When buying a new home, one of the most important steps is getting quotes for homeowners insurance. With so many home insurers available in some areas, the process of finding the right insurance can feel overwhelming. To help you in your search, the MarketWatch Guides team has gathered quotes from major home insurance companies to provide you with valuable information.
Based on our review, Auto-Owners offers the most affordable homeowners insurance on average, at $1,697 per year for a policy with $350,000 in dwelling coverage. In comparison, the average annual cost of homeowners insurance for the companies we reviewed is $2,728. American Family stood out by providing the fastest online quote within three minutes.
Factors that can impact home insurance costs include your dwelling amount (or cost to rebuild your home), deductible, credit score, and claims history. By comparing costs across these four categories among seven top-ranked home insurance companies, you can make an informed decision.
Before seeking quotes for homeowners insurance, it’s essential to gather all the necessary information. This includes details about your current insurance coverage, any claims made in the past five years, and information about your new home such as square footage, year built, and building materials used.
Determining how much coverage you need is crucial. You should acquire enough dwelling coverage to cover the entire cost of rebuilding your home, not just the market value. Calculating the cost of rebuilding your home can help you determine the appropriate coverage amount.
When seeking quotes, there are factors you can change to potentially lower your insurance costs, such as adjusting your deductible and bundling your home insurance with other policies like auto insurance. However, factors like dwelling amount, credit score, home age, and claims history are not easily changeable and can impact your insurance rates.
To get a home insurance quote, you can use an online comparison tool, request quotes directly from individual providers, or work with a local insurance agent. Each method has its advantages and may cater to different preferences.
After receiving quotes from multiple companies, it’s important to compare the providers and prices. Consider factors like coverage offered, financial stability, customer service reputation, and location-specific risks when making your decision.
In conclusion, getting quotes for homeowners insurance is a crucial step in the home-buying process. By understanding the factors that impact insurance costs, gathering necessary information, and comparing quotes from different providers, you can make an informed decision and ensure your new home is adequately protected.