Cheap Home Owner Insurance - Self Insure And Save Money
Oftentimes a homeowner will ask themselves, “Do I really need to buy insurance?”. The answer is yes if you want to protect your home and belongings.
Cheap Home Owner Insurance - Self Insure And Save Money
Our list of "cheap" insurance companies will provide you with the opportunity to find a company that meets your needs and provides you with the coverage for as cheap as possible. They may not be the cheapest option, but they're in the ballpark.
We will take a look at pros and cons of each company, as well as their history. We will also provide you with brief explanations on why we have placed them where they are.
Pros:
Will insure you, even if you have previous insurance claims or carry a high debt to income ratio
Cons:
Can be pricey or hard to get insured - 1 call to an agency might clear up this issue since they are eager to lock you in for as long as possible. Very difficult to find an agent - not impossible, just hard.
Insurance companies are always looking for ways to keep you from getting insurance, and less likely to do so if you have a previous claim or high debt ratio.
Possible solutions:
Pay your bills on time - if you can't make the payments, then they will never insure you. Stay current with awards or security systems at your home - this is tricky because paying off your house will depend on the level of security installed. Since law firm Scenario Management closed their doors, no one has been able to tell us how many home owners suffer because of this problem today. Insure yourself as much as possible - this may be difficult depending on where you live in relation to work and school - but everyone can purchase flood insurance from FEMA. Being able to read standard documents is a great idea.
To start your search, click the link below and you will be directed to our cheap home owner insurance directory.
cheap home owner insurance directory
Some of the companies that do not or cannot offer flood insurance include:
1. Progressive - They have a high denied rate (13% in some cases) and can only cover certain parts of the country on their own, so they will only insure areas in Texas . coverage is a minimum of $250,000.
2. USAA - Will not insure any part of the country in times of disaster unless they are an agent or customer for that specific company. To be a customer for USAA, you must have at least one active relative currently serving in the military. Coverage is a minimum of $250,000.
3. HOOP - Takes care of most cars and homes, but they do not cover flood insurance. Coverage is a minimum of $300,000
4. Travelers - They will not cover hurricane damage to cars or homes and states that they do not insure flood zones.
5. Nationwide - They can only offer limited flood coverage where they live in certain areas of the country whereby they can only help with up to $150,000 worth of damages other than flood water damage (unless you're using their mobile app). Coverage is a minimum of $250,000.
6. Then there's Farmers - Will not insure anyone who has had a previous claim. They will not cover flood water damage unless you have purchased additional coverage, and cannot guarantee any coverage if you live in a flood zone. Coverage is a minimum of $250,000
7. State Farm - Only covers up to $250,000 on homes in the event of flooding and only covers an area to the south of most major cities in the USA . Coverage is a minimum of $300,000
8. GEICO - Minimum of $300,000, but does not cover flood damage unless you are in an area that they do not cover (very few states). Coverage is a minimum of $300,000
9. Nationwide - Minimum of $250,000 - No flood coverage will ever be provided due to risk and location
10. Liberty Mutual - Will only assist with up to $250,000 worth of damages if you have purchased additional coverage and also have a high deductible (must have at least a $5000 deductible). Coverage is a minimum of $250,000.
11. USAA - Can only provide limited damage to cars if above ground flooding occurs within your garage or on your property. They will only provide $250,000 worth of damage to your home and car if you have purchased additional coverage. Coverage is a minimum of $300,000
12. Travellers - Does not cover flood zone damage, or for cars that are submerged in water. They will only assist with up to $250,000 worth of disruptions if you have purchased additional coverage. Coverage is a minimum of $300,000
13. GEICO - Will not cover any property damage unless you are in an area that they do not cover (very few states). Coverage is a minimum of $300,000
14. Nationwide - Minimum of $250,000 - No flood coverage will ever be provided due to risk and location
15. Farmers - Coverage is a minimum of $250,000
16. State Farm - Coverage is a minimum of $300,000
17. HOOP - Takes care of most cars and homes, but they do not cover flood insurance. Coverage is a minimum of $300,000
18. USAA - Will not insure any part of the country in times of disaster unless they are an agent or customer for that specific company. Flood zone coverage is up to $150,000
19. Travelers - Will not cover hurricane damage to cars or homes and states that they do not insure flood zones.
20. Liberty Mutual - Taking care of most cars and houses, but they do not cover flood insurance. Coverage is a minimum of $250,000
21. Nationwide - They can only offer limited flood coverage where they live in certain areas of the country whereby they can only help with up to $150,000 worth of damages other than flood water damage (unless you're using their mobile app). Coverage is a minimum of $250,000
22.
Conclusion
As you can see, flooding is very difficult to manage on your own. There are many factors that can lead to the denial of your home owner's insurance and you must be careful who you go with. Our advice is to only purchase a policy from companies that are in your local area where they know first hand what it takes to fix a home or a car.
I hope this information was helpful for you, and if there's anything else we can do for you, please feel free to contact us . Also, please consider sharing this information with friends and family or any other website or publication that may find value in it.