Average homeowners insurance rates by state in 2022

Table of Content

• How to Reduce Home Insurance Costs
• Frequently asked questions: Homeowners insurance rates
• Leaving so soon? Your custom quotes are just minutes away.
• Top five least expensive companies for home insurance
• Bankrate
• Highest homeowners insurance rates by ZIP code
• Average Homeowners Insurance Rates in the United States

The Great Lakes State offers homeowners unparalleled natural beauty, but residents should be aware of the potential risks of living there. Counties in the southeast corner of Michigan have a high flood risk. Winters can be brutal, especially in the northern portion of the state and the Upper Peninsula. High winds are a common cause of home damage in Maine, and when coupled with rain or snow, they can cause water damage.

Your exact price will depend on specific personal details, such as the location and age of your house and the coverage limits you choose. However, our analysis can give you an idea of what you might expect to pay. When shopping for home insurance, you want to do more than just compare average homeowners insurance rates.

How to Reduce Home Insurance Costs

At a dwelling coverage of $200,000, the average rate is $2,233, while a policy with $500,000 in dwelling coverage averages $3,594. The average rate for a house with $200,000 in dwelling coverage is about $2,233 for $300,000 in liability. The Kansas Insurance Department estimated losses of $220,840,165 in 2022 from windstorms, tornados and hail, which contributes to Kansas’ high homeowners insurance rates. But rates vary significantly from state to state and from city to city. Our guide tells you how much home insurance costs on average in every state. To find the best mortgage rates in Frankfurt am Main, you should definitely compare different financings.

However, it should definitely be adapted to your personal situation. For many real estate buyers, it is either too short or too long, and that costs a lot of money. The length of the fixed interest rate, the amount of the down payment, and the selected property have an influence on the mortgage rate in Frankfurt am Main. Mortgage rates in Germany are usually calculated based on the risk that the borrower will not repay the loan. If you make a low down payment, you will need a higher loan amount and a longer term. In Germany, there are many mortgage lenders with different conditions and interest rates.

Frequently asked questions: Homeowners insurance rates

Deductibles usually come in the amounts of $500, $1,000, $1,500, $2,000 and $2,500. Oklahoma, Kansas, Nebraska, Arkansas, Texas and South Dakota are the most expensive states for home insurance among common coverage levels analyzed by Insurance.com. Among the least expensive states for home insurance are Hawaii and California. Oklahoma has the highest home insurance rates in the country at $5,317 a year. Hawaii, on the other end of the spectrum, is the cheapest state for home insurance at only $582 a year.

A home equity line of credit offers homeowners access to cash when they need it and requires that interest be paid only on what’s used, based on the appraised value of their homes. The average rate on a 20-year HELOC, or home equity line of credit, is 7.81%, up 3 basis points from last week, according to Bankrate.com. Meanwhile, the rate on a 10-year HELOC is 5.95%, up 19 basis points from last week.

Leaving so soon? Your custom quotes are just minutes away.

The map and table below show the average cost of homeowners insurance by state and percentage of income spent, giving a quick view of how your state compares to others. Insuring your home comes with some risk for an insurance company. Like how cars’ risks are determined on auto insurance, certain types of houses — and houses located in certain areas — create a higher likelihood that the company will have to pay claims. Average home insurance rates vary based on several rating factors. Understanding the most significant factors that impact your home insurance premium might help to guide you when shopping for a home. We analyzed prices in the 20 largest metropolitan areas in the U.S. to find the average homeowners insurance cost in each city.

Our sample policy includes $300,000 of dwelling coverage, $300,000 of liability coverage and a $1,000 deductible. The cost of your own homeowners insurance will depend on your location, the size of your house and how much coverage you need. The average home insurance cost is $2,777 per year nationwide for a policy with $300,000 in dwelling coverage and liability and a $1,000 deductible, based on 2022 Insurance.com data. The more claims paid out by insurers for damage due to wind, hail and flooding, the higher homeowners insurance costs will be for everyone. For average premiums for homeowners insurance by state, please review the table below.

Premiums have generally gone up across the board to make up for losses that the industry has experienced. If your premiums increased by more than 10% since your last policy term, consider re-shopping your homeowners insurance for lower rates. Below is the average cost of home insurance per year based on different coverage amounts. As you can see, the more dwelling coverage you have, the more expensive your home insurance rates are. Insurance rates will vary depending on the amount of property you’re insuring.

Coastal areas are prone to high winds, and the entire state has a higher-than-average risk of flooding. The state also faces harsh winters, so water damage caused by freezing and bursting pipes is a common risk. Louisiana’s coastal position puts it at risk for widespread hurricane damage.

If the interest rate is 0.60% higher, the interest costs rise to 18,666 euros. You can see that a comparison of mortgages and interest rates is important, as the differences can have a serious impact on costs. Your homeowners insurance quote could be high for any number of reasons. Having an old roof, a “dangerous” dog breed, or a recent claim can all result in higher rates. If you’re having trouble finding affordable coverage, consider using a marketplace like Policygenius that can connect you with multiple quotes from different carriers.

The high cost of insurance in Kansas is likely due to the state’s risk level. It’s one of the most risky places in the country for tornadoes and hail damage. We leveraged our industry experience, access to average premium data through Quadrant Information Services and common homeowner scenarios to help give an idea how much home insurance might cost. However, while our insight into average home insurance costs can be helpful, keep in mind that your rate will vary based on your own unique rating profile.

Before that, she covered macro and central banks for Investor's Business Daily, and municipal bonds for Debtwire. If you itemize deductions, you may be able to deduct interest costs if you use the proceeds of a HELOC for home improvements. This week, the average interest rate on a 10-year HELOC is 5.95%, up drastically from 5.76% the previous week and 3.96%, the low over the past year. Homes in inner cities, close to the coast, or in wildfire zones are more likely to see higher rates than those in more remote areas free of natural disaster zones. From there, you’ll have a better idea of how much coverage you need for each of the six coverages in your policy. At Policygenius, our educational guides are written and fact-checked by licensed home insurance experts and reviewed by ourFinancial Review Councilto ensure autonomy, expertise, and accuracy.

Read on to compare home insurance rates by insurance company, state – even down to ZIP code – and find out what you can expect to pay for the coverage you need. Hawaii enjoys the country’s lowest homeowners insurance rates thanks to its location. Mild weather and a low incidence of natural disasters make it the most affordable place to be a homeowner. However, banks require a supplemental hurricane insurance policy to approve a mortgage in Hawaii. The age of your home is also a factor that home insurance companies consider when determining your premium.