How much does homeowners insurance cost?
How much does homeowners insurance cost? The average homeowners insurance costs $101 a month. However, your home insurance rates may vary. For example, Plymouth Rock home insurance rates are as low as $97 a month, but MetLife home insurance rates reach $206 per month. Several factors determine whether affordable homeowners insurance is available to you. Shop around and compare multiple insurance companies to secure the best home insurance costs.
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Written by
Chris Tepedino |
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Reviewed by
Laura Walker
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UPDATED: Jun 28, 2022
It’s all about you. We want to help you make the right coverage choices.
Advertiser Disclosure: We strive to help you make confident insurance decisions. Comparison shopping should be easy. We are not affiliated with any one insurance company and cannot guarantee quotes from any single insurance company.
Our insurance industry partnerships don’t influence our content. Our opinions are our own. To compare quotes from many different insurance companies please enter your ZIP code above to use the free quote tool. The more quotes you compare, the more chances to save.
Editorial Guidelines: We are a free online resource for anyone interested in learning more about insurance. Our goal is to be an objective, third-party resource for everything insurance related. We update our site regularly, and all content is reviewed by insurance experts.
UPDATED: Jun 28, 2022
It’s all about you. We want to help you make the right coverage choices.
Advertiser Disclosure: We strive to help you make confident insurance decisions. Comparison shopping should be easy. We are not affiliated with any one insurance company and cannot guarantee quotes from any single insurance company.
Our insurance industry partnerships don’t influence our content. Our opinions are our own. To compare quotes from many different insurance companies please enter your ZIP code above to use the free quote tool. The more quotes you compare, the more chances to save.
On This Page
- The average home insurance cost per month is $101, but home insurance rates vary for each state
- State Farm has the largest market share in the home insurance industry
- Secure cheaper home insurance rates by bundling with car insurance
Do you want to know more about average home insurance rates? You can secure affordable home insurance under the right personal factors.
But how much does homeowners insurance cost with the best companies? The average home insurance cost per month varies for each state.
Read our guide to learn the average home insurance cost per month. Also, we’ll show you which home insurance companies are the best in the home insurance industry.
After you learn everything about how much homeowners insurance costs, enter your ZIP code in the free online quote tool above to compare multiple companies in your area.
How much does homeowners insurance cost?
Home insurance quotes are based on several factors. Each factor determines whether affordable home insurance is available to you.
One of those factors happens to be where you live. According to the National Association of Insurance Commissioners (NAIC), the average cost of home insurance is $101 a month (or $1,213 per year).
However, you’ll notice that some areas have home insurance rates that are more expensive. Sometimes, you may live in a city or state where homeowners insurance is cheaper.
Let’s review the average cost of home insurance for each state in the nation:
| State | Average Monthly Home Insurance Rates |
|---|---|
| Alabama | $117 |
| Alaska | $82 |
| Arizona | $70 |
| Arkansas | $118 |
| California | $89 |
| Colorado | $135 |
| Connecticut | $125 |
| Delaware | $73 |
| District of Columbia | $105 |
| Florida | $163 |
| Georgia | $109 |
| Hawaii | $95 |
| Idaho | $64 |
| Illinois | $92 |
| Indiana | $86 |
| Iowa | $82 |
| Kansas | $135 |
| Kentucky | $96 |
| Louisiana | $166 |
| Maine | $75 |
| Maryland | $89 |
| Massachusetts | $129 |
| Michigan | $82 |
| Minnesota | $117 |
| Mississippi | $132 |
| Missouri | $115 |
| Montana | $103 |
| Nebraska | $131 |
| Nevada | $65 |
| New Hampshire | $82 |
| New Jersey | $101 |
| New Mexico | $90 |
| New York | $110 |
| North Carolina | $92 |
| North Dakota | $108 |
| Ohio | $73 |
| Oklahoma | $162 |
| Oregon | $59 |
| Pennsylvania | $79 |
| Rhode Island | $136 |
| South Carolina | $107 |
| South Dakota | $107 |
| Tennessee | $103 |
| Texas | $163 |
| Utah | $61 |
| Vermont | $78 |
| Virginia | $86 |
| Washington | $73 |
| West Virginia | $81 |
| Wisconsin | $68 |
| Wyoming | $99 |
| National Average | $101 |
Oregon has the cheapest home insurance rates in the United States, but Louisiana is the most expensive state for home insurance.
The average home insurance cost per month is a general price. Your home insurance rates may vary. You’ll likely have a different home insurance rate when you decide which company you want to use.
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What is the cheapest home insurance company?
Before you buy home insurance, shop around to see which home insurance company has the most affordable rate.
Here’s a list of the most affordable home insurance companies in the United States:
- Plymouth Rock – $97/month
- Hippo – $125/month
- Travelers – $130/month
- Stillwater – $132/month
- ASI– $135/month
- Safeco – $140/month
- Progressive – $142/month
- Nationwide – $145/month
- Tower Hill – $149/month
- State Auto – $150/month
- Velocity – $154/month
- Mercury – $160/month
- Encompass – $202/month
- MetLife – $206/month
MetLife has the highest home insurance rates, but Plymouth Rock has the cheapest rates.
Some insurance companies also have a significant market share in car insurance. For example, Nationwide is more expensive, but it’s one of the leading auto and home insurance companies.
