Average Home Insurance Cost in Your State

Are you paying extra for home insurance? Do you ever sense that you are paying additional amount for your home insurance than your fellow citizen down the street? Although it may not be good sociable etiquette to inquire how much they are paying, there are other ways to get to know how much the average rate of home insurance in your state has been over the past few years.

Average Home Insurance Rates

So how do you know how much money other people are giving for home insurance? What is the average home insurance rate across all states in America? There have been a small number of very appealing studies that have dealt with this very question. However, no two states are the same as there are many characteristics that go into home insurance premium calculations. Knowing the average cost of home insurance in your state will make sure that you are not overpaying for your home insurance.

The rate of home insurance you pay is based on several key factors. As you might previously know homeowner insurance rates depend on where you reside. Where your house sited plays an important role in deciding the premium cost of your home. There are environmental factors which are not within our control and as a result these localities are labeled as high-risk areas. A few of other factors include the crime rate in your neighborhood, size of your home, year the home was build, credit score of the home owner and the types of coverable hazards. Turn over your state to review the national average cost of home insurance and find out about state-to-state price differences.

State Average Home Insurance Premiums Comparison

The following comparison data provides an overview of average premiums for homeowners and shows which states have more.

Average Premiums Of Home Insurance

Highest Home Insurance Rates

High expenses connected with high winds, hail storms, and hurricanes assist to make the Gulf Coast states as some of the costliest areas to buy home insurance. The residents of Texas are subject to the highest annual rates of home insurance in the country, paying $1409 on average. With an average premium of $1386, Florida comes in second place. Following close behind is California, Washington, D.C, Oklahoma, Mississippi and Louisiana. In common, coastal states can anticipate paying higher insurance rates, owing to the high risks related with hurricanes and flooding.

Top Five States that have highest average home insurance rates

  1. Oklahoma -$1572
  2. Louisiana- $1483
  3. Mississippi – $$1094
  4. Florida – $1068
  5. Massachusetts – $1026

Lowest Home Insurance Rates

Persons living in the Midwest mainly enjoy the most reasonable home insurance rates. Cost of home insurance is the lowest priced in Idaho, with annual premiums estimated at $477. Wisconsin places in a close second with $490 per year. Utah receives the bronze medal at $494. Maine, Delaware, Oregon, Ohio and Iowa also place well when evaluating cost of home insurance across all states.

Top Five States that have lowest average home insurance rates:

  1. Idaho – $405
  2. Missouri – $405
  3. Utah – $441
  4. Oregon – $484
  5. Vermont – $556

How the Average Cost of Homeowners Insurance Calculated?

The average rate of home insurance is very much influenced by Bureau of Labor Statistics’ consumer price index or CPI. The CPI is an assortment of consumer services and goods that correspond to the American economy and what is obtainable for consumers to procure. The cost of all insurance premiums are heavily weighted on the CPI because the cost of mending a damaged car or home can depend wholly on the cost of raw materials and labor to remodel the asset. The CPI can vary every month based on macroeconomic factors such as inflation and other features of the economy on the whole.

Average Home Insurance Premiums Countrywide

This table provides a complete list of average home insurance premiums for all 52 states.

State Avg. Insurance Premium
Alabama $933
Alaska $856
Arizona $559
Arkansas $1,014
California $795
Colorado $795
Connecticut $799
Delaware $629
Florida $1,068
Georgia $833
Hawaii $862
Idaho $405
Illinois $760
Indiana $781
Iowa $624
Kansas $1,004
Kentucky $874
Louisiana $1,483
Maine $572
Maryland $645
Massachusetts $1,026
Michigan $715
Minnesota $926
Mississippi $1,094
Missouri $405
Montana $640
Nebraska $887
Nevada $584
New Hampshire $581
New Jersey $638
New Mexico $582
New York $622
North Carolina $631
North Dakota $808
Ohio $621
Oklahoma $1,572
Oregon $484
Pennsylvania $621
Rhode Island $897
South Carolina $679
South Dakota $609
Tennessee $801
Texas $986
Utah $441
Vermont $556
Virginia $570
Washington $569
Washington, D.C. $761
West Virginia $875
Wisconsin $644
Wyoming $676


An Overall Look of Home Insurance Premiums across the Nation

Figures surrounding rates of home insurance are collected and reported on a usual basis by the National Association of Insurance Commissioners (NAIC). Depending on their current reports, average cost of insurance for all homeowners in America is $804. Seeing at year-to-year statistics, this figure amounts to a 4.8% rise in the average cost of insurance. The preceding year’s estimate recommended an average of $764.

These numbers were calculated by looking at the annual premium rate for all homeowners who possess an HO-3 insurance policy. The HO-3 insurance policy is the most frequent type of insurance plan- accounting for more than 80% of all property insurance policies.

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