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Press Release: Most and least expensive states for home insurance

March 5, 2018 (Foster City, Calif.) – The highest homeowners insurance rates in the nation belong to Florida, according to Insurance.com's analysis of average rates for nearly every ZIP code in the country.

While many factors go into calculating your rate, where you live is chief among them. Homeowners in states that are prone to hurricanes, hail storms and tornados tend to pay the most for home insurance. Insurance.com’s analysis of rates from top insurers for nearly every ZIP code in the country bears this out. Florida and Louisiana are the most expensive states for home insurance. The least expensive states for home insurance are Hawaii and Vermont

Homeowners can enter a ZIP code in Insurance.com’s average home insurance rates tool to see the average premium for the location, as well as the highest and lowest rates from among six insurers. You can get a customized rate by choosing from among 75 coverage levels, so you know what to expect to pay and can see how much you can save by comparing home insurance companies.

Top 5 most expensive states for home insurance rates are:

State

Average annual rate

% difference from national average rate $1,228

$ difference from national average rate $1,228

Florida

$3,575

191%

$2,347

Louisiana

$2,979

143%

$1,751

Oklahoma

$2,651

116%

$1,422

Alabama

$2,314

88%

$1,086

Mississippi

$2, 290

86%

$1,062

 

The 5 least expensive states for home insurance are:

State

Average annual rate

% difference from national average rate $1,228

$ difference from national average rate $1,228

Hawaii

$337

-73%

-$891

Vermont

$589

-52%

-$640

Idaho

$622

-49%

-$606

Utah

$642

-48%

-$586

Oregon

$643

-48%

-$585

 

Rankings were determined by averaging rates from up to six insurers for nearly every ZIP code in each state. Insurance.com's analysis showed a national average rate of $1,228 for $200,000 dwelling coverage with a $1,000 deductible and $100,000 in liability.

“Regardless of where you live, you can save on home insurance if you compare rates,” said Insurance.com Managing Editor Michelle Megna. “Let’s look at Indianapolis, Indiana, ZIP code 46220 as an example, because it has the same average rate as the nation. The difference between the highest ($1,710) and lowest rate ($848) among six insurers is $862. So if you don’t shop around, and take the policies priced on the higher end of the range, you can be out more than $800. ”

Home insurance companies assess many factors when setting rates. Your home’s location, which reflects its exposure to hazards, such as storm damage, wild fires, burglaries and so on, your home’s value and the cost to rebuild it, as well as your credit history are chief among them.

 “Research shows that as many as three out of five homeowners are underinsured by an average of 20 percent which means if your house costs $200,000 to replace, you’d be short by $40,000 if you had to file a claim,” said Megna. “So, it’s wise to review your policy to ensure you have sufficient coverage, and when assessing your policy, to be sure you compare rates so don’t overpay.”

Read the full article, get rates for your state for six common coverage levels and methodology at https://www.insurance.com/home-and-renters-insurance/home-insurance-basics/average-homeowners-insurance-rates-by-state

About Insurance.com:

Insurance.com is a trusted online resource dedicated to educating consumers on auto, home, health and life insurance, developing relationships directly with carriers to offer consumers comparison rates from multiple companies. Since 2001, Insurance.com’s industry-first online tools, data-based reporting and experienced experts have helped consumers make informed insurance-related decisions, so they can choose the right insurance for their individual needs.