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Insurance basics for new homeowners

By Posted : 03/22/2017

New Home Owners - Insurance Basics

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You're a first-time homebuyer, and you've searched for the perfect house for months. The homeowner accepts your offer, and now you have to learn about a topic that might not be as fun as home-shopping, but it is vital -- home insurance.

Your mortgage lender will likely require you to carry some level of home insurance. Don't rely on the most basic coverage. Make sure that your home insurance protects you from financial disaster.

If you're buying your first home, you may have experience with condo or renters insurance. There are some similarities with home insurance, such as personal property coverage, but there's a lot more to home insurance. That's because there is a lot more to lose when you own a home.

In this guide, we will take you through what home insurance covers and give you tips, so you're a home insurance expert. By the end of this article, you should be more confident about buying your first home insurance policy.

What homeowners insurance covers

The most basic home insurance policy usually covers at least five coverage areas:

  • Dwelling coverage -- this is what covers your home.
  • Other property -- this is what covers detached structures on your property.
  • Personal property coverage -- this is what covers the property within your home.
  • Liability coverage -- this is what covers you in case a visitor suffers a serious injury and sues you.
  • Additional living expenses -- this is what covers you in case your home is uninhabitable, and you need to live elsewhere.

 

Dwelling coverage

The dwelling portion of home insurance covers your home and attached structures, such as a garage.

Home insurance will cover you if you need to file a claim for a "covered peril." Covered perils include:

  • Fire and smoke damage
  • Windstorms
  • Hail
  • Lightning strikes
  • Vandalism and malicious destruction
  • Theft
  • Damage from a vehicle
  • Damage caused by the weight of snow, sleet or ice

Dwelling coverage isn't just for the physical structure. It also covers wiring, plumbing, and heating and cooling systems.

 

Other property

Other property insurance covers structures on your property that aren't attached to your home. Other property includes a detached garage, a shed, or a fence.

 

Personal property coverage

Personal property coverage, also called contents coverage, covers the property within your home, including:

  • Furniture
  • Electronics
  • Appliances
  • Clothing

You can choose replacement value or actual cash value for your personal property. Here are the differences:

  • Reimbursement value reimburses you the full amount to replace items if they are stolen or damaged; actual cash value reimburses you the amount the items are worth now after years of depreciation.
  • Replacement value is more expensive than actual cash value.

Let's say a burglar steals your five-year-old flat-screen TV. If you have replacement value coverage, your insurance company reimburses you the money to buy the same type of new TV. Actual cash value gives you what your five-year-old TV is worth after five years of use.

If you have expensive items, you may need a separate endorsement for valuables. You add an endorsement, also called a rider, to your insurance policy to protect valuable property. An endorsement can include jewelry, fine art, guns, and sports memorabilia.

When requesting a home insurance quote, ask whether you should add your expensive items under a separate endorsement.

 

Home liability insurance coverage

Liability insurance covers you for visitor injuries on your property. Liability insurance covers not only a legal settlement but also your legal fees (up to your liability limit).

According to Donald Griffin, vice president of personal lines for the Property Casualty Insurers Association of America (PCIAA), many liability insurance policies will cover you even if an incident happens away from your home.

He recommends buying an excess liability or an umbrella policy that offers coverage of $1 million beyond your home insurance and car insurance policy coverage. These policies are relatively inexpensive, often costing $200 to $300 per year.

"You don't want to lose your home because you failed to buy an insurance policy," says Griffin.

 

Additional Living Expenses (ALE)

ALE, also known as loss of use coverage, covers you if your home is damaged and you have to live somewhere else while it's repaired. ALE coverage includes paying for hotel rooms and meals while you're displaced.

If a fire damages your home, you can make a claim for ALE coverage by submitting paperwork documenting your living expenses.

The ALE standard for most homeowner insurance policies is a benefit worth 20 percent of your home's replacement value. When you get a home insurance quote, find out if the policy specifies any limitations or exclusions on ALE.

 

Buy insurance for your home's replacement cost

One of the most common first-time homebuyer mistakes is: confusing a house's market value with its replacement cost. Your home insurance coverage should cover the cost of rebuilding your house.

"With an existing home, look at the replacement cost rather than the market value," says Griffin.

Going the replacement cost route is often less than what you paid for your home; if you're insuring your house for its market value, you may be over-insuring it. Over-insuring also means overpaying. You have enough fees and charges as a new homeowner -- you don't need to overpay for insurance.

Most home insurance companies use software to determine the replacement cost. The software allows them to enter your home's features and calculate the cost of replacement. Also, most policies include coverage for up to 125 percent of the replacement cost.

You don't want to overpay, but you don't want to underpay either. You might be tempted to purchase less coverage. In that case, you might take on too much risk by inadequately covering your home.

 

Find out what your policy doesn't cover

Read the exclusions section of your home insurance policy. Understanding what the insurance won't cover is just as important as knowing what the insurance will cover - before you have to make a claim.

