Best Rates On Homeowners Insurance - Keeping your home safe and sound comes at a price. But in some states, you can get lucky with the cost of your home insurance premium.
Finding the perfect home is more than just buying the perfect home. Most homeowners who want to protect their personal property from disasters such as theft or damage due to weather events know how important it is to get good home insurance. However, finding a home is not always easy. According to the National Association of Insurance Commissioners, home insurance rates increased by 1.6% between 2016 and 2017, reflecting an upward trend in home insurance costs. Despite this high situation, there are some states that have managed to keep their payment costs relatively low.
Best Rates On Homeowners Insurance
Insurance companies determine your home insurance policy using thousands of criteria. Determining a home's liability based on its occupants and its environment means that homeowner's insurance rates can vary based on the typical weather conditions in the area, the likelihood of theft or other property damage such as vandalism. To further analyze home insurance rates and geographic demographics, the data science team studied home insurance data to identify the ten states with the cheapest home insurance rates.
Best Homeowners Insurance
The data science and research team at , a home insurance comparison site, studied homeowner data from the Insurance Information Institute to determine the states with the cheapest home insurance. HO-3 home owner policy data (for owner-occupied homes with one to four family units) provided by the National Association of Insurance Commissioners (NAIC) was used as the basis for measuring average insurance policy costs of the home owner according to the state.
State median home values were determined by the most recent Zillow Home Value Index (ZHVI), a smoothed, seasonally adjusted measure of average home value and market changes in a given area and housing type. Burglary rates were derived from the FBI's Standardized Crime Reporting Program data estimated at the state and national levels derived from its Summary Reporting System (SRS).
Pull out the ropes, because Maine has some of the cheapest home insurance premiums in the country. The median annual home owner payment and median home value are below the national average, at 28 and 4%, respectively. Maine also has the lowest burglary rate per capita, with the burglary rate 47% below average. Although Maine does not follow the general national trend of lower average home values associated with lower burglary rates, Maine's low number of home burglaries can be attributed to its large rural population - according to the US Census Bureau, Maine has the largest proportion of rural areas of all fifty states, while burglaries are more likely to occur in more populated areas.
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Ohio ranks ninth in the nation for the cheapest homeowners insurance premiums. At an average rate of $862, home insurance in Ohio costs 29% less than the national average premium. his theft rate is 8% above average. Fortunately, homeowners in Ohio can protect their property and insure their home at a low rate.
Washingtonians who want to make sure their homes are in luck -- the average home insurance premium in their state is 30% less than what the average American pays. The average home value in Washington is the fifth highest in the country, exactly 39% above the national average, which means you need a lot of green to buy a home in the Evergreen State. Considering that Washington has a surprisingly high rate of burglary (29% above average) compared to the above average value of their home, homeowners who have insured their poor home can breathe easy knowing that the cost of home insurance it is very expensive.
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Despite being the second smallest state in the United States, homeowners in Delaware can rest easy knowing that their state has the seventh cheapest home insurance premiums in the country. The cost of Delaware home insurance, on average, is 32% less than the national average, even with an average home value close to the national average. Delaware's burglary rate is also 15% below the national average, making Delaware a stable and safe state to own a home.
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Arizona ranks sixth among states with the cheapest home insurance premiums. With an average home value slightly above average and a burglary rate, home insurance costing 32% less than the Arizona average is an amazing asset for Arizona homeowners. While Arizona doesn't exactly follow the national trend of states with high burglary rates matched with below-average home values, it appears that homeowners in Arizona are lucky in terms of affordable home insurance.
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The fifth state on our list, Wisconsin, is a true representation of the famous Midwestern hospitality - America's Dairyland has affordable insurance prices compared to home values. On average, homeowners in Wisconsin can insure their home for 36% less than the average American. The median home value in Wisconsin is 23% below the national average and its burglary rate is also below average at 37%. Owning a home in Wisconsin seems to check all the boxes, with low home costs, insurance premiums and burglary potential all around.
Many people come to Nevada every year to win big in Las Vegas. Fortunately, Nevada residents are already winners in the field of affordable home insurance premiums. Nevada has the fourth cheapest cost of home insurance in the United States, 38% below the national average. These low premiums contrast interestingly with average home values and high average foreclosure rates of 15 and 35 percent, respectively. Nevada is also an interesting case in that these statistics do not follow the pattern of high foreclosure rates corresponding to low average home values. Standard home insurance coverage in Nevada protects a high value at a low rate, 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 low homeowner's insurance premiums, which are the third cheapest in the country, are certainly special. Homeowners in Idaho can expect to pay home insurance costs at a 40% discount from the national average. Idaho also has a burglary rate that is 27% below average. Similar to the case in Wisconsin, homeowners in Idaho are fortunate to have lower prices, insurance premiums and home burglary issues.
At first glance, housing in Utah is not cheap. Utah's median home value is 28% above the national average, making it the eighth highest value in the country. However, home insurance in Utah is cheap. Utah's average annual home insurance premium of $692 is 43% below the national average. Utah's burglary rate is also 18% below the national average, given that home values and the burglary rate are negatively correlated. This low theft rate may contribute to low insurance premiums throughout the Hive State.
The state with the lowest home insurance premiums in the country, Oregon, is also an interesting case study. Oregon homeowners pay an average of 45% less in their insurance premiums than other states, yet Oregon homes are very expensive: Oregon has the seventh highest median home value in the United States, 29% higher than the national average . Oregon's foreclosure rate is about the same as the national average, not necessarily following a negative correlation with average home values, but also not against it.
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The team of data scientists and content experts at Insights presents a series of automotive, home and health surveys that focus on topics that affect us all. Through expert analysis of over 4 million auto insurance applications and a variety of leading data sources, the Insights team produces new data-driven articles, trend analysis, regional excellence and national rankings every week. See Insights featured in Forbes, Fox News, USA Today, NPR and more. If you're using a Galaxy Fold, consider unfolding your phone or viewing it full screen to improve your experience.
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