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Home Insurance Rates

 

The Home Insurance Survey shows insurance rates are still going up across the country.

 

:: Key insights ::

 

>> The average annual cost of home insurance in the US is $2,570 per year for a home of $300,000.

>> Home insurance cost vary a lot by State. Oklahoma, Kansas, Nebraska and Florida have the most expensive. Hawaii have the lowest insurance cost followed by the New England States.

>> The higher your home value, the most you will pay in home insurance.

 
 
Methodology: The home insurance survey is done by 6,102 homeowners in the previous month using a statistical significant number of homeowners in each state (with a liability of $100,000).
 
  Average rates for $200,000 in coverage Average rates for $300,000 in coverage

Average rates for $400,000 in coverage

Average rates for $600,000 in coverage

Average rates for $1,000,000 in coverage
Annual Monthly Annual Monthly Annual Monthly Annual Monthly Annual Monthly
Country $1,981 $165 $2,570 $214 $3,091 $258 $3,944 $329 $5,298 $441
Alabama $2,442 $204 $3,175 $265 $3,812 $318 $5,092 $424 $7,030 $586
Alaska $1,382 $115 $1,725 $144 $2,070 $173 $2,748 $229 $4,057 $338
Arizona $1,944 $162 $2,515 $210 $3,072 $256 $4,041 $337 $5,109 $426
Arkansas $3,395 $283 $3,998 $333 $4,689 $391 $6,032 $503 $7,690 $641
California $1,064 $89 $1,419 $118 $1,777 $148 $2,569 $214 $4,223 $352
Colorado $3,212 $268 $4,140 $345 $4,676 $390 $5,481 $457 $7,310 $609
Connecticut $1,875 $156 $2,253 $188 $2,715 $226 $3,601 $300 $4,714 $393
D.C. $1,001 $83 $1,355 $113 $1,708 $142 $2,358 $196 $3,662 $305
Delaware $1,007 $84 $1,398 $116 $1,734 $145 $2,447 $204 $3,372 $281
Florida $3,848 $321 $4,463 $372 $4,999 $417 $5,790 $482 $6,508 $542
Georgia $1,795 $150 $2,325 $194 $2,890 $241 $3,962 $330 $5,686 $474
Hawaii $470 $39 $619 $52 $793 $66 $1,141 $95 $1,813 $151
Idaho $1,506 $126 $1,981 $165 $2,456 $205 $3,389 $282 $5,235 $436
Illinois $2,471 $206 $3,093 $258 $3,598 $300 $4,342 $362 $5,694 $475
Indiana $2,359 $197 $3,021 $252 $3,631 $303 $4,402 $367 $5,692 $474
Iowa $2,052 $171 $2,681 $223 $3,240 $270 $4,340 $362 $6,204 $517
Kansas $3,711 $309 $4,891 $408 $5,705 $475 $6,723 $560 $8,227 $686
Kentucky $2,536 $211 $3,359 $280 $4,165 $347 $5,125 $427 $6,387 $532
Louisiana $1,878 $157 $3,630 $302 $4,422 $369 $5,219 $435 $5,919 $493
Maine $1,041 $87 $1,405 $117 $1,746 $146 $2,482 $207 $3,932 $328
Maryland $1,344 $112 $1,732 $144 $2,137 $178 $2,995 $250 $4,653 $388
Massachusetts $1,329 $111 $1,656 $138 $2,004 $167 $2,716 $226 $4,126 $344
Michigan $1,962 $164 $2,435 $203 $2,965 $247 $3,525 $294 $4,633 $386
Minnesota $1,865 $155 $2,444 $204 $3,008 $251 $4,261 $355 $5,931 $494
Mississippi $2,699 $225 $3,414 $284 $3,953 $329 $4,648 $387 $5,979 $498
Missouri $2,691 $224 $3,578 $298 $4,126 $344 $4,901 $408 $6,575 $548
Montana $1,841 $153 $2,182 $182 $2,621 $218 $3,229 $269 $4,258 $355
Nebraska $1,841 $153 $2,182 $182 $2,621 $218 $3,229 $269 $4,258 $355
New Hampshire $1,841 $153 $2,182 $182 $2,621 $218 $3,229 $269 $4,258 $355
New Jersey $1,841 $153 $2,182 $182 $2,621 $218 $3,229 $269 $4,258 $355
New Mexico $1,841 $153 $2,182 $182 $2,621 $218 $3,229 $269 $4,258 $355
New York $1,841 $153 $2,182 $182 $2,621 $218 $3,229 $269 $4,258 $355
North Carolina $1,841 $153 $2,182 $182 $2,621 $218 $3,229 $269 $4,258 $355
North Dakota $1,841 $153 $2,182 $182 $2,621 $218 $3,229 $269 $4,258 $355
Ohio $1,841 $153 $2,182 $182 $2,621 $218 $3,229 $269 $4,258 $355
Oklahoma $4,531 $378 $5,917 $493 $7,033 $586 $8,333 $694 $8,776 $731
Oregon $1,374 $115 $1,773 $148 $2,192 $183 $2,983 $249 $4,067 $339
Pennsylvania $1,505 $125 $1,930 $161 $2,136 $178 $2,870 $239 $3,869 $322
Rhode Island $1,535 $128 $1,970 $164 $2,388 $199 $3,290 $274 $5,183 $432
South Carolina $2,102 $175 $2,705 $225 $3,229 $269 $4,271 $356 $5,707 $476
South Dakota $2,659 $222 $3,424 $285 $3,982 $332 $5,294 $441 $7,346 $612
Tennessee $2,416 $201 $3,091 $258 $3,748 $312 $4,819 $402 $6,507 $542
Texas $3,010 $251 $3,890 $324 $4,657 $388 $5,540 $462 $6,731 $561
Utah $1,444 $120 $1,820 $152 $2,167 $181 $2,844 $237 $4,159 $347
Vermont $993 $83 $1,276 $106 $1,560 $130 $2,123 $177 $3,236 $270
Virginia $1,677 $140 $2,173 $181 $2,702 $225 $3,392 $283 $4,271 $356
Washington $1,276 $106 $1,628 $136 $2,023 $169 $2,770 $231 $4,271 $356
West Virginia $1,487 $124 $1,930 $161 $2,361 $197 $3,235 $270 $4,991 $416
Wisconsin $1,299 $108 $1,679 $140 $2,044 $170 $2,681 $223 $4,050 $338
Wyoming $1,378 $115 $1,916 $160 $2,497 $208 $3,662 $305 $3,666 $305
Source: MFP Homeowners insurance survey 2024
 
