How much is homeowners insurance on a $300,000 house?

What is the average homeowners insurance cost for a $300k house?

The national average for homeowners insurance on a $300,000 house is $2,601 a year. That’s based on $300,000 in dwelling coverage and liability with a $1,000 deductible. Your cost could be much higher or lower depending on key factors.

Average cost of homeowners insurance on a $300,000 house
Coverage	Average annual premium	Average monthly premium
$300k dwelling, $300k liability, $1,000 deductible	$2,601	$217

Read our methodology

One of the biggest factors is your ZIP code. Insurance companies look at the weather and claims trends in your part of the country.

If your deductible is higher, your rates will be slightly lower. A lower deductible means slightly higher rates. The same applies to your liability coverage limits. While the price difference isn’t significant, lower liability limits come with lower rates, and vice versa.

Unfortunately, a poor credit score means you will pay significantly more for home insurance – upwards of 50% to 90% more, depending on the state and the carrier you choose.

The only way to get an accurate idea of the cost of home insurance on your $300,000 home is to calculate your home’s replacement cost and request quotes. Remember that your quotes should reflect that replacement cost, not your home’s market value. You can utilize an online calculator to get estimates using your ZIP and coverage amounts.

State-by-state cost of homeowners insurance for a $300k house

Homeowners insurance for $300,000 in dwelling coverage varies from state to state due to weather patterns and other factors.

Oklahoma is the most expensive state for insurance on a $300,000 house at an average of $5,858 a year
Hawaii is the cheapest state to insure a $300,000 home at an average of $613 a year (note that Hawaii home insurance policies don't cover hurricanes)

Take a look at the table below for average annual rates by state. Hurricane deductibles apply in 19 states and Washington, D.C.

Cost of homeowners insurance for a $300,000 house by state
State	Annual premium for a $300K house	Monthly premium for a $300K house	Hurricane deductible
Alabama	$3,147	$262	2%
Alaska	$1,708	$142	None
Arizona	$2,490	$208	None
Arkansas	$3,958	$330	None
California	$1,405	$117	None
Colorado	$4,099	$342	None
Connecticut	$2,231	$186	2%
Delaware	$1,384	$115	2%
Florida*	$4,419	$368	2%
Georgia	$2,302	$192	2%
Hawaii	$613	$51	None
Idaho	$1,961	$163	None
Illinois	$3,062	$255	None
Indiana	$2,991	$249	None
Iowa	$2,654	$221	None
Kansas	$4,843	$404	None
Kentucky	$3,326	$277	None
Louisiana	$3,594	$299	2%
Maine	$1,391	$116	2%
Maryland	$1,715	$143	2%
Massachusetts	$1,640	$137	2%
Michigan	$2,411	$201	None
Minnesota	$2,420	$202	None
Mississippi	$3,380	$282	2%
Missouri	$3,543	$295	None
Montana	$3,289	$274	None
Nebraska	$4,800	$400	None
Nevada	$1,467	$122	None
New Hampshire	$1,221	$102	2%
New Jersey	$1,526	$127	2%
New Mexico	$2,647	$221	None
New York	$1,816	$151	2%
North Carolina	$2,941	$245	2%
North Dakota	$3,147	$262	None
Ohio	$2,160	$180	None
Oklahoma	$5,858	$488	None
Oregon	$1,755	$146	None
Pennsylvania	$1,911	$159	2%
Rhode Island	$1,950	$162	2%
South Carolina	$2,678	$223	2%
South Dakota	$3,390	$283	None
Tennessee	$3,060	$255	None
Texas	$3,851	$321	2%
Utah	$1,802	$150	None
Vermont	$1,263	$105	None
Virginia	$2,151	$179	2%
Washington	$1,612	$134	None
Washington, D.C.	$1,342	$112	2%
West Virginia	$1,911	$159	None
Wisconsin	$1,662	$138	None
Wyoming	$1,897	$158	None

Read our methodology

Estimate your premium for a $300k home: Use our calculator

To use the calculator:

Enter your ZIP code
Select your dwelling coverage amount (remember that's not the market value, it's the replacement cost of your home)
Select your liability coverage (Standard is $100,000 but experts recommend $300,000)
Choose your deductible (A higher deductible will mean lower rates)

Example: You paid $250,000 for your house. However, the calculated replacement cost of your home is actually $300,000. You would choose the $300,000 dwelling coverage value for your insurance estimate.

