According to NerdWallet, the average cost of homeowners insurance ranges from $483 ($40/month) to $3,644 ($304/month). The big difference in home insurance cost is driven by a few factors, including the state where you live, location within the state, claims history, and characteristic and size of your home, and the limit and coverage you select. In this way, home insurance is very unique to the individual.
See where your state ranks for average homeowners insurance price:
We continually update this page with the most recent home insurance cost data, so keep checking back. These rates were completed by NerdWallet and are a simulated “average” household calculated in a “batch” comparative insurance rater called Quadrant. If you are conducting online research on average home insurance costs, it’s important to note that rates are always changing. Make sure you are reviewing current data, as only a year difference can change the average premiums. Also, the rates for our home partner insurance carriers may be different. NerdWallet may not have access to all our partner’s rates.
The average IronPoint homeowners insurance policy costs $1,469 for a 12-month, or $122 per month.
Note, the average price reflect the mix of policies sold. We have policies sold as low as $600 and as high as $10,000. The cost is driven by the individual characteristics of the home and it’s location and state.
We are currently only selling homeowners insurance in the following states: Arizona, California, Colorado, Nevada, Utah and Washington.
Many factors can impact your cost of homeowners insurance, including location, construction materials, coverage selections, prior claims, and your insurance score. See below for more information about the components affecting pricing for homeowners insurance:
Homeowners insurance rates vary by region, and even by zip code. If you reside in a state prone to severe weather issues like tornadoes, hurricanes, and hail, you could pay more for home insurance than homeowners in states that aren’t plagued by catastrophic weather. Areas with lower construction costs often enjoy more favorable home insurance rates as well.
More location-based factors that can affect home insurance prices include:
One of the first questions asked by a home insurer is, “What kind of home do you have?” Construction materials, and other home specs, can raise the overall value of your property and increase the cost of your homeowners insurance.
For example, concrete block homes typically cost less to insure than wood frame houses because they’re less susceptible to fires and strong winds. Your insurer will also ask about your siding type, flooring materials, and even how you heat the home to assess the risk of insuring it.
Your roof’s construction and shape can also be critical when it comes to the cost of your homeowners insurance. If your roof material is asphalt shingles, which are less flammable, you usually have a lower home insurance cost than if you had a cedar or wood-shakes roof.
Gable roofs are the most common and affordable roof type to install, but they are prone to wind damage. Hip roofs (characterized by all sides gently sloping downward) often cost more to install, but are more resistant to wind and could lessen the price of home insurance.
Home insurance companies focus on claims you previously filed. If you had multiple losses, you’ll likely pay a higher rate as you’re more likely to file another claim.
Your home insurance cost can also depend on the home insurance coverages and deductibles you select. Eliminating extra protection (like personal injury coverage) and lowering your limits of liability may save you a modest amount of money. Conversely, you can often increase your coverage by thousands and your home insurance rate will only be minimally impacted.
Home insurers may use an insurance score in some states. Each company uses its own method of calculating an insurance score, which typically includes a blend of credit and claims histories. Insurers value this information because there is a correlation between credit history and insurance risk. The higher your score, the lower your home insurance cost.
If you’re running a business out of your home, you may be denied coverage or pay a higher home insurance rate. It often depends on the nature of your business, and your insurer may require you to purchase a separate policy.
Because you could be liable if your dog bites someone, coverage for animal liability may increase the cost of your home insurance. It’s important to note that some insurers won’t cover dog bites regardless of the breed, so you’ll want to consult your policy to see if you’re covered. If not, you can purchase separate insurance for dog bite incidents.
Due to the potential for injury, insurance companies consider trampolines and pools to be “attractive nuisances,” and will raise the cost of your homeowners insurance. Some companies won’t cover trampolines, and many require a fence or locked gate, at least four feet high, around a pool in order to qualify for coverage.
Want to know if you can save on home or auto insurance? See for yourself. Start a quote today.
Call today and speak with a professional insurance agent.
Copyright IronPoint Insurance Services, LLC | California License No. 0G87821 | PO Box 62436, Irvine, CA 92602 | 877.334.7646
IronPoint Insurance Services, LLC is an independent insurance agency licensed (#0G87821) with the California Department of Insurance. We are authorized agents for many A+ rated Arizona, California, Colorado, Nevada and Utah insurance companies. We provide consumers with online, phone, and in-person insurance services through our insurance company relationships.
IronPoint Insurance Services, LLC offers multiple insurance quotes through ComparisonQuote.com to provide consumers several options for their insurance products. We offer auto insurance through Travelers Insurance Companies, Nationwide Insurance, Safeco Insurance, MetLife Auto & Home, and Progressive. We are authorized insurance agents for these companies and do not charge any fees for our services. If an IronPoint insurance agent tries to charge you broker or agency service fees for representing these companies, please contact us immediately.
Pet insurance coverage offered and administered by Pets Best Insurance Services, LLC is underwritten by American Pet Insurance Company, a New York insurance company, or Independence American Insurance Company, a Delaware insurance company headquartered at 485 Madison Ave. 14th Fl. New York, NY 10022.