How to Compare Home Insurance Quotes
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How Much is Home Insurance in 2024?

Updated on:
Content was accurate at the time of publication.

The average cost of a standard home insurance policy is $2,801 per year nationally, though rates vary by location, coverage limits and more.

Find the Cheapest Home Insurance Quotes in Your Area

The national average cost of a home insurance policy is $2,801 a year, with average rates ranging from $632 a year in Hawaii to $6,133 in Oklahoma.

StateAverage rate
Alabama$3,217
Alaska$1,475
Arizona$2,623
Arkansas$3,722
California$1,260
Colorado$4,489
Connecticut$2,618
Delaware$1,701
District of Columbia$1,764
Florida$3,889
Georgia$2,869
Hawaii$632
Idaho$2,178
Illinois$2,743
Indiana$2,643
Iowa$2,697
Kansas$5,412
Kentucky$4,671
Louisiana$4,033
Maine$1,863
Maryland$1,810
Massachusetts$1,906
Michigan$2,467
Minnesota$3,642
Mississippi$4,201
Missouri$3,387
Montana$3,068
Nebraska$5,912
Nevada$1,626
New Hampshire$1,760
New Jersey$1,744
New Mexico$3,354
New York$1,897
North Carolina$3,378
North Dakota$2,911
Ohio$2,207
Oklahoma$6,133
Oregon$1,885
Pennsylvania$1,928
Rhode Island$2,240
South Carolina$3,335
South Dakota$3,605
Tennessee$2,857
Texas$5,180
Utah$1,507
Vermont$1,339
Virginia$2,499
Washington$1,600
West Virginia$2,511
Wisconsin$2,159
Wyoming$2,323

Home insurance companies look at the number and severity of natural disasters in your area, which raises rates in some states.

Most expensive states for homeowners insurance

Oklahoma and Nebraska have the highest average home insurance rates in the U.S. Tornadoes hit both states frequently, which can make home insurance rates higher.

  1. Oklahoma: $6,133
  2. Nebraska: $5,912
  3. Kansas: $5,412
  4. Texas: $5,180
  5. Kentucky: $4,671

Cheapest states for homeowners insurance

You can find cheap home insurance rates if you live in Hawaii. Areas with low crime rates and few national disasters tend to see lower rates.

  1. Hawaii: $632
  2. California: $1,260
  3. Vermont: $1,339
  4. Alaska: $1,475
  5. Utah: $1,507

Erie, State Farm and USAA offer the cheapest rates among the largest home insurance companies. However, Erie is only available in 12 states and D.C., while USAA is only available to current military, veterans and their families.

CompanyAverage annual rateAverage monthly rate
Erie$2,055$171
State Farm$2,427$202
USAA*$2,507$209
Allstate$2,560$213
Chubb$2,606$217
Progressive$2,648$221
Country$2,827$236
Nationwide$3,055$255
American Family$3,072$256
Travelers$3,149$262
Farmers$3,801$317

*Only available to military members, veterans and their families

The average cost of homeowners insurance is $2,498 a year for a policy with $350,000 of dwelling coverage. A policy with $450,000 in dwelling coverage costs $3,111 a year, on average.

Dwelling coverage helps rebuild or repair the structure of your home.

Dwelling coverageAnnual rate
$350,000$2,498
$400,000$2,801
$450,000$3,111

Homeowners in bigger cities pay more for home insurance on average. Dallas homeowners pay $5,729 a year for home insurance, on average.

CityAnnual rate
New York City$2,795
Los Angeles$1,466
Chicago$3,322
Houston$5,624
Phoenix$2,983
Philadelphia$2,892
San Antonio$3,422
San Diego$1,168
Dallas$5,729
Austin$3,444

Home insurance companies look at many factors when coming up with your rate. These include:

  • The location of your home: Your home insurance rate may be higher if you live in an area with a high crime rate or severe weather.
  • Coverage limits: The amount of coverage you need can have a big impact on how much you pay for a policy.
  • Deductible amount: Choosing a higher deductible usually lowers your premium, while a lower deductible leads to a higher premium.
  • Age and condition of your home: Your home insurance rate can be higher if you live in an older home. If your home was built using vulnerable materials, your home insurance premium may be higher.
  • Claims history: Your home insurance rate can increase if you have a claim on your record. We recommend considering the potential premium increase before submitting small claims.

If you live in a state with many natural disasters or you’re a high-risk homeowner, there are still ways you can lower your home insurance rate.

  • Take advantage of home insurance discounts: Insurance companies can offer great savings with discounts. You may be able to save money if you bundle your home and auto insurance policies with the same company or by installing safety alarms.
  • Replace your roof: If you have an older roof or if it’s in poor condition, your home insurance rate can be higher.
  • Shop around: Insurance companies may weigh risk factors differently, which can lead to different quotes. Getting home insurance quotes from multiple companies helps you find the best company for your needs.

Methodology

The rates shown in this article are based on nonbinding quotes collected from Quadrant Information Services. Your rates may vary. Average rates were compiled from rates in all 50 states. The following coverages and deductibles were used unless otherwise noted:

  • $400,000 dwelling coverage
  • $40,000 other structures
  • $200,000 personal property
  • $80,000 loss of use coverage
  • $100,000 liability
  • $5,000 medical payments
  • $1,000 deductible