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Home Insurance Cost: Comprehensive Guide

$1,800 - $3,200
Average Home Insurance Cost
$2,600
National Average Cost
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Key Takeaways

TopicKey Points
Average Home Insurance CostRanges from $1,800 to $3,200 per year.
National Average CostAround $2,600 annually.
Cost Variation by StateSignificant variations depending on the state.
Cost by CompanyVaries considerably across different insurance providers.
Coverage TypesDetailed overview of what each type of coverage includes.
How to SavePractical tips to lower your home insurance cost.
Home insurance | How Much Does Homeowners Insurance Cost?
Home insurance | How Much Does Homeowners Insurance Cost?

How Much Does Homeowners Insurance Cost?

Home insurance cost can vary significantly based on multiple factors including location, the value of the home, and the insurance provider. Home insurance, also known as homeowner’s insurance, is a necessity for protecting your property against potential risks such as fire, theft, and natural disasters.

Average Cost Per Year

The average cost of homeowners insurance falls between $1,800 and $3,200 annually. It’s important to understand that this is a broad range and the actual cost can fluctuate based on specific circumstances.

Average Home Insurance Cost

To give a clearer picture, let’s delve into the average cost statistics:

National Average Cost$2,600
Minimum Cost$540
Maximum Cost$6,640
Average Range$1,800 to $3,200

Home Insurance Costs in Canada

Home insurance costs can vary dramatically depending on the province. Here’s a detailed breakdown for the home insurance costs across all of Canada’s provinces and territories:

Province/TerritoryAverage Annual CostCoverage Highlights
Alberta$900Fire, theft, liability, water damage, additional living expenses
British Columbia$1,200Earthquake, fire, theft, liability, water damage, additional living expenses
Manitoba$850Fire, theft, liability, water damage, additional living expenses
New Brunswick$700Fire, theft, liability, water damage, additional living expenses
Newfoundland and Labrador$800Fire, theft, liability, water damage, additional living expenses
Northwest Territories$1,000Fire, theft, liability, water damage, additional living expenses
Nova Scotia$850Fire, theft, liability, water damage, additional living expenses
Nunavut$1,100Fire, theft, liability, water damage, additional living expenses
Ontario$1,250Fire, theft, liability, water damage, additional living expenses
Prince Edward Island$750Fire, theft, liability, water damage, additional living expenses
Quebec$950Fire, theft, liability, water damage, additional living expenses
Saskatchewan$1,000Fire, theft, liability, water damage, additional living expenses
Yukon$900Fire, theft, liability, water damage, additional living expenses

This table provides a quick overview of the average annual home insurance costs and common coverage highlights for each province and territory in Canada.

Homeowners Insurance Cost By Company

This table provides an overview of the average annual homeowners insurance costs and common coverage highlights for various insurance companies in Canada.

Insurance CompanyAverage Annual CostCoverage Highlights
Intact Insurance$1,050Fire, theft, liability, water damage, additional living expenses, home repair
TD Insurance$1,100Fire, theft, liability, water damage, additional living expenses, identity theft
RBC Insurance$1,150Fire, theft, liability, water damage, additional living expenses, home repair
Aviva Canada$1,200Fire, theft, liability, water damage, additional living expenses, earthquake
Desjardins Insurance$1,000Fire, theft, liability, water damage, additional living expenses, home repair
Allstate Canada$1,100Fire, theft, liability, water damage, additional living expenses, home repair
The Co-operators$1,050Fire, theft, liability, water damage, additional living expenses, identity theft
Economical Insurance$1,100Fire, theft, liability, water damage, additional living expenses, home repair
Wawanesa Insurance$1,000Fire, theft, liability, water damage, additional living expenses, home repair
CAA Insurance$950Fire, theft, liability, water damage, additional living expenses, identity theft
Canadian home insured by TD Home Insurance | How Much Does Homeowners Insurance Cost?
Canadian home insured by TD Home Insurance | How Much Does Homeowners Insurance Cost?

