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What you pay for coverage depends on many factors, including the age, location, and materials of your home. However, the best cheapest home insurance companies based on Insurance.com's analysis are Amica and Allstate.

Rates were compared for a policy with $300,000 of dwelling and liability coverage and a $1,000 deductible.

Homeowners insurance isn’t required by law, but your mortgage company will require it to protect their investment in the home. If you don’t have a mortgage, you don’t have to carry home insurance, but it’s highly recommended that you do.

Homeowners policies work in much the same way as car insurance. You pay a premium in return for the promise of coverage if you need to file a claim. When a claim is filed, your insurance company will investigate the claim, estimate the repair costs, and pay for damages per the policy's limits and coverage.

A standard homeowners insurance policy doesn’t cover certain types of perils, including earthquakes and floods, and also won’t cover wear and tear damage. You can buy an earthquake or flood insurance policy separately. Other common exclusions include the following, but read your policy in full, so you know what is excluded.

• Theft or damage from a vacant dwelling
• Damage due to war or nuclear disaster
• Damage to pavement or foundations from ice or snow weight
• Pests and damage done by pests
• Defects in construction
• Intentional acts

A home insurance claim goes through the same process as any claim. After the report, an adjuster will investigate and decide what’s covered. Homeowners insurance claims are usually paid by check or sometimes direct deposit. How much you get will depend on the limits of your policy, and your deductible will be subtracted from the total.

Shopping for homeowners insurance is similar to looking for auto insurance. You can shop online either directly with insurance companies or using a quoting tool to compare multiple companies at once. You can also work with an insurance agent to help find the right homeowners insurance for your needs.

You need enough coverage to replace all of your personal property. That means you’ll likely want replacement value rather than actual cash value. Replacement value pays for a brand new replacement, regardless of how old the item is. Actual cash value pays the depreciated cost of the item.

Rental insurance protects your possessions, but standard policies have exclusions. That includes roommates unless they’re named on the policy, expensive jewelry and collectibles, business equipment, and flood damage. Renters insurance also doesn’t cover the structure as that’s the landlord’s responsibility.

Renters insurance protects your personal property and protects you from liability claims. Your landlord’s policy doesn’t offer any protection for you at all.

Filing a renters insurance claim is similar to homeowners and condo insurance. You’ll contact your insurance company and follow the steps for filing a claim, providing details about the type of claim and what was damaged or stolen. Most companies allow you to file a claim online, over the phone, or in person if you have an agent.

The cost of renters insurance varies. The good news is that renters insurance is much cheaper than homeowners and condo insurance. The average renters insurance costs $347 annually (about $29 monthly) for $40,000 personal property and $100,000 liability protection with a $1,000 deductible.

Condo insurance is often limited to your possessions. However, depending on your HOA’s master policy, you might have to cover the floor and ceilings of your unit, too. The HOA’s master policy dictates the exact coverage needed. That’s unlike a homeowners policy, which includes the structure and your belongings.

The level of condo insurance depends on your HOA’s master policy. The master policy tells how much it’s willing to cover. Often, that protection is limited to the structure and common areas. You will need to get condo insurance for your possessions and liability.

Condo insurance covers damages within your unit and personal property. It also handles liability claims if someone is injured in your condo. That coverage includes interior walls, floors, fixtures, and ceilings. To figure out what you need, check your condo association policy. They vary depending on protection.

• “All in” or “all inclusive” covers the individual units’ exterior and interior surfaces. In that case, the condo owner only needs coverage for personal property and liability coverage.
• “Special entity” covers nearly all of the condo structure. That includes fixtures. However, it doesn’t cover structural improvements or unit additions.
• “Bare walls in” and “wall studs in” covers just the bare structure. The condo owner needs to get insurance for the contents, floors, fixtures and countertops, as well as liability.

The cost of condo insurance depends on the coverage level, location, and other factors. The average condo insurance rate for a policy with $60,000 personal property coverage, $300,000 liability coverage, and a $1,000 deductible is $759 a year.

Much like homeowners insurance, you want to notify your insurer as soon as possible after the damage. Also, contact your condo association. Depending on the damage, the association may need to file its own claim. Document the damage and take photos. Call the insurance company with your policy number and detailed information to start the claim, and follow their instructions.