Homeowner Insurance Cost

How much does homeowner insurance cost and what drives the rates?

The average homeowner insurance cost in America is $1,211, but your cost will vary based on your home, location characteristics, and you. You may be able to make some changes to reduce the cost but don’t take it too far—you still want to be sure you have enough coverage if you need it.

Summary
  • Homeowner insurance average annual cost can be as low as $677 (Oregon) or as high as $1,968 (Louisiana).
  • Many factors that impact the cost of your insurance are out of your control, but there are things you can do to lower your costs.
  • Some of the easiest ways to save on homeowner insurance are: compare companies, bundle your home and standard auto, and installing basic security features.
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How is the cost of homeowner insurance determined?

Insurance companies try to figure out how much risk your homeowner policy represents. There are some factors that impact the risk that are not under your control, and some that are. For example, a house in the middle of the forest probably has a higher risk for fire than one in the middle of a suburban neighborhood. Regardless of where you live, you can still take measures that keep you and your family safer, like keeping fire extinguishers in the house. In fact, it’s probably a good idea to consider making changes that appear on the rating list, not only for a discount but because they are proven to help!

Factors you can change today:

  • How much coverage you have: We’d recommend getting the right coverage, but it is possible to play with coverages to save money on premiums.
  • Deductibles: Higher deductibles, lower premium, and vice versa... got it.
  • Bundling your home and auto
  • Having a trampoline or play apparatus (swing set, etc.): These are fun but can be risky and do slightly increase your insurance rate.
  • Safety features: deadbolt locks, fire extinguishers, smoke alarms, and burglar alarm.

Factors you can’t change today:

  • Location: How prone is your home to natural disasters, especially fire? Is there a fire hydrant close to the house?
  • Construction type of your home: A home with brick exterior is more durable and resistant to fire.
  • Age of your home
  • Claims history of homes in your area: Your neighbors do a lot, for better or worse. More than just making (hopefully) good friends, the number of claims made in your area also drives your insurance cost!
  • Your credit history: Folks with high credit scores enjoy insurance discounts for homeowners and other products.
  • Having a swimming pool: If you have a pool, it’s in your best interest to take the proper safeguards—especially a fence to separate the pool from the rest of the yard and house.
  • Certain dog breeds: Sadly, there is good reason that some dog breeds have a bad reputation. Liability from dog bites is covered under most homeowner insurance policies.

Average Homeowner Insurance Cost by state

Your insurance rates will be different, but these figures give you a ballpark idea for homes with values around $200,000.

StateAverage
Annual
Premium
StateAverage
Annual
Premium
Alabama$1,433Nebraska$1,481
Alaska$959Nevada$755
Arizona$825New Hampshire$972
Arkansas$1,373New Jersey$1,192
California$1,008New Mexico$1,017
Colorado$1,495New York$1,309
Connecticut$1,479North Carolina$1,086
Delaware$833North Dakota$1,253
Florida$1,951Ohio$862
Georgia$1,267Oklahoma$1,885
Hawaii$1,102Oregon$677
Idaho$730Pennsylvania$931
Illinois$1,056Rhode Island$1,551
Indiana$1,000South Carolina$1,269
Iowa$964South Dakota$1,202
Kansas$1,584Tennessee$1,196
Kentucky$1,109Texas$1,893
Louisiana$1,968Utah$692
Maine$882Vermont$918
Maryland$1,037Virginia$999
Massachusetts$1,488Washington$854
Michigan$942Washington DC$1,235
Minnesota$1,348West Virginia$940
Mississippi$1,537Wisconsin$779
Missouri$1,285Wyoming$1,156
Montana$1,174

Average Homeowner Insurance Cost by home value

The value of the home itself is one of the largest drivers of insurance cost. Below are the national averages.

Home ValueAverage
Annual
Premium
Home ValueAverage
Annual
Premium
$50,000$745$300,000$1,252
$100,000$870$400,000$1,467
$200,000$1,092$500,000$2,149

How to lower your homeowner insurance cost

Here’s the goal: having the protection that you really need without overpaying. Below are some
ways to reduce your homeowner insurance cost:

  • Compare home insurance quotes from several companies: Hey, you’re trying your best, so you can expect the insurance company to do the same! Getting quotes from multiple companies is just a good idea.
  • Consider your deductibles and coverages wisely: Is there anywhere that you believe you have too much coverage? Carve that out and only pay for what you need.
  • Bundle your home and auto.
  • Avoid frivolous claims: If you think your loss is close to or below your deductible, then don’t file a claim.
  • Installing things like smoke detectors, security alarms, deadbolts and fire extinguishers can add up to noticeable savings.

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