How to Compare Home Insurance Quotes
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Hira Tanweer
Hira Tanweer covers a wide range of insurance topics. Prior to joining LendingTree, she served as a digital marketing consultant and a website content creator.
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Bryan Ochalla
Bryan Ochalla has worked as a writer and editor for over 20 years across several industries.
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Updated on:
March 15th, 2024
Content was accurate at the time of publication.
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State Farm has the cheapest home insurance in the U.S. among nationwide companies, with rates that average $2,427 a year.
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Erie and State Farm are the cheapest homeowners insurance companies. Both companies offer average annual rates that are under $2,500 a year. However, Erie is only available in 12 states and Washington, D.C.
| Company | Average annual rate | Average monthly rate |
|---|---|---|
| Erie | $2,055 | $171 |
| State Farm | $2,427 | $202 |
| USAA* | $2,507 | $209 |
| Allstate | $2,560 | $213 |
| Country | $2,827 | $236 |
| Nationwide | $3,055 | $255 |
| American Family | $3,072 | $256 |
| Chubb | $3,664 | $305 |
| Farmers | $4,479 | $373 |
| Travelers | $4,586 | $382 |
| Progressive | $4,727 | $394 |
| Farm Bureau | $5,364 | $447 |
*USAA is only available to military members and veterans, along with their families.
Cheapest insurance for most homeowners: State Farm
State Farm has the lowest average rate among national home insurance companies of $2,427 a year. You may drive down your rate even more with its multipolicy discount. You can save up to $1,073 a year on car and home insurance if you bundle both policies with State Farm.
State Farm also has great customer service ratings. According to J.D. Power’s Home Insurance Study, State Farm has a score of 829 out of 1,000 points for overall satisfaction, which is higher than the average score in the study.
Pros
State Farm is the cheapest national insurer.
It has an above-average customer satisfaction rating from J.D. Power.
Has a strong financial strength rating of A++ from AM Best.
Cons
State Farm offers few discounts compared to competitors.
Allstate offers all the standard home insurance coverages you expect as well as a variety of optional coverages. Optional coverages let you customize your policy and receive extra protection. Allstate’s optional coverages include:
- Scheduled personal property for expensive appraised items like antiques.
- Business property for increased limits for business items in your home such as inventory.
- Water backup for water damage caused by backups from drains and sewers or a sump pump breaking.
- Identity theft for legal costs and lost wages if your identity is stolen.
Pros
Allstate offers affordable rates, with an average annual rate of $2,560.
Allstate has a variety of great discounts, including savings of up to 25% if you bundle your auto and home policy.
Cons
Allstate received a below-average customer satisfaction score of 809 out of 1,000 points in J.D. Power’s 2023 U.S. Home Insurance Study.
Cheapest company for customer service: Erie
Erie has the cheapest home insurance rates, charging an average of $2,055 a year. On top of that, it offers a multipolicy discount that ranges from 16% to 25% if you bundle your auto and home policies.
Erie also receives few customer complaints, according to the National Association of Insurance Commissioners (NAIC). Erie received less than half as many complaints as expected for a company of its size.
Erie earned a score of 856 out of 1,000 from J.D. Power’s Home Insurance Study, which is the highest score in the study after USAA.
Pros
Erie offers the cheapest average rate in our study, at $2,055 a year.
Has the second-highest customer satisfaction rating from J.D. Power.
Cons
Erie offers few discounts compared to its competitors.
Only available in 12 states and Washington, D.C.
Average home insurance rates vary by state due to factors like natural disaster statistics. We found that Allstate offers the cheapest rates in 6 states as well as State Farm.
