Cheapest Homeowners Insurance In Louisiana - Making sure your home is safe comes at a price. But in some states, you may not be able to pay home insurance premiums.
Finding your ideal home is more than just buying the perfect home. Many homeowners who want to protect their personal belongings from disasters like theft or damage from weather-related events know how important it is to find quality home insurance. However, insuring a home isn't always cheap. According to the National Association of Insurance Commissioners, homeowners insurance rates rose 1.6 percent between 2016 and 2017, reflecting an upward trend in home insurance costs. Despite this upward trend, some states have managed to keep premium costs relatively low.
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Insurance companies use a variety of variables to determine your homeowners insurance policy. Determining a home's liability based on its occupants and its surroundings means home insurance rates may vary based on typical weather conditions in the area, the likelihood of theft or other property damage such as vandalism. For a deeper analysis of homeowners insurance rates and geographic demographics, the data science team looked at homeowners insurance data to identify the ten states with the lowest home insurance rates.
Nationwide Homeowners Insurance Review
The data science and research team at the homeowners insurance comparison site looked at the Insurance Information Institute's homeowners data to determine the cheapest states for home insurance. HO-3 Homeowners' Package Policy data (for owner-occupied residences with one to four family units) published by the National Association of Insurance Commissioners (NAIC) serves as the basis for measuring the average cost of home insurance policies by state.
Median home values by state are determined from the most recent measurement of the Zillow Home Value Index (ZHVI), a smoothed, seasonally adjusted measure of typical home values and market changes in specific areas and housing types. Burglary rates are derived from state and national data estimated by the FBI's Uniform Crime Reporting Program from their Summary Reporting System (SRS).
Bring your jumping lobster, because Maine has some of the cheapest home insurance premiums in the country. Average annual homeowner premiums and average home values are both lower than the national average at 28% and 4%, respectively. Maine also has a low number of burglaries per capita, with a burglary rate 47 percent lower than the average. While Maine does not follow the general national trend of low median home values associated with low burglary rates, Maine's relatively low home burglary can be attributed to its largely rural population -- according to the U.S. Census Bureau According to the data, Maine has the highest percentage of rural areas of all fifty states, while burglaries are likely to occur more frequently in denser, more crowded areas.
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Ohio ranks ninth for the most affordable home insurance premiums in the nation. The average home insurance rate in Ohio is $862, which is 29% lower than the national average. Additionally, with the general trend of negative correlations between home values and burglary rates, Ohio's average burglary rate is 59 percent lower than the national average, while its burglary rate is 8 percent higher than the average. Fortunately, homeowners in Ohio can protect their assets and insure their homes at relatively low rates.
Washingtonians looking to insure their homes are in luck—the average home insurance premium in their state is 30 percent less than the average American pays. Washington has the fifth-highest median home value in the nation and is 39% higher than the national average, which means you'll need to shell out a fortune to buy a home in the Evergreen State. Given that Washington's burglary rate (29 percent above average) is surprisingly high relative to its high median home value, homeowners who insure their average residence can breathe a sigh of relief because their homeowners Insurance costs are relatively cheap.
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Despite being the second smallest state in the U.S., Delaware homeowners can rest easy knowing that the state has the seventh-highest home insurance premiums in the nation. Homeowners insurance costs in Delaware are on average 32% lower than the statewide average, even though the median home value is nearly equal to the national average. Delaware's burglary rate is also 15 percent lower than the national average, making Delaware a stable and safe state to own a home.
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Arizona ranks sixth among the states with the most affordable home insurance premiums. With average home values and slightly higher burglary rates, home insurance costs in Arizona are 32% lower than average, a bonus for Arizona homeowners. While Arizona doesn't necessarily follow the national trend of states with higher theft rates corresponding to lower median home values, Arizona homeowners appear to be in luck when it comes to affordable home insurance.
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The fifth state on our list, Wisconsin, really exemplifies the Midwest's renowned hospitality—the Dairyland of America with relatively affordable insurance rates and home values. On average, Wisconsin homeowners can insure their homes for 36% less than the U.S. average. Wisconsin's median home value is 23 percent below the statewide average, and its burglary rate is also below average at 37 percent. Owning a home in Wisconsin seems to tick all the boxes, with low home costs, insurance premiums, and a low likelihood of outright theft.
Many people come to Nevada every year just to win big in Vegas. Fortunately, Nevada residents are already winners in the affordable home insurance premium arena. Nevada has the fourth-highest cost of home insurance in the U.S. and is 38% lower than the national average. These low premiums interestingly intersect with above-average median home values and burglary rates of 15% and 35%, respectively. Nevada is also an interesting case because the statistics don't follow the pattern of higher burglary rates that correspond to lower median home values. Typical Nevada homeowners insurance protects high value at low rates, making it one of the cheapest states to insure a home.
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Idaho isn't just known as the Gem State for its mountainous terrain and natural beauty—the state's third-lowest homeowners insurance premiums in the nation are certainly special. Homeowners in Idaho can pay 40% less for home insurance than the national average. Idaho also has a 27 percent lower burglary rate than average. Similar to Wisconsin, homeowners in Idaho are lucky to have low home prices, low insurance premiums, and fear of burglary.
At first glance, Utah homes don't come cheap. Utah's median home value is 28% higher than the national average and ranks eighth in the nation. Yet, paradoxically, insuring a Utah home is affordable. The average annual homeowners insurance premium in Utah is $692, which is 43% lower than the statewide average. Utah's burglary rate is also 18 percent lower than the national average, supporting the idea that home values and burglary rates are inversely related. This lower rate of theft may help lower insurance premiums across the Bee State.
Oregon, the state with the lowest home insurance premiums in the U.S., is also an interesting example. Homeowners in Oregon pay an average of 45% less insurance premiums than the rest of the country, even though Oregon homes are particularly expensive: Oregon’s average home value is the seventh-highest in the U.S. and 29% higher than the national average. Oregon's burglary rate is roughly on par with the national average, which isn't necessarily a significantly negative correlation with its median home value, but it's not terribly unfavorable either.
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How Much Is Homeowners Insurance? Average November 2022 Rates
A team of data scientists and content experts presented Insights, a collection of automotive, home and health research focused on topics that affect us all. Drawing on expert analysis of more than 4 million auto insurance applications and a variety of key data sources, the Insights team produces new data-driven articles, trend analysis, regional superlatives and national rankings every week. Check out features from Forbes, Fox News, USA Today, NPR, and more. By Lena Borrelli By Lena Borrelli Arrow Insurance Fair Contributor Lena Muhtadi Borrelli has years of experience writing in the insurance space for allconnect, Healthline, and Reviews. com. She previously worked at Morgan Stanley. Contact Lena Borrelli by Email Email Lena Borrelli
Edited by Amelia Buckley Edited by Amelia Buckley Arrow Fair Insurance Editor Amelia Buckley is an insurance editor covering auto, home and life insurance. It emphasizes creating informative, engaging, and nuanced content to support readers
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