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Comparing home insurance quotes for July 2022

Updated Jul 21, 2022
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Getting home insurance quotes is important to finding the right company and coverage for your needs. A home insurance quote estimates the coverage types, limits, deductibles, discounts and premium that you could expect to pay if you purchase insurance from any given homeowners insurance company. Comparing home insurance quotes can help you identify potential gaps in coverage, find a competitive premium and gain peace of mind that the proposed coverage fits your needs. Bankrate’s insurance editorial team can show you how to review your home insurance quotes and compare quotes from multiple companies.

What to know when comparing home insurance quotes

When conducting a home insurance quote comparison, it may be helpful to follow these best practices.

  • Know what types of coverage you need: Standard home insurance policies typically cover your home’s structure, personal belongings, liability protection and additional living expenses. If you’re worried about issues like sewage backups or identity theft, you may want to consider add-on coverage types, otherwise known as endorsements. An insurance agent may help walk you through what coverage types might be wise to purchase for your individual needs.
  • Know how much coverage you need: Once you decide what types of coverage you want, you’ll also need to decide how much home insurance to buy, which means choosing coverage limits. A coverage limit is the dollar amount of damages your home insurance policy will pay up to in the event of a covered loss.
  • Make sure you’re holding variables constant between carriers: When you’re comparing quotes, it’s important to try to match variables across different home insurance companies. While it’s not always possible to get quotes exactly the same, ensuring that you have as many consistencies between different quotes as possible means you’re making a more accurate comparison.

How to compare home insurance quotes

Getting home insurance quotes from several insurers is one of the best ways to compare rates, coverage options, discounts and other policy features. And while reviewing quotes with an eye toward saving money can be a good financial strategy, it’s best to look at more than just price. Other aspects of your policy can be just as important as the premium, and ensuring that you have proper coverage could mean sidestepping financial strain if you have to file a claim. To compare home insurance quotes, take the following tips into account:

  1. Think about your needs: What are you looking for from a company? Do you value highly-rated customer service? Do you need certain coverage options? Do you want a company that has local agencies? Knowing what you want and need can help you narrow down your choices.
  2. Get quotes from several companies: Once you know what you are looking for in a company, you can request quotes from several home insurance providers that might fit your needs. When you compare insurance quotes, be sure to analyze more than just the price. Look at the coverage options, policy features and third-party company reviews as well.
  3. Review each quote for accuracy: Review the documentation you receive to make sure each home insurance quote is accurate and that the quotes are as similar as possible. Although your coverage amounts may vary based on each company’s valuation tool, ensuring that you get quotes for as similar coverage levels as possible can help you more equally compare your options.
  4. Use Bankrate Scores to compare home insurance strengths: Our proprietary Bankrate Score, weighed on a scale from 0.0 to 5.0, provides a quick look at the quality of products and services that each home insurance company offers. Our Bankrate Scores combine third-party ratings, average rates provided by Quadrant Information Services and digital tool availability into one convenient metric. To make sure you’re getting the best quality for your budget and needs, you can use our Bankrate Score to quickly assess how providers stack up in key aspects of the market.

The table below lists five home insurance companies with some of the highest Bankrate Scores. Each company on this list, except Chubb, scored above the industry average in the 2021 J.D. Power U.S. Home Insurance Study, and each received an AM Best financial strength rating of “excellent” or “superior.”

Provider Bankrate Score J.D. Power score AM Best financial strength rating
USAA 4.8 882/1,000 A++ (Superior)
State Farm 4.7 835/1,000 A++ (Superior)
Erie 4.6 835/1,000 A+ (Superior)
Chubb 4.4 801/1,000 A++ (Superior)
Auto-Owners 4.3 831/1,000 A++ (Superior)

*Not officially ranked by J.D. Power due to eligibility restrictions.

When in doubt, working with a licensed insurance agent can be incredibly helpful. An agent can help guide you when choosing coverage and policy features.

