Homeowners insurance costs an average of $1,915 a year, or about $160 a month, according to NerdWallet's analysis. We analyzed pricing data from more than 100 insurance companies to bring you the average homeowners insurance cost in every state and the largest U.S. cities.
How much is homeowners insurance on a $500,000 house? A $500,000 home costs an average of $2,891 per year to insure. State Farm has the cheapest rates for $500,000 homes, at around $1,976 per year.
Homeowners can expect to pay $1,570 annually for homeowners insurance on a $350,000 home. That works out to $130 monthly. Your premium will be a function of the coverage amount and your policy structure.
The national average cost of home insurance is $2,181 per year for a policy with a $300,000 dwelling limit. This comes out to about $182 per month. But these are just average figures — what you pay for your policy will likely be different. Just as coverage needs vary across individual homeowners, so will costs.
California, Hawaii, Massachusetts and Michigan prohibit or limit the use of credit as a rating factor in determining auto insurance rates.
Several factors are behind the rising rates. Severe weather events continue to cause serious damage and costly insurance claims. The rising cost of building materials, supply chain issues and unfilled jobs are driving up the costs of home repairs.
Homeowners may pay up to $5,000 annually for house insurance on a $1 million residence. That works out to $416 monthly. That said, what you pay every month will be based on things like your coverage tally and the way your policy is structured.
The average home insurance cost by state varies with the nationwide average coming in at $2,601 a year. The cheapest state for home insurance is Hawaii at $613 a year, and the most expensive state is Oklahoma at $5,858 a year.
Recommended Coverage: Equal to Your Home's Replacement Cost
The dwelling coverage part of your homeowners insurance policy helps pay to rebuild or repair your home and any attached structures—such as a garage, deck, or front porch—if damaged by a covered peril.
USAA homeowners' insurance tends to be more expensive due to its commitment to high standards for comprehensive coverage, superior customer service, and consideration of location-specific risk factors.
Cost of insurance for a $10 million home
For a home that's insured for $10 million with a rate of $0.25 per $100 of insured dwelling value, the cost to insure the just the home might come in around $25,000 per year. However, that's just the house itself.
Why did your homeowners insurance go up? (Updated October 2024) The increase in expensive natural disasters and higher-than-average labor and construction costs have caused home insurance rates to skyrocket.
Raise your deductible
The higher your deductible, the more money you can save on your premiums. Nowadays, most insurance companies recommend a deductible of at least $500. If you can afford to raise your deductible to $1,000, you may save as much as 25 percent.
The average rate of home insurance premiums for these states has breached the national average cost by more than a hundred percent. At the top is the state of Florida, where homeowners pay a whopping $5,770 per year to insure their homes and properties according to the latest analysis by Bankrate.
Nationwide, Amica and USAA have some of the lowest rates for homeowners insurance. Homeowners insurance has become more expensive in recent years, especially in states hit with increasingly severe storms, flooding or wildfires.
What's considered a high-value home? In general, most insurance companies consider a high-value home to be somewhere in the range of $750,000 or higher. However, some companies may only consider high-value homes to be worth $1 million or more.
Home insurance for older properties tends to be more expensive because: Structures and systems that have seen decades (or even centuries) of wear and tear are more likely to cause problems.
Yes. You have the right to switch your homeowners insurance at any time. If you're in the market for a home, you'll want to start shopping for home insurance before you purchase a house. That's because most mortgage lenders require you to buy some type of homeowners coverage before closing.
Nationwide, the average premium for homeowners insurance has increased significantly over the past decade, and 2025 is no exception. Insurers are passing on the higher claims costs, reinsurance and regulatory compliance to policyholders like you.
There are some differences around how the various data elements on a credit report factor into the score calculations. Although credit scoring models vary, generally, credit scores from 660 to 724 are considered good; 725 to 759 are considered very good; and 760 and up are considered excellent.
Most insurers use credit checks to create a credit-based insurance score to help set your rate. Some insurers provide auto insurance with no credit check, which might seem appealing if you have a poor credit history.
Your payment history plays a significant role in your credit score, accounting for 35% of your FICO® Score. As such, making regular, on-time payments on your car loan may improve your credit standing over time.