Everything you need to know about the Best Home Insurance Deals Online

Have you ever wondered which insurance company is perfect for your home insurance? No doubt, a plenty of them exist and claim to offer the best home insurance rates but you need to compare them to check if their policies offer real value for money.

If you are looking for a home insurance, you need to look over just the price and perform a qualitative comparison based on the following factors:

  • Claims processing experience offered by the insurance provider
  • Customer service and financial stability
  • Coverage options offered

If you want to get the best out of an insurance deal, you must have a clear idea of your coverage requirements to choose the right one out of the policies offered by best home insurance companies.

Top 5 Home Insurance Companies In Your Area

 

Coverage offered by a home insurance policy

A home insurance policy provides coverage against damage to your home due to different reasons. State Farm is one of the best home insurance companies when it comes to offering a wide variety of coverage options for home. Some of the types of coverage offered include:

  • Dwelling Coverage:Such type of coverage offers a compensation to pay for repairing or rebuilding components like plumbing, wiring, HVAC system if the damage is a result of covered loss.
  • Liability:A liability insurance protects you from lawsuit costs due to an accident that causes loss to someone on your property. For example, if your dog bites your neighbor and he/she sues you, liability insurance will cover the damages for you. This insurance also offers coverage for damage done by your family member to another person’s property.
  • Other Structures: Other structure coverage covers for repair or building of extended structures at the property like sheds, garage, etc.
  • Personal Property: Such type of coverage protects electronics, clothes, furniture and personal property against damages due to a covered cause. With the help of checklists, mobile apps and personal property solutions from insurance providers, you can document your belongings and include in personal property coverage.
  • Loss of use coverage: If you have to move out of your home because of repairs at your home, such type of coverage will provide for housing and living expenses.
  • Guest Medical: If someone gets injured on your property but doesn’t want to sue you, such type of coverage will provide for medical bills and related expenses. Typically, $1000 is enough for guest medical coverage but the same can be extended for added protection.

Major home insurance companies offer a similar type of coverage. If you want the best home insurance for yourself, you need to compare multiple quotes by keeping the coverage offered in mind.

Make sure that you are never underinsured by having a clear idea about your coverage scope. Your insurance policy must not only take care of repairs but also have scope for rebuild in case of massive damage to your property. For this never just buy an insurance policy to cover up the requirement for mortgage approval. This will not only put your home at risk but can leave you homeless if you need to build that from scratch in case of a natural disaster.

As building material prices rise with time, you must have enough dwelling coverage to cover up for the cost of rebuild. This will mean that you need to take up add-on packages and top up your coverage over and above your home’s value. Also, make sure that personal property insurance cover should be enough to cover for damages. You might need to take up separate endorsements for high-value items inside your home. These endorsements will have to be taken on their official appraised value else your claim can be rejected by the insurance provider.

Factors affecting home insurance rates

When it comes to finding the best home insurance rates, you need to take care of several factors. When it comes to homeowners insurance, there are several factors that are out of your control. Still, you can take some steps to lower down your insurance cost while buying a home insurance. The factor that impacts the cost of home insurance include:

  • Type of home and its age: If you live in a home with older construction, it might be possible that you will have to pay higher for an insurance. This is because older homes are more susceptible to problems with plumbing, wiring, etc. This makes insurance companies charge higher when it comes to home insurance.
  • Location: Location is an important factor that impacts the price of home insurance. If your home is located in an area with high crime rate or is prone to natural disasters, you will have to shell out extra in home insurance premium.
  • Claims History: If you have filed for claims multiple times during the previous year, you will be required to pay a higher premium.
  • Risk Factors: Ifan insurance company deems your home as risky because of some factors such as having a swimming pool, trampoline or an aggressive dog, you will have to pay a high premium for home insurance.
  • Credit Score: Your credit rating has a direct impact on insurance prices. Generally, insurance companies offer insurance at a high rate to people with a bad credit score.
  • Deductible: If you choose a higher deductible while taking a policy, you can get insurance at a cheap rate. But this will mean that you will have to shell out money from your pocket if an instance of damage occurs on your property.
  • Coverage Amount: Greater the coverage, higher the insurance premium. So, make sure you analyze your requirement before going for an insurance policy.

Though many factors in the above list are beyond a person’s control, there are some things he/she can easily do to reduce the insurance cost and get best home insurance rates. The key to getting best home insurance policy is to reduce the risk of insurance company.

 

If you want to get the best deal, you should definitely use online quotes comparison tools to get the best home insurance rates. You can even visit the website of different insurers and conduct a research manually if you want.

