Are you paying average home insurance cost in 2022?

Last Updated: 20 January, 2022

In 2022, the average cost of homeowners insurance in the United States is $1,393 per year for insurance with $250,000 in dwelling coverage. The cost of house insurance has gradually increased across the country. Home insurance prices have risen by more than 40% in the last 12 years, according to the National Association of Insurance Commissioners. The cost of your homeowners insurance will be determined by your location, house size, and the amount of coverage you require.

Average Home Insurance Cost

For $250,000 in dwelling coverage, the national average home insurance premium is $1,393. This is a roughly 6% increase above the average home insurance premium in 2021, which is in line with the country’s current inflation rate of 7%.

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Average Home Insurance Cost by State

Insurance prices can differ depending on where you live. States with a higher chance of severe weather, hurricanes, and tornadoes, for example, will often have higher rates owing to the increased risk of property damage. The NAIC statistics for average premiums in each state are shown below.

Texas, Florida, Oklahoma, and Louisiana have some of the highest insurance costs in the US, but places like Oregon, Utah, and Nevada have lower premiums since hurricanes, flooding, and tornadoes do not occur in those areas.

State 

Average annual premium 

Average monthly premium 

Alabama 

$1,668 

$139 

Alaska 

$1,171 

$98 

Arizona 

$1,269 

$106 

Arkansas 

$2,291 

$191 

California 

$1,127 

$94 

Colorado 

$1,899 

$158 

Connecticut 

$1,208 

$101 

Delaware 

$732 

$61 

Florida 

$1,637 

$136 

Georgia 

$1,445 

$120 

Hawaii 

$383 

$32 

Idaho 

$934 

$78 

Illinois 

$1,436 

$120 

Indiana 

$1,195 

$100 

Iowa 

$1,371 

$114 

Kansas 

$3,288 

$274 

Kentucky 

$2,174 

$181 

Louisiana 

$1,874 

$156 

Maine 

$951 

$79 

Maryland 

$1,191 

$99 

Massachusetts 

$1,323 

$110 

Michigan 

$1,288 

$107 

Minnesota 

$1,877 

$156 

Mississippi 

$1,860 

$155 

Missouri 

$1,794 

$150 

Montana 

$1,957 

$163 

Nebraska 

$3,234 

$270 

Nevada 

$852 

$71 

New Hampshire 

$739 

$62 

New Jersey 

$793 

$66 

New Mexico 

$2,134 

$178 

New York 

$1,068 

$89 

North Carolina 

$1,409 

$117 

North Dakota 

$1,898 

$158 

Ohio 

$1,164 

$97 

Oklahoma 

$3,482 

$290 

Oregon 

$756 

$63 

Pennsylvania 

$758 

$63 

Rhode Island 

$1,261 

$105 

South Carolina 

$1,235 

$103 

South Dakota 

$2,126 

$177 

Tennessee 

$1,745 

$145 

Texas 

$1,846 

$154 

Utah 

$706 

$59 

Vermont 

$665 

$55 

Virginia 

$1,057 

$88 

Washington 

$964 

$80 

Washington, D.C. 

$893 

$74 

West Virginia 

$1,192 

$99 

Wisconsin 

$933 

$78 

Wyoming 

$870 

$73 

Source: Bankrate 

Which state has the expensive home insurance cost?

According to the above Homeowners Insurance Cost in every state, we can see that Oklahoma has the most expensive home insurance cost at an average of $290 per month. Followed by Kanas at $274 per month and Nebraska at $270.

The threat of natural catastrophes has a substantial impact on the cost of your house insurance. The more likely it is that harm will occur, the more likely that insurance companies will be forced to pay out claims. This means that firms must charge higher premiums to have enough reserves to manage a colossal flood of lawsuits. Knowing the hazards connected with your state and ZIP code might help you make more educated decisions about house insurance.

Which state has the cheapest home insurance cost?

Hawaii, Vermont, Utah, Delaware, and New Hampshire have the lowest average yearly homeowners insurance premiums. So, how much should you plan to spend on homeowners insurance in these areas? These states have average premiums of less than $1,000 per year, owing to a low risk of house damage. The table above compares the average cost of house insurance coverage in certain states to the national average.

Average Home Insurance Cost as per Insurance companies

You may be wondering if the house insurance company you select influences the cost of homeowners insurance. Yes, in a nutshell, because each firm has its own ranking system. Rates for the same level of coverage might vary by hundreds of dollars or more between firms. Erie Insurance is often the least priced insurance carrier for $250,000 in dwelling coverage among the homes insurance companies we researched, followed closely by USAA and Progressive.

The basic components of a homeowners insurance policies?

