Also, the expense for homeowners insurance is $1,678 annually for a policy providing $350,000 in dwelling coverage. Through properly examined insurance rates across the country to determine the average expense of homeowners insurance. Your cost will vary depending on factors like where your house is located, how old it is, and the coverage levels you select.
Ensure that your dwelling coverage limit aligns with the estimated cost of rebuilding your home. The greater your rebuilding expenses, the higher your coverage limit and consequently, the expense of your homeowner’s insurance will be.
What Is The Average Homeowner Insurance Cost By Dwelling
Below are the average homeowner’s insurance costs by dwelling:
Dwelling Coverage Amount: $200,000:
- National average cost per year: $1,150
Dwelling Coverage Amount of 250,000:
- National average cost per year: $1,759
Dwelling Coverage Amount: $350,000:
- National average cost per year: $1,678
Dwelling Coverage Amount: $500,000:
- National average cost per year: $2,212
Dwelling Coverage Amount: $750,000:
- National average cost per year: $3,068
Read About: Home Insurance Quote Comparison
What Is The Average Homeowner Insurance Cost By State
The average cost of homeowners varies depending on the location within the country. Residents in states experiencing frequent claims due to severe weather, high crime rates, or expensive repairs can expect higher prices for home insurance. Below are the average homeowner’s insurance costs by state in the US:
Alabama:
- Avg. annual cost for $200,000 in dwelling coverage: $1,438
- Avg. annual cost for $350,000 in dwelling coverage: $2,157
- Avg. annual cost for $500,000 in dwelling coverage: $2,883
- Avg. annual cost for $750,000 in dwelling coverage: $4,014
Alaska:
- Avg. annual cost for $200,000 in dwelling coverage: $760
- Avg. annual cost for $350,000 in dwelling coverage: $1,060
- Avg. annual cost for $500,000 in dwelling coverage: $1,382
- Avg. annual cost for $750,000 in dwelling coverage: $1,879
Arizona:
- Avg. annual cost for $200,000 in dwelling coverage: $996
- Avg. annual cost for $350,000 in dwelling coverage: $1,401
- Avg. annual cost for $500,000 in dwelling coverage: $1,828
- Avg. annual cost for $750,000 in dwelling coverage: $2,533
What Is The Average Homeowner Insurance Cost In Arkansas:
- Avg. annual cost for $200,000 in dwelling coverage: $2,152
- Avg. annual cost for $350,000 in dwelling coverage: $3,055
- Avg. annual cost for $500,000 in dwelling coverage: $3,959
- Avg. annual cost for $750,000 in dwelling coverage: $5,512
California:
- Avg. annual cost for $200,000 in dwelling coverage: $782
- Avg. annual cost for $350,000 in dwelling coverage: $1,129
- Avg. annual cost for $500,000 in dwelling coverage: $1,488
- Avg. annual cost for $750,000 in dwelling coverage: $2,139
Colorado:
- Avg. annual cost for $200,000 in dwelling coverage: $1,885
- Avg. annual cost for $350,000 in dwelling coverage: $2,792
- Avg. annual cost for $500,000 in dwelling coverage: $3,670
- Avg. annual cost for $750,000 in dwelling coverage: $4,881
Connecticut:
- Avg. annual cost for $200,000 in dwelling coverage: $907
- Avg. annual cost for $350,000 in dwelling coverage: $1,310
- Avg. annual cost for $500,000 in dwelling coverage: $1,740
- Avg. annual cost for $750,000 in dwelling coverage: $2,438
Delaware:
- Avg. annual cost for $200,000 in dwelling coverage: $666
- Avg. annual cost for $350,000 in dwelling coverage: $983
- Avg. annual cost for $500,000 in dwelling coverage: $1,383
- Avg. annual cost for $750,000 in dwelling coverage: $1,945
What Is The Average Homeowner Insurance Cost In Florida:
- Avg. annual cost for $200,000 in dwelling coverage: $1,334
- Avg. annual cost for $350,000 in dwelling coverage: $2,026
- Avg. annual cost for $500,000 in dwelling coverage: $2,810
- Avg. annual cost for $750,000 in dwelling coverage: $4,146
Georgia:
- Avg. annual cost for $200,000 in dwelling coverage: $1,171
- Avg. annual cost for $350,000 in dwelling coverage: $1,790
- Avg. annual cost for $500,000 in dwelling coverage: $2,447
- Avg. annual cost for $750,000 in dwelling coverage: $3,468
States with the Lowest Homeowners Insurance Rates
Below are the top five states with the most affordable home insurance rates (based on $350,000 in dwelling coverage):
- Hawaii: $380 annually
- Nevada: $883 annually
- Vermont: $895 annually
- New Jersey: $968 annually
- New Hampshire: $970 annually
States with the Highest Homeowners Insurance Rates
These are the top five states with the highest home insurance rates (based on $350,000 in dwelling coverage):
- Oklahoma: $4,025 annually
- Nebraska: $3,957 annually
- Louisiana: $3,528 annually
- Arkansas: $3,055 annually
- Colorado: $2,792 annually
Regions prone to severe weather conditions such as tornadoes and hurricanes tend to have higher home insurance costs.
