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Home Insurance Calculator for 2021

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Home Insurance Calculator

Purchasing a home is an exciting milestone for many. However, the process of purchasing a home insurance policy can be overwhelming but, no worries Insurance.com’s home insurance calculator will help you to get the best insurance coverage in 5 easy steps. Homeowners insurance costs depend on many factors, but average home insurance cost nationwide is $2,305 per year and about $190 per month. That’s for a policy of $300,000 in dwelling coverage limit with $300,000 in liability coverage, with a $1,000 deductible . With our homeowners insurance cost calculator, you can accurately estimate home insurance premium and know what your monthly payments will be.

To use the home insurance calculator, do the following:

  • Enter your ZIP code
  • Choose a dwelling coverage amount
  • Choose a deductible
  • Choose a liability coverage amount
  • Click on the “search” bar

The home insurance cost estimator will show the average home insurance cost for the chosen coverage options, as well as the highest and lowest rate fielded from up to six major home insurance companies. If you’re unsure what the different types of home insurance cover, click on the “I” to get more information.

Start using home insurance calculator

The value of your home will affect the rate of your home insurance premium. The higher the value, the more expensive coverage becomes. Exactly what you pay for home insurance depends on how much coverage you buy, your homeowner profile and other factors.

Insurance companies take these things into account to calculate home insurance cost:

  • The location of your home
  • The age of your home
  • The building materials used to construct the home
  • The number and severity of claims in your neighborhood
  • Your credit history
  • Your marital status
  • Whether or not you have a woodstove, trampoline, pool, certain breed of dog
  • The claims history of the home

You might be wondering how much home insurance you need to buy to ensure you are fully protected. In the simplest terms, you need to assess three major components of home insurance policy.

Dwelling coverage

Your dwelling coverage amount, which is what you’re paid to rebuild or repair your home, is tied directly to the replacement value. So, the amount of dwelling coverage you buy should match the home’s replacement value.

You can figure out how to calculate home replacement cost by looking at building materials used for your home, using online calculators or you can hire an appraiser to do it for you. They can help you know if you need more coverage limits based on the value of your property. Discuss your replacement cost estimate with your insurance agent or insurer and confirm that you have coverage limits appropriate for your situation.

Liability coverage

Insurance.com Senior Consumer Analyst Penny Gusner recommends homeowners have at least $300,000 in liability insurance. Liability insurance provides a financial safety net for the household. It pays out when you and your family members are legally responsible for others’ injuries or property damage. It also covers:

  • Medical expenses of people who are hurt while in your home or on your property
  • Dmage caused to neighbors’ property
  • Legal fees if you are sued
  • Resulting judgments from a lawsuit, up to your policy limits.

Personal property

The other critical coverage is for your belongings or personal property coverage.  If you ever experience a fire, flood, theft, or other disaster situation, make sure you have enough personal property coverage to replace your belongings. It's important to make an inventory of all the items you own so that you can determine how much personal property coverage you need.

It’s typically 50% to 70% of your dwelling coverage limits. However, standard policies typically only pay out up to $2,500 for high-value items such as collectibles and jewelry. That’s usually not enough if you have valuable items, such as fine art, high-priced instruments or expensive jewelry. In that case you should add an endorsement to boost coverage. This extra cost is typically a bargain for the amount of added protection you get.

HOME INSURANCE CALCULATOR

Average home insurance rates in CALIFORNIA

$200,000
$1,000
$100,000
94404 - Foster City
Dwelling $200,000, Deductible $1,000 and Liability $100,000.

AVERAGE RATE: $669

HIGHEST RATE: $1,029 LOWEST RATE: $443
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Most & least expensive zip codes for homeowners insurance in California

Most Expensive

Zip CodeCityHighest Rate
92561Mountain Center$1,031
90210Beverly Hills$1,029
90069Los Angeles$1,020
90046Los Angeles$1,011

Least Expensive

Zip CodeCityLowest Rate
93445Oceano$606
93117Goleta$607
93111Goleta$610
93433Grover Beach$615

Frequently asked questions

  • How much should I estimate for homeowners insurance?

    Home insurance premiums vary based on location, claims history, risk and even your credit history. You’ll pay more for home insurance if you’re in an area with higher claims. That may be a region with severe weather, such as hurricanes or tornadoes. It could also be an area with many break-ins and fires. Insurers take all of that into account when devising rates. Still, you can get an estimate of your home insurance rates by looking at the average home insurance rates for common coverage levels are as follows, all with a $1,000 deductible:

    Average rateDwelling coverageLiability
    $1,806$200,000$100,000
    $1,824$200,000$300,000
    $2,285$300,000$100,000
    $2,305$300,000$300,000
    $2,694$400,000$100,000
    $2,709$400,000$300,000
    $3,046$500,000$100,000
    $3,056$500,000$300,000
    $3,304$600,000$100,000
    $3,323$600,000$300,000
  • Why is my homeowners insurance quote so high?

    There are a number of reasons that can contribute to home insurance quotes being more expensive than others, comparatively speaking. While each homeowner’s particular situation is unique, the following factors can increase home insurance quotes significantly:

    • You live in an area prone to severe storms (hurricanes, tornadoes, hailstorms)
    • You live near the water
    • There is a history of claims on the house you own
    • Your home or roof is more than 20 years old
    • You have bad credit
    • You have a pool, trampoline wood stove or certain breed of dog
    • You don’t live near a fire station
  • How can I lower my homeowners insurance rate?

    The best ways to lower your home insurance rate is by:

    • Comparison shopping: No two insurers will price the same policy at the same amount, because they assess risk differently and use their own formulas for deciding what you pay. You should compare quotes from at least three insurance companies once a year to be sure you are getting the coverage you want at the best price.
    • Maintain good credit: In nearly all states (Massachusetts, California, Hawaii and TK are the exceptions) insurance companies are allowed to use your credit history when setting your rate. If you have good or excellent credit, you will pay much less.
    • Apply for discounts: home insurance discounts can net you savings. But you may need to ask for them. While some discounts relate to the age or materials of your home, or other factors that are out of your control to a degree, others are ripe for the picking. For instance, you can bundle your auto and home insurance, sign up for automatic online bill paying, earn a loyalty credit after a certain amount of years or install security and safety systems.

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