You also don't want to file a claim for damage that your policy doesn't cover because it will go onto your claims record. So, in that case, you won't get reimbursement, and it could lead to higher rates because you filed a claim.

For instance, an insurance company might not provide windstorm insurance if you live near the ocean. In that case, they may exclude coverage. You can buy additional windstorm insurance if your policy does not cover you. This type of insurance has a separate deductible, in addition to home insurance.

 

Home insurance discounts

Home insurance companies provide dozens of discounts, and you may qualify for many of them.

Some of the most common discounts are:

  • Bundling (also called multi-policy)
  • Loyalty
  • Claims-free
  • Security system
  • Automatic payment

Check insurance companies' websites to get a list of discounts. Do you qualify for any?

Bundling insurance policies is an easy way to save money on your insurance. Insurers give discounts if you bundle policies, which means getting multiple insurance policies from the same insurer.

You can bundle home, auto, renters, motorcycle, and some companies even offer life insurance.

When shopping for home insurance, you may have to balance discounts. You may find one insurer has a generous bundling discount, but another insurer may offer more discounts for which you qualify.

Rather than focusing on the number of discounts, ask insurance companies for full quotes. That way you can compare annual insurance premiums side by side.

 

How credit score influences your insurance rate

Insurers in nearly all states use credit scores as a factor when determining home insurance rates. What does credit score have to do with insurance? Insurance companies believe that a person's credit history is a glimpse into a person's risk.

In other words, insurers believe that people with poor credit are more apt to file claims.

 

Get a CLUE Report

Insurers base your rates on both your claims history and your home's claims history -- before you even lived there.

You should request a Comprehensive Loss Underwriting Exchange (CLUE) Report for your new home to see the claims that the homeowner filed. Insurance companies are all about preventing risk. If they see that the home had multiple claims in the matter of a few years, you will pay higher rates. An insurer may even decline coverage.

 

Choose a homeowners insurance deductible

The deductible is what you have to pay for repairs if your insurance company approves your claim. It's your share of the repair cost.

The higher the deductible, the lower the insurance premiums. If you have a $500 deductible, you're going to pay more on your premiums than if you have a $2,000 deductible.

Going with a higher deductible will save you money. It will also reduce your home insurance claims. That’s why it’s important to know the trade-off you’re making – and be comfortable with it -- when choosing a home insurance deductible.

Let's look at an example: a pipe bursts and dumps a few gallons of water on your floor before you quickly turn off the water to your home and call a plumber.

You get an estimate and find that you will need to have the floor and ceiling repaired. It will cost about $700.

Your deductible is $1,000. In this case, you wouldn't file a claim because your deductible is more than the needed repairs.

The same goes for if the damages cost slightly more than your deductible. It's not worth filing a claim if it raises your rates, costs you more in the long run through higher premiums and it goes onto your claims record.

 

Home insurance doesn't cover flood damage

One of the biggest home insurance misconceptions is about flood coverage. Home insurance does not cover for flood damage.

Instead, you need to buy a separate flood insurance policy to cover you for damages caused by outside flooding. The National Flood Insurance Program (NFIP), which the Federal Emergency Management Agency oversees, runs the flood program.

Flood insurance covers:

  • The structure
  • Electrical and plumbing systems
  • Carpeting and flooring
  • Appliances
  • Personal property, such as furniture, small appliances, rugs, clothing, furniture, and electronics
  • Valuable items, such as artwork and jewelry, up to $2,500

 

Flood are the number one natural disaster in the United States. Mortgage lenders usually require homes in risky food areas to have flood insurance. This type of insurance is also a good idea for homes in low-to-moderate flood areas. About one-quarter of flood-related claims come from low-to-moderate flood areas.

You can see the flood map for your area by typing in your address on the FEMA Flood Map Service Center page.

One good thing about flood insurance -- you don't have to shop and compare insurer rates. You can buy flood insurance by NFIP or licensed brokers. NFIP bases the cost of flood insurance on the risk of the area and home. Regardless how you buy flood insurance, you will pay the same rates because costs vary by house -- not by the company.

Flood insurance costs on average $700 annually. But you'll pay much less (about $150) if you live in a low-to-moderate flood risk area.

 

Do you need earthquake insurance?

Homeowners insurance does not cover earthquake damage.

If you live in an active earthquake area, you need to get either a separate earthquake insurance policy or a home insurance endorsement.

You can buy earthquake insurance from private insurance companies. California also has policies through the California Earthquake Authority (CEA).

Earthquake insurance covers:

  • Damage to your home and attached structures
  • Personal property, such as furniture, clothing, and electronics
  • Additional living expenses (ALE)

 

Earthquake insurance has a separate deductible. The deductible is a percentage of the value of your dwelling and personal belongings. Earthquake deductibles are not a dollar amount like regular home insurance policies.

Earthquake deductibles can range between 2 and 20 percent of your dwelling coverage limit depending on risk.

Much like home insurance, earthquake insurance costs vary greatly by company and state. It's a good idea to get at least three earthquake insurance quotes from insurance companies.