When thinking about getting cheapest home insurance rates, you can conduct a sample research by inputting your personal info or sample info on online quotes comparison tools. To give you an idea about best home insurance companies, we conducted a sample analysis of quotes and received quotes from the following insurance providers:

  • Amica
  • State Farm
  • Liberty Mutual
  • Farmers

The sample was taken for a home in Chicago suburb valued at $315,000with an asphalt shingle roof and $1000 deductible. Age of the applicant was taken to be 40 years. The above mentioned insurance providers offered the following quotes:

  • Farmers: $150
  • Liberty Mutual: $129
  • State Farm: $117.75
  • Amica: $75.33

With the help of online tools for home insurance quotes, you can select the type of coverage, deductible and even choose payment terms. This means that you can get the most accurate quotes and even get hands on the cheapest and best home insurance policy available in the market.

If you start looking at the different tools, you will find out that Liberty Mutual’s online tool enables you to modify your coverage level and see its impact on the price of the policy. This means you can hit and try to find the cheapest quote available for your particular location.

Highest Discounts on Homeowners Insurance

When it comes to finding discounts on homeowners insurance companies, you will find out that many insurance providers offer more discounts than others. For example, if you choose to bundle your home insurance policy with an auto insurance policy from state farm, you will become eligible for a multi-policy discount that would lower down your monthly premium from $117.75 to $76.5. That is a very attractive discount on a home insurance policies.

In our analysis and research, we found out that Liberty Mutual offers the highest number of discount options for buyers to take advantage of. Some of their discounts include:

  • Multi-policy discount: Applicable if you choose to bundle auto, life or other forms of insurance policies with your home insurance policy.
  • Protective device discount: Applicable for homeowners who have installed security and safety devices such as fire alarm, home security system, sprinkler system, etc. on their premises.
  • Claim-free discount: For homeowners who have not filed for a claim over a specific period of time.
  • Group savings: Such kind of discount is applicable if you are associated with a specific organization or business. Generally, given to corporate employees, Liberty Mutual’s network offers insurance to more than 14,000 employers, associations and alumni around the country.
  • Newly purchased/renovated home discount: Applicable if you have purchased or renovated your home recently.
  • Early shopper discount: Applicable when a home owner buys a home insurance before the expiration of existing policy.
  • Insured to value discount: Applicable when you choose to insurance upto 100% of the total value of your home

With the help of different discounts offered by best home insurance companies, you can insure your home at a lower premium. You can even think of switching your insurance provider if you feel your current insurance provider is not offering you adequate discounts. In such a case, you can get home insurance quotes from different providers and choose the one that offers maximum discount on your home insurance.

Think about claims while picking up a home insurance

Claims processing is an important aspect of choosing a home insurance policy. If an insurance provider has a tedious claims process, you might not want to have a policy from the same. The last thing you want is to argue with your insurance provider in case of damage to your home.

According toa survey by J.D. Power & Associates and ConsumerReports.org, Amica Mutual has the best claims process. Amica scored the highest when it comes to claims disbursal for 16th time in a row in J.D. Power 2017 U.S. Household Insurance study. The study compared multiple carriers on overall satisfaction, price, claims, policy offerings and quality of services to homeowners insurance.Also, Amica ranked among the top in homeowners insurance ratings in Consumer Reports too.

When you have an insurance provider that offers easy claims filing process, on-call agent support and quick disbursal, you can be sure of getting a delightful experience if you ever need to file a claim with an insurance provider.

Being one of the most reputed companies in home insurance landscape, Amica has managed to delight customers and get high rankings in terms of customer satisfaction when it comes to claims. So, naturally, you should think of Amica Mutual for getting the best home insurance policy.

What do we recommend?

As far as our recommendation is considered, we would like home insurance buyers to seriously consider Amica Mutual. First of all, according to our research it offers the best home insurance rates. Also at the same time, it stands at the top in terms of customer satisfaction. Also, a smooth claims filing process and disbursal makes sure that Amica is there for you whenever you need.

Concluding Remarks

Now that you know a lot about best home insurance in the market, you can make an informed buying decision on your own. Always remember that in order to get the best value out of your insurance policy, you need to aim for lower insurance premium by focusing on discounts and eliminating risk factors from your home. If you are still confused between the best home insurance companies, you can always start a fresh research with the help of online home insurance quotes comparison platforms. Based on your location and personal requirements, you can choose from different insurance policies in minutes and make the right decision.