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Home Insurance Rates
The Home Insurance Survey shows insurance rates are still going up across the country.
:: Key insights ::
Home insurance average annual cost: in the US is $2,570 per year for a home of $300,000.
Home insurance cost vary greatly 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.
| 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 |
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?