The average home insurance cost in the U.S. is $140 per month for a policy with $350,000 dwelling coverage, according to Forbes Advisor’s analysis.
Home insurance costs can have a major impact on your budget if you’re a homeowner, stretching well over $2,300 annually, depending on the policy and where you live.
The best homeowners insurance protects your biggest assets—your home and belongings and there are ways to save on home insurance.
How Much Is Homeowners Insurance?
The average homeowners insurance costs $1,678 per year for a policy with $350,000 of dwelling insurance, according to Forbes Advisor’s analysis.
We analyzed rates across the nation to find the average cost of homeowners insurance. Your exact price will depend on specific personal details, such as the location and age of your house and the coverage limits you choose. However, our analysis can give you an idea of what you might expect to pay.
Average Cost of Homeowners by Dwelling Coverage
| Homeowners insurance dwelling coverage amount | National average cost per year |
|---|---|
|
$200,000
|
$1,150
|
|
$350,000
|
$1,678
|
|
$500,000
|
$2,212
|
|
$750,000
|
$3,068
|
Your dwelling coverage limit should match the amount it would cost to rebuild your house. The higher your rebuilding costs, the higher your limit and the cost of your homeowners insurance.
Average Cost of Homeowners Insurance by State
The average cost of homeowners fluctuates depending on where in the country you live. People in states that have a higher number of claims—due to catastrophic weather, high crime rates or elevated costs for repairs—will see higher prices for home insurance.
| State | Avg. annual cost for $200,000 in dwelling coverage | Avg. annual cost for $350,000 in dwelling coverage | Avg. annual cost for $500,000 in dwelling coverage | Avg. annual cost for $750,000 in dwelling coverage |
|---|---|---|---|---|
|
$1,438
|
$2,157
|
$2,883
|
$4,014
|
|
|
Alaska
|
$760
|
$1,060
|
$1,382
|
$1,879
|
|
$996
|
$1,401
|
$1,828
|
$2,533
|
|
|
$2,152
|
$3,055
|
$3,959
|
$5,512
|
|
|
$782
|
$1,129
|
$1,488
|
$2,139
|
|
|
$1,885
|
$2,792
|
$3,670
|
$4,881
|
|
|
$907
|
$1,310
|
$1,740
|
$2,438
|
|
|
$666
|
$983
|
$1,383
|
$1,945
|
|
|
$1,334
|
$2,026
|
$2,810
|
$4,146
|
|
|
$1,171
|
$1,790
|
$2,447
|
$3,468
|
|
|
$254
|
$380
|
$539
|
$805
|
|
|
Idaho
|
$735
|
$1,097
|
$1,494
|
$2,109
|
|
$1,159
|
$1,610
|
$2,079
|
$2,797
|
|
|
$1,097
|
$1,554
|
$2,023
|
$2,754
|
|
|
Iowa
|
$1,194
|
$1,817
|
$2,435
|
$3,451
|
|
Kansas
|
$1,838
|
$2,767
|
$3,668
|
$5,091
|
|
$1,354
|
$2,034
|
$2,780
|
$3,964
|
|
|
$2,190
|
$3,528
|
$4,931
|
$7,570
|
|
|
$633
|
$1,016
|
$1,393
|
$2,060
|
|
|
$991
|
$1,410
|
$1,908
|
$2,732
|
|
|
$863
|
$1,273
|
$1,686
|
$2,400
|
|
|
$1,127
|
$1,713
|
$2,352
|
$3,328
|
|
|
$1,346
|
$1,992
|
$2,677
|
$3,641
|
|
|
$1,697
|
$2,493
|
$3,318
|
$4,782
|
|
|
Missouri
|
$1,786
|
$2,704
|
$3,689
|
$5,349
|
|
Montana
|
$1,604
|
$2,221
|
$2,792
|
$3,679
|
|
Nebraska
|
$2,782
|
$3,957
|
$4,914
|
$6,431
|
|
Nevada
|
$592
|
$883
|
$1,233
|
$1,745
|
|
$653
|
$970
|
$1,286
|
$1,808
|
|
|
$642
|
$968
|
$1,272
|
$1,782
|
|
|
$929
|
$1,553
|
$2,093
|
$3,092
|
|
|
$827
|
$1,306
|
$1,823
|
$2,652
|
|
|
$1,216
|
$1,950
|
$2,574
|
$3,615
|