| State | Cheapest company | Cheapest premium |
|---|---|---|
| Alabama | Allstate | $2,228 |
| Alaska | Western National Insurance | $1,235 |
| Arizona | State Farm | $1,737 |
| Arkansas | MetLife | $2,519 |
| California | USAA | $799 |
| Colorado | Chubb | $2,614 |
| Connecticut | Allstate | $1,737 |
| Delaware | Nationwide | $840 |
| District of Columbia | Nationwide | $1,409 |
| Florida | Chubb | $2,294 |
| Georgia | Progressive | $2,061 |
| Hawaii | UPC Insurance | $370 |
| Idaho | Mutual of Enumclaw | $957 |
| Illinois | Nationwide | $1,545 |
| Indiana | Erie Insurance | $1,453 |
| Iowa | Pekin Insurance | $1,830 |
| Kansas | Shelter Insurance | $3,227 |
| Kentucky | Cincinnati Insurance Co. | $2,030 |
| Louisiana | State Farm | $1,274 |
| Maine | Vermont Mutual Insurance | $1,006 |
| Maryland | Travelers | $1,384 |
| Massachusetts | Norfolk & Dedham Group | $685 |
| Michigan | The Hanover Insurance Group | $1,004 |
| Minnesota | North Star Mutual Insurance Co. | $2,001 |
| Mississippi | Southern Farm Bureau Casualty | $3,249 |
| Missouri | Allstate | $2,356 |
| Montana | Farmers | $1,660 |
| Nebraska | American Family | $3,834 |
| Nevada | Nationwide | $1,065 |
| New Hampshire | Vermont Mutual Insurance | $1,048 |
| New Jersey | Allstate | $1,028 |
| New Mexico | State Farm | $2,183 |
| New York | NYCM Insurance | $529 |
| North Carolina | State Farm | $1,475 |
| North Dakota | North Star Mutual Insurance Co. | $1,947 |
| Ohio | Erie Insurance | $1,242 |
| Oklahoma | American Farmers & Ranchers | $4,466 |
| Oregon | Mutual of Enumclaw | $782 |
| Pennsylvania | Westfield Insurance | $1,017 |
| Rhode Island | State Farm | $1,027 |
| South Carolina | Allstate | $1,274 |
| South Dakota | North Star Mutual Insurance Co. | $2,530 |
| Tennessee | Erie Insurance | $2,332 |
| Texas | Texas Farm Bureau Insurance | $3,474 |
| Utah | Farm Bureau Financial Services | $1,230 |
| Vermont | Allstate | $768 |
| Virginia | State Farm | $1,483 |
| Washington | Mutual of Enumclaw | $907 |
| West Virginia | USAA | $1,197 |
| Wisconsin | Erie Insurance | $1,222 |
| Wyoming | Nationwide | $1,408 |
Cheapest homeowners insurance companies in biggest cities
Your home insurance rate can also vary by where you live within a state or city. Factors like crime rates in your area and your home’s distance from a fire department or a fire hydrant can affect your annual home insurance rate.
Cheapest home insurance rates by city
| City | Cheapest company | Cheapest premium |
|---|---|---|
| New York City | New York Central Mutual | $785 |
| Los Angeles | USAA / Allstate | $821 / $857 |
| Chicago | Erie | $1,984 |
| Houston | Nationwide | $1,774 |
| Phoenix | State Farm | $1,866 |
| Philadelphia | Westfield Insurance | $1,276 |
| San Antonio | Chubb | $2,306 |
| San Diego | USAA / Travelers | $705 / $796 |
| Dallas | Chubb | $2,952 |
| Jacksonville, FL | UPC | $1,302 |
There are other ways to lower your home insurance rate besides finding the cheapest company. We recommend taking advantage of discounts, increasing your deductible and upgrading your home. If you already have a home insurance policy, you can also shop around to get the best rates.
Most companies offer discounts, some of which, like a multipolicy discount, can save you a lot of money. You can also lower your home insurance rate by increasing your deductible. However, you will need to pay a higher amount when you file a claim.
You can lower your home insurance rate by installing security devices and alarms in your home, too. Upgrading your roof can lead to a lower home insurance rate as well.
Methodology
The rates shown in this article are based on nonbinding quotes collected from Quadrant Information Services. Your rates may vary. Average rates were compiled from rates in all 50 states. The following coverages and deductible were used unless otherwise noted:
- $400,000 dwelling coverage
- $40,000 other structures
- $200,000 personal property
- $80,000 loss of use coverage
- $100,000 liability
- $5,000 medical payments
- $1,000 deductible
On this page
- Cheap homeowners insurance companies
- Cheapest insurance for most homeowners
- Cheapest home insurance for great coverage
- Cheapest company for customer service
- Cheapest homeowners insurance companies by state
- Cheapest homeowners insurance companies in biggest cities
- How to save on home insurance
