Cheap Home Insurance Rates – Keeping your home safe and tidy costs money. But in some states, you might get lucky with the amount of your home insurance premium.
Finding the perfect home is more than just buying the perfect home. Many homeowners who want to protect their personal possessions from disasters such as theft or weather-related damage know the importance of finding quality home insurance. However, home insurance isn’t always cheap. According to the National Association of Insurance Commissioners, homeowner insurance rates rose 1.6% from 2016 to 2017, reflecting a rising trend in home insurance costs. Despite this upward trend, some states have managed to keep their premium costs relatively low.
Cheap Home Insurance Rates
Insurance companies use many variables to determine your homeowners insurance policy. Determining a home’s liability based on its occupants and environment means home insurance rates can vary based on typical regional weather conditions, the likelihood of theft or other damage to property such as vandalism. To further analyze homeowners insurance rates and geographic demographics, the Homeowners Insurance Data Science team analyzed homeowners insurance data to identify the ten states with the cheapest home insurance rates.
Home Insurance Rates Explained
The data science and research team at the home insurance comparison site pored over homeowner data from the Insurance Information Institute to determine the states with the cheapest home insurance. Data on HO-3 Homeowner’s Package policies (for owner-occupied dwellings with one to four family units) published by the National Association of Insurance Commissioners (NAIC) served as the basis for measuring average home insurance costs by state.
State median home values are determined by the latest measurement of the Zillow Home Value Index (ZHVI), a smoothed, seasonally adjusted measure of typical home values and market fluctuations in a specific area and housing type. Robbery rates are taken from the FBI’s Uniform Crime Reporting Program estimates at the state and national levels, obtained from their Summary Reporting System (SRS).
Bring on the dancing lobsters, because Maine has some of the cheapest home insurance premiums in the country. Both the average annual home owner’s premium and the average home value are below the national average, at 28 and 4 percent, respectively. Maine also has a low rate of theft per capita, with a theft rate 47 percent below the average. While Maine does not follow the general national trend of low median home values being associated with low burglary rates, Maine’s relatively low number of home burglaries can be attributed primarily to its rural population — according to the U.S. According to the Census Bureau, Maine has the highest percentage of rural areas of all fifty states, while more dense and populated areas may experience more burglaries.
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Ohio ranks ninth in the nation for the most affordable home insurance premiums. With an average rate of $862, home insurance in Ohio costs 29 percent less than the national average premium. Additionally, in keeping with the overall negative correlation between home values and burglary rates, Ohio’s average home value is 59 percent below average. , while its burglary rate is 8 percent higher than average. Fortunately, Ohio homeowners can protect their assets and insure their home at a relatively low cost.
Washingtonians looking to insure their homes are in luck — their state average home insurance premiums are 30 percent lower than the average American. Washington has the fifth-highest median home value in the nation at a remarkable 39 percent above the national average, meaning there’s a lot of greenery to buy a home in the Evergreen State. With Washington’s surprisingly high burglary rate (29 percent above average) compared to its high average home value, homeowners who get their low-cost shelter can breathe a sigh of relief knowing their homeowner’s insurance costs are relatively cheap.
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Despite being the second largest state in the United States, Delaware homeowners can rest easy knowing that their state has the seventh highest home insurance premiums in the country. Homeowners insurance costs in Delaware are, on average, 32 percent lower than the national average, even when the average home value is nearly equal to the national average. Delaware’s burglary rate is another 15 percent below the national average, making Delaware an overall stable and safe state to own a home.
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Arizona ranks sixth in the list of states with the most affordable home insurance premiums. With slightly higher than average home values and burglary rates, home insurance costs in Arizona that are 32 percent lower than average are quite a surprising asset for Arizona homeowners. While Arizona doesn’t necessarily follow the national trend of states with higher burglary rates corresponding to lower average home values, Arizona homeowners seem to be in luck when it comes to affordable insurance for their homes.
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The fifth state on our list, Wisconsin, is a true representation of that famous Midwestern hospitality – America’s Dairyland has both affordable insurance rates and home values. Wisconsin homeowners can insure their home for an average of 36 percent less than the average American. Wisconsin’s median home value is 23 percent below the national average and its burglary rate is 37 percent below the average. Home ownership in Wisconsin seems to check all the boxes, with low home costs, insurance premiums, and the likelihood of theft.
Many people come to Nevada every year to win big in Vegas. Fortunately, Nevada residents are already winning in the area of affordable home insurance premiums. Home insurance costs in Nevada rank fourth in the U.S., 38 percent below the national average. Interestingly, these low premiums have higher-than-average home values and burglary rates of 15 percent and 35 percent, respectively. Nevada is also an interesting case because this statistic does not follow the pattern of higher burglary rates corresponding to lower average home values. Standard Nevada homeowners insurance coverage protects high value at a low rate, making it one of the cheapest states to insure a home.
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Not only is Idaho known as the Gem State for its mountainous terrain and natural beauty, the state’s low homeowner’s insurance premiums, the third highest in the nation, are certainly special. Idaho homeowners can expect to pay home insurance costs 40 percent less than the national average. Idaho also has a 27 percent lower than average burglary rate. Similar to the case in Wisconsin, Idaho homeowners are fortunate to have low home prices, insurance premiums and concerns about burglary.
At first glance, Utah homes aren’t cheap. Utah’s median home value is 28 percent above the national average, making it eighth in the nation. However, insuring your home in Utah is quite the opposite. Utah’s average annual homeowner’s insurance premium of $692 is 43 percent below the national average. Utah’s burglary rate is another 18 percent below the national average, suggesting that home value and burglary rates are significantly negatively correlated. Lower theft rates could contribute to lower insurance premiums across the Beehive State.
Oregon, the state with the lowest home insurance premiums in the country, is also a good example. Oregon homeowners pay an average of 45 percent less in their insurance premiums than the rest of the country, even though Oregon homes are remarkably expensive: Oregon has the seventh-highest median home value in the United States, 29 percent higher than the national average. . Oregon’s burglary rate is roughly on par with the national average, which doesn’t necessarily follow its negative significant correlation with median home value, but isn’t exactly inconsistent with it either.
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This team of data scientists and content specialists presents Insights, automotive, home and health research that focuses on topics that affect us all. With over 4 million auto insurance applications and expert analysis from many leading data sources, the Insights team creates new data-driven articles, trend analyses, regional superlatives and national rankings every week. See Insights from Forbes, Fox News, USA Today, NPR and more. Many or all of the products featured here come from our partners who pay us. This may affect which products we write about and where and how the product appears on the page. However, this does not affect our analyses.
On average, home insurance in the US costs $1,424 per year and about $118 per month. This price varies based on the state you live in and other factors such as previous home insurance claims, your score and age.