|
|
North Dakota
|
$1,358
|
$2,014
|
$2,651
|
$3,588
|
|
$828
|
$1,166
|
$1,518
|
$2,053
|
|
|
$2,661
|
$4,025
|
$5,425
|
$7,583
|
|
|
$693
|
$1,017
|
$1,373
|
$2,031
|
|
|
$748
|
$1,082
|
$1,455
|
$2,053
|
|
|
$1,074
|
$1,534
|
$1,988
|
$2,789
|
|
|
$929
|
$1,426
|
$1,899
|
$2,784
|
|
|
South Dakota
|
$1,466
|
$2,196
|
$2,932
|
$4,050
|
|
$1,321
|
$1,952
|
$2,598
|
$3,635
|
|
|
$1,446
|
$2,226
|
$2,978
|
$4,193
|
|
|
Utah
|
$688
|
$977
|
$1,267
|
$1,717
|
|
$584
|
$895
|
$1,208
|
$1,612
|
|
|
Virginia
|
$799
|
$1,148
|
$1,539
|
$2,210
|
|
$792
|
$1,163
|
$1,566
|
$2,217
|
|
|
West Virginia
|
$778
|
$1,125
|
$1,502
|
$2,150
|
|
$724
|
$1,119
|
$1,483
|
$2,075
|
|
|
Wyoming
|
$800
|
$1,288
|
$1,829
|
$2,683
|
|
Not all 50 states are shown due to data availability.
|
Average Cost of Homeowners Insurance by Company
Homeowners insurance costs $729 per year with Progressive for a policy with $350,000 of dwelling coverage. Progressive has the cheapest average annual cost for homeowners insurance across the dwelling coverage limits we analyzed of $200,000, $350,000, $500,000 and $750,000.
Travelers is the most expensive homeowners insurance company for $200,000, $350,000, $500,000 and $750,000 dwelling coverage amounts.
Rates vary significantly among companies because they each have their own formulas for pricing. That means it’s vital to comparison shop homeowners insurance quotes when buying a policy. You don’t know which company will offer you the best rates—and possibly save you hundreds of dollars—until you shop around.
Average Cost of Home Insurance by Company ($200,000 in Dwelling Coverage)
| Home insurance company | Average home insurance cost per year |
|---|---|
|
$514
|
|
|
$752
|
|
|
$773
|
|
|
USAA*
|
$869
|
|
$896
|
|
|
$1,055
|
|
|
$1,062
|
|
|
$1,101
|
|
|
$1,113
|
|
|
$1,286
|
|
|
$1,358
|
|
|
Shelter
|
$1,440
|
|
$1,478
|
|
|
$2,404
|
Average Cost of Home Insurance by Company ($350,000 in Dwelling Coverage)
| Home insurance company | Average home insurance cost per year |
|---|---|
|
$514
|
|
|
$752
|
|
|
$773
|
|
|
USAA*
|
$869
|
|
$896
|
|
|
$1,055
|
|
|
$1,062
|
|
|
$1,101
|
|
|
$1,113
|
|
|
$1,286
|
|
|
$1,358
|
|
|
Shelter
|
$1,440
|
|
$1,478
|
|
|
$2,404
|
Average Cost of Home Insurance by Company ($500,000 in Dwelling Coverage)
| Home insurance company | Average home insurance cost per year |
|---|---|
|
$975
|
|
|
$1,513
|
|
|
USAA*
|
$1,591
|
|
$1,652
|
|
|
$1,663
|
|
|
$1,708
|
|
|
$1,784
|
|
|
$1,987
|
|
|
$2,519
|
|
|
$2,559
|
|
|
$2,774
|
|
|
$2,831
|
|
|
$3,292
|
|
|
Shelter
|
$4,124
|
Average Cost of Home Insurance by Company ($750,000 in Dwelling Coverage)
| Home insurance company | Average home insurance cost per year |
|---|---|
|
$1,424
|
|
|
$1,754
|
|
|
$2,276
|
|
|
USAA*
|
$2,303
|
|
$2,338
|
|
|
$2,380
|
|
|
$2,427
|
|
|
$2,814
|
|
|
$3,313
|
|
|
$3,701
|
|
|
$3,809
|
|
|
$3,960
|
|
|
$4,744
|
|
|
Shelter
|
$5,713
|
The 5 Cheapest Homeowners Insurance Companies
Our analysis of the home insurance rates found that the cheapest home insurance companies are:
When shopping for a home insurance policy, these companies are a good place to start, but remember that USAA is only available for military members, veterans and their families.