 

Only go with trusted insurers

You want to make sure you're comfortable with whichever insurance company you choose.

Just because one insurer will give you the best rates doesn't mean that's the one for you.

Griffin reminds new homeowners that it is important to choose a financially stable insurance company. Financial strength ratings are available from A.M. Best, for example.

"Remember," he says, "you are buying a promise from that insurance company that they will be around when you need to make a claim."

And what about customer satisfaction? J.D. Power and Associates releases annual customer satisfaction rankings of home insurance companies. And state insurance departments usually post their annual "consumer complaint" reports on their Web sites. Insure.com’s annual Best Home Insurance Companies ranking also lists top insurers. Here are the top 10, based on a survey of 3,700 customers, asking them about customer service, claims processing, value for price and if they would recommend the company and would renew their policy:

  1. USAA
  2. Chubb
  3. Allstate
  4. AIG
  5. State Farm
  6. The Hartford
  7. Erie Insurance
  8. Farmers Insurance
  9. Esurance
  10. Nationwide

 

Shopping for home insurance

Before getting home insurance quotes, you'll need to answer these questions:

  • What is your deductible? The higher the deductible, the lower the premium. But you will want to be able to afford the deductible if you have  to file a claim.
  • Do you want replacement cost or actual cost value for your contents insurance?
  • What is the claims history for your new home?
  • Should you bundle your policies? What other discounts could you get?
  • Do you need an insurance endorsement for expensive items?
  • Do you need umbrella insurance?
  • Should you get flood insurance?

 

Once you get the answers to those questions, it's time to shop. Don't just go with your car insurance company or your family's insurer. You can start there, but get quotes from at least three insurance companies.

Compare quotes. Investigate each company's record by reviewing financial and customer service ratings.

Once you compare rates and review insurance companies' reviews and customer service ratings, you are ready to choose the right insurance company and coverage for you.

To give you an idea of how much homeowners insurance costs, here are rates for major companies, by state and coverage levels.