How Bankrate helps you compare home insurance rates

We understand that every homeowner is different, and your search for homeowners insurance quotes should reflect that. When you compare home insurance quotes, you may want to start with the best companies for your needs. If you care about customer service, coverage and overall quality, you may want to pay special attention to each company’s Bankrate Score.

Bankrate Scores are calculated through an objective analysis of each company’s J.D. Power score for customer satisfaction, AM Best and S&P ratings for financial strength, National Association of Insurance Commissioners (NAIC) customer complaints, coverage options, discounts and more. We also compiled the latest data from Quadrant Information Services to bring you accurate premium information.

Compare home insurance quotes by company and coverage level

One of the first considerations when shopping for home insurance coverage may be the price of a policy. In the United States, the average cost of a homeowners policy is $1,383 per year for $250,000 in dwelling coverage. Your homeowners insurance rates will vary based on a number of factors, including the replacement value of your home, your claims history and what company you choose.

Because every property insurer has a different rating system for your home and personal property, you may want to compare homeowners insurance rates from several different providers to find the best rate for the coverage you need. Additionally, you may need more or less coverage than our standard $250,000 dwelling limit used as our base profile. We’ve included average rates across a range of coverage levels for the largest companies by market share in the country, to help you get a sense of how they compare.

Average annual premiums for various coverage levels

Company $150K dwelling coverage $250K dwelling coverage $350K dwelling coverage $450K dwelling coverage $750K dwelling coverage
Allstate $976 $1,300 $1,817 $2,259 $3,208
American Family $864 $1,105 $1,427 $1,711 $2,306
Chubb $1,175 $1,763 $2,454 $3,045 $4,307
Erie $693 $959 $1,347 $1,697 $2,180
Farmers $1,113 $1,617 $2,240 $2,845 $4,253
Nationwide $773 $1,075 $1,504 $1,869 $2,773
Progressive $813 $1,061 $1,536 $1,906 $2,847
State Farm $997 $1,360 $1,725 $2,143 $2,945
Travelers $851 $1,202 $1,660 $2,063 $3,061
USAA $727 $978 $1,243 $1,480 $2,045

Learn more: Affordable home insurance companies

Compare home insurance rates by state

Home insurance quotes vary significantly by state. On average, the most expensive state for home insurance is Oklahoma at $3,593 per year, and the cheapest state for home insurance is Hawaii, at $378 per year. Even if the cost of home insurance is higher than average in your state, you may be able to find more affordable rates by comparing home owner insurance quotes and looking for discounts that apply to you.

State Average annual premium for $250K dwelling coverage
Alabama $1,597
Alaska $1,001
Arizona $1,216
Arkansas $2,104
California $1,084
Colorado $1,863
Connecticut $1,216
Delaware $681
Florida $1,648
Georgia $1,373
Hawaii $378
Idaho $858
Illinois $1,376
Indiana $1,180
Iowa $1,290
Kansas $2,800
Kentucky $1,820
Louisiana $2,009
Maine $944
Maryland $1,136
Massachusetts $1,274
Michigan $1,292
Minnesota $1,880
Mississippi $1,840
Missouri $1,647
Montana $1,752
Nebraska $2,849
Nevada $874
New Hampshire $731
New Jersey $775
New Mexico $1,939
New York $1,289
North Carolina $1,317
North Dakota $1,872
Ohio $1,119
Oklahoma $3,593
Oregon $704
Pennsylvania $786
Rhode Island $1,221
South Carolina $1,165
South Dakota $2,035
Tennessee $1,644
Texas $1,860
Utah $668
Vermont $668
Virginia $924
Washington $899
Washington, D.C. $897
West Virginia $1,089
Wisconsin $928
Wyoming $902

Frequently asked questions

Written by
Cate Deventer
Insurance Writer & Editor
Cate Deventer is a writer, editor and insurance professional with over a decade of experience in the insurance industry as a licensed insurance agent.
Edited by Insurance Editor
Reviewed by Director of corporate communications, Insurance Information Institute