Typical Cost of Homeowner Insurance and Top 10 Comparison

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?

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