Average Homeowners Insurance Per Month - Homeowners insurance is an important part of financial security, and there are many things to consider when shopping for a provider. On the one hand, the best insurance carriers have the financial strength, customer service and relevant recommendations to be available in the event of a disaster. And on the other hand, competitive prices should break the budget. To that last point, here is the average cost of homeowners insurance in each state in 2020.
For many people, a home is their most important possession. The only way a family can recover financially from a home lost to a natural disaster is if it is properly insured. This is why homeowners insurance is essential for financial security. We found the 2020 average prices for each state at ValuePenguin, a financial education and product comparison website. A breakdown of every state in the country makes it easy to see if you're getting a good deal on such an important part of your personal finances.
Average Homeowners Insurance Per Month
States in the path of the storm have some of the highest homeowners insurance rates in the country. Oklahoma is the most expensive at an average of $2,559 per year. Kansas and Texas also have the highest rates ($2,461 and $2,451, respectively). Not only do these states get tornadoes more often than anywhere else, but they are stronger, exceeding F3-5 strength ratings. For example, Oklahoma City alone was hit by two or more tornadoes on the same day 29 times. These factors make homeowners insurance more expensive.
Insurance And The Cost Of Living: Homeowners Insurance
At the other end of the spectrum are many states that average less than $1,000 a year. Most of these locations are concentrated in the Northeast, such as Vermont ($614), New Hampshire ($773) and Maine ($849). Delaware has some of the cheapest rates in the country at just $598, or about $50 a month. That's about half of what the average American spends on a cell phone, according to the latest Bureau of Labor Statistics Consumer Expenditures report.
The cost of homeowners insurance for most states falls between these two extremes. In general, most people can expect to pay between $1,000 and $2,000 for coverage. However, it is important to note that homeowner's insurance generally does not cover damages such as floods and earthquakes. Those interested in such risks should consider additional types of coverage.
If you're in the market for homeowners insurance and need help finding the coverage that's right for you, check out our homeowners insurance cost guide. It always pays to shop around and find the best company for you.
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Mapped: Average Homeowners Insurance Rates For Each State
If you want to use our images in books, magazines, reports, educational materials, etc. We may issue a license granting non-exclusive rights for reproduction, storage, publication and distribution. Homeowners insurance rates can vary widely. This depends on many factors, including where you live, when your home was built, the coverage you choose, and your insurer. The cheapest home insurance company, nationwide, is $1,833 cheaper per year than the most expensive, auto owners. We recommend that you compare quotes from multiple companies when shopping for a homeowners insurance policy to get the best price.
When things are going well, it can be hard to see the value of homeowners insurance - but in the event of an accident or disaster, you'll need reliable service and adequate coverage to cover your losses. We've compared quotes from companies to help you find home insurance that's not only affordable, but also affordable.
Erie offers some of the cheapest home insurance rates - a policy costs $883 per year or $76 per month, which is 53% cheaper than the national average. However, Erie is not accessible to most homeowners because the company only operates in 12 states.
Nationwide and State Farm offer affordable homeowners insurance policies across the country. Their prices are 35% and 20% cheaper than the average respectively.
Why Homeowners Insurance Premiums Are Rising And What You Can Do
Staff have collected and analyzed hundreds of thousands of home insurance quotes from every zip code in the United States to find the cheapest rates. The best companies are selected using a variety of criteria, from prices to availability and discounts.
In many cases, Nationwide offers cheaper homeowners insurance rates than its larger competitors. A nationwide policy costs $1,227 a year or $102 a month. It also offers a number of discounts to policyholders to help keep the cost of insurance affordable:
Nationwide also offers homeowners optional coverage add-ons such as identity theft protection, extended replacement cost coverage, water backup, and earthquake and flood insurance.
However, customers can find better customer service elsewhere. Nationwide scored 812 out of 1,000 on J.D. Power's customer satisfaction survey, placing it in the top half of insurers. However, it scored well on the National Association of Insurance Commissioners (NAIC) Complaints Index, indicating that it receives fewer complaints than its competitors nationwide.
Pennsylvania Homeowners Insurance: Average Policy Rates
Finally, Nationwide home insurance is a great place to start comparing your policy rates, but it shouldn't be the only insurance you look at. Other major insurers—or even local companies—may offer both better rates and stronger service.
If your home is located in one of the 12 states where Erie Insurance is available, you can take advantage of even better rates. A policy with Erie costs $883 a year or $74 a month, which is 47% cheaper than the national average.
Erie is known for its excellent customer service. Our editors rated it 4.5 out of 5 stars and J.D. Ranked 4th in Electricity Customer Satisfaction Survey.
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What's The Average Cost Of Homeowners Insurance?
If you're shopping around for the lowest rates on both home and auto insurance, State Farm is probably the best insurance to start with. When we calculated the discounts that each insurer offers to customers who combine auto and home coverage, State Farm rates show the biggest potential savings.
Homeowners insurance from State Farm costs $1,510 a year, or an average of $126 a month. State Farm home insurance rates drop an additional 22% to 30% when we add an auto insurance policy. In most cases, package discounts with State Farm are higher than with any other insurer we analyzed.
Choosing a state farm for your homeowners insurance offers other benefits in addition to competitive discounts. Not only is it the largest insurer for American homeowners, but it is the J.D. Scored 835 out of 1,000. From electricity - more than 825 national average. This means that foreign policy is also one of the best options for those who value excellent customer service from their home insurance company.
USAA is the best choice of low cost homeowners insurance for veterans and active duty service members and their families. Although its membership is limited to people who can prove a personal connection to the armed services, USAA combines an excellent reputation for customer service with rates that often beat other home insurers.
Homeowner Insurance Premiums In The U.s. By State
In our search for the cheapest home insurance rates, we found USAA's rates to be the cheapest at $1,789 per year or $149 per month. Note that this number may be far from what you see in your rate if your location, property and coverage limits differ significantly from the profile we use. You can ask your rates about USAA home insurance discounts:
Even in states where USAA wasn't the most affordable option for homeowners, we felt the company's excellent reputation for customer service made up for it. Its affordable rates for auto insurance, along with its robust packaging, can help customers lower their premiums significantly.
In addition, USAA offers many customer-friendly options in other areas, such as savings accounts and loans, making it a great place for eligible members to pool all their financial resources.
We've found the cheapest insurance company in each state, with the average monthly premium in that state. Allstate has the cheapest rates in 15 states — the most of any insurer in our study. Travelers has the best rates in eight states, while offering the cheapest premiums in seven nationwide.
Best Homeowners Insurance In California 2022
Homeowners in Michigan can enjoy the lowest rate of $417 per year for car owners in the country. On the other hand, Colorado residents pay the highest premiums. State Farm offers the cheapest insurance in the state at $2,362 a year.
The location of your home is one of the most important factors in determining the price paid to homeowners
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