How Much Should Home Owners Insurance Cost – Keeping your home safe and sound comes at a price. But in some states, you may get lucky with the cost of your home insurance premium.
Finding that ideal home is more than just buying the perfect home. Many homeowners who want to protect their personal belongings from disasters such as theft or damage from weather-related events know how important it is to find quality home insurance. However, home insurance doesn’t always come cheap. According to the National Association of Insurance Commissioners, home owner insurance rates rose 1.6% from 2016 to 2017, reflecting a rising trend in home insurance costs. Despite this upward trend, there are some states that have managed to keep their premium costs relatively low.
How Much Should Home Owners Insurance Cost
Insurance companies determine your homeowners insurance policy using many variables. Determining home liability based on occupants and environment means that home insurance rates can vary based on typical weather conditions in the area, the likelihood of theft or other property damage such as vandalism. To delve deeper into the analysis of homeowner insurance rates and geographic demographics, the data science team pored over homeowner insurance data to identify the ten states with the cheapest home insurance rates.
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The data science and research team at a homeowner’s insurance comparison site analyzed homeowner data from the Insurance Information Institute to determine the states with the cheapest home insurance. Data from the HO-3 homeowner’s package policies (for owner-occupied dwellings in one- to four-family units) published by the National Association of Insurance Commissioners (NAIC) served as the basis for measuring the state’s average home insurance policy costs.
State median home values were determined using the most recent Zillow Home Value Index (ZHVI), a smoothed, seasonally adjusted measure of typical home value and market changes in a given region and housing type. Burglary rates were derived from the FBI’s Uniform Crime Reporting Program estimated data at the state and national levels obtained from the Summary Reporting System (SRS).
Bring on the dancing lobsters, because Maine has some of the cheapest home insurance premiums in the country. Both the average annual home owner premium and the average home value are below the national average at 28 percent and 4 percent, respectively. Maine also has a low burglary rate per capita, with a burglary rate 47 percent below the average. Although Maine does not follow the general national trend of lower median home values being correlated with lower burglary rates, Maine’s relatively low burglary rate can be attributed to its largely rural population; Rural areas in all fifty states have the highest rate, while burglaries may occur more often in denser, more populated areas.
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Ohio has the ninth most affordable home insurance rates in the nation. At an average rate of $862, home insurance in Ohio costs 29 percent less than the average premium nationwide. Additionally, following the general trend of a negative correlation between home value and burglary rates, Ohio’s median home value is 59 percent below the median, while: his steal rate is 8 percent above average. Fortunately, Ohio homeowners are able to protect their assets and insure their homes at a relatively low cost.
Washingtonians looking to insure their home are in luck. the average premium for home insurance in their state is 30 percent lower than what the average American pays. Washington has the fifth-highest median home value in the country, a notably higher 39 percent than the national average, which means you need a whole lotta green to buy a home in the Evergreen State. Given that Washington has a surprisingly high rate of burglary (above average at 29 percent) relative to its median home value, homeowners who have secured their humble abode can breathe easy knowing that their home owner insurance costs are relatively inexpensive. is
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Despite being the second smallest state in the United States, Delaware homeowners can rest easy knowing that their state has the seventh cheapest home insurance premiums in the country. Homeowners insurance costs in Delaware average 32 percent below the national average, even though the median home value is nearly equal to the national average. Delaware’s burglary rate is an additional 15 percent below the national average, making Delaware a completely stable and safe state to own a home.
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Arizona is the sixth most affordable state for home insurance. With a slightly above-average home value and burglary rate, home insurance costs 32 percent below the average for Arizona homes are a somewhat surprising asset for Arizona homeowners. While Arizona doesn’t necessarily follow the nationwide trend of states with higher burglary rates matching higher median home values, Arizona homeowners seem to be in luck when it comes to affordably insuring their homes.
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The fifth state on our list, Wisconsin, is a true representation of that famous Midwestern hospitality; Dairy America has both relatively affordable insurance rates and home values. On average, Wisconsin homeowners can insure their homes for 36 percent less than the average American. The median home value in Wisconsin is 23 percent below the national average, and the burglary rate is an additional 37 percent below the average. Owning a home in Wisconsin seems to check all the boxes, with low home costs, insurance premiums, and potential for foreclosures.
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 premiums. Nevada has the fourth cheapest home insurance costs in the US, 38 percent below the national average. These low premiums interestingly intersect with above-average home values and burglary rates of 15 percent and 35 percent, respectively. Nevada is also an interesting case because these statistics do not follow the pattern of high burglary rates corresponding to low median home values. Typical home owner insurance in Nevada protects the high value with a low interest rate, making it one of the cheapest states to insure a home.
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Not only is Idaho 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, certainly stand out. Idaho homeowners can expect to pay home insurance costs 40 percent lower than the national average. Idaho also has a 27 percent lower burglary rate. Similar to Wisconsin, Idaho homeowners are fortunate to have low home prices, low insurance premiums, and low burglary worries.
At first glance, Utah homes don’t come cheap. Utah’s median home value is 28 percent higher than the national average, making it the eighth highest in the country. However, home insurance in Utah is paradoxically affordable. Utah’s average annual homeowner’s insurance premium of $692 is 43 percent below the national average. Utah’s burglary rate is an additional 18 percent below the national average, bucking the notion that home value and burglary rates are significantly negatively correlated. This low theft rate may contribute to lower insurance premiums in the Beehive State.
Oregon, the state with the lowest home insurance premiums in the country, is also an interesting case in point. Oregon homeowners pay an average of 45 percent less for their insurance premiums than the rest of the country, even though Oregon homes are significantly more expensive; Oregon has the seventh highest median home value in the United States, 29 percent higher than the national average. Oregon’s burglary rate is nearly equal to the national average, not necessarily following a significant negative correlation with its median home value, but also not greatly out of line with it.
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Homeowners Insurance Guide: A Beginner’s Overview
A team of data scientists and content specialists delivers Insights, a series of automotive, home and healthcare studies focused on topics that affect us all. Through expert analysis of over 4 million auto insurance applications and a variety of top data sources, the Insights team produces new data-driven articles, trend analyses, regional rankings and national rankings every week. See Insights as featured on Forbes, Fox News, USA Today, NPR and more. If you’re looking for ways to save money now, you can start by looking at how much you spend on homeowners insurance each year. According to our latest map, the cost of homeowners insurance depends entirely on where you live.
We found our map data on Insurance.com, a cost comparison site. There are several assumptions behind our map data. Imagine a married couple with excellent credit wanted to insure a $300,000 home.
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