Best Homeowners Insurance for New Construction

Few things are a little more exciting than moving into a brand-new home, primarily if it represents the homeowner's preferences. However, what surprises many new homeowners is the homeowner's insurance discount they receive. Here, we'll explain why homeowner's insurance is less expensive for newly constructed homes, list the firms that offer the highest level of coverage at the lowest cost, and remind you of additional aspects you may want to examine before selecting an insurance provider.

Amica (Superb Home Insurance - Grade A)

Amica is available in all fifty states and made our list for several reasons. The first is cost. The average Amica homeowner's insurance coverage costs approximately $772 per year. It costs less than $65 per month to insure a property with a business that provides unique customer service.

For instance, Amica has a Contract Connection tool that connects homeowners with reliable contractors. And in certain jurisdictions, Amica allows customers to pay a bit extra upfront for their homeowner's insurance. It then returns a portion of the cost as a dividend. It is the only insurer we are aware of that offers tips on a homeowner's insurance policy, with dividends typically ranging from 5 to 20 percent of the annual premium.

Nationwide (Excellent Home Insurance - Grade A-)

Nationwide is one of the most affordable house insurance providers, partly because of the variety of homeowner discounts it offers, allowing it to give competitive prices to most homeowners. Nationwide provides extended coverage options for roofing and personal goods not offered by other insurance.

Progressive (Decent Home Insurance - Grade B-)

Progressive offers the lowest premiums on our list of the best homeowners insurance for new construction, with an average annual rate of $533 (less than $45 per month). The most beneficial aspect of Progressive's standard policy is its extensive coverage. In addition to housing coverage, unattached constructions are also covered by insurance. Even personal goods stored in these sheds are protected against perils such as theft and storm.

State Farm (Do Not Purchase - Grade F)

State Farm may have been the insurance business your grandparents or great-grandparents used, but that doesn't mean it hasn't evolved. State Farm has become very subpar at paying claims. Although State Farm provides coverage, such as fire and wind protection, for a typical yearly premium of $885 for a newly constructed house, you are better off gambling in las vegas. It also provides distinctly 21st-century coverage, like a rider that pays up to $50,000 in the event of a loss caused by fraud or identity theft. Please do not purchase this insurance because they are more interested in providing you with slick commercials instead of paying claims. We've seen many victims of State Farm and strongly encourage you to purchase insurance from someone else.