Homeowners insurance rates by company and state for five coverage levels

$200,000 dwelling$300,000 dwelling$400,000 dwelling$500,000 dwelling$600,000 dwelling
$1,000 deductible $1,000 deductible $1,000 deductible $1,000 deductible $1,000 deductible
State Company $300,000 liability $300,000 liability $300,000 liability $300,000 liability $300,000 liability
Alaska Allstate $888 $1,245 $1,620 $1,995 $2,369
Alaska State Farm $1,164 $1,614 $2,175 $2,735 $3,341
Alaska USAA $892 $1,090 $1,307 $1,560 $1,821
Alaska Western National $759 $1,075 $1,405 $1,733 $2,062
Alabama Alfa Insurance $1,774 $2,667 $3,567 $4,462 $5,356
Alabama Allstate $1,854 $3,124 $4,364 $5,604 $6,844
Alabama Farmers $1,735 $2,645 $3,564 $4,508 $5,452
Alabama Liberty Mutual $2,486 $3,652 $5,444 $7,084 $8,724
Alabama State Farm $2,461 $3,316 $4,204 $5,236 $6,168
Alabama Travelers $4,830 $6,623 $8,498 $9,998 $11,829
Alabama USAA $1,178 $1,652 $2,139 $2,584 $2,981
Arkansas Farm Bureau $2,325 $3,201 $4,028 $4,855 $5,681
Arkansas Allstate $1,805 $2,666 $3,633 $4,552 $5,042
Arkansas Farmers $2,622 $4,584 $6,319 $8,034 $9,750
Arkansas Shelter Insurance $2,008 $2,717 $3,582 $4,466 $5,310
Arkansas State Farm $2,249 $2,975 $3,773 $4,743 $5,565
Arkansas Travelers $1,456 $2,094 $2,761 $3,631 $4,335
Arizona Allstate $715 $860 $1,150 $1,464 $1,649
Arizona American Family $961 $1,272 $1,581 $1,882 $2,211
Arizona Farmers $1,029 $1,394 $1,678 $2,023 $2,192
Arizona Liberty Mutual $960 $1,274 $1,594 $1,907 $2,189
Arizona State Farm $869 $1,078 $1,316 $1,582 $1,827
Arizona Travelers $617 $861 $1,093 $1,404 $1,651
Arizona USAA $633 $826 $1,007 $1,187 $1,352
California Allstate $848 $1,216 $1,617 $2,057 $2,515
California Farmers $987 $1,609 $2,306 $3,018 $3,729
California Liberty Mutual $951 $1,490 $2,017 $2,537 $3,119
California Mercury $517 $645 $806 $963 $1,117
California State Farm $877 $1,210 $1,573 $1,951 $2,320
California Travelers $753 $1,030 $1,308 $1,597 $1,887
Colorado Allstate $1,813 $2,716 $3,610 $4,360 $5,025
Colorado American Family $1,147 $1,550 $1,954 $2,357 $2,763
Colorado Farmers $1,979 $2,745 $3,258 $3,683 $3,949
Colorado Liberty Mutual $1,135 $1,382 $1,717 $2,017 $2,297
Colorado State Farm $1,429 $1,719 $2,009 $2,409 $2,769
Colorado Travelers $1,370 $1,748 $2,122 $2,454 $2,713
Colorado USAA $1,116 $1,465 $1,761 $2,043 $2,287
Connecticut Allstate $1,097 $1,664 $2,371 $3,107 $3,843
Connecticut Amica $793 $1,133 $1,489 $1,851 $2,217
Connecticut State Farm $923 $1,283 $1,717 $2,095 $2,475
Connecticut Travelers $886 $1,211 $1,558 $1,869 $2,196
DC Allstate $852 $1,229 $1,700 $2,205 $2,712
DC Chubb $521 $777 $1,032 $1,288 $1,544
DC State Farm $890 $1,193 $1,511 $1,884 $2,221
DC Travelers $807 $1,193 $1,589 $2,092 $2,579
DC USAA $537 $692 $852 $1,025 $1,194
Delaware Allstate $631 $906 $1,181 $1,458 $1,752
Delaware Liberty Mutual $652 $804 $937 $1,059 $1,165
Delaware Nationwide $642 $913 $1,206 $1,752 $2,229
Delaware State Farm $716 $918 $1,130 $1,405 $1,657
Delaware Travelers $1,098 $1,440 $1,851 $2,405 $2,755
Delaware USAA $822 $1,040 $1,284 $1,546 $1,818
Florida United Property & Casualty $4,537 $6,642 $8,762 $10,882 $13,000
Florida Allstate $2,272 $3,212 $4,151 $5,091 $6,031
Florida Florida Peninsula $3,289 $4,124 $5,152 $6,179 $7,207
Florida State Farm $3,712 $5,493 $7,131 $8,642 $10,214
Florida Travelers $2,303 $3,435 $4,712 $5,991 $7,268
Florida USAA $4,925 $7,361 $9,734 $12,076 $14,433
Florida Universal $4,097 $6,184 $8,727 $11,001 $13,274
Georgia Allstate $1,088 $1,594 $2,251 $2,981 $3,711
Georgia Country Insurance $991 $1,343 $1,802 $2,319 $2,602
Georgia Farmers $1,056 $1,619 $2,220 $2,855 $3,491
Georgia Georgia Farm Bureau $1,007 $1,707 $2,520 $3,452 $4,384
Georgia State Farm $1,603 $2,081 $2,698 $3,345 $3,965
