insurance

Your Comprehensive Guide to Home Insurance Quotes

Why get home insurance? A homeowners insurance policy pays for covered losses and damage to your property if something unexpected happens, like a fire or a burglary. It can help pay to rebuild the structure and replace the belongings; it may also help cover the costs you’ll have while you’re out of your house; and it can protect your financial assets if you’re liable for damages to others.

Who needs home insurance coverage? If you owe money on your home, a home insurance policy is probably required by your mortgage company—it helps protect their loan if something were to happen to your property. Even if you own your home free and clear (i.e., you’ve paid off your mortgage), home insurance can help protect you if disaster strikes.

Read on to learn how homeowners insurance works, what it covers and how to go about getting a quote from an insurance company for the coverage you may need.

The Basics of Home Insurance Quotes

A home insurance quote is the proposed amount a homeowner would pay to an insurance carrier to cover their home and personal property. Your home is probably the single biggest purchase you’ll make, so it’s worth reviewing the basics, including the components of a policy, the factors that affect the rates you’ll get in a quote and the insurance terms you may hear.

Types of Coverage

The type (or types) of coverage you have will determine what is being insured, such as the actual structure of the dwelling, the personal belongings that are kept at the house and/or your liability for medical payments or other damages to another person.

Covered Events

Typical covered events (also known as “named perils”) may include things like fire, vandalism, theft and some types of water damage (such as from a burst pipe). TIP: Most plans do not consider damage caused by certain natural disasters, including flooding, sinkholes and earthquakes to be covered losses. Find out more about flood insurance.

Deductible

A deductible is the out-of-pocket amount you pay for a covered claim before your insurance carrier begins to pay. Setting your deductible at a high or low amount will modify how much you’ll pay for an insurance claim, and it will also affect the cost of the policy.

Premium

A premium is the amount of money you pay (usually either monthly, quarterly or annually) to keep your insurance policy active.

Policy Limits

Policy limits (also known as coverage limits) are the maximum amount your policy will pay for a claim. Depending on your policy, you may have different types of coverage with different limits.

Additional Coverages

Additional coverages can expand the ways your insurance policy will protect you. Examples of additional coverages are loss of use insurance (to pay for housing and living expenses while your home is being rebuilt) and water back-up and sump discharge and overflow insurance.

Endorsements

Endorsements are add-ons to your policy (also called riders) that amend a basic policy. They can broaden your standard coverage limits, expand coverage for certain property or extend protection to help cover additional perils. Adding endorsements to your policy will typically raise the cost of your premiums because they expand your coverage.

What factors affect home insurance rates?

These are some of the individual and location-specific things an insurer may use to determine your risk profile as a homeowner before giving you an insurance quote.

The location of your property and the history of losses in the area (things like the frequency of theft, vandalism and even weather-related events such as flooding)
The amount of dwelling coverage (which will cover claims relating to the physical structure) and the property characteristics, including age, size, and type of construction of the home
Proximity to risks, and risks on your property, including fire hazards in your home or garage and “attractive nuisances”—items like pools, trampolines or playground equipment that may draw children to your property
Your credit score (in states where it’s allowed) for the insurer to assess the level of risk they are taking on
Your claims history, which can indicate the likelihood you will file future claims

Home Insurance Terminology

You may hear some unfamiliar terminology when you’re shopping for a home insurance quote. Here are definitions for a few of the more frequently used terms.

Replacement Cost and Actual Cash Value

The amount you’re reimbursed for a loss depends on whether your policy covers replacement cost value or actual cash value. Replacement cost value is the amount you’d need to replace property without deducting the amount for depreciation. Actual cash value, on the other hand, reimburses the insured for the depreciated value of the item(s).

Declarations Page

This component (usually the first page of your policy) summarizes the kinds and amounts of coverage you have and how much it will cost you.

Exclusions

Insurance exclusions are provisions in a policy that waive coverage for certain types of risks or events, like for floods, earthquakes and sewer backups.

Limitations

These are coverages that have a benefit level lower than the norm.

For example, expensive items such as jewelry, art and collectibles usually aren’t covered for their full value under a standard home insurance plan. Ask your agent about raising the liability limits on your policy or about adding a rider to your policy.

Tips for Getting the Best Home Insurance Quotes

Consider taking the following steps to get the coverage options you need for the right price.

Assess your coverage needs.

A home with a remodeled kitchen or a new roof or deck will require a higher policy limit than it did before the upgrade. It’s important to let your agent know, so that your policy matches the property’s actual value. A complete, detailed inventory of your valuables is also good to have before you get an insurance quote.

Mitigate risks to lower premiums.

Liability coverage protects you against lawsuits for injury or property damage that happen when someone visits your home. Take a careful look around your home for hidden dangers that could lead to property damage or an injury for which you may be legally responsible. Trim dead limbs from trees, clear walkways of things like toys and hoses and secure pets in areas where they won’t bite or otherwise injure guests.

Bundle your policies.

Not only is it convenient to have policies such as home and auto in one place, but you may qualify for a multi-policy discount.

Adjust how you pay your premium

Monthly premium payments can sometimes include a small processing fee. Paying your premium annually and setting up auto-billing are two ways you might be able to lower the cost of your policy.

Regular review and update your policy

Adjusting your deductible to a higher amount can lower the cost of your insurance (although it also will increase the out-of-pocket expense when you file a claim).

Assess your coverage needs.

Mitigate risks to lower premiums.

Bundle your policies.

Not only is it convenient to have policies such as home and auto in one place, but you may qualify for a multi-policy discount.

Adjust how you pay your premium

Monthly premium payments can sometimes include a small processing fee. Paying your premium annually and setting up auto-billing are two ways you might be able to lower the cost of your policy.

Regular review and update your policy

Adjusting your deductible to a higher amount can lower the cost of your insurance (although it also will increase the out-of-pocket expense when you file a claim).

Get a Quote

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Why Get Insurance Through AAA?

We’ve worked hard as a company to earn the trust of more than 60 million members. AAA holds fundamental and enduring principles to guide our mission and corporate behavior.
We’ve been around a long time. Founded over 115 years ago for the purpose of lobbying for driver and passenger rights, fair laws and safer vehicles, AAA also was the first to introduce service at the roadside for stranded motorists.
We have experienced consultants to walk customers through the insurance process, so they get exactly what they need—no more and no less.
There are exclusive member discounts available.
The additional coverages we offer such as umbrella insurance mean you can get the protection that’s customized to your unique needs.
We also offer other insurance products—auto insurance, motorcycle and ATV insurance, boat insurance, life insurance, flood insurance and more—so you can protect all your assets with one company.
Your peace of mind is our priority. With insurance through AAA, you can expect concierge-level claims service, same day contact and a 24-hour claims hotline.

Help Protect the Place You Call Home with AAA Home Insurance

How to get a quote/policy review.

Call 1-800-222-3854
Go online.
Use the AAA Mobile app.
Visit your local AAA Insurance Agent.

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Coverage is subject to all policy terms, conditions, exclusions and limitations. Discounts and savings opportunities subject to eligibility requirements. Subject to underwriting requirements. AAA Insurance is a collection of AAA branded insurance products, services, and programs made available to qualified members. Personal lines insurance is underwritten by Auto Club Insurance Association, MemberSelect Insurance Company, Auto Club Group Insurance Company, Auto Club Property-Casualty Insurance Company, The Members Insurance Company, Universal Insurance Company, Auto Club South Insurance Company, or Auto Club Insurance Company of Florida. ©2024 The Auto Club Group. All rights reserved.

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