How Much Does Homeowners Insurance Cost?

The average cost of an average homeowners insurance policy in the United States is $1,083. Throughout the nation, the costs have continued to increase with each passing year. Just in the last 10 years, the costs have risen around 50%. If you are searching for a homeowners insurance policy, you should get an idea of the average costs, ranging from the most expensive to the least expensive.

The Average Cost of a Homeowners Insurance Policy in 10 States

Homeowners insurance policy premiums vary from state to state and depend on where you live. The average cost of buying a homeowners insurance policy may range from about $600 to $2,000 each year. The chart below shows 10 states with the lowest cost of buying homeowners insurance policy, stating both the monthly and annual costs one will find themselves paying:

2018 Average Cost of An Homeowners Insurance Policy in the Top 10 States
States Monthly Homeowners Insurance Policy Annual Homeowners Insurance Policy
Oregon $48 $574
Idaho $49 $590
Utah $53 $634
Wisconsin $57 $686
Washington $58 $695
Nevada $59 $704
Delaware $61 $736
Arizona $64 $795
Ohio $66 $797
Maine $68 $811


What States Have the Highest Homeowners Insurance Policy Costs?

The most expensive states to insure your home are those that are most prone to natural disasters — tropical storms and tornadoes — with Florida and Texas taking the top two spots. In Florida and Texas, the rates of buying a homeowners insurance policy is 90% and 80%, which is more than the country’s mean. Louisiana, Oklahoma, and Mississippi are three others states with the most expensive homeowners insurance policies, as they too are prone to natural disasters.

What States Have the Least Expensive Homeowners Insurance Policy Costs?

The states with the cheapest homeowners insurance costs include Oregon, Idaho, Utah, Wisconsin, and Washington.

What is the Major Reason for a Homeowners Insurance Policy?

Homeowners need to make a claim on their homeowners insurance policy when their house suffers from damage and requires repair or needs to be rebuilt. Common damages include wind and hail, water damage and freezing, fire and lightning, vandalism, or theft.

Homeowners also take out a policy to protect themselves against lawsuits. Common reasons of liability damage include bodily injury and property damage, medical payments, and credit card issues.

The Factors that Influence Your Homeowners Insurance Policy Costs

Apart from the location of your house, there are a number of other factors that influence the cost of your homeowners insurance policy. Out of all those factors, the cost of your home affects the amount you need to pay for the policy.

You should buy sufficient amounts of dwelling coverage when you obtain a homeowners insurance policy. In the event a natural disaster strikes your home, you could find yourself paying a lot for repairs or rebuilding your home. If your policy that covers most of it, you will pay very little out of your own pocket.

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