What Is The Average Homeowner Insurance Cost By Company
Insurance rates vary significantly among companies due to their unique pricing formulas. Hence, it is essential to compare homeowners insurance quotes before purchasing a policy. Shopping around allows you to discover which company offers the most competitive rates, potentially saving you hundreds of dollars:
Progressive:
- Offers homeowners insurance for $350,000 in dwelling coverage for $729 annually, making it the most affordable option across the dwelling coverage limits analyzed: $200,000, $350,000, $500,000, and $750,000.
Travelers:
- Travelers stand out as the priciest homeowners insurance provider across all dwelling coverage amounts of $200,000, $350,000, $500,000, and $750,000.
Average Cost of Home Insurance by Company ($200,000 in Dwelling Coverage):
Progressive:
- Average home insurance cost per year: $514
Nationwide:
- Average home insurance cost per year: $752
Erie:
- Average home insurance cost per year: $773
USAA*:
- Average home insurance cost per year: $869
Allstate:
- Average home insurance cost per year: $896
State Farm:
- Average home insurance cost per year: $1,055
Westfield:
- Average home insurance cost per year: $1,062
American Family:
- Average home insurance cost per year: $1,101
Auto-Owners:
- Average home insurance cost per year: $1,113
Chubb:
- Average home insurance cost per year: $1,286
What Is The Average Homeowner Insurance Cost By Company ($350,000 in Dwelling Coverage):
Progressive:
- Average home insurance cost per year: $514
Nationwide:
- Average home insurance cost per year: $752
Erie:
- Average home insurance cost per year: $773
USAA*:
- Average home insurance cost per year: $869
Allstate:
- Average home insurance cost per year: $896
State Farm:
- Average home insurance cost per year: $1,055
Westfield:
- Average home insurance cost per year: $1,062
American Family:
- Average home insurance cost per year: $1,101
Auto-Owners:
- Average home insurance cost per year: $1,113
Chubb:
- Average home insurance cost per year: $1,286
Also Read: Home Insurance Quote Geico
What Factors Influence My Home Insurance Premiums
Several elements impact home insurance rates, which include:
- The fire rating of your home’s vicinity (proximity to fire hydrants, water sources, and fire departments).
- Previous insurance claims made for your property.
- The estimated cost of rebuilding your house.
- Your chosen coverage and policy limits.
- The deductible amount you opt for.
- The age of your home.
- The building materials used, such as wood, stone, or brick.
- Your credit score (excluding California, Maryland, and Massachusetts).
- The geographical location of your home.
- Your personal history of home insurance claims.
How to Decrease Home Insurance Expenses
While relocating your house isn’t feasible, there are strategies to diminish your homeowner’s insurance expenses.
Increase Your Deductible:
- One effective tactic is to raise your deductible. Our assessment of home insurance deductibles revealed that by elevating your deductible from $500 to $1,000 or more, you could potentially decrease your annual rates by over $100 on average. This shift means you’ll shoulder more of the financial responsibility in the event of a claim, resulting in a reduced premium.
Compare Home Insurance Quotations:
- Another effective approach to finding the most cost-effective home insurance is by comparing quotes from multiple providers. Evaluate rates from at least three companies to gauge the range of potential costs.
Proactively Inquire About Home Insurance Discounts:
- Don’t assume that your home insurance provider automatically applies all eligible discounts. Actively seeking a review of home insurance discounts offers a promising avenue for potentially reducing your insurance expenses.
NB: For instance, incorporating smart home technologies or installing a home security system may qualify you for a discount. Additionally, bundling your home and auto insurance policies with the same provider can also result in a discounted rate.
Knowing how much homeowners insurance costs is important for homeowners. It helps them make smart choices about keeping their property safe. Things like how much coverage you need, where you live, and your situation can all affect how much you pay for insurance. By checking out prices from different insurance companies, changing how much you will pay upfront when you make a claim (called the deductible), and using any discounts available, homeowners can control how much they spend on insurance while still getting enough coverage. visit the WEBSITE of an insurer for more details.
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