$300k homeowners insurance calculator

Average home insurance rates on 300K house in Texas

Most & least expensive ZIP codes for homeowners insurance in Texas

Most expensive
Least expensive

ZIP code	City	Highest rate
77550	Galveston	$10,164
77586	El Lago	$9,906
77551	Galveston	$9,536
77554	Galveston	$9,358

ZIP code	City	Lowest rate
78559	Iglesia Antigua	$1,956
78593	Santa Rosa	$1,999
79915	El Paso	$2,008
79905	El Paso	$2,009

Read our methodology

What are the best homeowners insurance companies for a $300k house?

Based on a combination of rates, National Association of Insurance Commissioners (NAIC) complaint index and AM Best Financial strength ratings, Amica comes out on top as the best home insurance company for a $300,000 home.

Amica has the lowest rates and the lowest complaint ratio, earning it the top spot in our ranking. Amica is also a national company, available in most states, which makes it accessible to more people.

See how major insurance companies ranked below.

Top homeowners insurance companies for a $300,000 house
Company	AM Best	NAIC	Average annual premium	Insurance.com rating
Amica	A+	0.329	$2,000	4.88
Auto-Owners	A+	0.478	$2,160	4.70
Erie Insurance	A+	0.536	$2,183	4.66
State Farm	A++	1.014	$2,169	4.60
Allstate	A+	1.317	$2,098	4.43
American Family	A	1.099	$2,504	4.06
Nationwide	A	1.004	$2,746	3.89
Progressive	A+	0.446	$3,193	3.86
Farmers	A	0.807	$3,194	3.60
Travelers	A++	0.883	$3,701	3.39
USAA	A++	0.43	$2,506	4.54

Read our methodology

Tip: Shop around: Rates vary by carrier, so the more quotes you get, the more likely you are to get a better deal.

How does the deductible affect the cost of homeowners insurance on a $300,000 house?

Choosing a higher deductible reduces your rates. Company-specific examples include:

Savings of around $600 for going from a $500 deductible to $2,000 with State Farm
Savings of nearly $1,000 a year for going from a $500 deductible to a $5,000 deductible with Progressive
You'll save about $500 going from a $500 deductible to a $2,500 deductible with USAA

The most significant decrease with most companies comes with the jump from $500 to $2,000 or $2,500, so in some cases it's not worth going much higher.

Not every company offers each of these deductibles, so you may note no change in premium. That's because there is no data to adjust for that deductible correctly. Furthermore, in some cases rates may appear to rise; this is due to fluctuations in available deductibles by state.

How deductibles impact your premium
Company	$500 deductible	$2,000 deductible	$2,500 deductible	$3,000 deductible	$4,000 deductible	$5,000 deductible
Amica	$2,004	$1,742	$1,672	$1,672	$1,467	$1,467
State Farm	$2,512	$1,901	$1,824	$1,785	$1,724	$1,842
Farmers	$3,708	$3,135	$3,107	$3,130	$2,960	$2,918
Allstate	$1,982	$1,642	$1,586	$1,538	$1,391	$1,388
USAA	$2,551	$2,078	$2,073	$1,956	$1,680	$1,677
Nationwide	$2,301	$2,407	$2,392	$2,368	$2,040	$2,028
Travelers	$4,153	$3,731	$3,539	$3,583	$3,034	$3,017
Progressive	$3,810	$3,319	$3,313	$3,422	$2,877	$2,841
Erie Insurance	$2,555	$2,152	$2,048	$1,989	$1,880	$1,769

Read our methodology

Reminder: Ensure you can afford the out-of-pocket amount before choosing a high deductible.

