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It’s no surprise that many of the most expensive ZIP codes for homeowners insurance are in states that experience lots of severe weather. Texas, Kansas, Oklahoma, Florida, Alabama and Mississippi have a lot of tornadoes as well. Home insurance costs per month range from thehighest in Oklahoma at $443 to thelowest in Hawaii at $49.
Recommended Personal Property Coverage Amounts
Homeowners insurance companies offerdiscounted ratesfor everything frombundling your home and auto policies, to working in a certain profession , to paying your premiums up front for the year. Policy deductibles are the amount you pay out of pocket for every claim you file before your insurance company kicks in to cover the rest. For a policy with $300,000 in dwelling coverage, according to Policygenius's 2022 analysis of home insurance rates in every U.S. state and ZIP code.
They're all located in Tornado Alley — a region of the country that sees frequent tornadoes and hailstorms throughout much of the year. Below is the monthly and annual average home insurance cost by state and how it compares to the national average. The average annual rate for a home with $400,000 in dwelling coverage and $300,000 in liability and $1,000 deductible is about $3,231, according to a rate analysis by Insure.com. But rates vary significantly from state to state and from city to city. Alani Asis is a Personal Finance Reviews Fellow who covers life, automotive, and homeowners insurance.
Flood Insurance
Certain materials are more vulnerable to fire, rotting and other dangers. For instance, homes with metal or tile roofs will likely have lower insurance rates than homes with asphalt roofs. In addition, some materials are more expensive to replace than others, like a marble countertop versus Formica.
We do not include the universe of companies or financial offers that may be available to you. Similarly, if you live in an area with a high crime rate or an elevated risk of burglary or vandalism, you’ll likely end up paying more for home insurance. On the flip side, if you live in a safe area with few risk factors, your premiums will typically be lower. For many people, purchasing a home is the most significant financial decision of their lives. Because your home is such an important and valuable possession, you should make sure that your investment is protected.
How Do You Calculate Your Home Insurance Needs
If you want more personalized help, contact your agent to calculate the home insurance needs for your location and type of house. Once again, if anything changes regarding factors like building materials and construction types, then make sure to update these amounts so that they’re accurate. These regions are vulnerable to hurricanes, flooding, and tornados, which drives up the average annual premium. Replacement cost coverage is the amount of money to replace an object or structure to its pre-loss state.
Typically, standard homeowners policies set liability coverage limits at $300,000 to $500,000, but some set as low as $100,000. Personal liability coverage is designed to protect your assets if you are sued due to bodily injuries or damage to property for which you are liable. The coverage extends to everyone in your household, as well as pets, and can help cover lawsuits, including court costs and damages.
Cheapest states for homeowners insurance
On average, the most expensive states for homeowners insurance in 2022 are Oklahoma, Nebraska and Kansas, while the least expensive states are Hawaii, Utah and Vermont. Bankrate follows a strict editorial policy, so you can trust that our content is honest and accurate. Our award-winning editors and reporters create honest and accurate content to help you make the right financial decisions. The content created by our editorial staff is objective, factual, and not influenced by our advertisers. Bankrate follows a strict editorial policy, so you can trust that we’re putting your interests first.
When looking at the cost for homeowners’ insurance nationwide, the average is $1,211 per year, according to the latest report from the Insurance Information Institute . Depending on where you live, this may sound really cheap, average, or really expensive. Pays for the cost of repairs or replacement if your home’s structure is damaged by a covered event. Your personal claims history indicates how likely you are to file a claim in the future. The average cost of insurance for a typical home in these states is less than $71 per month.
Home insurance costs vary from company to company, as every company has its own particular way of calculating rates and evaluating risk. Based on our analysis of the cheapest home insurance companies, we found that Erie's average home insurance rate in the lowest, followed by Auto-Owners and USAA. The average homeowners insurance cost for $300,000 in dwelling coverage with $100,000 liability is $2,763. If you bump liability to the recommended amount of $300,000, homeowners insurance with dwelling coverage for a $300,000 house has a national average of $2,779. Homeowners insurance covers your dwelling, personal property, offers liability protection, and covers you for additional living expenses if your home becomes inhabitable due to damage.
If you have a particularly "aggressive" breed as a pet, your insurance company may increase your rates. If you live in an area with high crime rates, stormy weather or are far away from a fire department, your insurance company will factor these and other risks into your insurance price. As with many types of insurance policies, it’s important to know exactly what you’re getting protection for.
These rates were publicly sourced from insurer filings and should be used for comparative purposes only — your own quotes may be different. On the other hand, increasing the square footage of your home could get you higher premiums. When you click "Continue" you will be taken to their website, which is not owned or operated by GEICO. GEICO has no control over their privacy practices and assumes no responsibility in connection with your use of their website. Any information that you directly provide is subject to the privacy posted on their website. If you rent an apartment, condo, house, etc., you need renters insurance.
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