How Much is Home Insurance in 2024?
The average cost of a standard home insurance policy is $2,801 per year nationally, though rates vary by location, coverage limits and more.
Average cost of homeowners insurance by state
The national average cost of a home insurance policy is $2,801 a year, with average rates ranging from $632 a year in Hawaii to $6,133 in Oklahoma.
| State | Average rate |
|---|---|
| Alabama | $3,217 |
| Alaska | $1,475 |
| Arizona | $2,623 |
| Arkansas | $3,722 |
| California | $1,260 |
| Colorado | $4,489 |
| Connecticut | $2,618 |
| Delaware | $1,701 |
| District of Columbia | $1,764 |
| Florida | $3,889 |
| Georgia | $2,869 |
| Hawaii | $632 |
| Idaho | $2,178 |
| Illinois | $2,743 |
| Indiana | $2,643 |
| Iowa | $2,697 |
| Kansas | $5,412 |
| Kentucky | $4,671 |
| Louisiana | $4,033 |
| Maine | $1,863 |
| Maryland | $1,810 |
| Massachusetts | $1,906 |
| Michigan | $2,467 |
| Minnesota | $3,642 |
| Mississippi | $4,201 |
| Missouri | $3,387 |
| Montana | $3,068 |
| Nebraska | $5,912 |
| Nevada | $1,626 |
| New Hampshire | $1,760 |
| New Jersey | $1,744 |
| New Mexico | $3,354 |
| New York | $1,897 |
| North Carolina | $3,378 |
| North Dakota | $2,911 |
| Ohio | $2,207 |
| Oklahoma | $6,133 |
| Oregon | $1,885 |
| Pennsylvania | $1,928 |
| Rhode Island | $2,240 |
| South Carolina | $3,335 |
| South Dakota | $3,605 |
| Tennessee | $2,857 |
| Texas | $5,180 |
| Utah | $1,507 |
| Vermont | $1,339 |
| Virginia | $2,499 |
| Washington | $1,600 |
| West Virginia | $2,511 |
| Wisconsin | $2,159 |
| Wyoming | $2,323 |
Home insurance companies look at the number and severity of natural disasters in your area, which raises rates in some states.
Most expensive states for homeowners insurance
Oklahoma and Nebraska have the highest average home insurance rates in the U.S. Tornadoes hit both states frequently, which can make home insurance rates higher.
- Oklahoma: $6,133
- Nebraska: $5,912
- Kansas: $5,412
- Texas: $5,180
- Kentucky: $4,671
Cheapest states for homeowners insurance
You can find cheap home insurance rates if you live in Hawaii. Areas with low crime rates and few national disasters tend to see lower rates.
- Hawaii: $632
- California: $1,260
- Vermont: $1,339
- Alaska: $1,475
- Utah: $1,507
Homeowners insurance cost by company
Erie, State Farm and USAA offer the cheapest rates among the largest home insurance companies. However, Erie is only available in 12 states and D.C., while USAA is only available to current military, veterans and their families.
| Company | Average annual rate | Average monthly rate |
|---|---|---|
| Erie | $2,055 | $171 |
| State Farm | $2,427 | $202 |
| USAA* | $2,507 | $209 |
| Allstate | $2,560 | $213 |
| Chubb | $2,606 | $217 |
| Progressive | $2,648 | $221 |
| Country | $2,827 | $236 |
| Nationwide | $3,055 | $255 |
| American Family | $3,072 | $256 |
| Travelers | $3,149 | $262 |
| Farmers | $3,801 | $317 |
*Only available to military members, veterans and their families
Average cost of homeowners insurance by coverage amount
The average cost of homeowners insurance is $2,498 a year for a policy with $350,000 of dwelling coverage. A policy with $450,000 in dwelling coverage costs $3,111 a year, on average.
Dwelling coverage helps rebuild or repair the structure of your home.
| Dwelling coverage | Annual rate |
|---|---|
| $350,000 | $2,498 |
| $400,000 | $2,801 |
| $450,000 | $3,111 |
Homeowners insurance cost by city
Homeowners in bigger cities pay more for home insurance on average. Dallas homeowners pay $5,729 a year for home insurance, on average.
| City | Annual rate |
|---|---|
| New York City | $2,795 |
| Los Angeles | $1,466 |
| Chicago | $3,322 |
| Houston | $5,624 |
| Phoenix | $2,983 |
| Philadelphia | $2,892 |
| San Antonio | $3,422 |
| San Diego | $1,168 |
| Dallas | $5,729 |
| Austin | $3,444 |
Factors that affect home insurance rates
Home insurance companies look at many factors when coming up with your rate. These include:
- The location of your home: Your home insurance rate may be higher if you live in an area with a high crime rate or severe weather.
- Coverage limits: The amount of coverage you need can have a big impact on how much you pay for a policy.
- Deductible amount: Choosing a higher deductible usually lowers your premium, while a lower deductible leads to a higher premium.
- Age and condition of your home: Your home insurance rate can be higher if you live in an older home. If your home was built using vulnerable materials, your home insurance premium may be higher.
- Claims history: Your home insurance rate can increase if you have a claim on your record. We recommend considering the potential premium increase before submitting small claims.
How can I lower my home insurance cost?
If you live in a state with many natural disasters or you’re a high-risk homeowner, there are still ways you can lower your home insurance rate.
- Take advantage of home insurance discounts: Insurance companies can offer great savings with discounts. You may be able to save money if you bundle your home and auto insurance policies with the same company or by installing safety alarms.
- Replace your roof: If you have an older roof or if it’s in poor condition, your home insurance rate can be higher.
- Shop around: Insurance companies may weigh risk factors differently, which can lead to different quotes. Getting home insurance quotes from multiple companies helps you find the best company for your needs.
Methodology
The rates shown in this article are based on nonbinding quotes collected from Quadrant Information Services. Your rates may vary. Average rates were compiled from rates in all 50 states. The following coverages and deductibles were used unless otherwise noted:
- $400,000 dwelling coverage
- $40,000 other structures
- $200,000 personal property
- $80,000 loss of use coverage
- $100,000 liability
- $5,000 medical payments
- $1,000 deductible