Best Home Insurance Rates In Nebraska

On average, your neighbors pay $113 a month.

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Compare Homeowners Insurance In Nebraska

The Cornhusker State is one of the country’s largest producers of beef, pork, soybeans, and, appropriately, corn. Nebraska is also the home of Kool-Aid, Warren Buffett, the world’s second richest man and the company he is CEO of, Berkshire Hathaway. However, because it’s in the midst of Tornado Alley, Nebraska is also home to many homeowners insurance hazards.

Average Nebraska Homeowners Insurance Rates

How much is home insurance in Nebraska? Homeowners insurance premiums in Nebraska are higher than average. The average cost of homeowners insurance in the state of Nebraska is $1,360. That's a bit more than the national average of $1,173. Ten states have higher average home insurance rates than Nebraska.

Nebraska Average Annual Homeowners Insurance Rates
  2013 2014 2015
Nebraska Annual Average $1,151 $1,226 $1,360
Nebraska Price Per Month $96 $102 $113
US Annual Average $1,096 $1,132 $1,173
US Cost Per Month $91 $94 $98
National Rank 16 15 11
Source: Facts + Statistics: Homeowners insurance

The graph below shows the change in average Nebraska home insurance rates from 2011 to 2015, the most recent year the data is available. According to the III, Nebraska homeowners insurance rates increased from $958 in 2011 to $1,360 in 2015, a jump of $402 dollars, or 41.96 percent.

Nebraska average homeowners insurance rates

Choosing a homeowners insurance company in Nebraska should be easier. Actually, it’s already easy. The key to finding the best rates is to compare home insurance quotes in Nebraska

Best Nebraska Home Insurance Companies

Last year, these were the most common home insurance companies reported by QuoteWizard users living in the state of Nebraska. Out of the 4,920 Nebraska homeowners that used QuoteWizard to request insurance quotes last year, 211 had no home insurance.

  1. Farmers
  2. Allstate
  3. Progressive
  4. American Family
  5. Geico
  6. Nationwide
  7. Liberty Mutual
  8. USAA
  9. AAA
  10. Travelers
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Best Homeowners Insurance Companies in Nebraska

The above list shows the most popular home insurers in Nebraska according to our users. But popular doesn’t always mean best.

Our study on the best home insurance companies focuses on top of the line companies. In no particular order, these companies stand out among the rest:

  1. Amica: Best Overall
  2. MetLife: Best for Bundling
  3. Allstate: Best for Local Agents
  4. Hartford: Best for Seniors
  5. State Farm: Best for Pet Owners
  6. Travelers: Best for Flexible Policies
  7. Nationwide: Best Replacement Coverage
  8. Farmers: Best for Eco-Friendly Homes
  9. Liberty Mutual: Best for Quick and Easy Quotes
  10. Auto Owners Insurance: Best Claims Experience
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Top Nebraska Homeowners Insurance Company Market Share

Source: National Association of Insurance Commissioners
Rank Company Financial Rating Market Share
1 Farmers Mutual Insurance Company of Nebraska NR 12.13%
2 American Family A 9.24%
3 Iowa Farm Burea A 9.11%
4 Nationwide A+ 7.59%
5 Farmers Insurance A 5.27%
6 Allstate A+ 4.85%
7 USAA A++ 4.55%
8 Liberty Mutual $17,993 3.04%
9 Travelers A++ 2.67%
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Nebraska Home Insurance Rate Factors

How much does home insurance cost in Nebraska? Several factors come into play when insurance companies calculate the cost of your homeowners insurance. Some, like the pets you own, are unique to each person and home. Others, like property crime rates, affect all NE residents.

