| Average Homeowners Insurance Premium in 2020 by State |
|---|
| State | Average Premium |
|---|
| Alabama | $1,465 |
| Alaska | $985 |
| Arizona | $897 |
| Arkansas | $1,477 |
| California | $1,285 |
| Colorado | $1,748 |
| Connecticut | $1,644 |
| Delaware | $917 |
| District of Columbia | $1,291 |
| Florida | $2,192 |
| Georgia | $1,365 |
| Hawaii | $1,285 |
| Idaho | $831 |
| Illinois | $1,162 |
| Indiana | $1,049 |
| Iowa | $1,010 |
| Kansas | $1,546 |
| Kentucky | $1,153 |
| Louisiana | $1,965 |
| Maine | $947 |
| Maryland | $1,168 |
| Massachusetts | $1,668 |
| Michigan | $1,033 |
| Minnesota | $1,514 |
| Mississippi | $1,643 |
| Missouri | $1,343 |
| Montana | $1,391 |
| Nebraska | $1,587 |
| Nevada | $850 |
| New Hampshire | $1,059 |
| New Jersey | $1,294 |
| New Mexico | $1,167 |
| New York | $1,364 |
| North Carolina | $1,074 |
| North Dakota | $1,260 |
| Ohio | $888 |
| Oklahoma | $1,921 |
| Oregon | $763 |
| Pennsylvania | $939 |
| Rhode Island | $1,720 |
| South Carolina | $1,328 |
| South Dakota | $1,245 |
| Tennessee | $1,281 |
| Texas | $1,954 |
| Utah | $776 |
| Vermont | $1,004 |
| Virginia | $1,089 |
| Washington | $961 |
| West Virginia | $938 |
| Wisconsin | $779 |
| Wyoming | $1,403 |
Which Variables Affect Homeowners Insurance Quotes?
Homeowners insurance quotes are specific to each applicant—there is no one-size-fits-all price. Instead, insurance companies look at a variety of personal and property-related factors to determine rates, including:
- The coverage limits and deductibles you pick.
- The age, construction, and condition of the home.
- The home’s replacement cost, which is not the same as what you paid for it.
- The home’s location, such as areas prone to natural disasters, and how close it is to a fire station, which may secure a lower premium.
- Local crime rates.
- The breed of dog you own.
- Protecting a home-based business
- A recently remodeled or renovated the home
- Security features, such as smoke detectors and dead-bolt locks
- If the home has a wood-burning stove, swimming pool, or hot tub
- Your marital status, claims history, and credit history
As each insurance company takes a different approach to weighing these variables, quotes vary from one company to the next, even if the details about you and your home remain the same.
How to Get a Homeowners Insurance Quote
To make sure you get the best policy for your money, compare at least three quotes before making any decisions. For an apples-to-apples comparison, be sure each quote is based on similar coverage limits, deductibles, and endorsem*nts.
When you’re ready to shop, you have a few options for getting homeowners insurance quotes:
- Request a homeowners insurance quote online or by phone.
- Work with a captive insurance agent.
- Work with an independent insurance agent or broker.
Request a Homeowners Insurance Quote Online or by Phone
Many insurance companies offer a free online quote request form. Depending on the company, you may have to speak with an agent over the phone to finish the quote or to clarify anything you don’t understand.
To save time and effort, you can get multiple offers at once using one of the home insurance comparison sites. Insurify and Policygenius are two of the more reputable sites that advertise real-time, accurate quotes.
Some online quotes are estimates that may not be as accurate as quotes you get from an agent or a broker.
Work With a Captive Insurance Agent
A captive insurance agent represents a single insurance company, such as Amica Mutual, State Farm, or USAA. These agents can help you determine your coverage needs and explain your policy options, but your choices are limited to what that one company offers. If you don’t like or don’t qualify for that company’s products, the agent may not be able to provide any alternatives.
Still, as captive agents represent just one insurance company, they tend to know those products well, something that not all independent agents and brokers can claim.
Work With an Independent Insurance Agent or a Broker
An independent insurance agent or a broker is a smart choice if you want more home insurance options. Because independent agents and brokers work with multiple insurance companies, they can present a wider range of policies from which to choose.
One thing to keep in mind is that independent agents and brokers can’t quote policies from insurance companies that only use captive agents. So just because you work with an independent agent or a broker doesn’t mean you will hear about all of your options.
How to Save on Homeowners Insurance
There are a few ways to make your premium more budget-friendly. Here are a few suggestions:
- Raise your deductible—The higher your deductible, the lower your premiums.
- Bundle your policies—Most companies offer a discount if you combine your home and auto policies.
- Insure to rebuild, not to buy—The cost to rebuild your home is not the same as what you paid for it. Base your coverage limits on rebuilding costs, as the land isn’t at risk from fire or theft.
- Ask about discounts—If you’re age 55 or older, retired, working from home, a nonsmoker, or a new homebuyer, you might be eligible for discounts. Likewise, you might get a price break if your home has certain safety devices such as smoke detectors and dead-bolt locks.
