Last Updated: December 5, 2022

Average Home Insurance Cost in 2022: All You Need to Know

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The annual average home insurance cost in the U.S is $1383 in 2022 for a dwelling coverage of $250,000, according to Bankrate. Factors like your location, your state, the type and amount of coverage you choose, your credit score and many others can affect this amount. 

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How Much Is Home Insurance in Different States

Here is an approximate estimation of the yearly premium you may have to pay according to the state you live in: 

State   Average home insurance cost (annual)  
Alabama   $1,597 
Alaska   $1,001 
Arizona   $1,216  
Arkansas   $2,104  
California   $1,000  
Colorado   $1,690  
Connecticut   $1,284  
Delaware   $770  
Florida   $1,358  
Georgia   $1,400  
Hawaii   $400  
Idaho   $890  
Illinois   $1,422  
Indiana   $1,100  
Iowa   $1,390  
Kansas   $2,767  
Kentucky   $1,850  
Louisiana   $1,813  
Maine   $956  
Maryland   $1,130  
Massachusetts   $1,307  
Michigan   $1,120  
Minnesota   $1,785  
Mississippi   $1,773  
Missouri   $1,572  
Montana   $1,878  
Nebraska   $2,900  
Nevada   $822  
New Hampshire   $794  
New Jersey   $751  
New Mexico   $2,024  
New York   $987  
North Carolina   $1,297  
North Dakota   $1,941  
Ohio   $1,116  
Oklahoma   $3,518  
Oregon   $712  
Pennsylvania   $736  
Rhode Island   $1,193  
South Carolina   $1,142  
South Dakota   $1,997  
Tennessee   $1,695  
Texas   $1,883  
Utah   $646  
Vermont   $686  
Virginia   $1,017  
Washington   $900  
Washington, D.C.   $909  
West Virginia   $1,127  
Wisconsin   $990  
Wyoming   $805  

Source: Bankrate 

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Typical Average Home Insurance Cost Factors

When calculating an average home insurance cost, insurers consider many factors. Some of these factors are: 

Replacement Cost

The more your home costs to replace, the more you will likely pay in coverage. This is because replacement cost takes a lot of variables into consideration. It changes depending on square footage and local construction costs as well as its unique features and architecture.
However, you can get an approximated estimate by basic calculation. Contacting your insurance agent or insurance provider will help! 

Credit Score for Home Insurance

Insurers use credit scores as a factor in determining the likelihood of timely premium payment. Credit is often used to measure risk which helps with determining the rate of home insurance. Poor credit scores may lead insurers to see you as someone who is more likely to file claims in comparison to those who have very good credit. 

Your personal credit score can highly affect the premium rates thus changing the average home insurance cost for you. A good credit score could lead to being perceived as a lower risk which will help you get a reduced rate. 

Claims History

When it comes to determining the average home insurance cost, a history of filing claims might indicate an even greater risk for the homeowner’s insurance company. 

When you make your first claim on your homeowners’ policy you are likely to do so because something unexpected happened that may have left you financially responsible or worse: without a way out of the difficult situation. 

Insurance companies often base decisions like this on data patterns. However, claimants who have filed multiple times before may be considered higher risk than those with just one previous claim.  

Personal Demographics

A person’s demographics, i.e., their age, marital status, and gender make a big difference in determining the cost of a home insurance premium. 

According to Bankrate, insurance companies are likely to charge lower rates to married couples because of the common assumption of them being in a lower risk category. 

There are many insurance companies that tend to capitalize on their senior clients. According to Quote Wizard, if you are someone who is over the age of 55, you might be eligible for a senior citizen discount when buying home insurance. 

Deductibles

The homeowner’s insurance deductible is the amount that a homeowner will pay out of pocket before they can receive compensation for repairs to their property. It also sets how much you’ll save on your monthly premium. If you set your deductible higher, then it could decrease the premium amount every month. However, if there is a claim in an accident that happens to be very costly then it might cost more than what was saved on premiums. 

Connect With The Best Insurance Agents Near You

Contact a local agent online to help you with your insurance needs.

Find the Best Home Insurance Agent Near You

You must have adequate protection as your dreams evolve and change. We want you to feel safe, and in control of your home’s coverage, so we recommend contacting our insurance representative to learn more about tailoring your homeowner’s coverage to your specific needs. 

While searching for a home insurance agent, remember that a good one will do more than sell you a policy. These agents are as distinct as the customers they serve. As a result, as a buyer, you must conduct research to find the best agent for your coverage requirements.

When you’ve found a potential homeowners insurance agent near you with whom you’d like to collaborate, try the following:

  • Discover which insurance companies they are affiliated with. 
  • Investigate the options they provide. 
  • Spend some time learning about their products and services. 
  • Investigate their customer service records.  
  • Request references and become acquainted with their working style. 

You can be confident that the agents you find on Agency Height are among the best in the industry and your neighborhood. You are not required to take the preceding steps because they are knowledgeable and professional. 

How-Much-Is-Home-Insurance-In-Different-States

Conclusion

Home insurance is extremely important for your home to be well protected from many kinds of uncertainties. With knowledge about average home insurance cost and how you can get a lower premium, we are sure you will be able to insure your home without any trouble. 

If you have any additional queries about home insurance, feel free to reach out to us. Connect to a local insurance agent today! 

Was this article helpful? Let us know in the comments below! 

Frequently Asked Questions (FAQs)

How Can I Find a Reliable Home Insurance Agent?

If you’re looking to buy a house, your real estate agent may be able to recommend an agent. It’s worth noting that if you’re getting a mortgage, your lender will usually require you to show proof of insurance at or before the real estate closing. If time is of the essence, an agent may be of assistance in expediting the process.

If you are dissatisfied with that particular insurer, you can shop for another company later, either on your own or with the help of an agent, when you have less time constraints.

What Are Some Common Exclusions From Home Insurance?

Homeowners should be aware that there are some common exclusions from a typical homeowner’s policy. The types of damage not covered by insurance typically include earthquake, flood, war-caused property damage, and wear and tear. Damage caused by mold or termites is also excluded in many cases.

Is Home Insurance Policy For Condo Different?

Technically, yes. Although a condo is a category of home too, the insurance policy differs. Condo insurance (an HO-6 policy) covers the important areas of personal property and liability. It also provides coverage for some situations specific to condominium unit owners, such as their walls in which means covering their personal liability, property inside a condo unit including its interior – essentially anything excluded from the association’s policy.

Connect With The Best Insurance Agents Near You

Contact a local agent online to help you with your insurance needs.

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