Cheapest Homeowners Insurance (2023)

Although Lemonade is one of the cheapest homeowners insurance companies available, it offers comprehensive coverage, unique add-ons, and worthwhile technological features with each policy.

Here are the coverage types you can find in a Lemonade home insurance policy:

• Personal property
• Liability
• Dwelling
• Loss of use coverage
• Medical payments to others
• Portable electronics coverage

Here are some additional coverage options you can add to your Lemonade policy:

• Earthquake protection
• Added personal property coverage for fine art, jewelry, bikes, cameras, and musical instruments
• Water backup protection
• Landlord property damage protection

If you want to save more money on your policy, you may be eligible for several discounts. After you receive your initial quote, review your discount opportunities before finalizing your policy.

Here are the discounts offered by Lemonade:

• “Material” Discount: Pay less if your home is constructed from fire-resistant materials
• “Fire Protection” Discount: Decrease the cost of your payment if you have safety measures like a sprinkler system or fire extinguisher
• “Protection Equipment” Discount: Lower your premium if your home is equipped with protection like burglar alarms
• “Gated Community” Discount: Pay less if you live in a gated community
• “Bundling” Discount: Save money if you bundle your home insurance policy with a pet insurance policy

Although State Farm has fewer discounts than Allstate and Liberty Mutual, it offers comprehensive coverage and includes a few unique items in each standard policy, such as specific property coverage for firearms or silverware. It also has a long list of endorsements.

State Farm includes standard coverage for the following categories:

• Dwelling and extended dwelling
• Personal property
• Loss of use
• Personal liability
• Medical payments to others

State Farm also includes coverage for the following items:

• Home systems
• Water and sump pump backup
• Loss assessment
• Personal injury liability
• Energy efficiency upgrades

While State Farm doesn’t offer a long list of discount opportunities, it has a few that can help you save on your insurance premiums. Not to mention, you can save on your home insurance policy when you bundle with your auto insurance policy.

Here are a few discounts that State Farm offers:

• Multiple Line Discount: Get a discount for bundling home insurance with auto insurance or another type of policy.
• Home Alert Protection Discount: If you have a fire, smoke, or burglar alarm or another home protection device, you’ll be eligible for this discount.
• Roofing Discount: You can get this discount for having a qualifying, impact-resistant roof.

Liberty Mutual includes standard coverage in each policy, and it also offers an extensive list of unique add-ons to help you personalize your policy based on your coverage needs.

Liberty Mutual covers the following in each home insurance policy:

• Dwelling and other structures
• Loss of use
• Medical payments to others
• Personal liability
• Personal property

Liberty Mutual offers the following benefits and add-ons:

• Umbrella liability coverage
• Scheduled personal property coverage
• Flood insurance
• Inflation protection
• Identity fraud coverage

Liberty Mutual is known for offering a variety of discounts to help homeowners save on their monthly insurance premiums. For example, anyone who uses the Liberty Mutual online tool to purchase a policy instantly receives 12% off their premium.

Here are some examples of discounts Liberty Mutual commonly offers:

• Claims-Free Discount: You’re eligible for this discount if you haven’t filed an insurance claim with a previous insurance provider in the last five years.
• Safe Homeowner Discount: If you remain claims-free with Liberty Mutual for at least three years, you’ll receive this discount.
• Early Shopper Discount: Getting a quote from Liberty Mutual before your current policy expires will save you money.
• Newly Purchased Home Discount: If you just purchased a home, you get a discount.
• New/Renovated Home Discount: If your home is new or substantially renovated, you get a discount.
• New Roof Discount: A new roof not only protects your home, but it also protects your budget with this discount.
• Multi-Policy Discount: If you have more than one insurance policy through Liberty Mutual, you’re eligible for this discount.
• Insured to Value Discount: If you purchase dwelling coverage that’s 100% of the cost of rebuilding your home, you’ll get a discount.
• Preferred Payment Discount: If you enroll in automatic payments, you get this discount.
• Paperless Policy Discount: You’ll get a discount for enrolling in paperless billing.

