Average Home Insurance Cost By State

If you are financing a house, you will be required to buy homeowners insurance and maintain that insurance until the home has been paid off. Therefore, you need to do a little research into what the average home insurance cost is for the area. The cost of homeowners insurance varies greatly depending on where you live in the country. So if you are thinking about moving to another state, you should take some time to learn what the average home insurance cost is for the area you’ve chosen. Seeing the average home insurance cost for each state will help you make an educated decision about whether or not any given area is right for you.

What Is the Average Home Insurance Cost in the United States?

Unfortunately, homeowners insurance rates are continuing to rise all across the United States. There are a number of factors that reflect on how much the insurance rates will increase (or decrease) for any given year such as natural disasters and other unforeseeable events. However, currently, the average home insurance cost is approximately $950 annually. We’ll give you the breakdown for each state, including the highest and lowest states in just a moment. But first let’s talk about the most common homeowners insurance claims, as well as the most common causes of loss and property damage in the United States.

What Are the Most Common Homeowners Insurance Claims in the United States?

As you probably guessed, theft and lost jewelry are by far the most common of all homeowners insurance claims with electronics following in a close second. There are a few other common homeowners insurance claims as well, such as: Clothing, furniture, miscellaneous household items, tools, appliances, sporting equipment, books and beds.

What Are the Most Common Causes of Loss and Property Damage in the United States?

As far as the most common causes of loss and property damage, again there are no surprises here and they are as follows: Wind, hail, water damage, freezing, miscellaneous property damage, theft, fire, lightning and debris removal.

What Is the Average Home Insurance Cost By State?

Now we will breakdown the average home insurance cost by state. If you are thinking about moving to another state, this should help you decide whether or not your chosen state’s homeowners insurance rates are acceptable or not. Remember, you will have to pay homeowners insurance every year until your mortgage is paid off; therefore, you will need to make sure you can afford the monthly homeowners insurance costs on top of what you will already be paying for your house payment and property taxes. Additionally, if your chosen home is in a flood zone, you will also be required to purchase flood insurance as well. And flood insurance could add a significant amount to what you will already be paying for everything else, so just keep that in mind before you commit to any given home.

Here is the average home insurance cost broken down by state.

• Alabama            $1,195
• Alaska                $950
• Arizona              $695
• Arkansas           $1,050
• California          $995
• Colorado           $990
• Connecticut      $1,130
• Wash. D.C.        $1,115
• Delaware          $680
• Florida               $1,990
• Georgia              $930
• Hawaii                $935
• Idaho                  $535
• Illinois                 $845
• Indiana               $800
• Iowa                    $735
• Kansas               $1,135
• Kentucky            $865
• Louisiana           $1,720
• Maine                 $735
• Maryland            $825
• Massachusetts   $1,105

• Michigan             $795
• Minnesota          $1,090
• Mississippi          $1,450
• Missouri              $1,050
• Montana             $840
• Nebraska            $985
• Nevada                $710
• New Hampshire $835
• New Jersey          $940
• New Mexico        $815
• New York             $1,130
• North Carolina    $895
• North Dakota      $1,000
• Ohio                     $665
• Oklahoma           $1,425
• Oregon                $575
• Pennsylvania      $765
• Rhode Island      $1,175
• South Carolina   $1,125
• South Dakota     $745
• Tennessee          $940
• Texas                   $1,625
• Vermont              $770
• Virginia                $805
• Washington        $645
• West Virginia      $765
• Wisconsin           $640
• Wyoming            $795

What Are the States With the Highest Homeowners Insurance?

The top states with the highest average home insurance cost are really no surprise because they are all states that are the most susceptible to significant large-scale natural disasters more specifically hurricanes and tornadoes. The top five states with the highest average home insurance cost are: Florida, Louisiana, Texas, Mississippi and Oklahoma.

What Are the States With the Least Expensive Homeowners Insurance?

Selecting one of the states with the least expensive homeowners insurance will also give you more peace of mind when it comes to avoiding the natural disasters that plague the states with the most expensive homeowners insurance. Therefore, should you decide to live in one of these states, you will not only save money, but you will also live in an environment that is a safer place for you and your family to build a future. The top five states with the least expensive average home insurance cost are Idaho, Oregon, Utah, Wisconsin and Washington. Most of these states are in the Northwestern corner of the U.S. with Wisconsin being the only one not in that location as Wisconsin is located in the North Central part of the country. That means if you don’t like the cold, you might have to really think about where else you might like to live.

What Are the Top Ten Homeowners Insurance Companies in the United States?

There are plenty of great homeowners insurance companies out there, but there are only a handful who insures the majority of homes in the United States. When it comes to the top homeowners insurance company in the U.S. State Farm is by far the largest insurer with almost 21 percent of the market. Allstate Corp follows at a distant second with only nine percent of the market and the rest are as follows: Farmers, Liberty Mutual, USAA, Travelers, Nationwide, Chubb Corp, Citizens and American Family Mutual.

How Can I Find the Best Homeowners Insurance Company?

The best way to determine which homeowners insurance company is right for your particular situation is to obtain apples to apples quotes from several different companies. Make sure you are comparing everything equally such as the actual cash value, replacement cost value, deductibles and any other extra coverage’s you might need such as earthquake and sinkhole coverage and so on.

2 Point Highlight

1. If you are financing a house, you will be required to buy homeowners insurance and maintain that insurance until the home has been paid off.

2. The cost of homeowners insurance varies greatly depending on where you live in the country.