Georgia Travelers $1,314 $1,833 $2,338 $2,973 $3,539
Georgia USAA $742 $1,033 $1,345 $1,657 $1,954
Hawaii Allstate $361 $504 $647 $790 $935
Hawaii State Farm $328 $481 $646 $812 $982
Hawaii Tokio Marine $271 $377 $506 $634 $764
Hawaii USAA $469 $679 $978 $1,284 $1,624
Iowa Allstate $1,067 $1,597 $2,177 $2,576 $2,970
Iowa American Family $1,192 $1,597 $1,970 $2,319 $2,668
Iowa Farmers $1,218 $1,678 $2,011 $2,365 $2,582
Iowa Iowa Farm Bureau $1,569 $2,205 $2,832 $3,446 $3,971
Iowa Liberty Mutual $1,110 $1,354 $1,557 $1,765 $1,942
Iowa Nationwide $804 $1,163 $1,508 $1,943 $2,322
Iowa State Farm $1,580 $2,042 $2,499 $3,091 $3,646
Iowa Travelers $1,201 $1,650 $2,010 $2,458 $2,857
Idaho Allstate $767 $1,004 $1,356 $1,601 $1,846
Idaho American Family $617 $853 $1,089 $1,326 $1,562
Idaho Farm Bureau $548 $736 $920 $1,104 $1,284
Idaho Farmers $560 $794 $1,022 $1,254 $1,498
Idaho Liberty Mutual $496 $616 $800 $972 $1,165
Idaho State Farm $863 $1,132 $1,438 $1,802 $2,145
Illinois Allstate $802 $1,073 $1,321 $1,568 $1,815
Illinois American Family $1,010 $1,351 $1,671 $1,991 $2,346
Illinois Country Insurance $721 $1,052 $1,375 $1,698 $2,051
Illinois Farmers $898 $1,229 $1,472 $1,739 $1,899
Illinois Liberty Mutual $1,977 $2,591 $3,393 $4,386 $5,381
Illinois State Farm $1,193 $1,433 $1,673 $2,045 $2,351
Illinois Travelers $840 $1,115 $1,366 $1,710 $1,980
Indiana Allstate $917 $1,308 $1,726 $2,111 $2,343
Indiana American Family $1,139 $1,506 $1,880 $2,299 $2,727
Indiana Erie $785 $1,104 $1,466 $1,777 $2,066
Indiana Farmers $1,552 $2,130 $2,544 $2,973 $3,222
Indiana Indiana Farm Bureau $1,187 $1,558 $1,975 $2,480 $2,985
Indiana Liberty Mutual $1,656 $2,392 $3,334 $4,172 $5,008
Indiana State Farm $1,471 $1,827 $2,225 $2,673 $3,081
Indiana Travelers $959 $1,217 $1,501 $1,874 $2,124
Kansas Allstate $2,148 $2,983 $3,831 $4,294 $4,736
Kansas American Family $2,063 $2,834 $3,592 $4,351 $5,166
Kansas Farmers $1,837 $2,554 $3,030 $3,418 $3,674
Kansas Iowa Farm Bureau $1,568 $2,185 $2,708 $3,227 $3,843
Kansas Liberty Mutual $1,803 $2,183 $2,676 $3,104 $3,457
Kansas State Farm $2,335 $2,906 $3,621 $4,399 $5,118
Kansas Travelers $1,870 $2,600 $3,129 $3,770 $3,930
Kentucky Allstate $1,364 $1,996 $2,546 $3,122 $3,573
Kentucky Cincinnati Financial $1,028 $1,439 $1,773 $2,360 $2,871
Kentucky Kentucky Farm Bureau $953 $1,468 $1,964 $2,424 $2,831
Kentucky Liberty Mutual $1,212 $1,650 $2,111 $2,541 $2,932
Kentucky Nationwide $1,217 $1,568 $2,167 $2,841 $3,537
Kentucky State Farm $2,129 $2,861 $3,679 $4,554 $5,444
Kentucky Travelers $1,693 $2,208 $2,820 $3,525 $4,078
Louisiana Louisiana Farm Bureau $2,927 $4,082 $5,709 $7,397 $8,969
Louisiana Allstate $3,085 $5,251 $7,420 $9,588 $11,756
Louisiana ArkansasX $2,306 $3,212 $4,378 $5,443 $6,510
Louisiana Liberty Mutual $3,545 $5,728 $7,793 $9,886 $11,976
Louisiana State Farm $3,192 $4,096 $5,185 $6,213 $7,231
Massachusetts Allstate $1,773 $2,182 $2,624 $3,037 $3,447
Massachusetts Andover $900 $1,252 $1,626 $1,989 $2,312
Massachusetts Arbella $999 $1,304 $1,600 $1,915 $2,256
Massachusetts Liberty Mutual $1,575 $2,084 $2,741 $3,511 $4,172
Massachusetts MAPFRE $1,082 $1,498 $1,913 $2,328 $2,758
Massachusetts Safety $1,334 $1,549 $1,919 $2,381 $2,858
Massachusetts State Farm $757 $1,137 $1,491 $1,844 $2,185
Massachusetts Travelers $1,267 $1,786 $2,268 $2,876 $3,468
Maryland Allstate $1,064 $1,696 $2,436 $3,188 $3,939
Maryland Erie $1,125 $1,494 $1,828 $2,320 $2,813
Maryland Farmers $820 $1,167 $1,666 $2,251 $2,883
Maryland State Farm $741 $1,010 $1,500 $1,876 $2,152
Maryland Travelers $791 $1,023 $1,280 $1,589 $1,868
Maryland USAA $731 $994 $1,256 $1,505 $1,737
Maine MMG Insurance $532 $817 $1,069 $1,394 $1,682
Maine Allstate $1,139 $1,462 $1,804 $2,196 $2,612
