House Insurance Average Cost: $1,249 Per Year

Key Findings

• The national average cost of homeowners insurance is $1,249 per year.
• The average cost of homeowners insurance in Hawaii is $2,756 per year, the highest in the US.
• The average cost of homeowners insurance in Vermont is $571 per year, the lowest in the US.
• The cost of homeowners insurance varies depending on a number of factors, including the location of the home, the size of the home, the age of the home, and the type of coverage desired.

Factors that Affect the Cost of Homeowners Insurance

The cost of homeowners insurance is determined by a number of factors, including:

• Location: The location of the home is one of the most important factors that affects the cost of homeowners insurance. Homes located in areas with high crime rates or natural disasters are more likely to be expensive to insure.
• Size of the home: The size of the home is another important factor that affects the cost of homeowners insurance. Larger homes are more expensive to insure than smaller homes.
• Age of the home: The age of the home can also affect the cost of homeowners insurance. Older homes are more likely to have outdated wiring and plumbing, which can increase the risk of a fire or water damage.
• Type of coverage desired: The type of coverage desired can also affect the cost of homeowners insurance. Homes with higher coverage limits are more expensive to insure than homes with lower coverage limits.

How to Save Money on Homeowners Insurance

There are a number of ways to save money on homeowners insurance, including:

• Shop around: Get quotes from multiple insurance companies before purchasing a policy.
• Raise your deductible: A higher deductible will lower your premium.
• Install security devices: Installing security devices, such as a burglar alarm or security system, can help to reduce your risk of a break-in, which can lower your premium.
• Take advantage of discounts: Many insurance companies offer discounts for things like being a good customer, having a good credit score, or bundling your homeowners and auto insurance.

4 Tips for Selecting the Right Homeowners Insurance Policy

1. Determine your coverage needs. What type of coverage do you need? How much coverage do you need?
2. Get quotes from multiple insurance companies. This will help you compare prices and coverage options.
3. Read the policy carefully before you buy it. Make sure you understand what is covered and what is not covered.
4. Have your home inspected. An insurance inspector can identify any potential hazards that could increase your risk of a claim.

5 Common Mistakes to Avoid When Buying Homeowners Insurance

1. Not getting enough coverage. Make sure you have enough coverage to replace your home and your belongings in the event of a disaster.
2. Paying too much for coverage. Shop around and compare prices before you buy a policy.
3. Not reading the policy carefully. Make sure you understand what is covered and what is not covered.
4. Not having your home inspected. An insurance inspector can identify any potential hazards that could increase your risk of a claim.
5. Filing too many claims. Filing too many claims can increase your premiums.

How to Get Help with Homeowners Insurance

If you need help with homeowners insurance, there are a number of resources available to you. You can contact your insurance agent, the insurance company, or the state insurance department.

Additional Resources

• Insurance Information Institute
• National Association of Insurance Commissioners
• State Insurance Departments