10 Best home insurance rates

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Costs and discounts frequently asked questions

The cash value of your home coupled with the amount of coverage your buy will be the biggest influences on how much you pay for your home insurance. However, there are other factors that influence the price you pay, such as the state you live in and the property crime rate in your area. The sheer number of factors means that the average price can be anywhere between $400 and $1,500.

This is a big decision and one that should not be taken lightly. The number one rule of having a deductible is being certain that you're able to pay it at any time, should you need to make a claim. While a high deductible may save you money on your premium, you could find yourself stuck with a large bill if you ever need to make a claim. Always be sure that you have sufficient cash saved to cover your deductible and other emergency expenses.

This depends on the insurance company. Some companies will only provide their plans when the property is occupied by the policyholder.

Despite the multiple tax benefits that come from being a homeowner, insurance premiums aren't tax deductible. However, there are certain circumstances that could lead you to being able to deduct some of your home insurance. One such example is if you're a homeowner or a landlord who uses part of your home for business. This is a pretty complex area of law, so a tax adviser will be your best source of accurate information.

Most home insurance policies don't cover damage that's caused by pets as standard. It's important to clarify this before you commit to the plan.

Yes, you can insure most tech devices and electronics, but the more expensive the item, the more likely that it will need to be listed separately. Pay close attention to your plan's single item limit. This is the amount that insurers will pay for an item, and it's usually only a couple of thousand dollars. If you're planning on insuring things that cost more than this, you'll need to list them separately.

Usually, you'll be required to pay extra to add personal possessions coverage to your policy. This can worth it, as the items you regularly carry with you will be covered. Insurers won't pay out if you're negligent or reckless with your personal possessions.

Accidental damage encompasses all manner of things that could happen. This kind of coverage is handy if you have young children, but doesn't usually cover damage that's caused by pets.

You should shop around for policies once a year as many providers offer introductory discounts to tempt new customers. Paying your premium annually instead of monthly is also a good idea. You should avoid making small claims that you could afford to pay yourself as it can increase the amount you're charged for premiums.

If your home is jointly owned, your insurance provider and/or mortgage company may require that both parties are named on the insurance policy.

It's a good idea to insure anything that you'd take with you if you were to move to a new house. Take the time to go around your home and give everything a reasonable value. It's important to make sure you're not underinsured.

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