Home Insurance Costs By State

Home insurance costs can vary dramatically depending on the state. Here’s a detailed breakdown:

StateAverage Annual RateAverage Monthly Rate
Alabama$2,020 – $3,485$173 – $300
Alaska$1,015 – $2,130$90 – $188
Arizona$1,470 – $2,220$128 – $195
Arkansas$1,530 – $4,200$133 – $360
California$1,195 – $1,835$105 – $163
Colorado$2,460 – $3,670$210 – $316
Connecticut$1,330 – $2,375$116 – $208
Delaware$760 – $1,555$68 – $140
District of Columbia$995 – $1,520$88 – $137
Florida$1,965 – $4,200$169 – $360
Georgia$1,315 – $3,020$115 – $262
Hawaii$405 – $985$39 – $92
Idaho$1,010 – $2,450$89 – $214
Illinois$1,635 – $2,750$141 – $239
Indiana$1,500 – $3,095$130 – $268
Iowa$1,165 – $3,015$102 – $261
Kansas$2,265 – $4,935$194 – $421
Kentucky$1,570 – $3,700$136 – $318
Louisiana$2,055 – $4,475$176 – $383
Maine$895 – $1,755$80 – $156
Maryland$1,300 – $1,890$113 – $168
Massachusetts$1,260 – $2,270$110 – $199
Michigan$1,220 – $2,605$107 – $227
Minnesota$1,685 – $2,930$145 – $254
Mississippi$1,255 – $3,925$110 – $337
Missouri$1,490 – $3,835$129 – $330
Montana$1,820 – $2,715$157 – $236
Nebraska$2,550 – $4,890$218 – $418
Nevada$935 – $1,790$83 – $159
New Hampshire$800 – $1,550$72 – $139
New Jersey$915 – $1,555$81 – $140
New Mexico$1,335 – $2,925$116 – $254
New York$1,340 – $2,570$117 – $224
North Carolina$1,425 – $3,235$124 – $280
North Dakota$1,475 – $3,135$128 – $271
Ohio$1,140 – $2,265$100 – $199
Oklahoma$2,275 – $5,835$195 – $496
Oregon$950 – $2,195$84 – $193
Pennsylvania$735 – $2,195$66 – $193
Rhode Island$1,250 – $1,875$109 – $166
South Carolina$1,205 – $3,040$105 – $263
South Dakota$1,740 – $3,840$150 – $330
Tennessee$1,970 – $3,105$169 – $269
Texas$2,130 – $4,850$183 – $414
Utah$865 – $1,755$77 – $156
Vermont$680 – $1,540$62 – $138
Virginia$1,150 – $2,245$101 – $197
Washington$1,155 – $1,655$101 – $148
West Virginia$915 – $2,535$81 – $221
Wisconsin$845 – $2,025$75 – $179
Wyoming$1,040 – $2,435$92 – $213

States With The Cheapest Home Insurance:

  • Hawaii ($405 – $985)
  • Delaware ($760 – $1,555)
  • Nevada ($935 – $1,790)

States With The Most Expensive Home Insurance:

  • Oklahoma ($2,275 – $5,835)
  • Nebraska ($2,550 – $4,890)
  • Kansas ($2,265 – $4,935)

Homeowners can find significant savings or higher costs depending on the region. Natural disasters, state regulations, and local crime rates can heavily influence premiums.

Homeowners Insurance Cost By Company

The cost of homeowners insurance varies among providers. Here’s a comparison of average annual costs by company:

CompanyAverage Annual Insurance Rate
Allstate$1,600 – $2,200
American Family$1,500 – $2,500
Auto-owners$1,400 – $2,000
Chubb$1,875 – $2,700
Erie$1,500 – $2,200
Farmers$2,000 – $2,800
Nationwide$1,500 – $3,000
Progressive$3,200 – $4,200
State Farm$1,450 – $2,200
Travelers$1,575 – $2,100
USAA$1,075 – $2,200
American suburban home covered by State Farm insurance | How Much Does Homeowners Insurance Cost?
American suburban home covered by State Farm insurance | How Much Does Homeowners Insurance Cost?