Each company has a specific market share determined by how much it earns in a particular industry. Check out the information below to see the best insurance companies in the home insurance industry:
| Rank | Companies | Direct Written Premiums | Market Share |
|---|---|---|---|
| 1st | State Farm | $19,717,032 | 18% |
| 2nd | Allstate Corp. | $9,773,497 | 9% |
| 3rd | USAA Insurance Group | $7,362,747 | 7% |
| 4th | Liberty Mutual | $6,991,283 | 6% |
| 5th | Farmers Insurance Group of Companies | $6,043,865 | 6% |
| 6th | Travelers Companies Inc. | $4,866,357 | 4% |
| 7th | American Family Insurance Group | $4,442,467 | 4% |
| 8th | Nationwide Mutual Group | $3,344,181 | 3% |
| 9th | Chubb Ltd. | $3,113,149 | 3% |
| 10th | Progressive Corp. | $1,897,225 | 2% |
State Farm is the leading company in home insurance and car insurance.
In addition to State Farm, some insurance companies who appear as auto insurance leaders also have a sizable market share in the home insurance market.
How much are the average home insurance rates by coverage limit?
Just like other insurance policies, homeowners insurance comes with a coverage limit. The higher the coverage amount, the more you’ll pay for home insurance per month.
Let’s review examples to get an idea of how coverage amounts impact home insurance:
| Coverage Limit Range | Average Monthly Home Insurance Rates |
|---|---|
| $49,999 and Under | $54 |
| $50,000 to $74,999 | $62 |
| $75,000 to $99,000 | $69 |
| $100,000 to $124,999 | $74 |
| $125,000 to $149,999 | $78 |
| $150,000 to $174,999 | $82 |
| $175,000 to $199,999 | $85 |
| $200,000 to $299,999 | $93 |
| $300,000 to $399,000 | $106 |
| $400,000 to $499,000 | $124 |
| $500,000 and Above | $179 |
Expect your home insurance rates to increase when you request more on your coverage limits.
Which home insurance coverage types affect monthly rates?
Did you know that home insurance has different coverage options? Adding coverages to your home insurance policy can raise your home insurance rates.
Here’s a list of standard homeowners insurance coverage options that you may find at home insurance companies:
- Dwelling coverage
- Other structures coverage
- Personal property coverage
- Personal liability coverage
- Medical payment coverage
- Loss of use coverage
Each coverage option provides something unique to your home insurance policy. However, some home insurance coverages come with specific limits on top of your initial home insurance policy.
How can I reduce home insurance rates?
Home insurance discounts are an effective way to bring down home insurance costs.
But how much can you save on a home insurance policy? Let’s look at the top home insurance discounts:
- Multi-Policy Discount – Between 5% and 15%
- Renewal Discount – At least 5%
- Home Security Discount – Up to 20%
- Good Credit Discount – Up to 40%
Maintaining an excellent credit score can secure the most affordable home insurance.
Good credit correlates to a low risk of filing claims. Stack a bundling discount and save up to 15% more on home insurance.
What factors affect home insurance quotes?
We mentioned how several factors determine home insurance rates. Now, let’s look at a quick summary of the most significant factors that impact homeowners insurance quotes:
- State and county where you live
- The value of your home and renovation costs
- Coverage amount
- The age and condition of your home
- Home security and other safety features
- Credit history
- Different types of home coverage options
- Your deductible
- Bundling other insurance from the same company (such as car and life insurance)
Let’s not forget that the company that holds your policy is also a factor. If you can find a better home insurance company, don’t hesitate to compare multiple companies.
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What components are included in a home insurance policy?
Your home insurance policy information is compacted to this one page called the declaration page (also called the DEC page). But there’s more to the declaration page than monthly rates and discounts.
As you review your homeowners insurance, you’ll see a list of items vital to understanding your policy.
Let’s review the things you’ll find on your homeowners insurance declaration page:
- Your policy number
- Name of the policyholder
- Address of the insured property
- The policy’s coverage level and limits
- Monthly home insurance rates
- Deductibles
- Your appointed home insurance agent
- Home insurance discounts
Be sure to keep a physical and digital copy of your declarations page.
Homeowners Insurance Cost: The Bottom Line
Several factors determine home insurance costs. Unfortunately, some of those factors can’t be changed.
However, you can still find a homeowners insurance company with a reliable policy and affordable coverage.
Now that you know more about how much homeowners insurance costs, you’re ready to use our free comparison tool below to compare multiple insurance companies in your area.
Frequently Asked Questions: Homeowners Insurance Cost
Do you want to learn more? Read these answers to frequently asked questions to learn more about home insurance.
#1 – How much is home insurance per month for a $200,000 house?
The average home insurance cost for a $200,000 house is $93 per month.
#2 – Which home insurance company has the highest customer satisfaction?
The USAA Insurance Company has the highest customer satisfaction score.
#3 – How much should I budget for home insurance?
Prepare to spend between $300 and $1,300 per year for home insurance.
Compare The Best Insurance Quotes In The Country
Compare quotes from the top insurance companies and save!
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Editorial Guidelines: We are a free online resource for anyone interested in learning more about insurance. Our goal is to be an objective, third-party resource for everything insurance related. We update our site regularly, and all content is reviewed by insurance experts.
|
Written by
Chris Tepedino |
|
Reviewed by
Laura Walker
|