Maine Concord $545 $694 $852 $1,010 $1,195
Maine Liberty Mutual $629 $772 $907 $1,030 $1,135
Maine Quincy Mutual $598 $907 $1,215 $1,524 $1,831
Maine State Farm $1,053 $1,361 $1,757 $2,174 $2,467
Maine Tower Grp $740 $1,026 $1,336 $1,651 $1,981
Maine Travelers $645 $872 $1,154 $1,504 $1,778
Michigan Allstate $828 $1,196 $1,530 $1,871 $2,130
Michigan Auto Owners $962 $1,548 $2,242 $2,896 $3,534
Michigan Automobile Club $832 $1,237 $1,716 $2,141 $2,561
Michigan Farmers $1,304 $1,786 $2,188 $2,760 $3,099
Michigan Liberty Mutual $1,452 $1,776 $2,086 $2,363 $2,607
Michigan Michigan Farm Bureau $991 $1,420 $1,915 $2,416 $2,888
Michigan State Farm $1,402 $1,879 $2,382 $2,975 $3,507
Michigan The Hanover Ins Grp $944 $1,424 $1,828 $2,363 $2,900
Minnesota Allstate $1,368 $1,934 $2,595 $3,031 $3,347
Minnesota American Family $1,170 $1,566 $1,937 $2,302 $2,716
Minnesota Auto Owners $920 $1,283 $1,693 $2,143 $2,679
Minnesota Automobile Club $1,081 $1,327 $1,732 $2,269 $2,838
Minnesota Farmers $1,740 $2,421 $2,896 $3,353 $3,634
Minnesota Liberty Mutual $1,647 $1,864 $2,115 $2,395 $2,635
Minnesota State Farm $1,777 $2,338 $3,199 $4,126 $4,923
Minnesota Travelers $1,065 $1,475 $1,796 $2,202 $2,542
Missouri Allstate $1,379 $1,838 $2,459 $2,866 $3,272
Missouri American Family $1,408 $1,922 $2,462 $3,023 $3,567
Missouri Auto Club Enterprises Ins Grp $1,614 $2,174 $2,682 $3,265 $3,959
Missouri Farmers $3,104 $5,047 $7,087 $9,127 $11,168
Missouri Liberty Mutual $1,746 $2,104 $2,648 $3,142 $3,623
Missouri Shelter Insurance $1,699 $2,245 $2,913 $3,604 $4,251
Missouri State Farm $1,576 $1,893 $2,255 $2,704 $3,109
Missouri Travelers $1,374 $1,912 $2,396 $3,003 $3,203
Mississippi Allstate $2,532 $4,011 $5,697 $7,413 $9,128
Mississippi Liberty Mutual $1,984 $2,788 $3,617 $4,349 $5,068
Mississippi Nationwide $1,606 $2,255 $2,963 $3,745 $4,310
Mississippi Southern Farm Bureau $2,033 $2,914 $3,775 $4,713 $5,651
Mississippi State Farm $2,479 $3,345 $4,273 $5,287 $6,267
Mississippi Travelers $3,200 $4,584 $5,633 $6,836 $8,079
Montana Allstate $1,438 $2,102 $2,792 $3,467 $3,892
Montana Kemper $975 $1,211 $1,458 $1,714 $2,053
Montana Liberty Mutual $872 $1,165 $1,479 $1,759 $2,033
Montana State Farm $1,767 $2,279 $2,841 $3,514 $4,058
Montana Travelers $1,270 $1,772 $2,160 $2,679 $3,154
Montana USAA $837 $1,033 $1,211 $1,408 $1,566
North Carolina Allstate $951 $1,450 $1,818 $2,179 $2,532
North Carolina Erie $783 $1,186 $1,496 $1,806 $2,115
North Carolina Liberty Mutual $808 $1,229 $1,557 $1,884 $2,212
North Carolina Nationwide $810 $1,231 $1,558 $1,885 $2,212
North Carolina North Carolina Farm Bureau $762 $1,104 $1,397 $1,751 $2,055
North Carolina State Farm $714 $1,093 $1,384 $1,674 $1,965
North Carolina Travelers $633 $923 $1,167 $2,143 $3,364
North Dakota Farmers Union $944 $1,282 $1,799 $2,045 $2,105
North Dakota Allstate $1,053 $1,501 $1,928 $2,360 $2,701
North Dakota American Family $1,377 $1,892 $2,488 $3,083 $3,740
North Dakota Farmers $2,160 $2,651 $3,075 $3,499 $3,924
North Dakota NodAlaska Mutual $968 $1,324 $1,364 $1,459 $1,609
North Dakota North Star $918 $1,356 $1,807 $2,332 $2,839
North Dakota State Farm $2,153 $2,945 $3,882 $4,866 $5,537
Nebraska North Star $1,205 $1,487 $1,884 $2,284 $2,284
Nebraska Allstate $1,470 $2,076 $2,713 $3,206 $3,520
Nebraska American Family $1,504 $2,196 $2,904 $3,596 $4,265
Nebraska Farmers $1,341 $1,789 $2,096 $2,320 $2,503
Nebraska Iowa Farm Bureau $1,958 $2,544 $3,102 $3,632 $4,124
Nebraska State Farm $2,308 $2,990 $3,672 $4,631 $5,480
Nebraska Travelers $1,362 $1,776 $2,070 $2,436 $2,801
New Hampshire Allstate $494 $637 $807 $919 $1,031
New Hampshire Amica $537 $737 $1,007 $1,282 $1,564
New Hampshire Concord $568 $787 $1,044 $1,276 $1,532
