If you live near major bodies of water or places prone to severe weather, you’ll pay a higher premium than those further inland.
Homeowners paid an average of $1,192 a year for home insurance, according to the most recent home and renters insurance statistics from the Insurance Information Institute (III). But costs can differ a lot between states, especially for those living in coastal areas.
| State | Average Premium |
|---|---|
Oregon | $659 |
Utah | $664 |
Idaho | $703 |
Nevada | $742 |
Wisconsin | $762 |
Arizona | $803 |
Delaware | $816 |
Washington | $822 |
Ohio | $850 |
Maine | $866 |
Vermont | $898 |
West Virginia | $917 |
Pennsylvania | $927 |
Iowa | $945 |
Michigan | $952 |
New Hampshire | $965 |
Virginia | $966 |
Alaska | $974 |
New Mexico | $996 |
California | $1,000 |
Indiana | $1,003 |
Maryland | $1,022 |
Hawaii | $1,026 |
Illinois | $1,042 |
Kentucky | $1,085 |
North Carolina | $1,098 |
Wyoming | $1,120 |
South Dakota | $1,125 |
Montana | $1,130 |
New Jersey | $1,174 |
Tennessee | $1,185 |
Georgia | $1,200 |
North Dakota | $1,239 |
Missouri | $1,280 |
South Carolina | $1,285 |
New York | $1,309 |
Minnesota | $1,340 |
Arkansas | $1,348 |
Alabama | $1,386 |
Nebraska | $1,402 |
Colorado | $1,446 |
Massachusetts | $1,451 |
Connecticut | $1,455 |
Rhode Island | $1,496 |
Mississippi | $1,525 |
Kansas | $1,548 |
Oklahoma | $1,875 |
Florida | $1,918 |
Texas | $1,937 |
Louisiana | $1,967 |
Expensive home insurance is predictable among coastal states prone to flooding and other natural disasters, reflected in the top three high-risk states, according to the III.
Located near the Gulf of Mexico and the Mississippi River, this state’s proximity to major waterways results in average premiums of $1,967 a year.
Hurricanes, tornadoes and hot, dry weather coupled with a high population leave Lone Star State residents paying an average of $1,937 a year for home protection.
Metropolitan cities and beach homes along its coasts result in state premiums that average $1,918.
A range of insurers are on the market competing for you policy on green homes, farms, condos, townhomes and more. But 60% of all home policies live with only 10 top companies, according to 2018 market share data from the III.
| Company | Market Share |
|---|---|
State Farm | 18.40% |
Allstate Corp. | 8.40% |
Liberty Mutual | 6.70% |
USAA Insurance Group | 6.20% |
Farmers Insurance Group of Companies | 5.90% |
Travelers Companies Inc. | 3.80% |
American Family Insurance Group | 3.40% |
Nationwide Mutual Group | 3.20% |
Chubb Ltd. | 2.90% |
Erie Insurance Group | 1.70% |
Your policy could help you save if your home is damaged or affected by:
No matter your home’s location, do some research to find a home insurance match with the best coverage and value for you.
Richard Laycock, Insights editor and senior content marketing manager
