Insuring your home is a necessary evil and one that keeps you safe in times of crisis. You might think of the insurance bill as a liability, but if you are the unfortunate victim of natural or man-made accidents or theft or if your home needs to undergo a big repair work, this is the kind of investment that protects your finances from large-scale damage. Unless you have a decent amount of independent wealth and your home is worth a marginal proportion of that wealth, it is not a good option to forego on home insurance.
However, in case you decide to skip home insurance, make sure it is a well-thought-out decision because insurance providers do not look favorably on a lapse in homeowners insurance. They conclude that you are either not capable of paying your insurance on time or you are buying insurance because you anticipate the necessity of a claim in the near future.
In the tables listed below, readers can look at potential savings based on the provider they choose. Gavop estimated the savings by calculating the difference between the state median premium and the premium offered by the provider in the state.
In each table, we have named 5 providers, based on the maximum savings they can offer to the consumer. The figures are in descending order.
1. Alaska
State median premium: $1,320
| Provider | Premium | Savings |
|---|---|---|
| Stillwater Insurance Company | $877 | $443 |
| USAA Casualty Insurance Company | $894 | $426 |
| State Farm Fire and Casualty Company | $994 | $326 |
| Umialik Insurance Company | $1,020 | $300 |
| Country Mutual Insurance Company | $1,075 | $245 |
2. California
State median premium: $979
| Provider | Premium | Savings |
|---|---|---|
| Mercury Ins Group | $550 | $429 |
| Tokio Marine America | $599 | $380 |
| Pacific Specialty | $624 | $355 |
| Pacific Property And Casualty | $631 | $348 |
| Allstate | $699 | $280 |
3. Colorado
State median premium: $1,349
| Provider | Premium | Savings |
|---|---|---|
| American Reliable Insurance Company | $474 | $875 |
| Privilege Underwriters Reciprocal Exchange | $612 | $737 |
| AIG Property Casualty Company | $699 | $650 |
| Ids Property Casualty Insurance | $735 | $615 |
| Horace Mann Insurance Company | $932 | $418 |
4. Delaware
State median premium: $962
| Provider | Premium | Savings |
|---|---|---|
| Delaware Grange Mutual Insurance Company | $557 | $405 |
| Goodville Mut Cas Company | $656 | $306 |
| Electric Insurance Company | $683 | $279 |
| Nationwide General Insurance Company | $721 | $242 |
| AIG Property Casualty Company | $723 | $239 |
5. Florida
State median premium: $1,780
| Provider | Premium | Savings |
|---|---|---|
| Security First Insurance Company | $1,164 | $616 |
| Citizens Property Insurance Corporation | $1,269 | $511 |
| United Property & Casualty Insurance Company | $1,364 | $417 |
| First Protective Insurance Company | $1,369 | $411 |
| Florida Farm Bureau Casualty Insurance Company | $1,409 | $371 |
6. Hawaii
State median premium: $559
| Provider | Premium | Savings |
|---|---|---|
| DB Insurance Company | $258 | $301 |
| Universal Property & Casualty Insurance Company | $298 | $262 |
| Island Premier Insurance Company Limited | $300 | $259 |
| American Pacific Insurance Company | $317 | $242 |
| North River Insurance Co. | $364 | $195 |
7. Kansas
State median premium: $2,621
| Provider | Premium | Savings |
|---|---|---|
| Mutual Aid Exchange | $1,713 | $908 |
| Allstate Vehicle And Property Insurance Company | $1,989 | $632 |
| American Family Insurance Company | $2,024 | $598 |
| Upland Mutual Insurance, Inc. | $2,076 | $545 |
| Bremen Farmers Mutual Insurance Company | $2,080 | $541 |
8. Louisiana
State median premium: $2,339
| Provider | Premium | Savings |
|---|---|---|
| Pharmacists Mutual Insurance Company | $1,352 | $987 |
| Maison Insurance Company | $1,456 | $883 |
| Armed Forces Insurance | $1,496 | $843 |
| Gulfstream P&C Insurance Company | $1,498 | $841 |
| United Property & Casualty Insurance Company | $1,589 | $750 |
9. Maryland
State median premium: $1,216
| Provider | Premium | Savings |
|---|---|---|
| Brethren Mutual Insurance Co. | $725 | $491 |
| Safeco Insurance Company | $754 | $463 |
| Farmers Insurance Exchange, Inc | $797 | $420 |
| NGM Insurance Company | $880 | $336 |
| Peninsula Insurance Co. | $912 | $305 |
10. Montana
State median premium: $1,216
| Provider | Premium | Savings |
|---|---|---|
| Allstate Indemnity Co. | $161 | $930 |
| Allstate Insurance Company | $365 | $726 |
| Fire Insurance Exchange | $406 | $685 |
| USAA Casualty Insurance Company | $819 | $272 |
| United Services Auto Association | $831 | +$260 |
11. Oklahoma
State median premium: $2,298
| Provider | Premium | Savings |
|---|---|---|
| CSAA Fire & Casualty Insurance Company | $1,424 | $874 |
| The United Services Automobile Association | $1,557 | $741 |
| USAA Casualty Insurance Company | $1,627 | $671 |
| Safeco Insurance Company | $1,775 | $523 |
| American Farmers & Ranchers Mutual Ins. Co. | $1,831 | $467 |
12. New Hampshire
State median premium: $477
| Provider | Premium | Savings |
|---|---|---|
| Patriot Ins Co. | $128 | $349 |
| USAA Casualty Insurance Company | $165 | $312 |
| MMG Ins Co | $166 | $311 |
| The United Services Automobile Association | $179 | $298 |
| Phoenix Mutual Fire Insurance Company | $180 | $297 |
13. Texas
State median premium: $1,907
| Provider | Premium | Savings |
|---|---|---|
| American Strategic Insurance Corporation | $1,059 | $848 |
| Trumbull Insurance Company | $1,179 | $728 |
| Twin City Fire Insurance Company | $1,239 | $668 |
| Allied Property and Casualty Insurance Company | $1,321 | $586 |
| United Property & Casualty Insurance Company | $1,376 | $531 |
A home insurance agreement constitutes of many factors, such as coverage, deductible etc. If you shop around and find a provider who offers you a reasonably cheap insurance deal, you would still need to figure out the deductible and coverage amounts included in the agreement. Deductible is the amount of money that customers pay out of their pockets for any small scale loss or damage. Coverages are usually of two kinds – liability coverage and property coverage. Property coverage offers protection against the loss or damage of personal property within the premises of your home.
Liability coverage, on the other hand, protects you against the losses for bodily injury or property damage of others on the homeowner’s premises.
Moreover, there are certain kinds of perils that most providers offer coverage for, including, damage caused by fire, theft, ice or sleet, or the sudden rupturing of a plumbing system, air-conditioner or some other electrical appliance. Although, there are certain perils, against which, providers generally do not provide coverage, like - earthquakes, landslides, war, pollution damage etc. However, these coverages vary depending on the provider you choose. Therefore, when you are shopping around for home insurance, you should compare premiums, but you should also keep in mind other variables, such as the type of coverages provided, the perils covered against and the deductible amount agreed on.
Find a comprehensive analysis of all the ways to you can save on your home insurance.
If you want to know about home insurance quotes for your location, enter your zip code in the box provided at the top of the page.