New Hampshire Liberty Mutual $1,140 $1,584 $2,174 $2,816 $3,339
New Hampshire State Farm $1,035 $1,358 $1,710 $2,120 $2,503
New Hampshire Travelers $547 $759 $997 $1,298 $1,535
New Hampshire Vermont Mutual $563 $708 $870 $1,032 $1,193
New Jersey Allstate $840 $1,140 $1,474 $1,848 $2,253
New Jersey Chubb $633 $897 $1,161 $1,431 $1,707
New Jersey State Farm $790 $1,059 $1,344 $1,634 $1,934
New Jersey Travelers $683 $950 $1,215 $1,528 $1,830
New Mexico Allstate $1,134 $1,543 $1,981 $2,246 $2,503
New Mexico Farmers $1,295 $1,776 $2,113 $2,431 $2,623
New Mexico Liberty Mutual $1,142 $1,520 $2,029 $2,472 $2,837
New Mexico State Farm $1,616 $2,085 $2,547 $3,148 $3,710
New Mexico Travelers $1,240 $1,752 $2,173 $2,701 $3,148
New Mexico USAA $855 $1,104 $1,327 $1,552 $1,745
Nevada Allstate $610 $817 $1,044 $1,265 $1,449
Nevada American Family $614 $872 $1,195 $1,445 $1,706
Nevada Farmers $903 $1,242 $1,517 $1,894 $2,069
Nevada Liberty Mutual $864 $1,042 $1,201 $1,332 $1,450
Nevada State Farm $809 $1,021 $1,295 $1,603 $1,901
Nevada Travelers $591 $825 $1,053 $1,363 $1,602
Nevada USAA $668 $880 $1,101 $1,331 $1,563
New York Allstate $1,202 $1,870 $2,598 $3,366 $4,135
New York Liberty Mutual $1,399 $2,158 $3,024 $3,967 $4,908
New York NYCM $710 $970 $1,237 $1,519 $1,800
New York State Farm $627 $948 $1,309 $1,678 $2,058
New York Travelers $843 $1,201 $1,617 $2,058 $2,507
Ohio Allstate $756 $932 $1,152 $1,277 $1,401
Ohio American Family $917 $1,285 $1,645 $1,998 $2,364
Ohio Cincinnati Financial $773 $1,117 $1,462 $1,840 $2,234
Ohio Erie $778 $1,097 $1,438 $1,806 $2,180
Ohio Farmers $850 $1,163 $1,404 $1,702 $1,891
Ohio Liberty Mutual $784 $1,089 $1,445 $1,947 $2,450
Ohio Nationwide $948 $1,194 $1,501 $1,807 $2,086
Ohio State Farm $1,198 $1,605 $2,033 $2,538 $2,991
Ohio Travelers $894 $1,189 $1,588 $2,017 $2,386
Oklahoma Allstate $2,598 $3,999 $5,372 $6,674 $7,800
Oklahoma Farmers $2,812 $3,763 $4,414 $4,891 $5,283
Oklahoma Liberty Mutual $1,814 $2,150 $2,513 $2,878 $3,186
Oklahoma Shelter Insurance $3,338 $4,808 $6,108 $7,459 $8,716
Oklahoma State Farm $3,345 $4,165 $5,079 $6,109 $7,046
Oklahoma Travelers $2,619 $3,567 $4,374 $5,392 $6,248
Oklahoma USAA $2,133 $2,738 $3,494 $4,195 $4,790
Oregon Allstate $557 $734 $980 $1,151 $1,322
Oregon American Family $472 $636 $797 $956 $1,156
Oregon Country Insurance $723 $993 $1,246 $1,512 $1,777
Oregon Farmers $804 $1,107 $1,396 $1,665 $1,933
Oregon Liberty Mutual $576 $813 $1,060 $1,291 $1,479
Oregon State Farm $944 $1,215 $1,483 $1,832 $2,158
Oregon Travelers $528 $746 $969 $1,276 $1,525
Pennsylvania Allstate $914 $1,503 $2,168 $2,834 $3,501
Pennsylvania Erie $668 $973 $1,284 $1,540 $1,915
Pennsylvania Farmers $562 $778 $965 $1,246 $1,372
Pennsylvania Nationwide $888 $1,249 $1,672 $2,052 $2,535
Pennsylvania State Farm $949 $1,288 $1,668 $2,088 $2,380
Pennsylvania Travelers $922 $1,311 $1,682 $2,153 $2,550
Rhode Island Allstate $1,419 $2,265 $3,149 $4,030 $4,912
Rhode Island Amica $931 $1,324 $1,742 $2,146 $2,524
Rhode Island Liberty Mutual $1,104 $2,192 $3,320 $4,404 $5,497
Rhode Island Metropolitan $934 $1,516 $2,060 $2,785 $3,361
Rhode Island Nationwide $1,278 $1,910 $2,607 $3,361 $4,224
Rhode Island State Farm $1,003 $1,401 $1,798 $2,210 $2,604
Rhode Island Travelers $1,886 $2,987 $4,206 $5,408 $6,559
South Carolina Allstate $1,702 $2,886 $4,075 $5,263 $6,451
South Carolina Farmers $1,676 $2,727 $3,765 $4,906 $6,059
South Carolina Farm Bureau $998 $1,431 $1,837 $2,224 $2,608
South Carolina State Farm $1,750 $2,333 $2,906 $3,620 $4,275
South Carolina Travelers $1,410 $1,971 $2,571 $3,295 $3,945
South Carolina USAA $963 $1,309 $1,628 $2,001 $2,384
South Dakota Farmers Mutual $1,270 $1,735 $2,288 $2,839 $3,208
South Dakota Allstate $1,209 $1,939 $2,725 $3,510 $4,296