Every home insurance policy has certain safeguards that assist in protecting against significant financial loss due to fire, storms, theft, vandalism, and legal responsibility. The following are the most frequent forms of house insurance coverage:

Personal Property Coverage

This safeguards your home’s belongings, including clothing, furniture, and gadgets. You may have extra restrictions on your personal property coverage. For instance, you may only have 20% of your personal property coverage for goods held elsewhere, and you may have a coverage cap for some items, such as fine art and money.

Personal Liability Coverage

If you are legally accountable for injuries to your property, accidents that occur away from your property, or damage to others’ property, this compensates for medical expenditures or damage to others’ property. It also covers legal bills if the injured person files a lawsuit against you.

Dwelling Coverage

Dwelling coverage is comparable to the cost of reconstructing your home: This covers for covered damages to your home’s principal structure and associated structures such as carports or garages, up to the extent of your dwelling coverage. The value of this coverage is normally determined at replacement cost.

Other Structures Coverage

Other constructions coverage, which is typically 10-20% of your dwelling coverage limit: This coverage protects structures that are not linked to your house, such as a detached garage, driveway, fences, or shed.

Medical Payment Coverage

This covers medical bills for someone who is not a member of your household who is harmed on your property, regardless of negligence.

Factors influencing the cost of home owners’ insurance policies

An insurance provider takes a risk by insuring your house. Similar to vehicle insurance, certain types of houses — and residences in specific localities — increase the possibility that the firm will have to pay claims. The average cost of house insurance varies depending on a number of rating parameters. Understanding the most important elements that influence your house insurance rate may help you make a more informed decision while looking for a property.

Home Characteristics

Because each property is unique, insurance companies assess each home on an individual basis. The unique qualities of your property will influence how much you spend on homeowners insurance.

Year built

Older properties can cost more to insure because repair expenses are higher than in modern ones. Restoring or replacing characteristics such as custom molding, plaster walls, and wood flooring may necessitate the use of professionals, increasing the cost of restoration in the case of a claim.

Roof condition

Homeowners insurance costs are affected by the age and condition of a home’s roof. Older roofs may not be as resistant to windstorms or hail damage as modern roofs. Similarly, the materials used on your roof might impact the cost of your homeowners insurance. Some roofing materials may be more resistant to damage, lowering your rate, while others may be more expensive to repair or replace, raising your premium.

Construction quality

Following a claim, many homeowners insurance do not pay the cost of bringing a property up to current building codes. Ordinance or law endorsements are often offered by insurance carriers and can assist pay for charges connected to code modifications performed during insured repairs.

Special Features

Hot tubs and swimming pools can add value to a property, but they can also boost homeowners insurance premiums by increasing repair and replacement expenses and adding liability concerns. Homes with recreational facilities like as a pool, spa, or jacuzzi may require more liability coverage in the event that a guest is injured.

Location characteristics

Your insurance prices are often influenced by your geographic location because each region of the country has a distinct risk profile for potential losses. Some locations may be more vulnerable to wind damage, for example, whereas other parts of the nation are frequently impacted by fires.

Weather-related risks

In most cases, standard homeowner policies do not cover flood or earthquake damage. In fact, several insurance companies refuse to insure properties in flood zones. To defend against these sorts of calamities, several insurance firms sell private flood insurance or offer earthquake coverage in separate policies or endorsements.

Fire risks

Structure fires caused more than $12 billion in property damage in 2020, the most recent year for which data is available, according to the Triple-I. Because a quick emergency response generally minimizes damage, insurance firms calculate homeowner rates on accessibility to a fire station and fire hydrants.

Crime risks

If you reside in a high-crime area, your insurance prices may be affected. Installing additional safety elements in your house, including deadbolts and a security alarm system, can help offset this cost to your rates.

average home insurance cost

How to reduce the cost of home owners’ insurance?

Some techniques to save money on homeowners insurance are as follows:

  • Combine your vehicle and home insurance coverage with a single company.
  • Comparing house insurance rates is a good idea.
  • Inquire about discounts.
  • Select the relevant forms of house insurance.
  • Increase the deductible on your homeowners insurance.
  • Increase your credit score.
  • Consult with an independent agency.
  • Make improvements to your home.

Also, if you are a renter  searching for renters insurance without your social security number or credit check we have got you covered. To read more tips and tricks about best home insurane companies, visit our home page.

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Frequently Asked Questions
What is the average home insurance cost per month?

The average cost of homeowners insurance in the United States is $1,393 per year for insurance with $250,000 in dwelling coverage.

What is the average home insurance cost in New York?

The average home insurance cost in New York is about $89 per month.

How to use a home insurance cost calculator?

Our home insurance calculator estimates your total premium based on the average rate charged by insurers in your ZIP code.

How much is homeowners' insurance on a million-dollar home?

Homeowners insurance for a $1 million residence in the area should cost around $3,350 per year.

Is homeowners' insurance based on property value?

A homes insurance policy’s real cash value is determined by the market value or the startup costs of your house and personal items, less depreciation.

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