There are many factors that affect home insurance rates, the most obvious being the age, location, construction of your home, and whether you want something beyond the basics. Do not think that “cheap home insurance” refers to basic insurance, almost worthless. There are some good companies that offer decent coverage at an affordable price. Again, the fees you will be charged depend on factors such as your location and the type of home you live in, as well as the size of your property.
Make sure your coverage is adequate. Don’t go up your insurance just to save a little money each month. You also don’t want to over-insure. Only insure your home for what it would cost to rebuild it if it were completely destroyed, NOT for the “buy back” cost. This is a crucial distinction since market value takes into account the location and value of your property. Its current value will not be the same as the price it will take to rebuild it, as things like construction, permits, and material costs must be taken into account.
Another thing to consider when shopping for cheap home insurance is how much of your personal property will be covered. You’ll need to take an inventory of your home to estimate the value of your belongings, especially your most valuable items. Basic policies often cover things like furniture and flooring, but what about your electronics, jewelry, art collection, clothing, and anything else of value? Find out how one home insurance company will cover it all.
Types of cheap home insurance
Like all types of insurance, homeowners insurance is often about premiums versus deductibles. Every time you make a claim, your deductible will be the amount you agree to pay before your insurance coverage kicks in. It’s about whether or not you want to take the risk of having to pay more out of pocket for repairs to save on monthly payments. However, what if your house is completely destroyed? What if you live in an area prone to disasters like tornadoes or hurricanes? Do you live near a body of water? All it takes is a foot or two of water to enter your home and make it uninhabitable.
What if you have to stay somewhere else while your home is being remodeled or rebuilt? You may want to look into policies that provide resources to help you while you are temporarily unable to remain at home.
The best place to help you get cheap home insurance is Lemonade. This organization makes getting insurance and filing claims a simple process. With Lemonade Homeowners Insurance, there’s a flat rate and claims are paid super fast.