Average Cost of Homeowners Insurance

Updated March 1, 2015

Homeowners insurance prices seem to have leveled out with the housing market. A consumer looking for the best place to get a homeowners insurance policy would normally consider the average cost of homeowners insurance.  Other people opt to make some calls to different insurance companies to ask agents for quotes on the cost and rates of home insurance policies and then proceed to just getting their average from the data provided. This way, they are able to tell whether a certain insurance company is charging too much. However, there are several reasons why it may prove to be a very ineffective method of decision-making. Condo owners insurance quotes fall under the same category as homeowners in most areas.

Average Homeowners Insurance Costs Nationwide
Getting the nationwide average homeowners insurance cost can be misleading due to the fact that geographical risk is one of the factors being considered by insurance companies to determine insurance rates and cost. Each state is exposed to different factors and risk such as natural disasters which is not only a selling point but is also a reason why insurance cost could possibly be higher than others. A few of what are popularly termed as “acts of God” are floods, forest fires, earthquakes and tornadoes. In fact, according to Forbes.com, the states with the most expensive premiums are Texas, Kansas and Oklahoma even though their property values and per capita incomes are well below national averages.

Some other factors that affect homeowners insurance cost are the materials used to build the house and its age. Houses which are mostly made up of wood have greater chances of catching a fire than those houses made from bricks. This is the reason why insurance for brick houses cost less than the insurance cost for wooden houses. The home’s stability and strength, as well as less likely to burn in a fire is another thing that is being considered. With the house’s age, new homes are more likely to get discounts while old houses may be required to get some renovation of the plumbing, heating, roofing and especially the wiring systems.

Two most common riders or additions that are added to home insurance policies are flood and fire insurance. Fire is one of the most unpredictable disasters, and probably one of the most devastating. This is also one of the main reasons why people purchase home insurance policies. Thus, the house’s proximity to local fire departments basically explains why one man is paying more than another man who has the fire station right across the street.

Factors that Affect the Average Homeowners Insurance Cost
Other factors that generally affect the average homeowners insurance costs per month are the price you bought your house for, and the amount of deductible you choose to have. Also, if you’re the obsessive-compulsive kind and you have your house all wrapped-up in security devices such pin locks, alarm systems, and CCTV cameras, you would probably pay more if you do not have these high-technology systems installed. This is because local crime rate is another factor that could really affect insurance cost since theft and property damage are some of the cases covered in some premiums. You can access this information though the Federal Bureau of Investigations website. 

A good thing to have with you is your states Homeowners Premium Comparison or Homeowners Insurance Consumer Guide. This provides good information such as comparisons of what different insurance companies are charging for similar homes in your area. This can be downloaded online as a PDF file.

When you are shopping for coverage for your home, remember that for most people, everything they own is based at their home. So, bearing that in mind, finding the best coverage is often preferable to having the cheapest or simply the most affordable homeowners insurance policy.

If your home is in a high risk area such as a flood plain, or a heavily wooded area with tall trees or lots of brush around, you may find that coverage for your dwelling is more expensive than your family or friends that live in different areas that do not have these types of surrounding that could potentially cause damage to your home.

The best way to see the average homeowners insurance cost for your area is using the simple form above and getting in contact with a local agent.
Average Homeowners Insurance Cost
And the Factors that Affect Rates per State
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