Homeowners insurance on a $300,000 house by liability level

Besides your dwelling coverage limits, which cover the structure of your home, you should look carefully at your liability limits. This coverage protects you if you are liable for someone else’s injuries or property damage.

The standard policy comes with $100,000, but there isn’t much difference in cost between $100,000 and $300,000 in liability coverage. Most experts recommend going even higher, up to $500,000.

The table below shows what a few national carriers charge for different liability limits.

How liability coverage affects pricing
Company	$300,000 with $1,000 deductible and $100,000 liability	$300,000 with $1,000 deductible and $300,000 liability
Amica	$1,982	$2,000
State Farm	$2,130	$2,169
Farmers	$3,162	$3,194
Allstate	$2,067	$2,098
USAA	$2,506	$2,506
Nationwide	$2,724	$2,746
Travelers	$3,680	$3,701
Progressive	$3,182	$3,193
Erie Insurance	$2,168	$2,183

Read our methodology

How much is homeowners insurance on a $300,000 house with bad credit?

A homeowner with a poor credit score pays almost $6,000 more per year for home insurance than someone with an excellent credit score. Why? Statistics show that people with poor credit are more likely to file a claim.

Recent data from the Consumer Federation of America show that home insurers put more weight on credit than on natural disaster risk when it comes to rate calculations. They charge twice as much for having a lower credit score.

California, Maryland and Massachusetts prohibit the use of credit scores for insurance rating.

Take a look at the table below to see the homeowners insurance rates for different credit score profiles at different liability coverage limits.

How credit score impacts your homeowners insurance rate
Credit tier	$300,000 with a $1,000 deductible $100,000 liability	$300,000 with $1,000 deductible and $300,000 liability
Excellent	$2,258	$2,273
Fair	$3,840	$3,865
Good	$2,947	$2,967
Poor	$8,275	$8,320

Read our methodology

Reminder: Maintaining good credit is one of the most effective ways to lower your home insurance cost.

How can you save on homeowners insurance for a $300k home?

Get lower insurance rates with the following six tips.

Raise your deductible. Experts recommend choosing the highest deductible you can afford.
Bundle with auto insurance. An auto home bundle can save you as much as 25%.
Improve your credit score. Better credit means better home insurance rates.
Upgrade your home. Upgrades to your roof, siding and systems like plumbing and electrical will all reduce your rates. So will safety upgrades like a security system.
Shop around. Rates vary widely from company to company, so shop around regularly for a better deal.
Ask about discounts. You might not automatically get all the discounts you're eligible for, so be sure to ask.

How much coverage do you need to insure a $300k home?

You need enough coverage to rebuild your home from the ground up at today's cost.

“You need replacement cost coverage, which is enough insurance to rebuild the home the way it was,” says Brenda Wells, the Robert F. Bird Distinguished Professor of Risk and Insurance at East Carolina University. “Replacement cost coverage is how you determine the dwelling coverage limits of your home insurance, Coverage Section A of your policy. This is the overall structure of your home. One easy way to calculate replacement cost is to take the square footage of your home and multiply it by all the average cost of building materials and labor in your part of the country. However, your insurance agent or representative can provide a more detailed calculation.”

Remember that if you paid $300,000 for your home, that doesn’t mean you need $300,000 in dwelling coverage. The correct amount may be more or less, based on the actual cost to rebuild your home at today’s prices. It’s important to get the replacement cost calculation right.

“I personally feel that you should have your insurer help you estimate the replacement cost of the house,” Wells says. “They have tools to do that. If you are going to make an error, err on the side of over-insurance rather than under-insuring. In the event of a loss, you’ll be glad you had more insurance than needed.”