Your Personal Rate Factors

Your House

How much you’ll pay for insurance depends on your home. These are the main house factors that influence your prices:

  • Your home’s age. If you own an old home, prepare for higher insurance rates. That’s because as a home gets older, major repair issues arise. Those issues mean old homes are likely to need hefty insurance claims. Most NE residents own an old home, with 4 percent of homes built before 1939.
  • The age and quality of your roof. The roof is your home’s first line of defense against nasty weather. You have a higher chance of filing a claim if your roof is old or in bad condition. A well-maintained roof with region-appropriate material can keep your monthly premiums affordable. And doing your part to properly care for your roof goes a long way. In Nebraska, for example, keep gutters clear to prevent flooding after a rainstorm.
  • Your home’s replacement cost. This is the cost it to rebuild your home from the ground up after an accident or disaster. Your dwelling/structure coverage should match your home’s replacement cost. A high replacement cost also means high premiums. Replacement cost isn’t dependent on a home’s market value, but instead its style and size. For example, a $200,000 home in Omaha could have a lower replacement cost than a $100,000 house in Lincoln.

Claims History

If you’ve filed insurance claims within the last few years, expect higher rates. Claims stay on your record for five to seven years, and insurance companies charge higher premiums to homeowners with recent claims. If you file more claims during that time, your prices will increase exponentially. You could even have your coverage cancelled. That’s why homeowners should avoid filing any unnecessary claims.

Pets

Owning an exotic pet or specific dog breed can make your insurance more expensive. You may even struggle to find a company to insure your home to begin with. According to the AVMA, 51.3 percent of NE residents are pet owners, the sixth lowest rate in the country. 

Credit Score

Your credit score also plays a role in your home insurance prices. It’s a controversial practice, but insurance companies will look at your credit score to price your policy. People with a bad credit score have higher rates. NE has the 13th best average credit score in the nation.

Nebraska Rate Factors

Weather

Natural disasters are a major cause of property damage. That’s why areas with risky weather have higher home insurance rates. NE is the 27th most natural disaster-prone city in America.

No matter where in NE you live, it’s possible that you’ll encounter one of these natural disasters:

  • Tornadoes
  • Flooding
  • Winter storms
  • Earthquakes
  • Wildfires

There is a high chance of flooding in your state, and home insurance does not cover flood damage. Be sure to buy a separate policy. According to Be Ready Nebraska, there are steps you can take to limit the damage caused by a natural disaster.

  • Check your foundation for cracks
  • Board up windows before a severe storm or tornado
  • Buy flood insurance
  • Keep shrubs and dry twigs away from your home in case of a wildfire

Property Crime

Burglary is a massive threat to your safety and property. Fortunately, home insurance covers burglary, theft, and vandalism. That’s why areas with a high property crime rate also have high homeowners insurance rates. NE has the 29th highest property crime rate in the country. In 2017, Nebraska’s average property crime rate was 2,274 per 100,000 people.

Property crime rates vary depending on where in the state you live. For example, Omaha has an average of 37.35 property crimes annually per 1,000 residents. Whereas Papillion only sees an average of 13.92 property crimes annually per 1,000 people.

Like natural disasters, there are steps you can take to prevent a burglary in your home. These include: security cameras, deadbolt locks, alarms, and more.

Types of Home Insurance Policies

Homeowners have plenty of policy options to choose from when shopping for insurance. These are the insurance types you can choose from in NE:

  • HO-1: This policy covers normal damages. It is the most basic insurance policy.
  • HO-2: This is a broad policy that covers everything in HO-1. It also covers falling objects and damages to AC units, pipes, and other home systems.
  • HO-3: This policy covers all damages unless specifically excluded and covers unattached structures. This is the most popular homeowners policy type.
  • HO-5: This type of policy comes with more coverage and less property claim limitations. It is a considered a premium policy and a comprehensive policy like HO-3.
  • HO-6: Are you a condo owner? If so, this is probably the best policy for you. It provides liability and covers possessions for condo owners.
  • HO-7: If you’re a mobile homeowner, this policy is for you. HO-7 offers similar coverage as HO-3, but for mobile homeowners.
  • HO-8: Homeowners with old estates may need a policy to cover its unique needs. This policy is designed for old homes

Nebraska Department of Insurance

Website:
Homepage
Insurance Commissioner:
Bruce R. Ramge
Insurance Hotline:
(877) 564 – 7323
Office Hours:
Monday - Friday
8:00 am to 5:00 pm
File a Consumer Insurance Complaint
Complaint Page

Sources:

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