The Bottom Line
Getting the best quotes on homeowners insurance takes some work, but it could be well worth the effort, as you may have the policy for several years or even longer. Still, while price is an important consideration, it’s good to also focus on finding a dependable insurer that offers the right coverage for your home and rates well for customer service. That way, you’ll have peace of mind knowing you can count on your policy if you ever do need to make a claim.
FAQs
From wildfires to hurricanes, these catastrophic events place a substantial financial strain on insurance companies. To manage the increased claims payouts, insurers may adopt more stringent underwriting criteria, leading to more rigorous assessments of risks and potentially limiting coverage options for homeowners.
Why is it so hard to get a home insurance quote? ›
From wildfires to hurricanes, these catastrophic events place a substantial financial strain on insurance companies. To manage the increased claims payouts, insurers may adopt more stringent underwriting criteria, leading to more rigorous assessments of risks and potentially limiting coverage options for homeowners.
How many quotes should you get for homeowners insurance? ›
Request multiple quotes from at least three providers to ensure you have the best rate and coverage for your needs. Consider the challenges of your geographic location and review your policy to confirm you have the right coverage for situations such as fallen trees, earthquakes, and floods.
Why are my homeowner insurance quotes so high? ›
Your state and even your ZIP code may influence the amount you pay in home insurance premiums. If your house is located in an area with a history of losses, such as vandalism, theft or weather-related events, you may see a higher rate. For instance, if you live in an area prone to tornadoes, you might pay more.
Should you shop around for insurance quotes why? ›
Finally, another mistake to avoid is not shopping around regularly. Rates change all the time, even with the same insurer. You can ensure that you always have the best rates for your coverages by shopping at renewal, which is at least once a year for most policyholders.
What not to say to home insurance? ›
Avoid making guesses or unsupported statements about what caused the damage to your property. Speculating can lead to inaccuracies in the adjuster's report, potentially affecting your claim.
How to scare a home insurance adjuster? ›
Insurance adjusters often start with a lowball offer, hoping you will accept it without question. To scare an insurance adjuster, you must demonstrate that you know the true value of your claim. Reject the lowball offer in writing and provide a detailed explanation of why you believe the offer is inadequate.
What is the 80% rule in homeowners insurance? ›
When it comes to insuring your home, the 80% rule is an important guideline to keep in mind. This rule suggests you should insure your home for at least 80% of its total replacement cost to avoid penalties for being underinsured.
What company has the best homeowners insurance? ›
The best home insurance companies in September 2024
- Chubb. Best for high-value home coverage. 4.3. Rating: 4.3 stars out of 5. ...
- Allstate. Best overall. 4.2. Rating: 4.2 stars out of 5. ...
- State Farm. Best for local agents. 4.2. ...
- Travelers. Best for add-on coverage options. 4.1. ...
- Lemonade. Best for digital experience. 3.8.
Most homeowners insurance policies provide a minimum of $100,000 worth of liability insurance, but higher amounts are available and, increasingly, it is recommended that homeowners consider purchasing at least $300,000 to $500,000 worth of liability coverage.
Typically, the higher your credit rating, the less you will pay for home insurance in the states where credit is considered a rating factor. Although it is only one factor in setting rates for home insurance, data shows that the credit-based insurance score is an important one.
Why did my homeowners insurance go up in 2024? ›
Why did your homeowners insurance go up? (Updated May 2024) The increase in expensive natural disasters and higher-than-average labor and construction costs have caused home insurance rates to skyrocket. Pat Howard.
Does the age of the home affect the insurance premiums the most? ›
Homeowners insurance rates are likely higher for older homes or for homes in need of repair.
What is the cheapest day to buy insurance? ›
The cheapest time to get quotes is 20 to 27 days ahead of your renewal date – cover becomes more expensive the closer you get. It's the same if you are buying car insurance for the first time.
When shopping for homeowners insurance how many quotes should you seek? ›
Homeowners insurance covers your home, personal belongings, and liability claims. You can get quotes online or by working directly with a home insurance agent. Plan on getting at least three quotes to make sure you find the best policy for your budget.
How often should you switch insurance companies? ›
When Should I Switch My Auto Insurance? It's a good idea to review your insurance coverage annually, regardless of what kind policy you may have. You don't need to wait until it's time to renew your auto policy if you want to switch insurance companies – you can do it at any time.
Why can I not get insurance quotes? ›
Why might you have a problem getting insurance. Insurers decide the terms and conditions on which to offer insurance cover or whether to offer cover at all. You may have a problem getting insurance if you have a complex medical history, are elderly or have criminal convictions.
Why do I keep getting denied homeowners insurance? ›
Carriers typically look at the history of claims on a given property — if there have been a lot of payouts for foundation repair, for example, it might suggest a more serious structural problem. In addition, If you've filed a lot of claims on a previous homeowners policy, it could also count against you.
Why would a house be uninsurable? ›
Your house may have an aging electrical system, cracked foundation, or leaky roof. Whatever the case — or cases — may be, insurers might raise your premiums to help offset the cost of potential claims. They may even deny you homeowners insurance if you don't update or repair your house.
What happens if you cannot get home insurance? ›
While home insurance isn't mandated by law, if you have a mortgage, your lender will require you to carry a home insurance policy. If you don't find a new policy on your own, they'll find one for you. This is known as force-placed insurance or lender-placed insurance.
