Look forward to buying your house insurance policy, find out what the average cost of house insurance in the United States is. You will discover what the average cost of house insurance is in all of the fifty (50) states that make up the United States of America
House insurance (also known as home insurance or homeowners insurance) is an insurance policy that protects your home and belongings in the event of damage or liability arising from fire outbreaks, break-ins, vandalism, or natural disasters.
Several homeowners are compassed with all manners of threats and attacks from various sources. A typical homeowners insurance cover will keep homeowners, their homes, and their belongings safe.
When conducting your search for a good and reputable home insurance company that would meet your needs, aside from the policy options and coverage, one of the major things to consider is the cost of the policy.
An insurance company may present you an offer that seems like all you need but then the issue of cost comes into play and it dawns on you that the policy may not completely be the best. As much as we want to be insured and protected when disaster strikes, we would not be comfortable doing it to the detriments of our pocket.
Most times, when people look for insurance, what they actually need is cheap and affordable insurance. Everyone wants value at a fair price and it is no different for those seeking house insurance.
Seeing how cost impacts the choice of a house insurance company and policy, I have decided to write on the average cost of house insurance in the United States so you have a clue what you would pay if you want to buy a home insurance policy.
Aside from the average cost of house insurance in the United States, I have also outlined how much getting a house insurance policy in each state will cost. Before that, let’s see some of the factors that affect the cost of house insurance in the United States.
- 12 Factors That Determine the Cost of Home Insurance Quote in the United States
- Is It a Good Idea to Bundle Car and Home Insurance?
- 29 Parts of the Home Insurance Policy You Should Look At
Factors Affecting the Cost of House Insurance in the United States
The following are some of the factors affecting the cost of house insurance in the US:
1. The cost of rebuilding your house
2. The age of your house and the stuff it is made of
3. Your credit score
4. The presence of a trampoline, porch, or swimming pool
5. The distance of your house to a fire hydrant or station
6. Crime rates in the area where your house is located
7. How often do natural disasters happen in your area
8. The cost of your belongings such as jewelry, furniture, etc.
9. Number of home insurance claims you’ve filed in the past if you had any
10. The presence of pets and
11. The amount of coverage you want
These factors depend on the kind of policy or company you are buying your insurance from.
- Step-by-Step Guide to Filing a Home Insurance Claim
- Best Homeowners Insurance Companies in Florida 2021
- Top 5 Home-based Business Insurance Companies In The United States
Average Cost of House Insurance in the US
According to the NAIC, the average cost of house insurance in the US is around $1,200. Depending on the state you live in, the factors I have outlined above, and the company you are buying from, your house insurance policy may cost more or lesser than the average.
As I promised, I will show you how much house insurance costs in each state in the US.
The cost of home insurance in each state in the US are:
Alabama – $1,403
Alaska – $950
Arizona – $847
Arkansas – $1,357
California – $1,040
Colorado – $1,539
Connecticut – $1,530
Delaware – $842
District of Columbia – $1,284
Florida – $1,943
Georgia – $1,234
Hawaii – $1,108
Idaho – $736
Illinois – $1,061
Indiana – $1,010
Iowa – $970
Kansas – $1,543
Kentucky – $1,093
Louisiana – $1,889
Maine – $867
Maryland – $1,044
Massachusetts – $1,510
Michigan – $969
Minnesota – $1,349
Mississippi – $1,558
Missouri – $1,301
Montana – $1,207
Nebraska – $1,455
Nevada – $778
New Hampshire – $977
New Jersey – $1,216
New Mexico – $1,028
New York – $1,309
North Carolina – $1,037
North Dakota – $1,236
Ohio – $864
Oklahoma – $1,834
Oregon – $690
Pennsylvania – $903
Rhode Island – $1,553
South Carolina – $1,264
South Dakota – $1,191
Tennessee – $1,187
Texas – $1,819
Utah – $699
Vermont – $929
Virginia – $988
Washington – $866
West Virginia – $921
Wisconsin – $765
Wyoming – $1,234
Notice how the cost of house insurance is higher in Texas, Oklahoma, Georgia, and Louisiana? It can be traced to the fact that houses in these states face a risk of natural disasters compared to houses in states like Utah, Ohio, Oregon, and Wisconsin.
Do you want to know how to get cheaper house insurance policies? I have explained how to reduce the cost of homeowners insurance in one of my previous posts. You can click HERE to read it.
- How to Protect Your Yacht and Reduce Your Yacht Insurance Cost
- How Much Does Small Business Insurance Cost in the United States?
- How Driverless Cars Will Impact The Auto Insurance Industry
In conclusion, the average cost of house insurance in The United States has a lot of factors affecting it and topmost among these factors include crime rates in the area where the house is located, the susceptibility of the house to natural disasters, and the amount of coverage you want.