The Best Cheap Homeowners Insurance in Lincoln, Nebraska for 2022: Quotes and Reviews
The average cost of homeowners insurance in Lincoln, Nebraska, is $2,498 a year or $208 per month. These prices, however, can vary significantly depending on the insurer you select. For the average homeowner, Travelers offers the lowest average premium at $1,854 per year, while State Farm has the highest price point at $3,453 per year. The difference shows that by shopping around, homeowners can save up to $1,599 yearly. MoneyGeek ranked the best homeowners insurance providers in Lincoln for those seeking affordable and high-quality service.
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The Cheapest and Best Homeowners Insurance in Lincoln
The Cheapest Home Insurance Companies in Lincoln
Insurance cost is an important factor to consider while choosing a homeowners insurance policy. While comparing insurers, you can see that most of them provide similar core coverages.
Considering a policy offering $250,000 of dwelling coverage in Lincoln, the cheapest home insurance companies are:
- Travelers: $1,854 per year
- MetLife: $2,033 per year
However, for expensive homes, the dwelling coverage will be higher. For homes insured for a dwelling coverage of $2 million, the two cheapest insurers are:
- Allstate: $8,363 per year
- Farmers: $9,328 per year
Dwelling coverage limits have a significant impact on home insurance rates. The table below shows how home insurance quotes in Lincoln change by adjusting the dwelling coverage.
The Cheapest Home Insurance in Lincoln, Ranked
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The sample home insurance plan with initial dwelling coverage of $250,000 has a personal property coverage limit of $100,000. For plans with $2,000,000 in dwelling coverage, the personal property limit rises to $800,000. Liability insurance coverage stands at $100,000 regardless of the dwelling coverage limits. You may also compare home insurance rates around Nebraska if you live elsewhere in the state.
The Average Cost of Homeowners Insurance in Lincoln for 2021
Home insurance in Lincoln costs an average of $2,498 per year or around $208 per month. In comparison, this is less than Nebraska's statewide average of $2,972 per year but higher than the national average of $2,103 per year.
Calculate the Cost of Home Insurance in Lincoln
Various factors, including your location, determine how much your home insurance in Lincoln will cost. Your rates are also affected by the amount of dwelling and personal property coverage you buy, your credit score and other factors. MoneyGeek's home insurance calculator can come in handy while comparing home insurance quotes in Nebraska.
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These are annual estimates. Get a personalized quote to determine your costs.
The Best Home Insurance Companies in Lincoln
While cost is an important determinant to consider before purchasing homeowners insurance in Lincoln, you should also consider customer service experience and financial stability to evaluate the various insurance providers. You're likely to make a claim during a stressful time. A financially stable insurer will be capable of paying your claim fairly and quickly, as long as it is legitimate.
According to MoneyGeek’s study, the following are the best home insurance companies in Lincoln:
- Best Overall: Travelers
- Runner-up: Nationwide
The MoneyGeek ranking system rated the companies based on affordability, user satisfaction and financial stability to find the ones offering the best homeowners insurance in Lincoln.
Those holding a Travelers home insurance policy can add water backup and sump pump discharge coverage to protect against the costs of losses incurred by these events. Plus, Travelers offers additional coverage for eco-conscious homeowners to cover the costs of repairing their homes with green products.
With 93 out of a total of 100 points, Travelers, our top pick for Lincoln, earned perfect scores on MoneyGeek’s affordability rankings and AM Best’s financial stability rating. The company offers an identity fraud expense coverage add-on for up to $25,000.Read MoneyGeek's Travelers home Insurance Review
Home insurance plans do not cover flood damage. Since many areas in Lincoln are flood-prone, Nationwide's flood insurance add-on can cover the costs incurred by flood damages to your home. Nationwide's Better Roof Replacement is another highlight that helps you replace your roof with better protective materials in case of roof damage.
With its strong score in MoneyGeek’s affordability ratings, Nationwide is the runner-up for the best home insurance company in Lincoln. If you choose its water backup coverage, your house will be protected against all water-related perils, except those caused by floods.Read MoneyGeek's Nationwide home Insurance Review
Cheapest Home Insurance Companies in Lincoln for Newly Constructed Homes
In Lincoln, newly built homes are normally less expensive to insure. The use of modern materials makes new homes more resistant to damage, which means homeowners are less likely to file a claim. Insurers may also find it easier to replace newer materials.
