Average Homeowners Insurance Premium

Jan 31, 2023 By Triston Martin

The price of homeowner's insurance can be challenging to estimate, unlike the purchase price of a refrigerator or a car. It's easier to tell if the premium quote you received is fair or excessive if you take the time to ask all of your friends, family, and neighbors what they pay.

You may find plenty of information to assist you in estimating a reasonable price for homeowner's insurance. This article will discuss the average cost of homeowners insurance, the variables that can change your premium, and strategies for cutting costs.

What Is The Average Cost Of Homeowner's Insurance?

Policygenius analyzed home insurance quotes in every state and ZIP code in the United States. They found that, on average, a policy with $300,000 in dwelling coverage costs $1,899 per year or about $158 per month.

However, it's important to remember that this is only an average throughout the country and that your particular house insurance premiums may be much more or lower than the national average depending on factors like your location, the extent of your coverage needs, and your financial history.

What Does Your State's House Insurance Cost?

Where you live can significantly impact the typical cost of homeowner's insurance by the hundreds or even thousands of dollars. Insurance premiums for a $300,000 residence in your state are displayed when you mouse over the map below.

Homeowners in states with a low risk of natural catastrophes, such as Vermont and New Hampshire, may not have noticed a significant impact from the nationwide increase in home insurance premiums.

How Much Does House Insurance Cost In Your City?

Here's a look at how monthly and annual home insurance premiums stack up in several U.S. cities, compared to the average premium in their respective states.

The average cost of homeowner's insurance is higher in tornado and hurricane hotspots like Kansas City, Houston, and Miami than in places with milder weather.

Top States For Homeowners Insurance Prices

In 2023, Hawaii, Vermont, New Jersey, Oregon, and Utah will have the lowest average home insurance costs. If you own a $300,000 house in any of these states, you can get homeowners insurance for less than $1,000 a year on average.

However, a severe wildfire season has increased the average cost of homeowners insurance in Oregon. On the other hand, the five states of Oklahoma, Nebraska, Kansas, Texas, and Arkansas will have the highest average home insurance costs in the US by 2023.

6 Factors Affecting Homeowners Insurance Rates

While your location is a significant component in determining your home insurance premium, other factors, such as your credit and even your occupation, may play a role. Some of the many variables that go into determining how much you pay for homeowners insurance are:


Rates for homes in areas prone to natural disasters like hurricanes, tornadoes, floods, and wildfires will be higher than those with a lower risk of such events. Living in a metropolis where vandalism and theft are more common than in the country may also be more expensive. When setting your premium, insurers may also consider how close you are to a fire station.

Age Of House And Roof

Houses that have yet to have significant upgrades like new plumbing or roofing in more than 15 years would likely have higher premiums if they can even be insured. This is because of the higher likelihood of a claim being filed by residents of older or historically significant properties. You should expect to pay more if your roof is older than 20 years or in poor shape.

Attractive Nuisances And Pools

Insurer's label amenities like swimming pools, tree homes, and trampolines as "attractive nuisances," meaning they increase the likelihood that a visitor to your property may sustain an injury.

Claims Background

A higher premium is expected if you have filed a claim within the past few years or if you happen to live in an area with a high frequency of claims.

Dog Breeds That Attack

The ownership of a large dog, such as a Rottweiler or pit bull, may cause your insurance company to reject your application or charge you more money because of the increased likelihood that you may be held liable if your pet causes bodily harm to another person.

Coverage Restrictions

Your insurance rates will be proportional to the amount of dwelling coverage and other optional policies you purchase. The premiums are proportional to the extent to which coverage is extended and the number of specialty coverage options included.

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