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Is Homeowners Insurance Coverage Required



Do you have to have homeowners insurance? The short answer is no because it is not required by law. That being said, it is likely that you will need to purchase a plan because it is common for mortgage companies to require it. They want to make sure that you can still pay your mortgage, should a disaster happen. Plus, it gives you peace of mind knowing that your most valuable asset is covered. You could experience something like a tree falling on your roof, or frequent natural disasters if you live in an area that is susceptible to extensive snow, fires, etc. So, unless you are able to purchase a home without signing a mortgage, plan on searching for homeowners insurance coverage. Finding the best plan for your needs might be stressful, so it is our goal to keep the process as simple as possible. It is important to find not just the cheapest option, but the best option overall. To do this, it is essential to compare companies across the country, instead of choosing the first one that comes to mind. Yes, this would make the process be over quickly, but it won’t guarantee that the plan is worth the money you will spend. Comparing options ensures that you will get the best and cheapest homeowners insurance. Coverage helps protect your house and your belongings, and it gives you peace of mind, so make sure to spend adequate time learning about your options. There are hundreds, if not thousands, of insurance companies across the United States, which can be overwhelming. If you don’t have the time to start from scratch, let us help walk you through the steps of securing the best plan for you. Below, we answer some frequently asked questions when it comes to homeowners insurance.

Value of HomeAvg. Annual National Home Insurance Costs
$74,999 and under$634.00
$75,000 to $124,999$1,414.00
$125,000 to $174,999$1,674.00
$175,000 to $299,999$2,031.00
$300,000 to $499,999$2,985.00
$500,000 and above$2,586.00

What Is the Average Cost of Homeowners Insurance

A question asked by most people looking for insurance is, "what is the average cost of homeowners insurance?" It varies by state because where you live affects the cost of the premium. Places with low real estate value may see cheaper premiums, since replacing a home there won’t cost as much. Additionally, states that experience frequent natural disasters tend to have higher prices because of the high-risk of living there. A report by S&P Global Market Intelligence found that Ohio offers the cheapest homeowners insurance in the country at approximately $895 annually. The Insurance Information Institution (III) says that Utah is the least expensive state at $659 a year. The S&P report states that the most expensive state is Maryland where homeowners insurance is found to be $1,212 a year. In contrast, III believes Louisiana is the most expensive at $1,967. Both reports agree that multiple factors (needed coverage, location, home value, etc.) determine how much you will pay. III finds that $49,999 worth of coverage costs $681 annually on average, and that number increases as the insured value range rises. For instance, $500,000 coverage costs an average of $2,164 a year. Again, comparing coverage plans is essential.

State for InsuranceAvg. Costs Per Month for Home InsuranceAvg. Costs Per Year for Home Insurance
Alaska$89.08$1,068.96
Alabama$94.83$1,137.96
Arkansas$107.67$1,292.04
Arizona$91.08$1,092.96
California$82.42$989.04
Colorado$44.83$537.96
Connecticut$89.17$1,070.04
DC$99.67$1,196.04
Delaware$51.50$618.00
Florida$183.50$2,202.00
Georgia$88.92$1,067.04
Hawaii$98.17$1,178.04
Iowa$172.67$2,072.04
Idaho$104.58$1,254.96
Illinois$68.75$825.00
Kansas$195.25$2,343.00
Indiana$86.25$1,035.00
Kentucky$79.50$954.00
Louisiana$78.33$939.96
Massachusetts$78.42$941.04
Maryland$87.50$1,050.00
Maine$104.92$1,259.04
Michigan$57.83$693.96
Minnesota$129.42$1,553.04
Missouri$139.25$1,671.00
Mississippi$77.42$929.04
Montana$134.83$1,617.96
North Carolina$109.67$1,316.04
North Dakota$124.75$1,497.00
Nebraska$148.50$1,782.00
New Hampshire$108.67$1,304.04
New Jersey$61.92$743.04
New Mexico$98.08$1,176.96
Nevada$79.67$956.04
New York$113.67$1,364.04
Ohio$88.92$1,067.04
Oklahoma$177.75$2,133.00
Oregon$66.08$792.96
Pennsylvania$96.92$1,163.04
Rhode Island$69.00$828.00
South Carolina$100.08$1,200.96
South Dakota$80.58$966.96
Tennessee$120.50$1,446.00
Texas$176.50$2,118.00
Utah$56.25$675.00
Virginia$89.17$1,070.04
Vermont$137.58$1,650.96
Washington$129.25$1,551.00
Wisconsin$111.42$1,337.04
West Virginia$131.42$1,577.04
Wyoming$84.58$1,014.96


