Homeowners insurance costs depend on several factors, such as:
These variables mean that the cost of home insurance fluctuates – a lot. So while the national average cost of home insurance is $1,083 per year, that figure is just a starting point. Your state’s averages likely offer a more helpful impression of what you might pay for home insurance. Let’s take a look.
In Texas, homeowners typically pay a median of $1,310 each year on home insurance, according to our data. Again, that number varies depending on where you live in Texas. Based on our data, homeowners in Houston tend to pay a median of $1,417 per year for their coverage.
The average cost of home insurance in Georgia is $1,488 per year. Again, your city and neighborhood play a key role in how much you might might pay for your coverage.
Florida homeowners pay a median of $1,172 yearly for homeowners insurance based on our 2018 data. Again, your city may influence your rates, too. For example, these are the yearly median premiums homeowners pay in the following Florida cities, based on our data:
Check out these guides to see home insurance costs by the ZIP code for these cities.
While you can’t control some factors that influence your homeowners insurance cost, such as your home’s location, its age, and its value, there are some things you can do to reduce your rates.
These tips can help you get the cheapest homeowners insurance possible without sacrificing the quality of your coverage.
Don’t go with the first insurance provider you find or the one your parents use. The best way to make sure you get a good deal on your coverage is to shop around. Get a quote from a few different providers, and don’t look at price alone. You’ll also want to consider:
When you find an insurance provider you trust, this part should be easy. A quality insurance provider will help you select the appropriate amount of coverage for your home, your belongings, and your liability. Not too much coverage, which can drive up your premiums, and not too little, which leaves you inadequately protected.
Ideally, your policy will offer replacement cost coverage for both your home (which means you can rebuild with similar materials at the current market rate) and your belongings (which allows you to replace your missing or damaged possessions with similar, new items).
Many insurance providers offer you a discount when you purchase multiple policies through them. For example, bundling home and auto insurance is a common discount.
Typically, the higher your deductible, the lower your premium will be. While it may be tempting to choose the highest possible deductible to offset your monthly bill, be careful. You don’t want to choose such a high deductible that it puts an unreasonable financial burden on you when you need to make a claim.
For reference, Kin customers can choose between the following deductible options: $500, $1,000, $2,500, $5,000 or 1, 2, 3, or 5 percent of your dwelling coverage.
While you can’t pick up your home and move it to a new location, you can opt out of adding things to your home that may raise your premium. For example:
Certain updates to your house not only make the home safer, but they can also cut your home insurance costs. For example, the following improvements may reduce your bill:
Before making big investments, talk to your insurance agent to see what kind of discounts you can expect from each improvement. That can help you spend money that will be offset by savings down the road.
Most insurers can use your credit score as a factor to determine your premium. The logic is the better your score, the less likely you are to make a claim (and subsequently, you qualify for lower rates).
To improve your credit score and reduce your insurance bill, you can:
We get the impulse to buy and forget about your coverage, but a yearly review is a good practice for a few reasons:
Every insurance provider offers different discounts, prices, and coverage. So while the tips here apply to most insurance companies, you’ll get the best insight from an agent who can give you the scoop on:
Don't spend more money on insurance than you have to. These guides give you more insight into what impacts your premiums and the factors you can control to keep costs down.
We're a new breed of homeowner’s insurance. We save homeowners money on premiums, and help protect homes. Nobody wins when a home is damaged. Here's how we can help.
Find out which factors can impact how much you pay for home insurance.
A windstorm mitigation inspection tells insurers how resistant your home is to wind-related perils. It can save you big money on your home insurance.
Depending on where you live, a good home insurance score may mean you pay less for your homeowner’s policy. Find out what factors insurers look at when they create an insurance score.
Certain home upgrades may help you secure the lowest homeowners insurance rates available by making your home safer.