The average cost of home insurance for a newly constructed home in Lincoln is $1,698 per year, while the insurance coverage for a home built in 2000 costs an average of $2,498 per year.
For those owning a newly built home in Lincoln, the following are the cheapest two companies offering a dwelling coverage of $250,000:
- Travelers: $1,255 per year
- MetLife: $1,382 per year
The Cheapest Home Insurance in Lincoln for New Homes, Ranked
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Cheapest Home Insurance Companies in Lincoln if You Have a Lot of Personal Property
Your home insurance protects your house’s structure and the personal property you keep at home. The more personal property you choose to cover, the higher your premium will be. In Lincoln, a standard home insurance policy with $250,000 in personal property limits costs an average of $2,664 per year. On the other hand, a policy with a personal property coverage limit of $100,000 costs an average of $2,498 per year.
The two cheap home insurance companies in Lincoln for homes with a dwelling coverage of $250,000 and high personal property limits are:
- Travelers: $1,924 per year
- Allstate: $2,150 per year
Cheap Companies in Lincoln for Extra Personal Property Coverage
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Cheapest Home Insurance Companies in Lincoln for High Deductibles
A deductible is a charge that you pay out of pocket to the insurer when you file a claim. The insurer will pay the claim after subtracting the deductible from the overall claim amount. Deductibles have an impact on how much homeowners insurance in Lincoln costs. Insurance premiums will be lower with a higher deductible and vice versa.
The average cost of a policy with a $2,000 deductible is $2,209 per year, while it costs $2,498 for a policy with a $1,000 deductible.
For homeowners with a $2,000 deductible, the following two companies offer the cheapest homeowners insurance in Lincoln:
- Nationwide: $1,275 per year
- Travelers: $1,609 per year
The Cheapest Companies in Lincoln for High Deductibles, Ranked
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Cheapest Home Insurance Companies in Lincoln if You Have Poor Credit
Insurance companies in Lincoln consider your credit score when calculating a home insurance policy's premium. Those with a poor credit score will pay more because they are more likely to make a claim. As a result, if you have a bad credit rating, your annual home insurance premium will be higher.
For example, if you have a bad credit score, a standard home insurance policy in Lincoln can cost you an average of $5,890 per year. In contrast, the policy will cost only an average of $2,498 per year for those with a good credit rating.
The following two are the cheapest homeowners insurance companies in Lincoln for those with a poor credit score:
- Travelers: $3,062 per year
- Allstate: $3,850 per year
The Cheapest Companies in Lincoln for Poor Credit, Ranked
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Getting Online Homeowners Insurance Quotes in Lincoln
To obtain homeowners insurance quotes in Lincoln online, you'll need to provide plenty of information, especially about the topics listed below:
- Home replacement cost: This is the estimated cost to rebuild your home in case it gets damaged. The dwelling coverage limits of your insurance policy are determined by this factor. To get an estimate, it's best to employ a building contractor or a construction professional.
- Personal property value: An estimated value of the personal belongings you want to insure will determine the personal property coverage limit.
- Personal details: Your personal details, such as your home address, credit score, insurance claim history and how many people live in your home, will be required to get home insurance quotes online.
- Home details: The insurers will also want to know the age of your house, its size, safety features and more to give you a home insurance quote.
Homeowners Insurance in Lincoln Analysis: Methodology
The base profile is that of a homeowner with a 2,500 square-foot home built in 2000, with a dwelling coverage of $250,000, personal property coverage of $100,000 and liability coverage of $100,000. All policies considered had a deductible worth $1,000.
For this study, MoneyGeek collaborated with Quadrant and evaluated home insurance rates from seven companies in Lincoln. The affordability scores were calculated using quotes for a home with varying coverage levels. J.D. Power’s surveys were used to calculate the insurers' customer satisfaction ratings.
MoneyGeek also obtained quotes from homeowners with newly constructed homes, increased dwelling or personal property coverage, higher deductibles and low credit scores.
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