How much is homeowners insurance?
The average cost of homeowners insurance nationwide is approximately $810 according to the Insurance Journal. However, because the average homeowners insurance premium varies greatly from state to state, you should use your state’s average premium as the basis for comparison instead of the nationwide premium. You can find more detailed information about homeowners insurance in your state by going to the “State by State” section of this site.
But there are many other factors that can affect how much you pay for homeowners insurance beyond just where your home is located. The more coverage you elect to purchase, the more it will cost you. If your home presents some risk factors, such as its type of construction, you will likely pay more for insurance as well. For example, in most cases, wood-framed homes are more costly to insure than masonry homes due to the higher probability of damage in the event of a fire.
However, it’s important to note that not all insurance companies will set your premium in the same way, using the same risk factors. Therefore, it will benefit you to shop around for the best price and coverage.