Online Homeowners Insurance Quote
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Navigate to:
- What is home insurance?
- What does home insurance cover?
- What typically isn't covered?
- Is home insurance required?
- How much home insurance do you need?
- How does a home insurance deductible work?
- How much does home insurance cost?
- How to buy homeowners insurance
- How to compare home insurance quotes
- Explore home insurance education
What is home insurance?
A home insurance policy protects you financially from disasters and accidents related to your home or property. With this, you pay a premium in exchange for different types of coverage.
What does home insurance cover?
The extent of your coverage will vary based on the policy you have. With a standard home insurance policy, here are the basic levels of coverage.
Also known as dwelling coverage, home structure coverage protects the primary physical structure of your home — not its contents or land.
Coverage for your personal property will help replace belongings such as furniture and electronics in the event of a covered loss.
Personal liability coverage protects against medical and legal fees incurred by guests and visitors injured at your home.
Home insurance generally pays for living expenses — like a hotel or rent — if you’re displaced from your home after a covered event.
What typically isn't covered under home insurance?
- Flood damage
- Sewer backups or sewer line repairs
- Mechanical breakdown — like when an appliance is damaged
- Earthquakes
- Pest infestations
- General wear and tear
- Acts of war
- Foundation damage
- Intentional loss
Did you know? Coverage for water and sewer backups isn’t usually part of a standard homeowners insurance policy, but can be easily added. If you live in an area that is prone to weather-related risks, you should also consider purchasing flood insurance and earthquake insurance separately for more complete protection.
Certain high-value items, such as jewelry, art, or collectibles, may have limited coverage under a standard policy. You might need additional endorsements or floaters to fully insure these items.
Is home insurance required?
While home insurance isn’t a legal requirement, it’s highly recommended and often necessary if you have a mortgage. Here’s why:
Mortgage lender requirements
If you have a mortgage, your lender will usually require you to carry home insurance. This protects their investment by ensuring that your home can be repaired or rebuilt if something goes wrong. Your lender will specify the minimum coverage amount you need to maintain.
Personal protection
Even without a mortgage, having home insurance is a smart move. It provides financial protection against a range of risks, from fire and theft to natural disasters. Without insurance, you’d be on the hook for the full cost of repairs or replacement.
Peace of mind
Home insurance gives you peace of mind by safeguarding your home, your belongings, and your finances. It also offers liability coverage, protecting you from potential legal and medical expenses if someone is injured on your property.
How much home insurance do you need?
The right amount of home insurance can vary based on your individual needs. Here’s a breakdown of the essential coverage types and guidelines to help you get started:
Dwelling coverage
Ensure you have enough coverage to rebuild your home from scratch if needed. This amount is typically based on the replacement cost, which differs from market value. Key factors influencing replacement cost include:
- Square footage of your home
- Construction costs in your area
- Home’s features, such as the type of roof or custom fixtures
Personal property coverage
Insurers typically recommend having coverage that is 50-70% of your dwelling coverage amount. Conduct an inventory of your personal belongings to estimate their value accurately. This will help ensure your coverage is sufficient to replace your possessions in the event of a loss.
Liability coverage
The minimum standard liability coverage is usually $100,000, but many homeowners opt for higher limits depending on their assets and risk tolerance.
Additional living expenses
Typically, this coverage is calculated as a percentage of your dwelling coverage.
These guidelines provide a starting point, but your insurance needs are unique. Review your policy’s standard coverage amounts and compare them to the value of your assets. If you find you need more protection based on your risk tolerance or the value of your belongings, consider adjusting your coverage with a higher premium. The goal is to find the right fit for your specific situation. For personalized assistance with estimating your coverage needs, a licensed insurance advisor from Matic can help.
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Get Home Insurance Quotes NowHow does a home insurance deductible work?
A home insurance deductible is the amount you pay out of pocket before your insurance coverage kicks in. Here’s a quick rundown of how it works:
Choosing a deductible
When setting up your policy, you’ll choose a deductible amount. This could be a fixed dollar amount or a percentage of your home’s value. Higher deductibles usually mean lower premiums, and vice versa.
Paying the deductible
If you file a claim, you’ll need to pay the deductible amount before your insurer covers the rest. For example, if your deductible is $1,000 and you have a $5,000 claim, you’ll pay $1,000, and your insurance will cover the remaining $4,000.
