Homeowners Insurance Quotes in Omaha, NE

What You Should Know About Home Insurance in Omaha

Traders heading to the Pacific Coast began using Omaha as a trading post well before gaining status as a city in 1854. Its location along the Missouri and Platte rivers earned Omaha the nickname “Gateway to the West” and made it a well-positioned territory for transportation, shipping, and manufacturing, all of which still provide economic support for Omaha and the entire region. Other industries that have emerged over the years include banking, finance, insurance, and healthcare, among others.

Berkshire Hathaway, Union Pacific, Peter Kiewit Sons’ Inc., and Mutual of Omaha are all Fortune 500 companies with headquarters in Omaha. The city hosts several Fortune 1000 companies as well. The University of Nebraska Omaha, Creighton University, the University of Nebraska Medical Center, and several other schools of higher learning offer a variety of educational options to tens of thousands of students in the city.

The historic Old Market Entertainment District offers a complimentary shuttle service that transports residents from hotels and other areas of town to shops, eateries, events, and live entertainment. Join the excitement in town and make sure to grab a legendary Reuben steak, but first, make sure you have adequate coverage for your home by talking to an expert agent who can help you get the best homeowners insurance at the most affordable prices in Nebraska.

How Much Does a Homeowners Insurance Policy Typically Cost in Omaha?

Coverage in Omaha is significantly more expensive than the U.S. average. This is due to local conditions that affect the chances of residents having to file a claim and the potential severity of those claims. Below you will find rates for Omaha compared to the national average.

Dwelling Insurance Total	Average Annual Cost in Omaha	Average Annual Cost Nationwide
$300K	$6,776	$2,582
$600K	$11,798	$4,140
$1 million	$17,802	$7,380

We arrived at these numbers by using the cost of dwelling coverage, a $100,000 liability and a standard $1,000 deductible.

How Do Home Insurance Deductibles Change Insurance Rates in Omaha?

Insurers set premiums based on how much they might have to pay when your home or belongings are damaged. However, when you file a claim, your provider does not pay the full amount of the damages. They deduct an agreed-upon amount — called a deductible — from the estimated cost of repairs or replacement.

So if a burst pipe causes $2,500 in damages and you have a $500 deductible, your insurer would only have to pay $2,000. With a deductible of $3,000, you would not even bother filing a claim, knowing that your provider would have zero liability for that incident. Because your deductible directly affects how much a carrier pays when you file a claim, choosing a higher deductible will get you lower premiums, and a lower deductible will result in higher premiums.

Is Home Insurance Tax Deductible in Omaha?

There is nothing like being able to lower your income tax bill through a worthwhile expenditure like homeowners insurance. Although premiums for your residence are not tax deductible, if the following scenarios apply to you, you may be entitled to a full or partial deduction:

• Part of or your entire home is rented to tenants
• A room in the house serves as a home office
• You use space as storage for work

Run these and similar scenarios by your accountant to be sure you are entitled to a tax break and to find out what percentage of your premiums are deductible.

Does Omaha Have the 80% Homeowners Insurance Rule?

Omaha itself does not have a law mandating this rule, but insurers who operate in the city follow this industry standard. If your house is destroyed by a natural disaster, your insurer would have to pay for you to rebuild it. The 80% rule requires you to obtain coverage that would entitle you to at least 80% of the funds needed to rebuild your house in such a scenario.

A replacement cost of $400,000 would obligate you to obtain a minimum of $320,000 in coverage. You do not need to be overly familiar with this rule because your InsureOne agent will discuss it with you and help you comply.

Bundling Home and Auto Insurance in Omaha

Given the high cost of premiums in Omaha, you may want to look into bundling your home and auto coverage, which means getting both policies from the same carrier. There are other reasons why you should bundle, including the convenience of not having to deal with different insurers and being able to pay for all of your insurance policies at once. However, many local residents do so simply to save up to 25% on their premiums.

If you choose to bundle, expert InsureOne agents will check with top-tier carriers for the best prices on homeowners and car insurance that meet your needs. They will then compare pricing and bundling discounts between the various companies and deliver a customized package of policies at the most affordable rates available. This sounds like a lot of work, but all you have to do is let your agent know you are interested in bundling, and they will do all of the work so you do not have to.

What Factors Do Insurance Companies Consider When Setting Rates?

Insurance underwriters have an endless list of factors they use to determine your rates. They all revolve around how much risk the insurer is undertaking by insuring your home. The details they research give them somewhat of an idea of the likelihood of you filing a claim and how much it will cost them. These are some of the factors that interest them:

• Coverage level: More comprehensive coverage and higher dollar amounts of coverage will raise your rates.
• Age of home: Older homes have a greater risk of leaking roofs and failing systems, such as HVAC and electrical.
• Security systems: Surveillance systems and alarms that deter criminals and alert authorities will make your policy more affordable.
• Regional conditions: If your area is prone to natural disasters, your insurer will have to charge you more for coverage.

What Are the Different Types of Homeowners Coverage Offered in Omaha?

As your InsureOne agent will explain, insurers offer several types of homeowners policies. Each either serves a unique purpose or provides a varying level of coverage. These examples will give you an idea of how some policies might pertain to you and others will not:

• HO-1 policy: You cannot get a lower level of coverage than this. It provides basic coverage for several types of hazards and is the most affordable policy available for your house.
• HO-4 policy: Serving a totally different purpose than the HO-1, this policy is for tenants who are looking to protect their belongings and also provides liability coverage in case someone gets hurt on their property.
• HO-5 policy: On the other end of the spectrum from the HO-1, this is the most comprehensive policy available. In fact, some insurers do not even offer this policy since its high level of coverage presents a liability to the company.
• HO-6 policy: Known as “wall-in” coverage, this policy protects condo and co-op owners’ belongings and provides liability, much like the HO-4 does for tenants.

What Is the Most Common Type of Home Purchased in Omaha?

Omaha has lots of urban and suburban areas, with single-family detached homes accounting for almost 64% of its dwelling units. Regardless of the type of home you own, living in this city means your home may someday get damaged by a tornado.

Your homeowners insurance coverage would cover this and certain other natural disasters, but it is still important to prepare in advance and discuss with your InsureOne agent what you should do after a tornado. This way, you will remain calm during a very tumultuous time and will avoid any missteps that may affect your reimbursement from your insurer.

Which Common Natural Disasters Are Covered by Home Insurance in Omaha?

The National Centers for Environmental Information reports that 66 natural disasters in the past 45 years have caused more than $1 billion in damages in Nebraska, and Omaha has seen its fair share of these events. Fortunately, your policy will help you with the following natural disasters and more:

• Tornadoes: Omaha is located in Tornado Alley, so you can expect these to rip through town, wreaking havoc on occasion.
• Fire: Although less common than in some of the West Coast cities, wildfires are at least somewhat of an issue in Omaha.
• Snow: The city gets more snowfall than the national average. Sitting snow can seep through roofs and cause water damage to the interior.