The Average Homeowners Insurance Cost, by State and Home Value

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• The average homeowners insurance premium in the United States is $1,272 a year.
• The value, location, and amount of coverage on your home affect the price you pay.
• Adding security features, bundling your policies, and raising your deductible can lower your premiums.

Unlike physical objects like a refrigerator or a car, it can be difficult to accurately determine the cost of homeowners insurance. Besides taking the time to ask all your friends, family, and neighbors how much they pay in premiums, it’s hard to know if the quote you received is outrageous or a bargain.

Reading: How much is annual insurance on a home

Fortunately, there is plenty of data available to help you set realistic expectations for the cost of your home insurance. This article will look at how much the average homeowner pays in homeowners insurance premiums, the factors that affect your specific policy, and ways you can save.

the average cost of homeowners insurance

The average annual premium in the United States in 2019 was $1,272, according to the most recent data from the Insurance Information Institute.

But, home insurance costs vary widely based on a variety of factors, including the value of your home.

See also : Driving Without Insurance: State-By-State Penalties for 2022

This is what homeowners insurance costs on average based on home value in the united states, according to the most recently released homeowners insurance report from the national association of insurance commissioners (naic ):

*the table above uses data from the naic.

the average cost of homeowners insurance by state

Where you live will also affect the cost of homeowners insurance. If you live in an area with high real estate values, this also means it would cost more to replace your home if it were destroyed. so the naic says average premiums tend to be higher in densely populated areas.

Second, your potential catastrophe exposure plays a big role in what you pay for homeowners insurance. If you live in an area prone to flooding, earthquakes, or tornadoes, you can expect to pay more than someone who lives in an area with less risk of a natural disaster.

This is the average annual homeowners insurance premium by state, based on 2019 data from the Insurance Information Institute.

See also : Insurable Interest in Life Insurance | Bankrate

*the table above uses data from the insurance information institute

most expensive states for homeowners insurance

These are the states where, on average, annual home insurance premiums are least affordable, according to the Insurance Information Institute.

See also : Insurable Interest in Life Insurance | Bankrate

*the table above uses data from the insurance information institute

cheaper states for homeowners insurance

These are the states with the most affordable annual home insurance premiums, on average, according to the Insurance Information Institute.

See also : Insurable Interest in Life Insurance | Bankrate

*the table above uses data from the insurance information institute

the average cost of homeowners insurance: frequently asked questions (faq)

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