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Lincoln, NE Homeowners Insurance
Nebraska ’s capital city is lauded as one of the best places to raise a family. It’s also the perfect place for college students (go Huskers!) and has maintained its second-place ranking of cities with the best work-life balance for the last three years. Lincoln, named after the 16th president, is a great city for young professionals, growing families, and retirees alike. The low cost of living and tight-knit community makes Lincoln the perfect place to call your forever home
But no matter how wholesome the city is, even Lincoln can’t escape brutal winter storms or the whipping winds of Tornado Alley. Lincoln ’s weather can be brutal, but it’s nothing that a good homeowners insurance policy can’t fix. Home insurance policies can get pretty costly in Lincoln, especially considering the additional coverage options you may need. But Insurify allows you to evaluate the best homeowners comparison sites to help you secure savings.
Compare home insurance companies and insurance costs with Insurify to secure affordable rates and the best homeowners insurance policy in Lincoln in just a few minutes.
Cheapest Home Insurance Companies in Lincoln
For homeowners in Lincoln, it's important that you evaluate all of your potential insurance options to ensure you are finding the best rate. Comparing the right insurance companies will allow you to get the best possible insurance rate for your home.
To simplify comparing companies, Insurify has analyzed rates from top insurance providers in Lincoln. The following are the best insurance rates from carriers that offer homeowners insurance in Lincoln.
|Cheapest Companies||Quotes The car insurance quotes, statistics, and data visualizations on this page are derived from Insurify’s proprietary database of over 4 million car insurance applications from ZIP codes across the United States. Insurify’s data science team performs a comprehensive analysis of the various factors car insurance providers take into account while setting rates to provide readers insight into how car insurance quotes are priced.|
How to Find Cheap Home Insurance in Lincoln
The median home value in Lincoln is nearly $25,000 cheaper than the national average, but buying a home will still probably be one of the largest financial investments of your lifetime. With investment, inevitably, comes risk. Risks for Nebraska homeowners are pretty high, with the state’s average of 57 tornadoes per year and its propensity for snowstorms and flooding. However, there are steps homeowners can take to minimize risk and protect their investment.
The first step to protecting your property is homeowners insurance. Though not required by law, home insurance provides financial liability for your property and belongings from natural disasters, theft, and vandalism. Different coverage levels are available for different property types, locations, and other factors, so you can cater your insurance products to your specific insurance needs.
Keep reading for a full guide on Lincoln home insurance.
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Cheapest Home Insurance in Lincoln by Company
Homeowners insurance rates aren’t always designed with savings in mind. That’s where Insurify comes in. Our free home insurance comparison tool allows you to find the best policy for the best rate fast. And your information stays private and protected.
As of 2021, the average home insurance premium in the Lincoln area costs $3,195 annually, and the median home value is $212,318.
You’re probably thanking the heavens that Lincoln ’s living expenses are so cheap because its home insurance rates are pretty high. But shopping around for insurance quotes with various homeowners insurance companies can help you save on annual premiums. Check out the average cost of home insurance with insurance providers like Allstate, Nationwide, and State Farm below.
|Average Home Cost in Lincoln The car insurance quotes, statistics, and data visualizations on this page are derived from Insurify’s proprietary database of over 4 million car insurance applications from ZIP codes across the United States. Insurify’s data science team performs a comprehensive analysis of the various factors car insurance providers take into account while setting rates to provide readers insight into how car insurance quotes are priced.||Average Annual Insurance Premium in Lincoln The car insurance quotes, statistics, and data visualizations on this page are derived from Insurify’s proprietary database of over 4 million car insurance applications from ZIP codes across the United States. Insurify’s data science team performs a comprehensive analysis of the various factors car insurance providers take into account while setting rates to provide readers insight into how car insurance quotes are priced.|
Average Annual Home Insurance Premium in Lincoln by Company
Average prices for standard homeowners insurance for a 7-15 year old home, $200,000 in coverage
Cheapest ZIP Codes in Lincoln for Home Insurance
If you’ve been in Lincoln for a while, like most Lincoln residents have, you might have noticed that it’s cheaper to insure a home in Eastridge than in Fallbrook.
That’s because home insurance, like property costs, varies in price from neighborhood to neighborhood. Pricing is determined by ZIP code–specific variables, such as the volume of claims filed nearby, crime rates, and property costs, and risk variables, such as natural disaster frequency. So your specific neighborhood may determine if you pay more or less on your annual premiums.
Rates in Lincoln are still relatively high compared to the national average, but you could save on insurance rates simply depending on which area you live in. Here are the most and least expensive ZIP codes in Lincoln for home insurance.
Home Insurance Coverage Types in Lincoln
There are several types of home insurance. Specific terms of insurance policies may vary by city, but in general, the standard policy types are as follows:
The simplest and least comprehensive type of homeowners insurance
Provides coverage for a handful of potential problems, including
- Dwelling coverage for damages from some natural disasters (storms, fires, wind, lightning, volcanic eruption),
- damage from vehicles,
- or civil commotion.
Broad form homeowners insurance policies include all basic form coverage, plus protection from:
- falling objects,
- damage from the weight of ice, snow, or sleet,
- freezing of household systems including HVAC and pipes,
- sudden and accidental damage to pipes and other household systems from artificially generated electrical current,
- accidental discharge or overflow of water or steam,
- sudden and accidental damage.