What Does Homeowners Insurance Cover

When selecting a plan, it is important to ask, “what does homeowners insurance cover?” Similarly, it might be helpful to ask what your specific policy does not cover. Most basic policies cover six items: dwellings, other structures, personal property, loss-of-use, personal liability, and medical payments. Dwelling coverage refers to protection against damage done to the home’s structure. Essentially, this means anything built into the home, like floors, water heaters, and interior walls. Coverage of other structures means just that. Garages, sheds, and even gazebos are typically protected. Here, it is important to note that a standard policy does not pay for damage caused by a flood, earthquake, or normal wear and tear. Personal property coverage is for damage or theft of your belongings at their actual cash value. This is helpful because the items are covered no matter where the damage was done, and the policy can cover guests’ items if the items were stolen/destroyed on your property. Please note that things like jewelry, firearms, and collectables usually have a dollar limit, such as a policy only paying a maximum of $1,500, even if the item was worth more. Loss-of-use, or additional living expenses, coverage helps cover the cost of living somewhere else, should you need to move while your home is being repaired. There is a time limit to this, so keep this in mind. Coverage for personal liability helps pay for a court defense and court awards if you’re held liable for injury or damage to someone else or their property. So, if your child accidentally throws a ball at a neighbor’s window, you’re covered. Finally, if a guest is injured in your home, they can submit the medical bills to your company. This falls under the medical payment coverage, although it does not include bills for your family members and/or pets.

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Best and Worst Homeowners Insurance Companies

There are many insurance plan across the country, and the best and worst of homeowners insurance companies have been rated by J.D. Power and Consumer Reports (a trusted magazine). This magazine asked readers to rank insurers based on metrics which include timely payment, agent courtesy, and simplicity of claims process. After nearly 7,000 readers reported back, it was found that Amica Mutual Insurance ranked the best in the nation, while American Family and Liberty Mutual ranked as the worst, respectively. J.D. Power surveyed 13,000 customers and found that Amica was the best on a 1,000-point scale, and USAA was also near the top, although they serve a limited, military audience. This survey said that UPC Insurance was the worst homeowners insurance. Amica’s website doesn’t explicitly say how much coverage costs, but it tends to be expensive the first year because when you start a membership, you’re “buying into” the company, or becoming part owner. They do provide free quotes based on location. Other factors include marital status, credit score, and your home’s value, size, features, and condition. Combining home and auto insurance might also be a way to lower the cost of coverage, so see if your insurance company allows you to bundle.

Homeowners Insurance CompanyEstimated Monthly CostsEstimated Annual Costs
AAA$122.80$1,473.60
AARP$97.00$1,164.00
AIG$237.60$2,851.20
Allstate$123.80$1,485.60
American Family$126.10$1,513.20
Assurant$112.70$1,352.40
Erie$86.98$1,043.76
Esurance$94.45$1,133.40
Farm Bureau$84.96$1,019.52
Farmers$140.55$1,686.60
Geico$138.53$1,662.36
National General$109.73$1,316.76
The Hartford$75.54$906.48
Hippo$117.00$1,404.00
Lemonade$111.20$1,334.40
Liberty Mutual$150.07$1,800.84
Mercury$144.30$1,731.60
MetLife$136.13$1,633.56
Nationwide$95.93$1,151.16
Progressive$93.27$1,119.24
Safeco$124.53$1,494.36
State Farm$156.93$1,883.16
Travelers$151.38$1,816.56
USAA$97.53$1,170.36
Wawanesa$112.67$1,352.04
Wells Fargo$153.47$1,841.64



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How Are Homeowners Insurance Claims Paid

One of the final questions to ask when comparing insurance claims is “how are homeowners insurance claims paid?” It does depend on your policy, but to get the full value of your claim, it is important to understand how claim payments work. First, know that the claim payment might be made out to different people. If you are the sole owner of the property, you will get the claim check. If you have a mortgage, the check could be written out to both you and the mortgage company, which means you will need to work with them to get it cashed. The check could also be given to the condo or coop management company, the contractor, or anyone who is named as insured on the policy. Second, you could get several checks during the process of settling a claim. Each claim is handled differently, so check with your homeowners insurance company, so you will have correct expectations. Some other things to note is that you must claim your loss within a certain timeframe, the adjuster will need your current info, and you should keep track of your claim checks to make sure you get paid for everything.


