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.
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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.
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
| 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.
For media inquiries:
Allan Givens
Public Relations Manager
203-818-2928
allan.givens@finder.com
Nicole Gallina
Communications Coordinator
347-677-4931
nicole.gallina@finder.com
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