HO-2 policies typically cover both dwelling protection and personal property.
In some cases, broad form coverage may also include liability coverage. However, it still only covers the specific damages listed in the policy.
The most common form of homeowners insurance is known as a “special form” policy.
While HO-1 and HO-2 policies are “named peril” policies (meaning they only cover dangers that are specifically listed in the policy), HO-3 policies are “open peril” policies meaning they’ll cover all dangers except those specifically excluded in the policy documents.
HO-4 policies, also known as renters insurance, are for people who lease rather than own their homes.
Tenant’s form policies typically cover all the same dangers as HO-2 policies.
These policies include personal property coverage and liability coverage but don’t cover the physical structure of the house.
Some HO-4 policies may also include loss of use coverage for the tenants.
Comprehensive form policies are usually the broadest and provide the highest level of coverage; not surprisingly, they also tend to be the most expensive type of homeowners insurance policy.
The biggest difference between HO-3 and HO-5 policies is that most HO-3 policies are “actual cash value” policies, whereas typically HO-5 policies are “ replacement cost value” policies.
An actual cash value policy will only reimburse you for the actual value of a damaged or destroyed item, while a replacement cost value policy will reimburse you for however much it would cost to completely replace or repair the damaged or destroyed item (up to the coverage limits on the policy).
HO-5 policies also provide personal property coverage against a wider range of dangers than the typical HO-3 policy. Many HO-5 policies also have extra coverage for high-value personal property, such as jewelry and artwork.
Not surprisingly, condo form insurance is for condominium owners. HO-6 policies generally protect against the same types of dangers as HO-3 policies.
They provide dwelling protection coverage with a twist: HO-6 policies cover the walls, floors, and ceiling of the condo unit but not the rest of the building.
These policies also include personal property and liability coverage and may include loss of use coverage.
If you own a mobile home or manufactured home, you likely have an HO-7 policy.
Mobile home form policies are typically identical to HO-3 policies, except they’re designed specifically for mobile and manufactured homes.
Like HO-3 policies, they provide dwelling protection coverage, other structures coverage, personal property coverage, liability coverage, and possibly loss of use coverage as well.
HO-7 policies generally only protect the home when it’s stationary; if you plan to move your mobile or manufactured home, you’ll need to get a special policy to cover it while it’s in transit.
Older homes have generally been built to less stringent code standards than recently built homes, and so insurers have designed a specialized type of homeowners insurance policy for them.
HO-8 policies often only cover the basic perils listed in HO-1 policies and generally apply to homes that are registered landmarks or otherwise deemed historic homes.
Owners of registered landmarks are typically forbidden from making the updates to HVAC, electrical, and other parts of the home that would enable them to qualify for a standard HO-3 policy, so an HO-8 policy is often the only option for them.
For more detailed Nebraska city level guides, check out these below.
Watch Out for Windstorm Exclusions
When you purchase a home insurance policy, you may feel like you have all the coverage you need. But in areas prone to windstorms and tornadoes, it’s common for insurance agencies to exclude windstorm coverage from homeowners policies.
This means that with home insurance alone, you’ll be left paying out of pocket for any wind damage your home sustains.
You can––and most likely should––still get windstorm coverage to protect your home and belongings in case of tornado damage by adding a windstorm rider to your policy. Any extra coverage will come at an additional cost. But even if you have to pay a separate windstorm deductible before your coverage kicks in, you’ll still be saving on expensive repair costs in the long run.
Protecting Your Family Home from Floods
There’s nothing more beautiful than watching the first snowfall of the season from your cozy Lincoln doorstep. But when light dustings turn to blizzards and hail, flood damage is sure to follow.
Flood damage caused roughly $1.3 billion in damages last year across Nebraska from rain and melting snow. But home insurance only protects your home from the weight of snow and ice, not water damage.
The only way to protect your home and personal belongings from water damage is with a flood insurance policy. Flood insurance will help you pay to replace or repair any property damaged from melted snow and flash floods and may even be required by your mortgage lender if your home is in a high-risk area. Lincoln participates in the National Flood Insurance Program (NFIP), so you can purchase flood insurance directly through the NFIP or with your insurance agent.
How to Find the Cheapest Home Insurance in Lincoln
Life in Lincoln is supposed to be laid-back, and finding affordable home insurance shouldn’t disrupt your peace. So sit back, relax, and let Insurify help you find the perfect home insurance policy for you.
Use Insurify to compare home insurance premiums for your property in Lincoln .
Frequently Asked Questions
Can I bundle my home and auto insurance in Lincoln?
Yes, and bundling your home and car insurance policies can help you save on annual premiums. Ask your insurance agent about bundling your policies to see just how much you’ll save.
How do I file an insurance claim with my Lincoln homeowners policy?
Call your insurance provider to file an insurance claim. If you have to file a claim related to theft, your insurer may require a police report along with documentation of all items lost or damaged. Remember that insurance claims can take time, and you may not receive a full refund until after you’ve paid the repair costs, so keep all of your receipts and be as transparent as possible to make the claims process easier.
Why is home insurance in Lincoln so expensive?
Nebraska is the ninth most expensive state to insure a home in the U.S., and the capital city is no exception. This is largely due to natural disasters like tornadoes, blizzards, hail, and flooding, which can result in expensive property damage. Luckily, you can still find savings with Insurify.
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