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.
Home insurance stats
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.
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.
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.
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
|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%|
|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:
- Frozen pipes
- Bodily injury liability
- Property damage liability
- Personal injuries
- Lost personal property
- Credit card fraud
- Stolen identity
No matter your home’s location, do some research to find a home insurance match with the best coverage and value for you.
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