US Averages and the Cost of Home Insurance

Many times the first question I get when someone is trying to buy a house is "How much will home insurance be on this place". As I talk to other REALTORS all over the United States as well as being licensed in 14 states the answer varies depending on the state.

Homeowners insurance costs can also vary widely by state, with Oregonians paying an average of $706, while residents of Louisiana paying $1,987. If you're shopping around for a homeowners insurance policy, read on for you need to know.

Nationwide, the average annual premium is $1,211, which comes out to roughly $101 per month. There are several factors that will go into determining your home insurance rates, however. Examples can include:

• Location
• Amount of coverage
• Neighborhood crime rates
• Fire safety features
• Condition, materials and age of the home
• Deductible amount
• The homeowner's credit score and claims history

If you're in the market for homeowners insurance because you're buying a house, or you simply want to make sure you're getting the best rate, it's a good idea to shop around and compare rates from multiple insurers before you settle on a policy.

According to the III, the top 10 states with the cheapest annual premiums for homeowners insurance include:

• Oregon - $706
• Utah - $730
• Idaho - $772
• Nevada - $776
• Wisconsin - $814
• Arizona - $843
• Delaware - $873
• Ohio - $874
• Washington - $881
• Maine - $905

Which states have the most expensive homeowners insurance cost?

The 10 states with the most expensive annual premiums for homeowners insurance include the following:

• Louisiana -  $1,987
• Florida - $1,960
• Texas -  $1,955
• Oklahoma -  $1,944
• Rhode Island -  $1,630
• Kansas -  $1,617
• Colorado -  $1,616
• Mississippi -  $1,578
• Nebraska -  $1,569
• Massachusetts -  $1,543

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How to save money on homeowners insurance

While there are some factors that go into your homeowners insurance premiums that are outside of your control, there are some things you can do to reduce how much you pay:

• Shop around and get quotes from at least three insurance companies
• Raise your deductible
• Bundle your home and auto policies with the same insurance company to get a discount
• Ask about discounts and safety upgrades such as burglar alarms, smoke detectors, deadbolt locks and more
• Inquire about other discounts that you may be eligible for
• Avoid filing claims for damages that are cheap to fix
• Improve your credit score

What does homeowners insurance cover?

Homeowners insurance is designed to help cover the cost of repairing or even rebuilding your home and personal property if they're damaged due to certain events. Covered perils typically include:

• Fire and smoke
• Lightning
• Windstorms and hail
• Explosions
• Vandalism
• Damage from an aircraft, car or other vehicle
• Theft
• Falling objects
• Weight of ice, snow or sleet
• Water damage (excludes floods, which require additional insurance)

You'll want to get enough coverage on your policy to cover the full cost of rebuilding your home if it gets destroyed due to a covered peril.

Robert J Russell, LAS, LUTCF, Broker-Owner - Helping individuals and Business Owners since 1985