Home insurance stats

Coastal states face both higher premiums and claims.

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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.

$1,967
Louisiana

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.

$1,937
Texas

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.

$1,918
Florida

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.

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Allan Givens
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347-677-4931
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