Estimate Your Homeowners Insurance Cost with a Home Insurance Calculator

Your home is your biggest asset, and home insurance is there to help protect that asset. But too many Americans either don’t have home insurance, don’t have enough coverage, or don’t know what their coverage includes. In fact, 56% of homeowners mistakenly believe a standard policy includes flood insurance.

But this doesn’t have to be the case. Use our homeowners insurance cost estimator to understand what you can expect to pay (and what you’re paying for), so that you have the knowledge you need to make an informed choice about your home insurance policy.

Let’s start saving.

Calculate Your Home Insurance Savings in Seconds

Home insurance is designed to protect your home and property from damage and to help you repair or replace it should something happen. Costs can vary significantly depending on a number of factors, but it helps to get an idea of what you can expect to pay in home insurance premiums for budgeting and planning purposes.

Try out our home insurance estimate calculator now to see what you can expect to pay in premiums.

Factors That Affect Your Home Insurance Cost

Every insurance provider calculates rates differently, which is one of the reasons why it’s so important to shop around for a quote. But they all typically use the same factors to come up with your rate, including:

Where you live
The age of the home
How much your home is worth
The cost to rebuild
High risk items, like a pool
Your credit score (in some states)
Nearby environmental risks, like living close to Tornado Alley
Your claims history
And more

Of course, the amount of coverage you choose and your deductible also factor into your premiums. Because each insurance provider uses their own algorithm to come up with your personalized quote, it’s always worthwhile to get multiple quotes when shopping for home insurance.

How Much Home Insurance Coverage Do You Need?

Figuring out the amount of coverage you need for your home can be overwhelming. And it’s certainly tempting to lower your insurance premiums by reducing coverage. But here’s an alarming fact: 60% of U.S. homes are underinsured by an average of 20%. So how much coverage do you really need? Let’s dive into it.

Dwelling: This coverage protects the structure of your home and any other structures on your property, like a garage or shed. Ideally, your coverage should be enough to replace your home, based on local rebuilding costs.
For example, if your home is 2,000 square feet and local costs are $100 per square foot, you would want at least $200,000 in dwelling coverage.
Liability: This protects you if someone is injured on your property, such as by tripping or by being bit by your dog. Most policies start at $100,000 in liability coverage, but it’s always a good idea to go higher just in case.
Personal Property: This covers your actual belongings in the home, from furniture to appliances, jewelry, electronics, and more. The amount of coverage you should get depends on how much your belongings are worth, or what it would cost to replace them. It helps to do a quick inventory and tally up the value of each item so you can ensure you’re getting the right amount of coverage, especially if you have high end/rare items.
As a guideline, personal property coverage is usually 20-50% of your total coverage limits for home insurance.

Of course, these are just general guidelines to help you understand how home insurance works. It’s always better to have more coverage than you think you’ll need to be safe. You may also want to consider additional coverage categories like medical payments (to cover the medical costs if someone is injured on your property), or loss of use (the costs of staying at a hotel and eating out should your home be damaged). If you live in an area that regularly experiences severe weather, like hurricanes and tornadoes, you may want even more coverage in place or additional flood insurance coverage.

How to Save on Home Insurance Premiums

Home insurance can be costly, and if you’ve received a high estimate from the home insurance premiums calculator, there are still ways to save on home insurance costs. These include:

Discounts: Most insurance providers offer discounts, some more than others. You’ll likely need to ask for it, but you could be eligible for a number of discounts, including:
- Multi-policy bundling discount
- Employment/membership discount
- Home security discount
- Loyalty discount
- Claims-free discount
- And more

Shop Around: This is arguably one of the best ways to find savings on home insurance costs. By shopping around and comparing multiple quotes, you can ensure you’re getting the best rate. Be sure to do this every time your policy is up for renewal, or you could be leaving money on the table.
Reduce Risks: Insurance providers are risk averse, so items like a swimming pool, trampoline, wood stove, and certain dog breeds can cause your premiums to spike simply because they present more risk. If it’s an option, consider removing these high risk items to see a drop in your insurance premiums.
Maintain Your Home: Keeping up with regular maintenance is key to ensuring your claims don’t get denied due to overall neglect. Inspect the roof, siding, and basement regularly for signs of damage.

Home insurance savings can be found, for those willing to look. You can also make it easy on yourself by checking out ConsumerCoverage for access to free quotes fast, so you can be sure you’re getting the best home insurance rate possible.

How to Get a Home Insurance Quote

Now that you have an idea of your home insurance costs thanks to our home insurance calculator, getting a personalized quote is simple. You can fill out a form online or contact your insurance agent. You’ll want to have the relevant information ready to go, including:

Your personal information (name, DOB, Social Security number, etc.)
Your address
The age of your home
Any recent repairs

This is enough to get you a quote quickly from multiple providers, so you can check “home insurance” off your to-do list today.

The Bottom Line: Estimate Homeowners Insurance & Save Money

Owning a home can be expensive, but homeowners insurance doesn’t have to drain your bank account. Getting affordable home insurance is easier than you might think, and our home insurance premium calculator helps you get a sense of what you can expect to pay.

Ready to get a quote? Contact us today and get access to free home insurance quotes, so you can feel confident that you’re getting the best deal on homeowners insurance.

Claire Smith Claire is a creative entrepreneur with a variety of marketing and content creation skills, including blog and web copy writing, research, and strategy. She has a Masters in Cultural Studies from Queen's University and is known for thinking laterally about marketing, based on her deep knowledge of people and behavior.