Average Homeowners Insurance Per Month – Keeping your home safe comes at a price. But in some states, you may end up paying more for your home insurance.
Finding that ideal home is more than just buying the perfect home. Most homeowners who want to protect their personal property from theft or damage from weather-related events know how important it is to get quality home insurance. However, home insurance isn’t always cheap. According to the National Association of Insurance Commissioners, homeowner insurance rates increased 1.6% between 2016 and 2017, reflecting rising home insurance costs. Despite this upward trend, there are some states that have managed to keep premium costs relatively low.
Average Homeowners Insurance Per Month
Insurance companies use many variables to determine your homeowners insurance policy. If a home’s liability is determined based on its occupants and the environment, home insurance rates may vary depending on the region’s typical weather conditions, the likelihood of theft, or damage to the property such as vandalism. To dig deeper into homeowners insurance rates and geographic demographic analysis, the data science team studied homeowners insurance data to identify the ten states with the cheapest home insurance rates.
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The data research team at the Homeowners Insurance website studied homeowner data from the Insurance Information Institute to determine the states with the cheapest home insurance. HO-3 homeowners package policy data (for homeowners with one to four family units) released by the National Association of Insurance Commissioners (NAIC) served as the basis for measuring average home insurance policy costs by state.
State median home values were determined by the Zillow Home Value Index (ZHVI), a weighted, seasonally adjusted measure of median home value and market fluctuations by region and specific housing types. Robbery rates are derived from the FBI’s Uniform Crime Reporting Program, state and national estimates, and their Summary Reporting System (SRS).
Bring on the dancing lobsters, because Maine has some of the most expensive home insurance premiums in the country. The median annual cost of owning a home is lower than the national average, at 28 and 4 percent. Maine also has the lowest number of robberies per capita, with a robbery rate 47 percent below the average. Although Maine does not follow the general national trend of lower median home values and is associated with lower burglary rates, the low percentage of home burglaries in Maine can be attributed to its largely rural population — a small number of burglaries in Maine, according to the US Census Bureau. The fifty states have the largest percentage of rural areas, but burglaries can occur more often in denser, more populated areas.
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These States Have The Cheapest Home Insurance Premiums (2020)
Ohio is ninth in the nation for the cheapest home insurance. With an average rate of $862, home insurance in Ohio is 29 percent cheaper than premiums nationwide. Additionally, after the overall home price trend and foreclosure rate are negatively correlated, Ohio’s median home value is 59 percent below the median, and its foreclosure rate is 8 percent above the median. Fortunately, Ohio homeowners can protect their assets and insure their homes at a relatively low rate.
Washingtonians looking to insure their homes are out of luck — average home insurance premiums in their state are 30 percent lower than what the average American pays. Washington’s median home price is the fifth highest in the nation, 39 percent above the average, which means you’ll need a whole lot of cash to buy a home in the Evergreen State. With Washington’s surprisingly high burglary rate (29 percent above average), homeowners who secure a place to live can breathe easy knowing that their homeowner’s insurance rates are relatively affordable.
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Despite being the second smallest state in the United States, Delaware homeowners can take pride in knowing that their state has the seventh lowest home insurance premiums in the nation. Delaware homeowner’s insurance costs are 32 percent below the average, even though the average home price is about the same as the average. Delaware’s robbery rate is 15 percent lower than the national average, making Delaware a stable and safe state.
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Arizona ranks sixth in the rankings for states with the cheapest home insurance. While the average home value and burglary rate are slightly higher, Arizona home insurance costs are 32 percent lower, which is a surprise for Arizona homeowners. While Arizona doesn’t follow the national trend of states with higher foreclosure rates in terms of median home values, Arizona homeowners seem to be having success when it comes to insuring their homes affordably.
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The fifth state on our list, Wisconsin, is a true reflection of that famous Midwestern hospitality – America’s Deerland has relatively affordable insurance rates and home values. On average, Wisconsin homeowners can insure their home for 36 percent less than the average American. Wisconsin’s median home value is 23 percent below the national average, and its foreclosure rate is 37 percent below the national average. Home ownership in Wisconsin seems to check all the boxes, with lower costs, lower insurance premiums, and less likelihood of theft on the board.
Many people come to Nevada every year to win big in Vegas. Fortunately, Nevada residents are already winners when it comes to affordable home insurance. Nevada has the fourth cheapest home insurance costs in the US, 38 percent lower than the national average. These low premiums are interestingly higher than average home values and foreclosure rates, at 15 and 35 percent respectively. Nevada is also an interesting case because these statistics do not match the high foreclosure rates that correspond to average home values. Standard homeowner’s insurance in Nevada comes at a low premium, making it one of the cheapest states to get home insurance.
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Idaho isn’t just known as the Gem State for its mountainous terrain and natural beauty—the state’s low homeowner’s insurance premiums, which are the third cheapest in the nation, are certainly special. Idaho homeowners can expect to pay 40 percent lower home insurance costs than the national average. Idaho also has an average burglary rate of just under 27 percent. Similar to Wisconsin, Idaho homeowners are fortunate to have low home prices, low insurance premiums and concerns about home theft.
At first glance, Utah homes are not cheap. Utah’s median home price is 28 percent higher than the national average, and the eighth highest in the nation. However, insuring your home in Utah is paradoxically affordable. Utah’s average annual homeowner’s insurance cost of $692 is 43 percent lower than the national average. Utah’s burglary rate is also 18 percent lower than the national average, suggesting that home values and burglary rates are negatively correlated. This lower theft can contribute to lower insurance premiums across the bee state.
A particularly interesting case is Oregon, which has some of the lowest home insurance premiums in the country. Oregon homeowners pay 45 percent less than the rest of the nation in insurance premiums, even though Oregon homes are very expensive: Oregon has the seventh-highest average in the United States, 29 percent higher than the national average. Oregon’s foreclosure rate is roughly equal to that of the nation, not only does it follow a significant negative correlation with median home value, but it’s also not out of place.
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Best Homeowners Insurance Companies Of September 2023
A team of data scientists and content experts delivers Insights, automotive, home and health research focused on topics that affect us all. 4 mln. See insights from Forbes, Fox News, USA Today, NPR and more. Looking for your dream? If you live in one of the states, you may also have to consider higher insurance premiums.
Buying a home is for every homeowner, whether it’s a starter home or a place for the whole family. And even if your home is in a very “safe” location, disaster can strike in the form of theft, fire, or even a natural disaster, robbing or destroying you.
