YOU ASK:

How much does Homeowners insurance cost?

WE ANSWER:

This will largely depend on factors such as where you live, how much your home and its contents are worth and whether it is exposed to the risk of any catastrophic perils. If you live in a high-risk area, you will most probably have to pay a high annual premium for your Homeowners insurance.

On average, it costs American home owners around $800 a year to protect their home and personal property from unexpected causes-of-loss. However, Homeowners insurance costs can vary between $400 and $1,400 depending on the state.

The money value of your home and property is, indeed, important but what matters most to insurance providers is how likely it is for your home to be damaged or destructed by natural disasters. Thus, home owners in states, such as Louisiana, California, Texas, and Mississippi very naturally pay some of the highest home insurance premiums. Conversely, Homeowners insurance in Wisconsin, Utah, Oregon, Iowa, etc. costs a few hundred dollars a year. The same applies to Homeowners 4, also referred to as renters insurance (see Table 1).

State Homeowners 3 Average Cost (in $) Renters Insurance Average Cost (in $)
Alabama 890 220
Alaska 850 182
Arizona 640 207
Arkansas 800 217
California 937 244
Colorado 813 170
Connecticut 878 197
Delaware 530 159
District of Columbia 1012 185
Florida 1388 205
Georgia 703 215
Hawaii 776 213
Idaho 477 153
Illinois 674 168
Indiana 638 173
Iowa 596 132
Kansas 866 170
Kentucky 637 161
Louisiana 1257 245
Maine 573 145
Maryland 720 160
Massachusetts 925 223
Michigan 715 164
Minnesota 788 139
Mississippi 998 252
Missouri 707 166
Montana 666 160
Nebraska 783 148
Nevada 690 205
New Hampshire 669 157
New Jersey 726 179
New Mexico 638 200
New York 869 220
North Carolina 649 144
North Dakota 742 119
Ohio 530 163
Oklahoma 1018 230
Oregon 502 162
Pennsylvania 643 148
Rhode Island 919 189
South Carolina 851 189
South Dakota 628 120
Tennessee 706 208
Texas 1409 261
Utah 494 139
Vermont 677 160
Virginia 662 147
Washington 603 170
West Virginia 650 177
Wisconsin 490 122
Wyoming 648 155
National Average 804 189

Table 1. Average premiums of Homeowners and Renters insurance by state.

Was this question and its answer useful?
Not a bit
  • Currently 4/5 Stars
  • 1
  • 2
  • 3
  • 4
  • 5
Very useful
Have a question about insurance? Ask the experts
Share: