Compare Home Insurance Rates – Homeowners insurance is a critical part of financial security, and there’s a lot to consider when looking for a provider. On the one hand, the best insurance companies have the financial strength, customer service and the right offering to be there in the event of disaster. And on the other hand, competitive prices shouldn’t break the budget. On a final note, here is the average cost of homeowner’s insurance for each state in 2020.
For most people, their home is their most important asset. The only way for a family to recover financially from a home lost in a natural disaster is if it was properly insured. Home insurance is therefore essential for financial security. We found the 2020 average prices in each state on ValuePenguin, a financial education and product comparison website. By visualizing the breakdown for every state in the country, you can easily see if you’re getting a good deal on such a critical part of your personal finances.
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States in Tornado Alley have the highest homeowner insurance rates in the country. Oklahoma stands out as by far the most expensive, averaging $2,559 per year. Kansas and Texas also have high rates ($2,461 and $2,451, respectively). Not only do these states get tornadoes more often than elsewhere, but they also tend to be significantly stronger, exceeding F3-5 strength. Oklahoma City alone, for example, has been hit by two or more tornadoes on the same day 29 times. These factors tend to make home insurance much more expensive.
The Average Cost Of Home Insurance In 2023
At the other end of the spectrum, there are a few states where it costs less than $1,000 a year on average. Many of these places are concentrated in the Northeast, including Vermont ($614), New Hampshire ($773), and Maine ($849). Delaware has the cheapest rates in the country at just $598, or about $50 a month. That’s about half of what the average American spends on a cell phone, according to the Bureau of Labor Statistics Consumer Expenditure Survey.
The cost of homeowners insurance falls between these two extremes for most states. In general, most people can expect to pay anywhere between $1,000 and $2,000 for coverage. However, it’s important to remember that homeowner’s insurance usually doesn’t cover damage from things like floods and earthquakes. Anyone concerned about these types of risks should consider additional types of coverage.
If you’re looking for home insurance and need help finding the right policy for you, check out our home insurance pricing guide. It always pays to shop around and find the best company for you.
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If you want to use our visualization in books, magazines, reports, educational materials, etc., we can issue a license document that provides non-exclusive rights to reproduce, store, publish and distribute. Keeping your home safe and sound comes at a price. But in some states, you may be out of luck with the cost of your home insurance.
Finding the perfect home is more than just buying the perfect home. Many homeowners who want to protect their personal property from disasters such as theft or damage from weather-related events know how important it is to find quality home insurance. But it’s not always cheap to insure your home. According to the National Association of Insurance Commissioners, homeowner insurance rates rose 1.6% between 2016 and 2017, reflecting an upward trend in the cost of home insurance. Despite this upward trend, there are some states that have managed to keep premium costs relatively cheap.
Insurance companies determine your home insurance policy using a variety of variables. Determining a home’s liability based on its occupants and its surroundings means that home insurance rates can vary based on typical weather conditions in the area, the potential for theft or other property damage such as vandalism. To dig deeper into the analysis of homeowner insurance rates and geographic demographics, the data science team looked at homeowner insurance data to identify the ten states with the cheapest home insurance rates.
The data science and research team at , a homeowner insurance comparison site, studied homeowner data from the Insurance Information Institute to determine which states have the cheapest home insurance. HO-3 homeowner’s package policy data (for dwellings with one to four family units) published by the National Association of Insurance Commissioners (NAIC) served as the basis for measuring the average cost of home insurance by state.
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State median home values were determined from the most recent measurement of the Zillow Home Value Index (ZHVI), a smoothed, seasonally adjusted measure of typical home value and market changes in a given area and home type. Burglary rates were extracted from FBI Uniform Crime Reporting Program state-level and national-level data derived from the Summary Reporting System (SRS).
Bring on the dancing lobsters, because Maine has some of the cheapest home insurance premiums in the country. Both the average annual homeowner’s premium and the median home value are below the national average, at 28 and 4 percent respectively. Maine also has a low burglary volume per capita, with a theft rate that is 47 percent below average. Although Maine does not follow the overall national trend of low median home values correlated with low burglary rates, Maine’s relatively low number of residential burglaries can be attributed to its majority rural population — according to the U.S. According to the Census Bureau, Maine has the highest percentage of rural areas of all fifty states, while burglaries may occur more often in denser, congested areas.
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Ohio is ninth in the nation for the most affordable home insurance premiums. With an average rate of $862, home insurance in Ohio costs 29 percent less than the national average premium. Additionally, following the general trend of a negative correlation between home values and burglary rates, Ohio’s median home value is 59 percent below average, while the burglary rate is 8 percent above average. Fortunately, Ohio homeowners can protect their assets and insure their homes at a relatively low rate.
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Washingtonians looking to insure their home are in luck—the average home insurance premium in their state is 30 percent lower than what the average American pays. Washington’s median home value is the fifth highest in the nation, a whopping 39 percent above the national average, which means you need a lot of green to buy a home in the Evergreen State. Given that Washington has a surprisingly high burglary rate (29 percent above average) relative to its high average home value, homeowners who have secured their humble abode can breathe a sigh of relief knowing that the cost of Their home insurance is relatively cheap.
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Despite being the second smallest state in the United States, Delaware homeowners can take pride in knowing that their state has the seventh cheapest home insurance premiums in the country. Delaware homeowner’s insurance costs an average of 32 percent below the national average, even with the average cost of a homeowner nearly equal to the national average. Additionally, Delaware’s burglary rate is 15 percent below the national average, making Delaware a stable and safe state to own a home.
Arizona ranks sixth for states with the most affordable home insurance premiums. With a slightly higher than average average value and burglary rate, 32 percent below the average cost of home insurance in Arizona is a somewhat surprising advantage for Arizona homeowners. While Arizona doesn’t necessarily follow the national trend of states with higher burglary rates corresponding to lower median home prices, it appears that Arizona homeowners are lucky when it comes to affordably insuring their homes.
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The fifth state on our list, Wisconsin, is a true representation of the Midwest’s famous hospitality – America’s Dairy Country has comparatively affordable insurance rates and home values. On average, Wisconsin homeowners can insure their homes for 36 percent less than the average American. Wisconsin’s median home value is 23 percent below the national average, and its burglary rate is also below average at 37 percent. Owning a home in Wisconsin seems to check all the boxes, with low housing costs, insurance premiums and the potential for burglaries across the board.
Many people come to Nevada every year to win big in Vegas. Fortunately, Nevada residents are already winners in the realm of affordable home insurance premiums. Nevada has the fourth cheapest cost of home insurance in the United States, 38 percent below the national average. These low premiums intersect with higher averages for house and burglary rates, at 15 and 35 percent respectively. Nevada is also a fascinating case because these statistics do not follow the pattern
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