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For dwelling coverage of $400,000, the average cost of home insurance is $2,942 a year. Rates vary by location; the most expensive state for insuring a $400K home is Oklahoma while the cheapest is in Hawaii. Rates also vary by company. The average home insurance cost for $400,000 in coverage is the cheapest from Allstate

Homeowners insurance is based on the replacement cost of the house, so if you’re shopping for home insurance on a $400,000 home, make sure you’re looking at the replacement cost and not the market value (what you could sell your house for).

Key takeaways

  • The average cost nationwide of a home insurance policy at $400,000 in coverage is $2,942 per year.
  • The cost to insure a home isn’t just based on the dwelling coverage but on factors like location.
  • Insure your home for its replacement cost and not its market value

How much is home insurance for a $400,000 house?

Average house insurance cost varies not only based on the dwelling coverage, which is the replacement cost of the home but also based on factors like the state where you live. Home insurance rates by state differ quite a bit.

Take a look at the average cost of home insurance for a $400K home by state, based on $400,000 of dwelling coverage, $300,000 of liability and a $1,000 deductible.

Average home insurance rates for $400,000 in coverage by state
State $400,000 with a $1,000 deductible and $300,000 liability
Alaska$2,276
Alabama$3,570
Arkansas$4,567
Arizona$2,413
California$1,741
Colorado$3,918
Connecticut$2,661
Washington D.C.$1,538
Delaware$1,545
Florida$2,880
Georgia$3,005
Hawaii$749
Iowa$2,937
Idaho$2,356
Illinois$3,076
Indiana$3,389
Kansas$5,492
Kentucky$4,021
Louisiana$3,338
Massachusetts$1,952
Maryland$2,117
Maine$1,801
Michigan$2,838
Minnesota$2,900
Missouri$3,952
Mississippi$4,255
Montana$3,449
North Carolina$3,234
North Dakota$3,561
Nebraska$5,416
New Hampshire$1,505
New Jersey$1,593
New Mexico$3,346
Nevada$1,839
New York$2,273
Ohio$2,447
Oklahoma$6,191
Oregon$1,865
Pennsylvania$2,054
Rhode Island$1,906
South Carolina$3,409
South Dakota$4,346
Tennessee$3,524
Texas$4,696
Utah$1,701
Virginia$2,588
Vermont$1,446
Washington$2,054
Wisconsin$1,843
West Virginia$2,242
Wyoming$2,458

How much is homeowners insurance per month for a $400,000 house?

If you’re working out your monthly budget, it may be easier to see the average home insurance cost per month. Although the simple way to calculate your monthly home insurance cost is to take the annual costs shown above and divide them by 12, there may be fees added to your premiums when you pay monthly.

Many people pay their home insurance as part of their monthly mortgage payment; the mortgage company pays it annually from an escrow account and then charges you monthly.

At an average annual rate of $2,942, the average cost of insurance per month for a $200k home is $245.

Homeowners insurance on a $400,000 home, by company

Home insurance rates vary depending on the company you choose, along with other factors. What’s the cheapest home insurance company at $400,000 in dwelling coverage? Take a look at rates from some of the best home insurance companies below.

Average home insurance rates for a $400,000 house, by company
Company Group$400,000 with $1,000 deductible and $300,000 liability
Allstate$2,242
Auto-Owners$2,481
American Family$2,576
Erie$2,666
Progressive$2,737
State Farm$2,771
Nationwide$3,168
Farmers$3,740
Travelers$4,004

Homeowners insurance on a $400,000 home, by liability level

The dwelling coverage amount has far more impact on your rates than how much liability you have, which is a good argument for increasing your home insurance liability limits. Take a look at the difference in rates with $100,000 or $300,000 in liability.

Average home insurance rates for $400k in dwelling coverage, by liability limits
State $400,000 with $1,000 deductible and $100,000 liability $400,000 with $1,000 deductible and $300,000 liability
Hawaii$729$749
Washington, D.C.$1,523$1,538
New Hampshire$1,493$1,505
Vermont$1,428$1,446
New Jersey$1,571$1,593
Delaware$1,529$1,545
California$1,715$1,741
Maine$1,785$1,801
Nevada$1,813$1,839
Utah$1,689$1,701
Oregon$1,851$1,865
Wisconsin$1,829$1,843
Rhode Island$1,888$1,906
Massachusetts$1,932$1,952
Maryland$2,108$2,117
New York$2,232$2,273
Wyoming$2,446$2,458
Washington$2,036$2,054
West Virginia$2,219$2,242
Pennsylvania$2,029$2,054
Idaho$2,342$2,356
Alaska$2,263$2,276
Virginia$2,571$2,588
Arizona$2,391$2,413
Florida$2,860$2,880
Ohio$2,434$2,447
Connecticut$2,632$2,661
Michigan$2,826$2,838
New Mexico$3,333$3,346
Minnesota$2,880$2,900
Georgia$2,988$3,005
Iowa$2,923$2,937
North Carolina$3,226$3,234
Illinois$3,062$3,076
South Carolina$3,396$3,409
Alabama$3,553$3,570
Indiana$3,375$3,389
Louisiana$3,321$3,338
Tennessee$3,509$3,524
Montana$3,425$3,449
North Dakota$3,547$3,561
Kentucky$4,009$4,021
Missouri$3,937$3,952
South Dakota$4,330$4,346
Colorado$3,907$3,918
Mississippi$4,250$4,255
Texas$4,688$4,696
Arkansas$4,554$4,567
Oklahoma$6,180$6,191
Kansas$5,472$5,492
Nebraska$5,401$5,416

Homeowners insurance on a $400,000, by credit rating

Your credit rating affects home insurance rates more than you’d think. There are only a handful of states where using credit isn’t allowed. Here’s a look at homeowners insurance premiums for a $400,000 policy by credit rating. 

Average home insurance rates for a $400,000 home, by credit rating
Credit tier alignment level$400,000 with $1,000 deductible and $300,000 liability
Excellent$2,477
Good$3,107
Fair$3,725
Poor$5,061

Shop around to save on home insurance

The best way to get a good price on home insurance is to shop around and compare rates from as many companies as possible. Ask about home insurance discounts, including home and auto bundling, and other ways to save, but ensure you have the right amount of coverage.

While underinsured your home might save you money, it will cost a lot more if you have to file a claim

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