Average Cost of Homeowners Insurance by Deductible Amount
The average cost of home insurance is $1,703 per year for a $350,000 dwelling limit with a $500 deductible, according to our analysis. Home insurance costs will vary depending on the deductible that you choose. Home insurance deductible options typically range from $250 to $2,500.
A homeowners insurance deductible is the amount your insurance company subtracts from a claim payment. For example, if you file a homeowners insurance claim for $5,000 worth of damage and your deductible is $1,000, your claim payment check would be reduced to $4,000.
Average Cost of Home Insurance Based on Deductibles
| State | $500 deductible | $1,000 deductible | $2,000 deductible |
|---|---|---|---|
|
$2,157
|
$1,949
|
$1,812
|
|
|
Alaska
|
$1,060
|
$978
|
$885
|
|
$1,401
|
$1,315
|
$1,193
|
|
|
$3,055
|
$2,860
|
$2,595
|
|
|
$1,129
|
$1,006
|
$866
|
|
|
$2,792
|
$2,584
|
$2,406
|
|
|
$1,298
|
$1,195
|
$1,059
|
|
|
$987
|
$950
|
$888
|
|
|
$2,026
|
$1,875
|
$1,683
|
|
|
$1,771
|
$1,659
|
$1,522
|
|
|
Hawaii
|
$380
|
$335
|
$311
|
|
Idaho
|
$1,097
|
$1,013
|
$905
|
|
$1,609
|
$1,525
|
$1,405
|
|
|
$1,554
|
$1,497
|
$1,368
|
|
|
Iowa
|
$1,817
|
$1,675
|
$1,521
|
|
Kansas
|
$2,759
|
$2,591
|
$2,352
|
|
$2,034
|
$1,970
|
$1,770
|
|
|
$3,604
|
$3,543
|
$3,396
|
|
|
$1,016
|
$926
|
$801
|
|
|
$1,420
|
$1,314
|
$1,191
|
|
|
$1,273
|
$1,140
|
$1,018
|
|
|
$1,653
|
$1,542
|
$1,404
|
|
|
$1,992
|
$1,781
|
$1,602
|
|
|
$2,501
|
$2,459
|
$2,242
|
|
|
Missouri
|
$2,714
|
$2,522
|
$2,364
|
|
Montana
|
$2,221
|
$2,127
|
$1,961
|
|
Nebraska
|
$3,957
|
$3,811
|
$3,554
|
|
Nevada
|
$839
|
$767
|
$688
|
|
$971
|
$889
|
$816
|
|
|
$945
|
$862
|
$755
|
|
|
$1,550
|
$1,429
|
$1,238
|
|
|
$1,306
|
$1,185
|
$1,059
|
|
|
$1,943
|
$1,811
|
$1,479
|
|
|
North Dakota
|
$2,006
|
$1,880
|
$1,707
|
|
$1,168
|
$1,130
|
$1,054
|
|
|
$4,024
|
$3,800
|
$3,477
|
|
|
$1,017
|
$951
|
$863
|
|
|
$1,084
|
$1,022
|
$924
|
|
|
$1,535
|
$1,370
|
$1,204
|
|
|
$1,427
|
$1,326
|
$1,206
|
|
|
South Dakota
|
$2,189
|
$2,066
|
$1,905
|
|
$1,956
|
$1,845
|
$1,644
|
|
|
$2,226
|
$2,131
|
$1,990
|
|
|
Utah
|
$934
|
$881
|
$807
|
|
$895
|
$818
|
$731
|
|
|
Virginia
|
$1,147
|
$1,074
|
$990
|
|
$1,163
|
$1,076
|
$952
|
|
|
West Virginia
|
$1,124
|
$1,081
|
$989
|
|
$1,122
|
$1,034
|
$946
|
|
|
Wyoming
|
$1,288
|
$1,186
|
$1,093
|
|
Not all 50 states are shown due to data availability.
|
A homeowners insurance deductible applies when you make a home insurance claim for property damage. The deductible does not apply if someone makes a liability home insurance claim against you.
What Affects My Home Insurance Rates?