What Does Home Insurance Cover?

Homeowners insurance provides various coverages which protect different parts of your home and property. Here are the primary types:

Coverage TypeTypical Coverage LimitWhat It Covers
A – Dwelling$100,000 – $500,000Repairs to the home’s physical structure and attached structures.
B – Other Structures10% – 20% of dwelling limitRepairs to detached structures like sheds and garages.
C – Personal Property50% – 75% of dwelling limitHome contents such as furniture, electronics, and jewelry.
D – Loss of Use10% – 30% of dwelling limitAdditional living expenses if the home is uninhabitable.
E – Personal Liability$100,000 minimumLegal expenses for injury or property damage claims by others.
F – Medical Payments$1,000 – $5,000Medical bills for guests hurt on your property.

What Isn’t Covered By Homeowners Insurance?

Standard home insurance policies usually do not cover:

  • Flood damage
  • Earthquake damage
  • Regular wear and tear
  • Mold (in some cases)
  • Pest infestations

Home Insurance Cost Estimator

Several factors influence the cost of homeowners insurance, including policy type, coverage limits, reimbursement method, deductible, and optional coverage.

Policy Type

Different policies offer varying levels of coverage. It’s crucial to choose a policy type that suits your needs.

Coverage Limits

The cost of home insurance can considerably change based on coverage limits:

Dwelling Coverage LimitAverage Annual Cost
$150,000$900 – $1,200
$250,000$1,700 – $2,200
$350,000$2,300 – $2,900
$450,000$2,700 – $3,500
$750,000$4,400 – $5,400

Reimbursement Method

Insurance policies offer various reimbursement methods such as Actual Cash Value (ACV), Replacement Cost, and Guaranteed Replacement Cost. The chosen method impacts premiums.

Deductible

A higher deductible usually translates to lower premiums and vice versa. It’s essential to balance affordability and out-of-pocket expenses.

Optional Coverage

Optional coverages like high-value items riders or additional liability protection can influence insurance costs.

How To Save On The Cost Of Home Insurance

Several strategies can help reduce home insurance premiums:

  • Increase Your Deductible: Higher deductibles usually mean lower premiums.
  • Bundle Policies: Combine home and auto insurance to get discounts.
  • Install Security Systems: Safeguarding your home can lower costs.
  • Maintain Good Credit: Insurance companies consider your credit score.
  • Shop Around: Compare quotes from different insurers.

Home Insurance FAQs

Does Homeowners Insurance Cover Mold?

In some cases, standard policies may cover mold if it’s caused by a covered peril like a burst pipe. However, mold from neglected maintenance is typically not covered.

Is Home Insurance Tax-Deductible?

Generally, home insurance premiums are not tax-deductible for homeowners. Certain exceptions apply for rental properties or home offices.

How Much Home Insurance Do I Need?

The amount of insurance you need depends on the cost of rebuilding your home, replacing your belongings, and liability protection.

Who Has The Cheapest Home Insurance?

Hawaii generally offers the cheapest home insurance rates compared to other states.

Why Did My Home Insurance Go Up?

Reasons for premium increases include higher construction costs, changes in the local crime rate, or previous claims.

Getting Home Insurance Cost Estimates

When seeking estimates, ask these important questions:

Questions To Ask A Homeowners Insurance Agent

  1. What does the policy cover and exclude?
  2. Are there any discounts available?
  3. How is the dwelling replacement cost determined?
  4. What are my deductible options?
  5. Is the coverage sufficient for my home and belongings?

By understanding these elements, you can make an informed decision about homeowners insurance that best suits your needs and budget.

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