Allstate has some of the most comprehensive policies available, offering personal property coverage up to 75% of your dwelling limit and a few additional features, such as fire department service fee and building ordinance coverage.

Here are the primary coverage types featured in an Allstate policy:

• Dwelling and other structures
• Personal liability
• Personal property
• Medical payments to others
• Loss of use

Allstate offers the following unique add-ons and features:

• Earthquake and flood protection
• Sports equipment coverage
• Yard and garden coverage
• Green improvements reimbursement
• Business property

Along with its comprehensive policies, Allstate offers discounts to customers who meet certain eligibility requirements. Use the company’s online quote tool to find discounts based on your location and personal details.

Here are a few Allstate discounts to help bring down your premium:

• Multi-Policy Discount: You can get a discount of up to 25% when you bundle home and car insurance policies.
• Easy Pay Discount: You can save 5% for setting up automatic payments.
• Claims-Free Discount: If you haven’t had to file a claim recently, you can get a 20% discount.
• Protective Device Discount: You can get a discount for having safety devices in your home that protect against theft and fire.
• Early Signing Discount: If you sign up for an Allstate policy at least seven days before your current one expires, you can save 10%.
• Welcome and Loyalty Discount: New and long-standing Allstate customers are eligible for a 10% discount.
• Homebuyer Discount: You get a discount for recently purchasing a home.
• 55 and Retired Discount: If you’re 55 and retired, you can receive a discount on your home insurance policy.
• Additional Discounts: Allstate has other discounts that are automatically applied to your insurance quote depending on where you live. These may include discounts for having storm shutters, being smoke-free, or having hail-resistant roofs.

In addition to standard coverage options, Travelers offers endorsements and a decreasing deductible benefit that sets it apart from the competition. Customers get their choice of nine different deductibles to help customize their premiums, and the decreasing deductible benefit helps lower the premiums by $100 each year that you keep your policy.

Here are the main coverage types offered in each Travelers policy:

• Dwelling and other structures
• Personal property
• Liability coverage
• Loss of use
• Medical payments to others

Here are some add-ons you can purchase with your Travelers policy:

• Jewelry and valuable items additional coverage
• Green home equipment coverage
• Water backup protection
• Identity theft protection

Although Travelers doesn’t offer as many discounts as other home insurance providers, it has a few discounts that can help you save money on your policy.

The following discounts are typically offered with Travelers home insurance quotes:

• Multi-policy: Bundling discount with any other Travelers insurance product
• Loss-free: Discount for anyone who hasn’t filed a claim recently
• Homebuyer: Discount for people who have purchased a house within 12 months of the effective policy start date
• Protective devices: Savings for homes with safety features, such as fire alarms or smoke detectors
• Green home: Discount for owning a LEED-certified green property, which you may qualify for if you’ve hired a solar company to install solar panels on your home.

Despite not underwriting their own policies, Progressive offers the following basic coverage and endorsement options through their participating brokers.

Progressive includes standard coverage for the following categories:

• Dwelling and extended dwelling
• Personal property
• Loss of use
• Personal liability
• Medical payments to others

Progressive also includes coverage for the following items:

• Water backup
• Personal injury

One of the main advantages to insuring your home with Progressive is the opportunity to bundle with auto among other discount options.

The following discounts are typically offered with Progressive home insurance quotes:

• Multi-policy: Discount for bundling your home insurance with any other Progressive insurance (auto, boat, etc.)
• New home: Savings for newly constructed homes
• New purchase: Pay less for a recently purchased home, even if it isn’t brand new
• Protective devices: Discount for safety features like fire alarms, automatic sprinklers, and burglar alarms
• Paperless: Savings for opting into paperless billing
• Quote in advance: Discount for getting a quote 10 or more days before the start date of your policy
• Pay in full: Savings for paying in bulk in advance