You’ll also want to review the other coverage sections of your policy carefully to ensure you choose the right limits for your situation. These sections are:

Other Structures. Coverage B on your policy, which protects detached fences, garages, sheds, etc. It’s usually about 10% of your dwelling coverage.
Personal Property. Coverage C, which protects all your “stuff” inside the home, all your belongings.
Additional Living Expenses/Loss of Use. Coverage D, which pays for a place to live if your house is being repaired and is uninhabitable.
Liability. Coverage E, which protects you from costs associated with injuries or damage to others for which you are liable. Experts recommend $300,000 to $500,000.

Also, remember that flooding is not covered by a standard homeowners insurance policy. You must purchase a separate flood policy.

It’s also a good idea to check with your mortgage company to see what coverage is required.

How to estimate the homeowners insurance premium for a $300k house

To estimate your homeowners insurance premium, you will need to do a few things:

Confirm the replacement cost of the home. Your replacement cost may be higher or lower than the market value of your home; if you paid $300,000 for the house, the replacement cost may be higher or lower. It's important to ensure this number is accurate.
Decide what deductible amount you want. A higher deductible means lower rates, but you should be sure you can afford it.
Use our insurance estimator tool. Enter your ZIP code and coverage requirements into our home insurance calculator, found on this page, to estimate your home insurance cost.

What are the key factors that drive homeowners insurance cost on a $300k home?

There are a few key factors that affect the cost of homeowners insurance on any home, no matter its value. These are:

Your ZIP code. “Location of the home is a big one, because weather can cause a lot of losses,” Wells says. The more severe the weather in your area, the more likely you might sustain damage to your home and need to file a claim. This means you are riskier to insure than someone living in a calm weather area.

The amount of coverage you purchase. The amount of dwelling and liability coverage you choose will greatly affect your costs. Dwelling is the biggest portion of your insurance, as it protects the overall structure of your home. The bigger your home and the more money you would need to rebuild it after damage, the more it will cost you in premiums.

Your deductible. You can choose your deductibles when you set up your policy. Some people prefer a lower deductible, which means you’ll be responsible for less out-of-pocket expense if you file a claim. Lower deductibles can mean higher overall rates, though. A higher deductible usually means a lower premium, but you’ll need to pay more for your share in the event of a claim before the insurance company pays its portion.

Your credit rating. Insurers look at all types of risk when calculating your premiums, and credit score is one of them. “Low credit scores are correlated with losses,” Wells says.

Other factors also apply, such as your personal claims history and even the claims history of the property itself. Some things are out of your control, like what’s going on with the insurance market in your state. Shopping around to compare multiple quotes with multiple carriers is your best bet to find a policy that is most suitable and affordable for your needs.

Methodology

We partner with Quadrant Information Services to field home insurance rates in all 50 states and D.C. National and state home insurance averages are based on the following parameters:

$300,000 in dwelling coverage
$300,000 in liability coverage
A $1,000 deductible
A 2% hurricane deductible in applicable states
Good credit

Additionally, we receive rates for dwelling coverages of:

$200,000
$400,000
$600,000
$1,000,000

We also gather data for:

Deductibles ranging from $500 to $5,000
$100,000 in liability coverage
All credit levels

Learn more about our data and methodology.

FAQ: Homeowners insurance for a $300k home

Can I insure my $300k house for less than the replacement cost?

You can, but it’s not recommended. While you can choose to insure for less than the calculated replacement cost, it could affect your settlement in the event of a claim. Insurance companies use the 80/20 rule, where if a home is insured for less than 80% of its replacement cost, claim settlements can be reduced accordingly.

Is replacement cost coverage mandatory for a $300k home?

It’s not mandatory, but it's always recommended by experts. ”If you want to rebuild the home after a loss, I cannot think of too many situations that would call for anything other than replacement cost insurance,” Wells says. Always check with your mortgage company – they might require certain coverage limits while the bank still owns your house. Standard home insurance policies are replacement cost policies.

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