For $200,000 in dwelling coverage, the average cost of homeowners insurance is $1,876 a year. Rates vary by state and ZIP code. The most expensive state for insuring a $200K home is Nebraska while Hawaii is the cheapest. Rates also vary by company. Erie Insurance has the cheapest average home insurance cost for $200,000 in coverage.
Homeowners insurance dwelling coverage is based on a calculation of the replacement cost of the house. If you’re shopping for home insurance on a $200,000 home, make sure you’re looking at the replacement cost, which is not the same as the market value.
Key takeaways
- The average cost of a home insurance policy in the U.S. for $200,000 in coverage is $1,876 per year.
- The cost to insure a home is based on factors beyond just the replacement cost, including location and risk factors in the area.
- A home should be insured for its replacement cost rather than its market value.
How much is home insurance for a $200,000 house?
Average house insurance cost varies not only based on the replacement cost of the home but also based on other factors like where the house is located; home insurance rates vary by state.
Below, you’ll find the average cost of home insurance for a $200K house by state. These rates are based on $200,000 of dwelling coverage, $300,000 of liability and a $1,000 deductible.
| State | $200,000 with $1,000 deductible and $300,000 liability |
|---|---|
| Alaska | $1,473 |
| Alabama | $2,180 |
| Arkansas | $3,238 |
| Arizona | $1,620 |
| California | $1,027 |
| Colorado | $2,645 |
| Connecticut | $1,732 |
| Washington, D.C. | $893 |
| Delaware | $972 |
| Florida | $1,651 |
| Georgia | $1,808 |
| Hawaii | $440 |
| Iowa | $1,834 |
| Idaho | $1,432 |
| Illinois | $2,082 |
| Indiana | $2,182 |
| Kansas | $3,720 |
| Kentucky | $2,379 |
| Louisiana | $2,216 |
| Massachusetts | $1,278 |
| Maryland | $1,289 |
| Maine | $1,049 |
| Michigan | $1,748 |
| Minnesota | $1,767 |
| Missouri | $2,483 |
| Mississippi | $2,768 |
| Montana | $2,252 |
| North Carolina | $1,917 |
| North Dakota | $2,291 |
| Nebraska | $3,773 |
| New Hampshire | $896 |
| New Jersey | $962 |
| New Mexico | $1,763 |
| Nevada | $1,080 |
| New York | $1,307 |
| Ohio | $1,685 |
| Oklahoma | $3,694 |
| Oregon | $1,160 |
| Pennsylvania | $1,421 |
| Rhode Island | $1,201 |
| South Carolina | $2,089 |
| South Dakota | $2,634 |
| Tennessee | $2,246 |
| Texas | $3,027 |
| Utah | $1,126 |
| Virginia | $1,569 |
| Vermont | $905 |
| Washington | $1,313 |
| Wisconsin | $1,163 |
| West Virginia | $1,386 |
| Wyoming | $1,308 |
How much is homeowners insurance per month for a $200,000 house?
To figure out your monthly budget, knowing the average home insurance cost per month is helpful. The easiest way to calculate your monthly home insurance cost is to divide the annual costs shown above by 12; however, there may be fees added to your premiums when you pay monthly.
It’s common to pay for your home insurance as part of your monthly mortgage payment. The mortgage company pays it annually from an escrow account and then charges you each month.
Based on the average annual rate of $1,876, the average cost of insurance per month for a $200K home is $156.
Homeowners insurance on a $200,000 home by company
Home insurance rates vary quite a bit by company, among other factors. What’s the cheapest home insurance company for $200,000 in dwelling coverage? Take a look at rates from some of the best home insurance companies below.
| Company Group | $200,000 with $1,000 Deductible and $300,000 Liability |
|---|---|
| Erie Insurance | $1,496 |
| Allstate | $1,571 |
| Auto-Owners | $1,639 |
| American Family | $1,709 |
| State Farm | $1,771 |
| Progressive | $1,873 |
| Nationwide | $1,959 |
| Farmers | $2,199 |
| Travelers | $3,332 |
Homeowners insurance on a $200,000 home by liability level
The amount of your dwelling coverage impacts on your rates more than how much liability you have, which means increasing your homeowners liability limits is a cheap way to get a lot more coverage. Take a look at the difference in rates with $100,000 or $300,000 in liability.
| State | $200,000 with $1,000 deductible and $100,000 liability | $200,000 with $1,000 deductible and $300,000 liability |
|---|---|---|
| Alaska | $1,460 | $1,473 |
| Alabama | $2,166 | $2,180 |
| Arkansas | $3,225 | $3,238 |
| Arizona | $1,602 | $1,620 |
| California | $1,006 | $1,027 |
| Colorado | $2,635 | $2,645 |
| Connecticut | $1,705 | $1,732 |
| Washington, D.C. | $879 | $893 |
| Delaware | $960 | $972 |
| Florida | $1,632 | $1,651 |
| Georgia | $1,797 | $1,808 |
| Hawaii | $420 | $440 |
| Iowa | $1,822 | $1,834 |
| Idaho | $1,421 | $1,432 |
| Illinois | $2,069 | $2,082 |
| Indiana | $2,169 | $2,182 |
| Kansas | $3,705 | $3,720 |
| Kentucky | $2,369 | $2,379 |
| Louisiana | $2,200 | $2,216 |
| Massachusetts | $1,259 | $1,278 |
| Maryland | $1,282 | $1,289 |
| Maine | $1,033 | $1,049 |
| Michigan | $1,736 | $1,748 |
| Minnesota | $1,748 | $1,767 |
| Missouri | $2,471 | $2,483 |
| Mississippi | $2,757 | $2,768 |
| Montana | $2,233 | $2,252 |
| North Carolina | $1,909 | $1,917 |
| North Dakota | $2,277 | $2,291 |
| Nebraska | $3,755 | $3,773 |
| New Hampshire | $886 | $896 |
| New Jersey | $941 | $962 |
| New Mexico | $1,750 | $1,763 |
| Nevada | $1,059 | $1,080 |
| New York | $1,273 | $1,307 |
| Ohio | $1,675 | $1,685 |
| Oklahoma | $3,684 | $3,694 |
| Oregon | $1,148 | $1,160 |
| Pennsylvania | $1,402 | $1,421 |
| Rhode Island | $1,185 | $1,201 |
| South Carolina | $2,077 | $2,089 |
| South Dakota | $2,619 | $2,634 |
| Tennessee | $2,234 | $2,246 |
| Texas | $3,021 | $3,027 |
| Utah | $1,117 | $1,126 |
| Virginia | $1,554 | $1,569 |
| Vermont | $889 | $905 |
| Washington | $1,298 | $1,313 |
| Wisconsin | $1,152 | $1,163 |
| West Virginia | $1,369 | $1,386 |
| Wyoming | $1,297 | $1,308 |
Homeowners insurance on a $200,000 by credit rating
Your credit history affects your home insurance rates in most states. Here’s a look at homeowners insurance premiums for a $200,000 policy for scores ranging from poor to excellent credit.
| Credit tier alignment level | $200,000 with $1,000 deductible and $300,000 liability |
|---|---|
| Excellent | $1,552 |
| Good | $1,987 |
| Fair | $2,431 |
| Poor | $3,600 |
How to save on home insurance
To get the best price on your home insurance, shop around. Ask about homeowners insurance discounts, and consider a home and auto bundle to reduce your rates. A higher deductible is another easy way to save.
It’s vital when looking for ways to save that you don’t underinsure your home. If something goes wrong, the out-of-pocket costs will be much higher than what you would have paid in premiums.
