Chelsey Tucker graduated with a Bachelor of History degree from Metropolitan State University in 2019. She now writes about insurance with her specialty being life insurance and has been quoted on Help Smart Phone and MEL Magazine.

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Dan Walker graduated with a BS in Administrative Management in 2005 and has been working in his family’s insurance agency, FCI Agency, for 15 years. He is licensed as an agent to write property and casualty insurance, including home, auto, umbrella, and dwelling fire insurance. He’s also been featured on sites like

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Reviewed by Daniel Walker
Licensed Auto Insurance Agent

UPDATED: Mar 19, 2020

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For most people, their home is their greatest asset. For this reason, it is important to have good insurance to protect this investment. While it is not a good idea to skimp on coverage, it is possible to buy cheap home insurance if you shop around.

When you shop around for insurance quotes, you can compare types of coverage and decide what benefits you need to protect your home. This gives you the ability to compare rates to find cheap home insurance without sacrificing coverage. Compare insurance rates now!

Homeowners are not the only persons who need to insure their property. Condo owners also have to consider protecting their financial investment, especially since the condo association insurance does not pertain to anything within the condo unit itself. Renters have a lot at stake as well in personal property and personal liability.

Types of Cheap Home Insurance for the Homeowner

Home insurance is broken down into different categories. Almost all insurance companies use the same breakdown, so there is some uniformity that makes shopping for cheap home insurance easier.

  • HO-1: The first type of home owners insurance is deemed HO-1 and is the most basic form of insurance you can buy. While this is the cheapest home insurance you can buy, it has very limited coverage, protecting your home against fire and lightning but offering little other benefits.
  • HO-2: The more commonly purchased homeowners insurance is HO-2. This home insurance has very wide coverage, allowing for multiple mishaps including windstorms and riots. Whether your home is burglarized or you have damage from an accidental plumbing discharge, you are covered with your HO-2 insurance.
  • HO-3: HO-2 is not all inclusive, so if you are looking for extensive coverage, you can buy HO-3 insurance. Many people purchase HO-3 insurance in order to have maximum coverage for all elements and events.
  • HO-8: People with an older home can buy HO-8 insurance. Materials in older homes are usually not replaceable, so an HO-8 policy makes it easy to insure your home with a modified replacement insurance policy. This means that if your home is damaged by rain water from a broken roof, your plaster walls will be covered for the replacement costs of drywall (not plaster).

Most homeowners insurance comes with personal liability protection as an added benefit. Whether your friend trips on your carpet, your handyman falls off the stepladder, or your mail carrier slips down your stairs, if you have homeowners insurance with liability then you are covered for any lawsuits should it become necessary.

If you are trying to save money on the cost of your home insurance, then buying only the most basic of coverage is not the way to go unless that is all you really need. Instead, it is best to consider all of the coverage that you can truly use to protect your assets and then find cheap home insurance for that insurance policy.

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Cheap Home Insurance for the Condo Owner

As a condo owner, you pay condo member association fees. A portion of these fees is used to pay for insurance for the condo building and property. It is important to understand that this insurance does not apply to anything within your own condo unit.

Your walls and everything inside are your responsibility to insure. If you do not have homeowners insurance and your unit is damaged by fire, then you will not have any coverage. The same goes for other incidents such as theft or lightning.

HO-6 is homeowners insurance for the condo owner. This insurance provides you with property insurance for all of your belongings and the unit itself. It also comes with personal liability insurance, which is usually included with all homeowners insurance policies.

Cheap Home Insurance for the Renter

Many renters do not consider homeowners insurance since they are not actually homeowners. However, whether you are renting a house, a condo, or an apartment, you need to have insurance for your personal property and to help protect you against liability as well.

For the renter, HO-4 provides the same type of protection as an HO-2 homeowners policy. Your personal property is covered by fire, theft, lightning, and other mishaps that can occur in your home.

With personal liability, you are also financially protected against libel if someone gets injured while inside your home. This could be for a guest who is visiting or someone you hire to help you with something. Most workers have their own insurance but not everyone does, so it is important to carry your own insurance.

Your landlord is responsible for insuring the building itself, but he has no responsibility to insure your property. Renters insurance is cheap home insurance, offering you protection for your valuables for as little as $100 per year.

Homeowners, condo owners, and renters can all find cheap home insurance by shopping online for the best rates. Comparing different insurance quotes between reputable companies can help you get affordable protection without sacrificing benefits. Enter your zip code now and start getting free home insurance quotes online.