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This article has been reviewed by a licensed Policygenius expert to ensure that sources, statistics, and claims meet our standard for accurate and unbiased advice. Pat Howard is a managing editor and licensed home insurance expert at Policygenius, where he specializes in homeowners insurance. Much of Wyoming has a moderate earthquake risk and parts of the western portion of the state are at a high risk. Only 540 were recorded in 2021, a relatively low number when compared to other Western states. However, those fires burned over 53,000 acres of land, making the risk a significant one to still consider. Flooding can be a common issue in Pennsylvania, with much of the state at a higher-than-average risk level.
This homeowners insurance comparison by state shows average homeowners insurance for a $300,000 house, or that amount in dwelling coverage, and a $1,000 deductible. We show average home rates for three other common coverage levels further down the page. Oklahoma remains the most expensive state for homeowners insurance in the United States for another year. Its average annual rate is 61% higher than the national average home insurance cost.
What are the five most expensive states for homeowners insurance?
Her experience also includes a decade as a digital producer for a 24/7 news station based in the Tampa Bay area. She holds a degree in journalism and media studies from the University of South Florida St. Petersburg. Risk exposure on your property, for instance, from a swimming pool, trampoline, guest house, or aggressive dog breed. While every state has areas where rates are cheaper, there are also reasons why a state like Hawaii has such low rates overall. Covers the medical expenses of people who are hurt while in your home or on your property, as well as damage you caused to others’ property. Also covers legal fees if you are sued by someone hurt in your home or on your property.
Shopping around to get quotes from several different carriers might help you find the coverage you need at the most competitive price. Additionally, many insurance companies have discounts that can help you save. Hawaii boasts the nation’s cheapest home insurance, with an average premium of just $376 per year for $250,000 in dwelling coverage.
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The Beaver State boasts relatively low average home insurance premiums, but Oregon is not without its risks to homes and property. The 2021 wildfire season saw over 2,202 individual fires which burned more than 829,000 acres, based on data reported by the Triple-I. Western Oregon also has a high risk for earthquakes, which fades to a moderate risk in the central part of the state and a low risk to the east.
Here are annual and monthly average home insurance costs by state. The average cost of homeowners insurance in the U.S. is about $1,784 a year, but rates vary by state. Oklahoma has the highest average cost of homeowners insurance at $5,317, based on an Insurance.com rate analysis. Below you'll see the top five most expensive states for homeowners insurance. Below we’ll look at average home insurance rates by state in 2022 and explain why some states are more expensive than others.
How does location affect homeowners insurance?
The high cost of insurance in Kansas is likely due to the state’s risk level. It’s one of the most risky places in the country for tornadoes and hail damage. We leveraged our industry experience, access to average premium data through Quadrant Information Services and common homeowner scenarios to help give an idea how much home insurance might cost. However, while our insight into average home insurance costs can be helpful, keep in mind that your rate will vary based on your own unique rating profile.
Even one claim in the past few years or a credit score below 670 could mean higher home insurance premiums. Insurance companies perceive homeowners with lower credit scores or multiple past claims as a higher risk of filing a claim. Larger homes or houses with outdated electrical, plumbing, or construction will see higher rates, since there’s a greater chance you’ll have to file a claim. Homes with pools, trampolines, or even dogs will also see higher costs due to the increased risk of an accident happening.
Hurricane Florence slammed into the state in September 2018, killing 42 people and causing over $16 billion in damages. Additionally, wildfires burned nearly 26,000 acres of land and the state reported 19 tornadoes in 2021. New Jersey residents are likely familiar with the state’s high risk for flood damage. After Superstorm Sandy in 2012, two million households lost power and nearly 350,000 homes were damaged. Flooding can be common in Nevada, especially in the southwest corner.
Water damage from both summer and winter storms may also be common. And in larger metropolitan areas like Chicago, burglary and vandalism may be higher risks. All three of Delaware’s counties are at an increased risk for flooding. While water damage from floods is one of the biggest concerns, other types of water damage may also occur in the state. High winds could damage your roof or siding and allow water inside, which could damage the interior of your home. The state’s proximity to the New Madrid fault increases the risk for earthquakes, and several regions are prone to flooding.
Texas, Kansas, Oklahoma, Florida, Alabama and Mississippi have a lot of tornadoes as well. At Insure.com, we are committed to providing honest and reliable information so that you can make the best financial decisions for you and your family. All of our content is written and reviewed by industry professionals and insurance experts. We maintain strict editorial independence from insurance companies to maintain our editorial integrity, so our recommendations are unbiased and are based on a comprehensive list of criteria. Under certain conditions, it is also possible to finance a mortgage in Frankfurt am Main without equity. These conditions include, for example, a very good credit rating, a very high income, and an excellent location of the property.
Insurers use a variety of factors to price homeowners insurance rates. For example, you might pay more if you live in a neighborhood with a high crime rate or in an area prone to hurricanes. You’ll also have higher rates if you have a larger home that needs more coverage.