South Dakota American Family $1,235 $1,735 $2,292 $2,871 $3,344
South Dakota Farmers $1,790 $2,476 $3,052 $3,895 $4,466
South Dakota Liberty Mutual $1,351 $1,765 $2,321 $2,878 $3,433
South Dakota North Star $1,027 $1,520 $2,027 $2,614 $3,184
South Dakota State Farm $2,058 $2,660 $3,255 $4,028 $4,752
South Dakota Travelers $1,220 $1,738 $2,134 $2,646 $3,050
Tennessee Allstate $1,436 $2,114 $2,821 $3,510 $3,941
Tennessee Auto Owners $1,165 $1,719 $2,276 $2,955 $3,609
Tennessee Farmers $1,358 $1,865 $2,233 $2,629 $2,917
Tennessee Liberty Mutual $2,902 $4,204 $5,707 $7,679 $9,650
Tennessee State Farm $2,141 $2,778 $3,459 $4,326 $5,146
Tennessee Tennessee Farmers $1,076 $1,497 $1,893 $2,463 $3,045
Tennessee Travelers $1,140 $1,585 $2,007 $2,490 $2,654
Tennessee USAA $1,026 $1,374 $1,702 $2,012 $2,288
Texas Allstate $2,254 $3,338 $4,431 $5,583 $6,656
Texas Farmers $1,819 $2,649 $3,379 $4,079 $4,735
Texas Liberty Mutual $1,313 $1,519 $1,857 $2,146 $2,408
Texas State Farm $2,739 $3,496 $4,211 $4,935 $5,884
Texas Travelers $2,220 $2,815 $3,540 $4,549 $5,492
Texas USAA $1,386 $1,776 $2,236 $2,662 $3,071
Utah Bear River $622 $863 $1,137 $1,407 $1,681
Utah Allstate $514 $697 $863 $1,038 $1,172
Utah American Family $573 $788 $1,003 $1,220 $1,445
Utah Farmers $929 $1,281 $1,629 $1,974 $2,320
Utah Liberty Mutual $670 $809 $937 $1,047 $1,140
Utah State Farm $770 $929 $1,128 $1,354 $1,558
Utah Travelers $566 $783 $1,005 $1,298 $1,529
Virginia Allstate $1,098 $1,696 $2,457 $3,233 $4,009
Virginia Erie $769 $1,078 $1,410 $1,743 $2,074
Virginia Farmers $1,410 $2,070 $2,830 $3,660 $4,557
Virginia Liberty Mutual $992 $1,384 $1,800 $2,335 $2,875
Virginia Nationwide $1,005 $1,501 $1,967 $2,432 $2,897
Virginia State Farm $1,084 $1,468 $1,867 $2,327 $2,742
Virginia Travelers $722 $978 $1,238 $1,579 $1,842
Virginia USAA $698 $939 $1,190 $1,437 $1,679
Vermont Co Operative Insurance $734 $1,074 $1,415 $1,755 $1,892
Vermont Allstate $519 $651 $791 $885 $977
Vermont Concord Group $525 $660 $875 $1,051 $1,250
Vermont State Farm $917 $1,202 $1,508 $1,862 $2,201
Vermont Travelers $525 $721 $903 $1,160 $1,354
Vermont Union Mutual $580 $795 $995 $1,196 $1,478
Vermont Vermont Mutual $445 $611 $745 $878 $1,044
Washington Pemco $532 $718 $914 $1,139 $1,431
Washington Allstate $489 $597 $757 $860 $963
Washington American Family $557 $777 $1,007 $1,237 $1,468
Washington Farmers $1,025 $1,388 $1,811 $2,236 $2,661
Washington Liberty Mutual $582 $823 $1,074 $1,314 $1,575
Washington State Farm $917 $1,275 $1,671 $2,071 $2,461
Washington Travelers $588 $773 $972 $1,221 $1,450
Washington USAA $667 $820 $967 $1,130 $1,271
Wisconsin West Bend $517 $718 $895 $1,073 $1,364
Wisconsin Allstate $555 $790 $1,022 $1,272 $1,448
Wisconsin American Family $754 $1,049 $1,324 $1,592 $1,882
Wisconsin Auto Owners $639 $915 $975 $1,192 $1,505
Wisconsin Farmers $603 $812 $970 $1,151 $1,291
Wisconsin Liberty Mutual $1,532 $2,154 $2,961 $3,844 $4,725
Wisconsin State Farm $1,079 $1,449 $1,867 $2,385 $2,910
Wisconsin Travelers $726 $991 $1,228 $1,561 $1,823
West Virginia Allstate $1,037 $1,583 $2,166 $2,756 $3,346
West Virginia Erie $715 $1,013 $1,340 $1,668 $1,965
West Virginia Liberty Mutual $1,902 $2,907 $3,946 $5,004 $6,067
West Virginia Nationwide $1,305 $1,764 $2,221 $2,683 $3,247
West Virginia State Farm $1,579 $2,120 $2,688 $3,360 $3,962
Wyoming Allstate $1,001 $1,446 $1,857 $2,276 $2,605
Wyoming Liberty Mutual $790 $1,040 $1,378 $1,670 $1,907
Wyoming State Farm $1,191 $1,750 $2,458 $3,145 $3,807

Methodology: Insurance.com in 2016 commissioned Quadrant Information Systems to obtain home insurance rates for nearly every ZIP code in the country from major insurers in each state.

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