home insurance cover roof leaks?

How to Get Online Quotes for Homeowners Insurance

Erie, American Family, and Geico are some of the cheapest homeowners insurance companies for standard policies. However, Erie and American Family are only available in certain states, while Geico offers nationwide coverage.

These companies work well for most homeowners, but if you have an eco-friendly house, live in a high-risk area, or own an older home, you might need a different kind of policy. Check out our guide on the best home insurance for older homes to see what might work better for you.

Getting quotes online makes it easy to compare options. You can customize your coverage and look for savings through discounts like bundling your policies or having a claims-free history. To find the best deal, use our free quote comparison tool. It helps you find trusted companies nearby that offer the right coverage at affordable rates.