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Homeowners
Insurance Quotes

Getting a reasonably priced quote can seem like it's out of reach to some people, but the truth is, obtaining one takes just minutes and could save thousands. Luckily for you, homeowners insurance is relatively easy to get - and you can get a free estimate on CoverageHaven!

Shopping around for home insurance is the best way to ensure you get the most protection for your money. By comparing multiple quotes, you can save money on your premiums and ensure you get the coverage you need.

Speak to a Licensed Insurance Agent
TTY: 711

How Does Home Insurance Work?

Choosing the right homeowner's insurance policy can be a daunting task. There are so many companies and policies to choose from, and it can be hard to know what level of coverage you need. However, it's important to remember that not all insurance is created equal.

Homeowners insurance is a type of property and casualty insurance that covers the buildings and other structures on your property and certain household items inside. It also provides coverage for liability claims made against you by others, such as medical expenses or injury to someone on your property. The cost varies based on how much coverage you need and where you live in the United States.

Homeowners Insurance Policy Types

Home insurance is a necessity for any homeowner. There are many policies to choose from, and it's important to know the difference so you can make an educated decision when choosing which will best suit your needs and budget. The more coverage you want on your homeowner's policy, the higher cost of the premiums:

HO1 Policy

HO1 insurance is the most basic form of homeowners insurance available. It lists ten specific perils that are covered by the policy. If a peril is not explicitly listed, it is not covered. This type of policy is often called a "bare bones" policy because it only covers the bare minimum. Most people who have HO1 coverage end up having to purchase supplemental coverage! Many states prohibit the sale of HO-1 policies, and few insurance providers offer them.

What it’s Good For
  • Not Recommended!
HO2 Policy

An HO2 policy is a named perils policy, covering specific damage types, such as fire, wind, hail, lightning, and theft. You can customize your HO2 policy to include additional jewelry, art, and collectibles coverage. Personal property is covered under actual cash value.

What it’s Good For
  • Those Looking For Minimal Coverage
HO3 Policy

HO3 policies are the most common type of home insurance, and for good reason. They offer comprehensive coverage for your home, other structures, and personal belongings. The open-perils basis for your home means it can cover any risks except for specific acts named within the plan.

What it’s Good For
  • Single-family Homes
  • Multi-family Homes
  • Homeowners
HO4 Policy

This policy is commonly known as renters insurance. This policy does not include any coverage for the structure itself. Still, it covers personal property stolen or damaged by a covered incident, legal expenses, and medical if someone is injured in your rented space or you damage their property.

What it’s Good For
  • Apartment Renters
  • Condominium Renters
  • Home Renters
HO5 Policy

This is similar to an HO-3 but offers a broader range of coverage. The dwelling and personal property are covered with replacement cost and have all-risks coverage. This policy is utilized for expensive homes and expands the standard coverage to include furs, fine arts, and jewelry.

What it’s Good For
  • New Build
  • High-Value Property
HO6 Policy

The condo insurance policy is a special type of home coverage designed to meet the unique needs and concerns of homeowners in these properties. An H06 policy will step in where your HOA's insurance leaves off, covering your walls, floors, and all the contents of your unit. It also provides coverage for the liability of guests injured on your property and any living expenses if your unit becomes uninhabitable.

What it’s Good For
  • Condo Owner
  • Co-op Dwelling Owner
HO7 Policy

Mobile home insurance is virtually an HO-3 policy, but it's designed specifically for mobile homes. This type of coverage offers protection from fire and theft and average coverages in most homeowner policies like liability or personal property damage.

What it’s Good For
  • Trailers
  • Single and Double-wide Mobile Homes
  • Modular Homes
  • Sectional Homes
  • RVs
HO8 Policy

With HO8 homeowners insurance, you can get coverage for your home if it doesn't meet the insurer standards required in most types of homeowner's insurance. The HO8 policy covers the actual cash value (ACV) of the home rather than the replacement cost.

What it’s Good For
  • Old Homes

What Does Homeowners
Insurance Cover?

Homeowners' coverage is essential protection for homeowners in the event of disasters, theft, and accidents. A typical policy includes six coverage types:

  • Dwelling
    Covers damage to the primary dwelling and attached structures.
  • Other structures
    Covers damage to other structures on the property, such as a shed or fence.
  • Personal property
    Replaces or repairs stolen or damaged belongings in a covered event.
  • Loss of use
    Helps cover temporary living costs while your home is being repaired after a named peril.
  • Personal liability
    Covers the cost of injury on your property or unintentionally causes property damage.
  • Medical payments
    Pays for medical expenses incurred by someone injured on your property, regardless of who's at fault. It also pays if you, a family member, or a pet hurt someone outside your home.

    Coverage may vary based on where you get your insurance.

How Much Does Homeowners Insurance Cost?

The average cost of a homeowner's insurance premium in the U.S. as of 2019 is $1,272 a year, according to the most recent release by the Insurance Information Institute. To get the best rate on homeowners insurance, it's important to compare quotes from multiple insurers and choose a policy that provides the coverage you need at a price you can afford.

Get a FREE Home Insurance Quote!

Speak to a Licensed Insurance Agent
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What Factors Determine the Cost of My
Homeowner's Insurance Policy?

A free quote from CoverageHaven is your best first step to finding out the cost of insurance. The price you're quoted will depend on several factors, including:

The Age of Your Home

Older homes are usually more costly to insure.

Home Improvements

If you renovate your kitchen and dining room, be prepared to pay more on home insurance. This is because the renovations will make your place more valuable and cost more in repairs if damages occur.

