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.
| 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.
| 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.
| 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.
| 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.
