Here Are the 10 Most Expensive States for Home Insurance (2024)

FAQs

Which state has the highest home insurance premiums? ›

For instance, Nebraska, Louisiana and Oklahoma are the most expensive states for homeowners insurance due to the significant risk of severe weather-related events such as tornadoes, hurricanes and severe storms.

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.

Based on homeowners' incurred losses by state data provided by the Insurance Information Institute, California typically sees the highest amount of home insurance claims in terms of monetary losses, totaling almost $16 million.

With a score of 4.1 out of 5, Amica ranks as the top homeowners insurance company in California, based on our research. Amica offers homeowners numerous coverage options and a variety of discount opportunities.

Three primary factors are driving the insurance challenge. First, natural disasters are becoming more common and costly. Second, the price of reinsurance is skyrocketing. And finally, Florida's litigation-friendly environment compounds the issue by making it easy for customers to sue their insurers.

State Differences in the Uninsured Rate in 2021

In 2021, the uninsured rate ranged from 2.5% in Massachusetts to 18.0% in Texas (Figure 1). Health insurance coverage rates may be related to whether a state expanded Medicaid eligibility to lower-income families under the Patient Protection and Affordable Care Act (ACA).

Most Expensive Car Insurance: The Bottom Line. According to our rate averages, the most expensive car insurance often comes from The Hanover Insurance Group. The company's average rates for both liability and full-coverage insurance can be more than 400% higher than the national average.

What is the average cost of homeowners insurance in Florida? According to 2024 data sourced from Quadrant Information Services, the average cost of homeowners insurance in Florida is $3,391, lower than the national average of $2,728.

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.

What is the most affordable state to live in? ›

The average cost of homeowners insurance in the U.S. is $2,285 per year for $300,000 in dwelling coverage. However, your actual rates may vary depending on several factors.

Oklahoma, Kansas, Nebraska, Florida, and Colorado are the most expensive states for homeowners insurance. Oklahoma has the highest average cost of homeowners insurance in the U.S. at $5,858 per year. Below, you'll see the top five most expensive states for homeowners insurance.

Insurance adjusters often start with a lowball offer, hoping you will accept it without question. To scare an insurance adjuster, you must demonstrate that you know the true value of your claim. Reject the lowball offer in writing and provide a detailed explanation of why you believe the offer is inadequate.

West Virginia leads all states with a 77% homeownership rate, followed closely by Delaware (75.7%), Mississippi (75.5%), Maine (75.5%), and Wyoming (74.5%), according to U.S. Census data.

Economic Factors: Inflation and Interest Rates

Texas's high home insurance rates are also driven by economic factors such as inflation and low-interest rates. The impact of inflation on home insurance rates in Texas has been significant, resulting in an average increase of 27% from May 2022 to May 2023.

The national average cost of home insurance is $2,285 per year for a policy with a $300,000 dwelling limit. This evens out to about $190 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.

What Is the Average Cost Of Homeowners Insurance in Florida? The average cost of home insurance in Florida is $3,391 per year, or about $283 per month for $350,000 in dwelling coverage with a deductible of $1,000, which is slightly lower than the national average of $2,728.