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

FAQs

What state has the most expensive homeowners insurance? ›

Which states have the most expensive car insurance rates? Michigan, Nevada, Delaware, Florida and Rhode Island have the highest car insurance rates. Michigan: Michigan has by far the most expensive car insurance rates in the country.

Oklahoma is the most expensive state for home insurance; the average rate there is $5,858 a year. Hawaii is the cheapest state for home insurance at only $631 a year, on average. Where you live in the state will also make a difference; for example, coastal homes will often see higher rates than those inland.

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.

State Farm is the largest home and auto insurance company in North America, capturing 17.79 percent of the home market and 18.31 percent of auto.

State Farm is the cheapest home insurance provider in 22% of states and Allstate is the cheapest provider in 18% of states. Oklahoma has the most expensive home insurance with policies averaging $6,325 per year, while Hawaii offers the lowest average annual premium at $782.

Unfortunately, home insurance rates will continue to soar in 2024, according to Insurify's analysis. Annual home premiums are expected to jump by an average of 6% nationally, from $2,377 to $2,522. The rate hikes are projected to reach as high as 23% in some states.

What Is the Average Cost Of Homeowners Insurance in Florida? The average cost of home insurance in Florida is $2,490 per year, or about $208 per month, which is slightly lower than the national average of $2,511.

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.

The average cost of homeowners insurance in the U.S. is $2,153 per year for $300,000 in dwelling coverage. However, your actual rates may vary depending on several factors. This advertisem*nt is powered by Coverage.com, LLC, a licensed insurance producer (NPN: 19966249) and a corporate affiliate of Bankrate.

Why is my house insurance so high? ›

Your state and even your ZIP code may influence the amount you pay in home insurance premiums. If your house is located in an area with a history of losses, such as vandalism, theft or weather-related events, you may see a higher rate. However, location could have a positive impact, too.

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.

Priciest Areas Overall for Home Insurance

The insurance rates homeowners pay can vary considerably across the country. Vermont homeowners tend to pay the least, at an average annual rate of $918, whereas Florida homeowners pay the highest—at nearly $11,000 annually.

A combination of high inflation and increasingly frequent natural disasters has resulted in insurers significantly raising premiums for homeowners in such areas.

A combination of inflation, natural disasters, and lower competition is to blame. Homeowners can shop around with different insurers and consider raising their deductibles to save money on policy costs.

The primary reason for inflating insurance prices is the increasing number of claims in recent years. The payouts connected to these claims mean that insurance companies are increasing prices to offset costs. Government data show that 2023 was a record-breaking year for damaging weather and climate events.

Detroit drivers still spend the most money on car insurance in the country, according to an annual report. Bankrate's True Cost of Auto Insurance report found that drivers in Detroit spend an average of $5,687 per year for full coverage, which equals about 7.98% of the median household income.