Homeowner insurance is an important aspect for a property owner. The insurance primarily protects your home and more, some insurance companies offer a myriad of customization for this particular insurance. Before jumping into the more complex and complicated stuff, let’s get to know the typical cost of homeowner insurance.
Typical Cost of Homeowner Insurance
According to Bankrate, the average cost of homeowner insurance in the United States is $1,428/year for Dwelling Coverage of $250,000.
Some states like Kansas, Nebraska, and Oklahoma are way higher compared to the average, reaching up to $3000 per year. In contrast, the states of Delaware, Hawaii, and Vermont can be less than $700 per year.
Typical Cost of Homeowner Insurance by States
Here is the list of states and Average Annual Rate costs for Dwelling Coverage of $250,000 by state.
1. Alabama: $1,631
2. Alaska: $1,056
3. Arizona: $1,268
4. Arkansas: $2,123
5. California: $1,225
6. Colorado: $2,152
7. Connecticut: $1,244
8. Delaware: $679
9. Florida: $1,981
10. Georgia: $1,394
11. Hawaii: $382
12. Idaho: $905
13. Illinois: $1,410
14. Indiana: $1,225
15. Iowa: $1,318
16. Kansas: $3,083
17. Kentucky: $2,009
18. Louisiana: $1,992
19. Maine: $947
20. Maryland: $1,164
21. Massachusetts: $1,199
22. Michigan: $1,527
23. Minnesota: $1,930
24. Mississippi: $1.900
25. Missouri: $1,769
26. Montana: $1,736
27. Nebraska: $2,951
28. Nevada: $889
29. New Hampshire: $736
30. New Jersey: $775
31. New Mexico: $1,789
32. New York: $1,506
33. North Carolina: $1,294
34. North Dakota: $1,900
35. Ohio: $1,140
36. Oklahoma: $3,659
37. Oregon: $723
38. Pennsylvania: $760
39. Rhode Island: $1,223
40. South Carolina: $1,172
41. South Dakota: $2,105
42. Tennessee: $1,755
43. Texas: $1,967
44. Utah: $696
45. Vermont: $658
46. Virginia: $887
47. Washington: $948
48. Washington D.C.: $893
49. West Virginia: $1,125
50. Wisconsin: $890
51. Wyoming: $954
The presented number for the typical cost of homeowner insurance may change according to the additional policies you would agree to. Consider taking a bundled option for more discounts if feasible. After getting to know the general rate for your state, let’s move on to which insurer you might want to insure with.
Average Homeowner Insurance by Company
Acquiring homeowner insurance can be quite a meticulous process. Insurance companies need to get some indispensable data about your property, namely: square footage, claim history, and the risks regarding your property.
Aside from service location, an insurance company already have a typical cost of homeowner insurance. Based on Quadrant Information Services, here are some of the reputable insurance companies to consider.
1. USAA
USAA (United Services Automobile Association) is a military-based insurance company. With their members, USAA always provides great customer service, trustworthy advice, and competitive products.
If you have a relative serving in the military, USAA might be a good choice. The typical cost of homeowner insurance by USAA is a $969 annual rate and an average monthly rate of $81.
2. State Farm
State Farm is one of the most prominent insurance companies in the United States. Pioneered in 1922, State Farm is the largest casualty, auto, and property insurance provider to date.
Slightly above the typical cost of homeowner insurance with a $1,462 annual rate, and a monthly average of $122, State Farm is still one of the most reputable insurance carriers.
3. Erie Insurance
Based in Erie, Pennsylvania, Erie Insurance rates are considered to be one of the cheapest in average costs. The average cost in the annual term is $957 and the monthly average is $80.
Although Erie Insurance has a similar amount of rate premium to USAA, Erie is not a military-based insurance company.
4. Chubb Corp.
Chubb Corp. provides personal & family insurance and business insurance. Not to mention being The Best Homeowner Insurance on March 2023 in the U.S. With an annual rate of $1,775 and a $148 monthly rate, Chubb’s insurance products are worth considering.
5. Amica Mutual Insurance
Originating as an automobile insurer, now, Amica also provides home and life insurance. Located in Rhode Island, Amica Mutual Insurance offers an average cost of homeowner insurance at a $2,996 annual rate and a $250 monthly rate.
6. American Family
American Family or Amfam for short, is a private mutual company. It offers a substantial amount of insurance, such as auto, casualty, and property insurance. Also some commercial insurance, health, life insurance, even retirement planning and investment products.
American Family has a typical cost of homeowner insurance at a $1,168 annual rate and a $97 monthly rate.
7. Nationwide Mutual Insurance Company
Nationwide is a well reputable insurance company in the U.S., known for the flexible customization of its policy, Nationwide is the go-to insurer for some people. Offering a $1,153 per year and $96 monthly average cost for homeowner insurance.
8. Allstate Insurance Company
The next one on our list for the typical cost of homeowner insurance is Allstate Insurance Company. Allstate offers $1,340 per year and $112 per month.
The fact that the average annual cost is below average in the U.S., confirms that this insurance company is worth checking out. Allstate is also well known in the U.S., alongside State Farm and USAA.
9. Farmers Insurance
Number nine on our list is Farmers Insurance. Farmers Insurance gets the least scores by Bankrate’s standard, based on some metrics, such as customer satisfaction, average rates, available digital tools, and financial strength to name a few.
Bankrate gives Farmers Insurance a 2.9 out of a possible 5.0 rating. Farmers offer a typical cost of homeowner insurance is $1,664 per year and $139 per month.
10. The Travelers Companies Inc.
Also known as Travelers, the average cost of homeowner insurance from this company is $1,249 annually and $104 monthly.
Compare Your Typical Cost of Homeowner Insurance!
With these 10 recommendations for insurance companies, we encourage you to consider the best homeowner insurance. It’s common for policyholders to shop around in the market looking for better offers.
If your premium amount is above the average, visit your insurer’s website for added discounts, or try their bundled insurance. Ensure you get the best so that you would not get any disadvantages. Thus, are you ready to purchase the most beneficial homeowner insurance?