What is the average price for home insurance

Home insurance is essential if you own a home. sure, your mortgage company requires it, but you’re the one who really needs it and will benefit from the coverage. Homeowners insurance protects your most important assets: your home and your belongings.

We looked at rates across the country to find the average cost of homeowners insurance. your exact price will depend on specific personal information, such as the location and age of your home and the coverage limits you choose. however, our review can give you an idea of ​​what you could expect to pay.

Reading: What is the average price for home insurance

average cost of home insurance by company

The national average cost of homeowners insurance is $1,854 per year, according to analysis by a Forbes advisor. this is for a home insurance policy with $300,000 of dwelling coverage and $100,000 of liability coverage.

Among the large home insurance companies, we found that Progressive was the cheapest at an average of $1,236. travelers was the most expensive at $2,871, which is $1,635 more than progressive.

Rates vary significantly between companies because each one has its own pricing formulas. That means it’s vital to shop around when shopping for a homeowners policy. You don’t know which company will offer you the best rates, and possibly save you hundreds of dollars, until you shop around.

average cost of homeowners insurance by state

Our analysis of average homeowners insurance rates by state found Hawaii to be the cheapest state for homeowners insurance at an average of $558. At the other end of the spectrum is Oklahoma, which has an average annual rate of $4,122. $3,564 difference in costs shows that a home’s location really does matter.

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The states that complete the five cheapest states for home insurance are:

  • utah: $817
  • oregon: $834
  • vermont: $944
  • new hampshire: $961
  • Among the most expensive states for home insurance, we see others like Oklahoma that are more or less in the middle of the country and are prone to inclement weather:


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