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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

ProviderPremiumSavings
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

ProviderPremiumSavings
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

ProviderPremiumSavings
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

ProviderPremiumSavings
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

ProviderPremiumSavings
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

ProviderPremiumSavings
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

ProviderPremiumSavings
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

ProviderPremiumSavings
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

ProviderPremiumSavings
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

ProviderPremiumSavings
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

ProviderPremiumSavings
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

ProviderPremiumSavings
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

ProviderPremiumSavings
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.

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