Coastal states face both higher premiums and claims.
If you live near major bodies of water or places prone to severe weather, you’ll pay a higher premium than those further inland.
Average cost of home insurance across the US
Homeowners paid an average of $1,192 a year for home insurance, according to the most recent home and renters insurance statistics from the Insurance Information Institute (III). But costs can differ a lot between states, especially for those living in coastal areas.
State
Average Premium
Oregon
$659
Utah
$664
Idaho
$703
Nevada
$742
Wisconsin
$762
Arizona
$803
Delaware
$816
Washington
$822
Ohio
$850
Maine
$866
Vermont
$898
West Virginia
$917
Pennsylvania
$927
Iowa
$945
Michigan
$952
New Hampshire
$965
Virginia
$966
Alaska
$974
New Mexico
$996
California
$1,000
Indiana
$1,003
Maryland
$1,022
Hawaii
$1,026
Illinois
$1,042
Kentucky
$1,085
North Carolina
$1,098
Wyoming
$1,120
South Dakota
$1,125
Montana
$1,130
New Jersey
$1,174
Tennessee
$1,185
Georgia
$1,200
North Dakota
$1,239
Missouri
$1,280
South Carolina
$1,285
New York
$1,309
Minnesota
$1,340
Arkansas
$1,348
Alabama
$1,386
Nebraska
$1,402
Colorado
$1,446
Massachusetts
$1,451
Connecticut
$1,455
Rhode Island
$1,496
Mississippi
$1,525
Kansas
$1,548
Oklahoma
$1,875
Florida
$1,918
Texas
$1,937
Louisiana
$1,967
States with the most expensive insurance
Expensive home insurance is predictable among coastal states prone to flooding and other natural disasters, reflected in the top three high-risk states, according to the III.
$1,967Louisiana
Located near the Gulf of Mexico and the Mississippi River, this state’s proximity to major waterways results in average premiums of $1,967 a year.
$1,937Texas
Hurricanes, tornadoes and hot, dry weather coupled with a high population leave Lone Star State residents paying an average of $1,937 a year for home protection.
$1,918Florida
Metropolitan cities and beach homes along its coasts result in state premiums that average $1,918.
Home insurance companies
A range of insurers are on the market competing for you policy on green homes, farms, condos, townhomes and more. But 60% of all home policies live with only 10 top companies, according to 2018 market share data from the III.
Top home insurers by market share
Company
Market Share
State Farm
18.40%
Allstate Corp.
8.40%
Liberty Mutual
6.70%
USAA Insurance Group
6.20%
Farmers Insurance Group of Companies
5.90%
Travelers Companies Inc.
3.80%
American Family Insurance Group
3.40%
Nationwide Mutual Group
3.20%
Chubb Ltd.
2.90%
Erie Insurance Group
1.70%
What kind of damage does home insurance cover?
Your policy could help you save if your home is damaged or affected by:
Wind
Hail
Water
Fire
Lightning
Frozen pipes
Mold
Bodily injury liability
Property damage liability
Personal injuries
Theft
Lost personal property
Credit card fraud
Stolen identity
Bottom line
No matter your home’s location, do some research to find a home insurance match with the best coverage and value for you.
Our insurance experts analyzed data from the Insurance Information Institute’s Facts + Statistics: Homeowners and Renters page, using the report’s most recent statistics from 2016 to 2018. The market share for each insurance company is based on the total amount of direct premiums written in 2018.
For all media inquiries, please contact:
Richard Laycock, Insights editor and senior content marketing manager
Megan B. Shepherd is a personal finance editor at Finder where she helps people navigate the financial world of loans.
Her personal finance expertise has been featured on Forbes, Nasdaq, MediaFeed, Fox News, Time, Reviews.com, and carinsurance.com, adding invaluable information related to personal loans, financial strategies and smart borrowing tactics.
Megan graduated from the University of Texas at Dallas with a BS in Business Administration with an entrepreneurial focus. She's worked as a certified financial adviser and has earned certificates of completion from A.D. Banker & Company.
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