There are many factors insurance companies usually use to determine home insurance rates, including:
- Fire rating of your home’s location (how close are you to a fire hydrant or water source and fire department).
- The claims history at your property.
- The cost to rebuild the house.
- The coverage and policy limits you choose.
- The deductible you select.
- The house age.
- The materials used to construct the house, such as wood, stone or brick.
- Your credit (except in California, Maryland and Massachusetts).
- Your home’s location.
- Your personal home insurance claims history.
How to Reduce Home Insurance Costs
Ali Kadir
Homeowners Insurance Expert
Kenneth Klein
Home Insurance Expert
Les Masterson
Insurance Editor
Michelle Megna
Insurance Lead Editor
Penny Gusner
Insurance Senior Writer
Bundle Auto and Home Policies
Try to save by bundling both auto and homeowners/property insurance. That also gives you greater protection from being dropped because the insurance company would lose both policies.
Homeowners Insurance Expert
Look for Savings But Maintain Enough Dwelling Coverage
Consider reducing or eliminating coverage other than dwelling coverage, if absolutely necessary. I do not encourage homeowners to ever consider reducing their dwelling coverage, but if a homeowner is truly pinched by price, and the insurer is willing to consider reducing or eliminating anything other than dwelling, then that is a discussion that (reluctantly) may be necessary.
Home Insurance Expert
Raise Your Deductible
Raising your deductible is one change you can make to save money. Our analysis of home insurance deductibles found that if you bump up your deductible from $500 to $1,000 or higher it will lower your rates by over $100 annually on average, so you get a lower home insurance premium. But you also take on more of the financial burden if you file a claim.
Insurance Editor
Compare Home Insurance Quotes
I’ve found that one of the best and easiest ways to find the cheapest home insurance is by comparing quotes from multiple companies. Check rates from at least three so that you can start to see the range of potential costs.
Insurance Lead Editor
Ask About Home Insurance Discounts
Don’t assume your home insurance company is automatically giving you all the discounts you qualify for. I’ve seen that asking for a review of home insurance discounts is an excellent way to possibly reduce your home insurance costs. For example, adding smart home technologies or a home security system can earn a discount.
Insurance Senior Writer
Related: How much homeowners insurance do you need?
What Does Home Insurance Cover?
A standard homeowners insurance policy, also known as an HO-3, covers your dwelling (house) for any problem except ones listed as exclusions in the policy. Common exclusions are damage from floods and earthquakes. A homeowners policy also covers your personal property, such as furniture and clothes.
While your house and belongings are two of the main items protected by homeowners coverage, there is much more to what a home insurance policy covers.
Find the Best Homeowners Insurance Companies Of 2024
Methodology
Average home insurance rates were calculated using data from Quadrant Information Services.
We analyzed home insurance rates based on a 40-year-old female homeowner with good credit, no past claims, a $500 deductible and the following coverage limits (unless otherwise noted):
- Dwelling coverage: $350,000
- Other structures: $35,000 (10% of dwelling limit)
- Personal property: $175,000 (50% of dwelling limit)
- Loss of use: $35,000 (10% of dwelling limit)
- Liability: $100,000
- Medical payments to others (guest medical): $1,000
Average Cost of Homeowners Insurance Frequently Asked Questions (FAQs)
Why did my homeowners insurance go up?
You may see your homeowners insurance costs increase after you file a claim or if there were many recent claims in your area.
Sometimes rising rates are completely out of your control, such as inflation, building costs and extreme weather. One way to combat higher costs is to compare home insurance quotes.
Why is homeowners insurance so expensive?
Inflation, rising building costs and extreme weather are all reasons why home insurance costs are on the rise. Extreme weather, including hurricanes, freezes and wildfires, has led to higher home insurance costs due to the number of claims these events have produced. Home insurance companies have been experiencing costly claims because of those factors.
Shop around with multiple homeowners insurance companies to find cheaper home insurance. You may want to try bundling your home and auto insurance for a discount and possibly get better prices on both policies.
What is the average deductible for homeowners insurance?
Homeowners insurance deductible options typically range between $250 and $2,000. The most common home insurance deductible choices tend to be $500 or $1,000.
Our analysis found that homeowners can save an average of over $100 on home insurance by increasing a deductible from $500 to $1,000. The average cost is $1,703 per year for homeowners insurance with a $500 deductible. That average home insurance cost goes down to $1,595 with a $1,000 deductible.