Impact on premiums
Opting for a higher deductible can lower your monthly or annual premiums, but it also means more out-of-pocket costs when you make a claim. On the other hand, a lower deductible increases your premiums but reduces your out-of-pocket expenses when filing a claim.
How much does home insurance cost?
The cost of home insurance can vary widely based on several factors. Here’s a look at what influences your insurance premium and how you can get a better understanding of what you might pay:
Factors affecting home insurance costs
Home value and replacement cost
The value and replacement cost of your home play a significant role in determining your premium. More expensive homes or those with higher replacement costs will typically cost more to insure.
Location
Your home’s location affects insurance rates. Factors such as local crime rates, weather risks, and proximity to fire departments can influence your premium.
Coverage limits
The amount of coverage you choose for dwelling, personal property, liability, and additional living expenses impacts your premium. Higher coverage limits generally mean higher costs.
Deductible
Typically, this coverage is calculated as a percentage of your dwelling coverage.
Home features and safety
Features like security systems, fire alarms, and modern plumbing can reduce your premium. Homes with updated safety features often qualify for discounts.
Claims history
Your claims history can impact your rates. Frequent claims or a history of claims can lead to higher premiums.
Average cost of home insurance
On average, home insurance in the U.S. costs $1,779 per year in 2024*, though this can vary significantly based on the factors listed above. It’s important to get quotes from multiple insurers to find the best rate for your specific situation.
Estimate your home insurance cost
To get a better idea of your home insurance costs, use our free home insurance calculator. Simply enter your address for a personalized estimate, or adjust your property details for a more accurate assessment. Once you have your estimate, you can shop our network of 40+ A-rated carriers to get a quote.
How to buy homeowners insurance
- Get a range of quotes from top-rated carriers to ensure you’re getting the right coverage at the best price.
- Compare policies and coverage options. Also consider bundling with your auto insurance policy, which could save you even more.
What you need to know to get an accurate quote
Your homeowners insurance quote is based on a variety of factors — like your home details, claims history, and property information. For the most accurate quote, have this information handy before you begin shopping:
Property information
- What is the assessed market value of the property?
- Do you plan to rent this property to others?
- Is the property in a designated high risk flood zone?
General home details
- What is the style of the home (ranch, craftsman, victorian, etc.)?
- When was the home built?
Home exterior details
- What type of construction is the home (frame, masonry, etc.)?
- What are the exterior walls made of (vinyl, brick, stone, wood, etc.)?
- What is the shape of the roof, the material, and the last time it was updated?
Home interior details
- When was the electrical wiring last updated?
- Does it have circuit breakers or a fuse box?
- When was the plumbing last updated?
- When was the heating/air conditioning last updated?
Current insurance information
- Who is your current carrier?
- Have you had to file any claims?
- Has your insurance ever been canceled or declined?
Discounts eligibility
- Are there fire extinguishers, smoke alarms, and/or deadbolts in the home?
- Is there a sprinkler system or security system on the property?
- For a full list of discounts you could be eligible for, read about 18 common homeowners insurance discounts here »
How to compare homeowners insurance quotes
Many homeowners only consider the price of homeowners insurance when choosing a policy — but that could be a mistake. The cheapest quote may not always be the best option for you. Here are a few other factors to compare:
- The cost of the policy.
- Coverage types, limits, and deductibles.
- The carrier’s history, trustworthiness, and responsiveness.
- Optional coverages.
Matic makes it easy to compare policies from 40+ top-rated insurance carriers and will recommend the best policy for you based on all of these factors.
Get the best policy for your unique needs by asking the right questions
Questions to consider for yourself
- Will my current coverage still cover all of my personal property, or have my needs changed since I last selected a policy?
- Is my coverage comprehensive enough to adequately protect my family and my property?
- Do I have any valuables such as jewelry that would require additional coverage? If you do, you may want to consider a special jewelry policy.
- If I can’t stay in my home because of property damage, will my current coverage for Additional Living Expenses cover the cost of temporary housing for at least six months?
Questions to ask your insurance agent
- Do I qualify for any discounts?
- Are there any special rules or exclusions that apply to the state I live in that affect my home insurance coverage?
- If I live in an area where natural disasters — like hurricanes — are common, are there any special deductibles for those in my policy?
Homeowners insurance is one of the most important purchases you can make for your home (and your family) from unexpected expenses. If you’re in the market for homeowners insurance, you likely have a lot of questions. Read about the 8 Types of Homeowners Insurance Policies to Know to feel better prepared »
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