How Much Homeowners Insurance Do I Need

In summary, there are many tips on how to get homeowners insurance. As stated previously, start by determining how much coverage you need. This involves focusing on dwelling, personal property, liability, and loss-of-use coverage and deciding what fits your needs. At this point, decide if you want additional coverage, like flood insurance if you live in a high-risk area. It is also essential to compare home insurance quotes. This will help you find the best coverage, which typically involves finding one of the cheapest plans. Shop for quotes online, by phone, or in person and start by looking at 3-5 different companies that meet your needs in a similar way. A simple list of pros and cons can help you keep track during the process. Look at J.D. Power ratings and consumer reports to see which ones rank the highest for customer satisfaction, complaints, and financial strength. Choosing a company based on low rates can be important, but if you select one that is known for making customers happy, you can be confident that you’ll have a good experience. Saving for a home typically takes time, and it will be one of your most meaningful investments. Of course, you will want the best homeowners insurance price, but keep in mind that finding the right coverage depends on multiple factors. Knowing that your company will help you when it comes to your prized belongings is worth the time it takes to compare plans.

State for Incurred Home LossesRecent Home Insurance Incurred LossesIncurred Losses the Year Before
Alabama$1,090,658.00$911,785.00
Alaska$100,859.00$78,263.00
Arizona$1,028,336.00$758,282.00
Arkansas$612,384.00$450,791.00
California$14,176,373.00$15,537,312.00
Colorado$3,024,658.00$1,847,521.00
Connecticut$1,014,471.00$530,780.00
Delaware$147,222.00$101,998.00
DC$117,061.00$74,814.00
Florida$9,717,195.00$8,338,668.00
Georgia$2,404,014.00$2,281,253.00
Hawaii$183,789.00$124,226.00
Idaho$362,711.00$256,968.00
Illinois$2,419,038.00$2,872,152.00
Indiana$923,085.00$1,084,975.00
Iowa$533,054.00$656,054.00
Kansas$486,110.00$639,267.00
Kentucky$590,670.00$600,526.00
Louisiana$657,619.00$616,808.00
Maine$161,897.00$197,973.00
Maryland$1,630,930.00$903,136.00
Massachusetts$1,070,236.00$738,068.00
Michigan$1,418,857.00$1,477,520.00
Minnesota$1,248,328.00$1,855,159.00
Mississippi$401,859.00$453,816.00
Missouri$923,061.00$1,323,972.00
Montana$173,787.00$138,443.00
Nebraska$384,676.00$831,422.00
Nevada$315,521.00$310,490.00
New Hampshire$188,457.00$167,682.00
New Jersey$1,473,504.00$1,027,437.00
New Mexico$341,004.00$399,164.00
New York$2,991,783.00$2,255,396.00
North Carolina$2,460,298.00$1,239,572.00
North Dakota$92,265.00$66,665.00
Ohio$1,337,015.00$1,382,572.00
Oklahoma$591,910.00$733,822.00
Oregon$386,985.00$556,768.00
Pennsylvania$1,993,042.00$1,450,507.00
Rhode Island$225,788.00$156,012.00
South Carolina$723,100.00$721,977.00
South Dakota$185,929.00$186,924.00
Tennessee$955,255.00$1,057,190.00
Texas$4,069,510.00$6,923,450.00
Utah$326,968.00$285,032.00
Vermont$85,252.00$91,470.00
Virginia$1,747,816.00$1,294,734.00
Washington$943,232.00$936,217.00
West Virginia$286,739.00$191,015.00
Wisconsin$753,849.00$821,867.00
Wyoming$260,302.00$134,152.00


How to Get Homeowners Insurance That Best Fits You

In summary, there are many tips on how to get homeowners insurance. As stated previously, start by determining how much coverage you need. This involves focusing on dwelling, personal property, liability, and loss-of-use coverage and deciding what fits your needs. At this point, decide if you want additional coverage, like flood insurance if you live in a high-risk area. It is also essential to compare home insurance quotes. This will help you find the best coverage, which typically involves finding one of the cheapest plans. Shop for quotes online, by phone, or in person and start by looking at 3-5 different companies that meet your needs in a similar way. A simple list of pros and cons can help you keep track during the process. Look at J.D. Power ratings and consumer reports to see which ones rank the highest for customer satisfaction, complaints, and financial strength. Choosing a company based on low rates can be important, but if you select one that is known for making customers happy, you can be confident that you’ll have a good experience. Saving for a home typically takes time, and it will be one of your most meaningful investments. Of course, you will want the best homeowners insurance price, but keep in mind that finding the right coverage depends on multiple factors. Knowing that your company will help you when it comes to your prized belongings is worth the time it takes to compare plans.


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