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The Most Affordable Homeowners Insurance Options in 2019

Are you looking for the best most affordable homeowners insurance options for your new home? These five top names in insurance offer the best services for the lowest prices, to ensure your home is always protected in case of a disaster. Learn more about each of their benefits below.
Are you looking for the best most affordable homeowners insurance options for your new home? These five top names in insurance offer the best services for the lowest prices, to ensure your home is always protected in case of a disaster. Learn more about each of their benefits below.

While car insurance is legally required, homeowners insurance isn’t always mandatory, though it is recommended. The only way to legally protect your property in case of theft, natural disaster, or other hazards is through homeowners insurance.

Luckily, you don’t have to pay a hefty fee to keep your home protected. We’ve evaluated some of the top homeowners insurance brands and products to find the ones that offer the best quality product for the lowest price.

Here are the top 5 most affordable homeowners insurance options for 2019:

1. Amica Mutual

Amica Mutual is a great option for anyone looking for homeowners insurance. J.D. Power rated them five stars in all six rating categories: satisfaction, policy offerings, pricing, billing/payment, interaction, and claims. Amica customers rate this company very highly, with a 94% rating on Consumer Reports.

Amica offers up to 10 different discounts on their homeowners policies and offers the chance to receive dividends at the end of every year, as its a member-owned company. However, while their coverage is great, their rates can fall on the higher end of the spectrum. Paired with discounts and the opportunity to earn money back, they still might end up being the cheapest option for the best coverage.

2. Allstate

This well-known insurance brand is a great choice for homeowners, particularly first-time homeowners. Allstate arms itself with educational information for new homeowners, answering a variety of questions new homeowners might have, like what types of coverage is needed.

Allstate also has the most discounts available for homeowners for things like bundling insurance services, automatic payments, security measures, and a two-year “welcome” discount. Allstate has very competitive rates and might cost less than Amica for many, but it’s important to note that their customer service satisfaction level is much lower than Amica’s, with only an 80% satisfaction rate.

3. State Farm

If you need a more personalized quote for your homeowner’s insurance, State Farm is worth looking into. The process of applying for a quote is quite thorough and will take much longer than competitors. However, you’ll often receive a more personalized plan in return, usually for a much fairer rate.

State Farm scores well when it comes to their financial strength, meaning they have a high likelihood of paying claims. Unfortunately, they offer very few discounts to members, but they have a decent customer satisfaction rating of 82%.

4. Progressive

One of the most frustrating scenarios homeowners deal with is finding out their home is not 100% covered if catastrophe strikes. Progressive rates well in this aspect, because they offer unique endorsements to help customize and expand your coverage. This allows them to cover things like pools, fences, and sheds, as well as adjust your coverage to meet increasing inflation rates.

Progressive also has affordable pricing, allowing homeowners to choose from a variety of customized policies. Coverage and discounts through Progressive can vary by state, and they also have a good customer satisfaction rating.

5. Metlife

You may have thought Metlife was just a life insurance company, but they also offer auto and homeowners insurance. Their homeowners insurance really shines when it comes to replacement coverage, which might never be an issue, but can save you hundreds of thousands should issues arise.

If you need to rebuild your home in lieu of an accident or natural disaster, most insurance policies will pay anywhere between 25% and 50% of your home’s value, while Metlife will pay you the full 100%. On the downside, Metlife doesn’t have a very tech savvy website and not everyone can receive a quote online. As far as customer satisfaction, Metlife ranks just underneath of Amica, with an 89% satisfaction rating.

Summary

The type of homeowners insurance policy you need will vary greatly depending on your home type and location. It can be helpful to reach out to different companies for quotes, in order to fully compare services and discounts.

An experienced real estate agent can help answer any of your homeowners insurance questions and can help you understand the type of insurance coverage you might need based on your location. A Clever Partner Agent can also help put you in touch with local carriers. Reach out to a Partner Agent today to learn more.

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Andrew Schmeerbauch

Andrew Schmeerbauch is the Director of Marketing at Clever Real Estate, the free online service that connects you top agents to save on commission. His focus is educating home buyers and sellers on navigating the complex world of real estate with confidence and ease. Andrew has worked on projects for the United Nations and USC and has a particular passion for investing and finance. Andrew's writing has been featured in Mashvisor, L&T, Ideal REI, and Rentometer.

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