Location

If you're living in a higher-crime area, your insurance rates are likely to be more expensive because of the possibility of theft or vandalism. Natural disasters and flooding can also lead to increased premiums due to their frequency in these areas. However, your location could also lower your rates if it is near fire hydrants, police precincts, or other safety facilities.

Personal Details

The insurance company evaluates you based on your past claims, credit rating, and work history. If you file multiple claims or work from home, these factors can increase or decrease your policy cost.

Pets

Many breeds can be classified as "aggressive" by some companies, such as Dobermans or Pitbulls, which can affect the cost of your policy.

Property Risks

If your home has high-risk amenities such as wood-burning stoves, trampolines, or pools, your rates are likely to increase. What you own also plays into this - for example, if you own expensive jewelry or high-end electronics, it's wise to add a rider or endorsement to cover these items at an additional cost.

House Materials

Brick homes are more durable than wood-frame houses that are easily damaged by fire. Homes built with brick will cost less to insure because of their durability and resistance to fires.

Rebuilding Cost

Insurers will also consider how much the construction rates are in your region in the chance you will need to rebuild your home.

Security Features

You can save on home insurance costs by keeping your house well-equipped with a smoke alarm and security system linked to the local police department. Many insurers will reward you for these features, which means less money spent out-of-pocket!

The Size of Your Home

Naturally, the size of your home plays a role in the cost of your insurance. The larger a home is, the more expensive it would be to rebuild in the event of a disaster.

How to Save on
Homeowners Insurance

It's always in your best interest to keep premiums low. But, what do you have control over? The cheapest way is by shopping around for coverage and comparing rates on CoverageHaven, but there are other ways you can lower your home insurance costs:

  • Increase your deductible
    The higher your deductible, the more money you can save on premiums.
  • Bundle your policies
    Insurance providers want your business and may offer you incentives if you have multiple policies with them.
  • Make your home safer
    Smoke detectors and burglar alarms can give buyers up to 5% off their insurance.
  • Pay premiums annually
    You will typically save money if you switch from a monthly to a yearly payment.
  • Allow for a credit check
    If you have a good credit score, the insurer may give you a better deal as they see you as less likely to file a claim.
  • Reconsider your coverage
    Like everything in life, things can change from year to year. Don't overpay for insurance you don't need!

How to Buy Homeowners
Insurance

To make sure you're prepared for the homeowner's insurance shopping experience, consider the following:

  • Understand the basics of homeowners insurance.
  • Collect all the information needed regarding your house, such as its replacement cost, build, possible liabilities, roof age, and type of heating system.
  • Get a free quote from CoverageHaven to compare coverage and rates from multiple companies.
  • Ask about possible policy credits and discounts.
  • Choose the plan that best suits your needs!

Choosing the Best Homeowners Insurance Company

There's no one-size-fits-all when choosing the best homeowners insurance company. When comparing possible insurers, it's essential to do your research to ensure the money you pay each month will ensure you're covered if disaster strikes:

  • Compare statewide costs & insurers
  • Do a company health check
  • Review their current claims response
  • Research policyholder satisfaction
  • Get multiple insurance provider quotes
  • Get a free quote from CoverageHaven
Frequently Asked Questions
Home Insurance Quotes FAQs
What is included in home insurance?

Home insurance protects your home and belongings from damage or loss. Most policies cover the structure of your home, as well as contents such as furniture and appliances. Some home insurance policies also provide liability coverage in case someone is injured on your property. In addition, many policies offer additional coverage for things like jewelry, art, and collectibles. While the specifics of home insurance policies vary, most provide a reasonable level of protection against a wide range of risks. As a result, home insurance is an essential part of owning a home.

Do you have to have home insurance?

Home insurance is not required by law in the United States, but there are many situations where it is strongly recommended. For example, if you have a mortgage on your home, your lender will almost certainly require you to have insurance in place. This protects their investment in case of damage to the property. Even if you don't have a mortgage, though, insurance can provide peace of mind in knowing that you are protected against financial loss in the event of fire, theft, or other disasters. In addition, many homeowner's associations require members to carry insurance, and some states offer tax breaks for those who insure their homes. As a result, there are many good reasons to consider purchasing home insurance even if it isn't legally required.

What is the best home insurance?

The best home insurance is one that you can afford, and the coverage it offers will meet your needs. Make sure to ask about what kind of claims assistance or discounts are included, as these things fit and work with other financial commitments like student loans.

What if my old insurer won't renew my policy?

The solution to not renewing with your old insurer is simple. Change insurers and get yourself a better deal! Get a free quote in minutes with Coverage Haven.

Home Warranty Insurance Vs. Homeowners Insurance

Home warranties and insurance are often confused, but serve two different purposes. Homeowners insurance protects against events like fire or theft that occur in a home, while the warranty is intended to cover appliances as well as any other parts of your house for up to 10 years after purchase if something breaks down due to normal wear-and-tear.

Is Homeowners Insurance Tax-deductible?

Generally, homeowners insurance is not tax-deductible. As a result, you cannot itemize any home insurance payments on your taxes. This means that even though the premiums may be included in your monthly mortgage payment, they will not show up as an official deduction when it comes time to file your return—even if fire or theft happens between these monthly installments.

What's a Home Insurance Rule of Thumb?

While there isn't really a homeowner's insurance rule of thumb, Insurance companies adhere to the 80% rule for homeowner's or property owner's insurance policies to be eligible. The standard means that an insurer will only cover the cost of damage if a homeowner has purchased a policy equal to at least 80% of the house's total replacement value.

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