A former insurance producer, Laura understands that education is key when it comes to buying insurance. She has happily dedicated many hours to helping her clients understand how the insurance marketplace works so they can find the best car, home, and life insurance products for their needs.

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Leslie Kasperowicz holds a BA in Social Sciences from the University of Winnipeg. She spent several years as a Farmers Insurance CSR, gaining a solid understanding of insurance products, including home, life, auto, and commercial, and working directly with insurance customers to understand their needs. She has since used that knowledge in her more than ten years as a writer, mainly in the insuranc...

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Reviewed by Leslie Kasperowicz
Farmers Insurance CSR 4 Years Leslie Kasperowicz

UPDATED: Jan 17, 2022

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It’s all about you. We want to help you make the right coverage choices.

Advertiser Disclosure: We strive to help you make confident car insurance decisions. Comparison shopping should be easy. We are not affiliated with any one car insurance provider and cannot guarantee quotes from any single provider. Our partnerships don’t influence our content. Our opinions are our own. To compare quotes from many different companies please enter your ZIP code on this page to use the free quote tool. The more quotes you compare, the more chances to save.

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Important Facts to Know

  • You can change your coverage limits at any point in your policy period
  • Insurance coverage should never be reduced for the sole goal of obtaining cheaper rates
  • Home insurance quotes can be compared online so you can find the best policy

You may not realize it but your homeowner’s insurance policy is an important insurance tool that can be re-calibrated to your needs at a moment’s notice. With today’s technology, you can even adjust your coverage limits via your insurance company’s website or through the company’s mobile app.

There are even insurance companies that offer an all-hours service line to their clients so you can call at any time during the day or night to remove or purchase additional coverage insurance.

You must remember that if you want affordable home insurance, don’t add or remove coverages just to get a better rate. Having proper protection should always be your primary concern; however, there are ways that you can save money without reducing your coverage. In fact, you can shop online to compare home insurance policies just as you would if you wanted to compare car insurance coverage options online.

If you need to add or remove coverages, enter your ZIP code to compare free insurance quotes right away.

When should changes be made to a homeowner’s insurance policy?

It’s a good rule of thumb to review and adjust your policy as needed whenever you experience a major change in your life. For instance, if you were to add an extension to your home, your previous coverage limits may not be enough to protect your home the way it is now. This change in your home would most likely call for you to increase your homeowner’s insurance coverages.

Before taking drastic action and completely re-writing your homeowner’s insurance policy, make sure that you fully understand all the coverages that are contained within your policy. For instance, there are some property owners who may fail to recognize the distinction between additional coverages vs. coverage extensions.

Now, you may be wondering, “Just what are additional coverages?”

Well, with additional coverage, you have coverage for indirect losses your policy wouldn’t have originally covered while coverage extensions provide additional coverage for what your policy already covers.

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How much does a homeowner’s insurance policy cost?

If you’re considering removing additional coverage of property or buying extra coverage, you should be prepared to see a change in your insurance rates — whether they increase or decrease will depend upon the specific action that you are taking.

But how much does home insurance generally cost homeowners? Since every person is unique, no two insurance rates will be exactly the same. The chart below can give you an idea of what you may be paying for home insurance in your state:

StateAverage Monthly Home Insurance Rates
Alabama$117
Alaska$82
Arizona$70
Arkansas$118
California$89
Colorado$135
Connecticut$125
Delaware$73
District of Columbia$105
Florida$163
Georgia$109
Hawaii$95
Idaho$64
Illinois$92
Indiana$86
Iowa$82
Kansas$135
Kentucky$96
Louisiana$166
Maine$75
Maryland$89
Massachusetts$129
Michigan$82
Minnesota$117
Mississippi$132
Missouri$115
Montana$103
Nebraska$131
Nevada$65
New Hampshire$82
New Jersey$101
New Mexico$90
New York$110
North Carolina$92
North Dakota$108
Ohio$73
Oklahoma$162
Oregon$59
Pennsylvania$79
Rhode Island$136
South Carolina$107
South Dakota$107
Tennessee$103
Texas$163
Utah$61
Vermont$78
Virginia$86
Washington$73
West Virginia$81
Wisconsin$68
Wyoming$99
National Average$101

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Just as car insurance companies do, homeowner insurance companies calculate rates by inputting several bits and pieces of  your information into a finely tuned formula whenever you apply for a quote. An insurance company will take your location, the building style of your home, along with other necessary pieces of information to find your rate.

Here’s a good tip to remember when shopping for a homeowner’s insurance policy: Request quotes with various coverage limits.

If you’re curious as to how home insurance rates fluctuate, add or remove coverages on the quotes you apply for online so you can see for yourself how much insurance you can afford.

When can a homeowner change insurance companies?

An insurance company provides a service that you pay for, and since this is the case, you can pick a new home insurance company, add or remove coverages, or choose an annual rate as you see fit.

Bear in mind that if you’re currently paying a mortgage, you must be prepared to provide your loan number, the name of your mortgage company, and the mailing address of your mortgage company to your new insurance company. Thankfully, your insurance company should be able to alert your mortgage company of the switch so you won’t have to.

Now, before you cancel your current homeowner’s insurance policy, you should make sure that the new company you are interested in is a highly reputable one. Your home is your castle after all. Below, you can take a look at some of the best insurance companies in the business:

RankCompaniesDirect Written PremiumsMarket Share
1stState Farm $19,717,03218%
2ndAllstate Corp.$9,773,4979%
3rdUSAA Insurance Group$7,362,7477%
4thLiberty Mutual$6,991,2836%
5thFarmers Insurance Group of Companies$6,043,8656%
6thTravelers Companies Inc.$4,866,3574%
7thAmerican Family Insurance Group$4,442,4674%
8thNationwide Mutual Group$3,344,1813%
9thChubb Ltd.$3,113,1493%
10thProgressive Corp.$1,897,2252%

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When it comes to your home insurance policy, pricing is important but having trust in your insurance company is priceless. Bearing that in mind, there’s no harm in knowing how to save money on your homeowner’s insurance policy either.

Can homeowners take advantage of any discounts?

Homeowners, if you’re afraid to buy home insurance or add or remove coverages because of your budget, you’ll be pleased to learn that there are a wide variety of discounts available that you can use to lower your rates. When you next examine your policy, be sure to refer back to this list of discounts to make sure that you are not missing out on any opportunities to save money.

Common Home Insurance Discounts
New Roof
Electrical Upgrades
Fire Alarm
Home and Auto
Home and Life
Home and Umbrella
Sprinklers
Security System
Gated Community
Water Safety System
Paid in Full
Customer Loyalty
Claim Free
New Home
Fire Resistant Construction
Storm Shutters
Plumbing Upgrades

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With free resources like this at your fingertips, your first course of action should never be to drop your coverage limits if you need to stay within a tight budget.

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Updating Your Coverages: What’s the bottom line?

You pay for your homeowner’s insurance policy, and that means that you can adjust it however you see fit. You can even cancel it entirely if you want to work with a new insurance company, but be sure that your new policy is active before you cancel your old one. Failing to do so can result in a lapse in coverage.

It’s always important to update your policy whenever you make a major change to your home like upgrading your kitchen or adding another story to your house so you have enough coverage to match the changes.

If you want to see how your rates are changed when you add or remove coverages, enter your ZIP code below to get free quotes.