 

How insurance company determine your insurance price

 

Location: This is a big one. States prone to natural disasters like hurricanes or tornadoes will see higher premiums. Even within a state, zip codes in flood plains or with high fire risk will cost more to insure.

 

Property characteristics: The value, age, size, and construction materials of your home can play a role. A newer, larger home built with expensive materials will generally cost more to insure than a smaller, older one.

 

Coverage amount: The amount of dwelling coverage you choose (the amount it would cost to rebuild your home) directly affects the premium. Higher coverage means a higher premium.

 

Deductible: This is the amount you pay out of pocket before your insurance kicks in. Choosing a higher deductible lowers your premium, but you’ll have to pay more upfront in the case of a claim.

 

Claims history: Having filed past claims can raise your rates or if neighbors’ filed claims.

 

Credit score: In some states, your credit score can be a factor in determining your premium. Generally, a good credit score can lead to a lower rate.

 

These are just some of the most common factors. Your insurance company may also consider other things like the presence of a pool, security features, and even the type of pets you own (ex: a dog’s breed).

 
 
 

Home insurance satisfaction

 

Our Home insurance survey also cover homeowners satisfaction with their insurance, company, process and claims.

 
 

Policy Coverage and Cost

 

Adequacy of coverage: Do your feel your policy covers enough in case of a disaster or loss?

 

Premium satisfaction: Are you happy with the price you pay for their coverage?

 

Policy easy to understand: Can you easily understand what your policy covers and excludes?

 

Price transparency: Do you feel you understand how your premium is determined?

 
 

Claims Process

 

Easy to file a claim: Was the claims process smooth and hassle-free?

 

Claim resolution speed: Did the insurance company settle the claim in a timely manner?

 

Claim payout fairness: Do homeowners feel they received a fair amount of money to cover their losses?

 

Claim customer service: Were you treated with respect and courtesy throughout the claim process?

 
 

Overall Experience

 

Recommend likelihood: Would you recommend your current insurance company to others?

 

Brand trust: Do you feel you can trust their insurance company to look out for your best interests?

 

Company overall satisfaction: Are you happy with the overall service they receive from their insurance company?