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How much you pay for insurance depends on where you live, what kind of house you live in, your age and a lot more. But knowing what other people are paying can help you figure out if you’re getting a good deal.
In 2017, the average homeowners insurance policy cost $1,211, according to the Insurance Information Institute (III) Average premiums range from $677 a year in Oregon to $1,968 in Louisiana. The III details its findings in its home and renters insurance report, released in November 2019.
Compare average annual rates of homeowners insurance by state.
Compare average annual rates of renters insurance by state.
If you live in Lousiana or Florida, you’ll face the highest home insurance premiums across the nation, according to the most recent III report based on 2017 data. These states’ water-logged factors like rain, hurricanes and low elevation could be the cause of high rates.
Other states with the highest home insurance premiums:
|State||Average premium in 2017|
Homeowners who live in the West or Midwest have the good fortune of a lower insurance premium. These low premiums may reflect the states’ safety against most types of damage. The top five cheapest states include:
|State||Average premium in 2017|
Looking at the nationwide average premium within your home’s same value can give you a solid idea of what premium might pay. Premiums for home values insured under the most common policy type, the H0-3 policy, according to the Insurance Information Institute:
|Insured home value||Average premium in 2017|
|$49,999 and under||$633|
|$50,000 to $74,999||$745|
|$75,000 to $99,999||$814|
|$100,000 to $124,999||$870|
|$125,000 to $149,999||$918|
|$150,000 to $174,999||$960|
|$175,000 to $199,999||$997|
|$200,000 to $299,999||$1,092|
|$300,000 to $399,999||$1,252|
|$400,000 to $499,999||$1,467|
|$500,000 and over||$2,149|
Here are simple things you can do to reduce the cost of home insurance:
There are multiple factors that impact the cost of home insurance in the US, including:
Here’s what to look for when reviewing home insurance policies:
You need enough insurance to cover the cost to rebuild your home, replace your belongings and find temporary accommodations after a covered event. If you recently bought your home, you should have a good idea of its current value. If you’ve had your home for a while, consider getting it appraised. You’ll also want to include coverage for any potential liabilities.
Go through your home room by room and write down what you own and how much it would cost to replace it. This way, you can estimate how much coverage you need for your possessions. Expensive items like jewelry may need additional coverage. Most policies will come with at least $100,000 worth of liability coverage, but experts like the III recommend upgrading to $300,000 to $500,000 for additional protection.
The average homeowners insurance policy costs about $1,192, but that number will vary wildly based on where you live and how much your home is worth. To get the best deal, compare homeowners insurance quotes from multiple providers.
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