The Average Cost of Home Insurance in 2022: Everything You Need to Know

Average Cost of Home Insurance in 2022: All You Need to Know

Annual cost of home insurance in the US and $1,383 in 2022 for a $250,000 household, according to Bankrate. FActors such as your location, region, the type and amount of content you choose, your credit score and more can affect this amount.

In this blog

How Much Does Home Insurance Cost? in Different countries

Here is an estimate of the annual fees you may have to pay depending on the country you live in:

Government Average home insurance premiums (per year)
Alabama $1,597
Alaska $1,001
Arizona $1,216
Arkansas $2,104
California $1,000
Colorado $1,690
Connecticut $1,284
Delaware $770
Florida $1,358
Georgia $1,400
Hawaii $400
Idaho $890
Illinois $1,422
Indiana $1,100
Iowa $1,390
Kansas $2,767
Kentucky $1,850
Louisiana $1,813
Maine $956
Maryland $1,130
Massachusetts $1,307
Michigan $1,120
Minnesota $1,785
Mississippi $1,773
Missouri $1,572
Montana $1,878
Nebraska $2,900
Nevada $822
New Hampshire $794
New Jersey $751
New Mexico $2,024
new York $987
North Carolina $1,297
North Dakota $1,941
Ohio $1,116
Oklahoma $3,518
Oregon $712
Pennsylvania $736
Rhode Island $1,193
South Carolina $1,142
South Dakota $1,997
Tennessee $1,695
Texas $1,883
Utah $646
Vermont $686
Virginia $1,017
Washington $900
Washington, DC $909
West Virginia $1,127
Wisconsin $990
Wyoming $805

Source: Bankrate

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Similar Items of Home Insurance

When calculating the cost of home insurance, insurers take many factors into consideration. Some of these things are:

Substitute Price

The more your home costs to update, the more you will pay. This is because the conversion rate is based on many variables. It varies depending on the square footage and local building budget as well as its unique features and architecture.

However, you can get a rough estimate with basic calculations. Contacting an insurance agent or insurance agent will help you!

Home Insurance Loan

Insurers use interest rates as a way to determine the likelihood of paying on time. Credit is often used to measure risk which helps determine the amount of home insurance. Poor credit can make insurers see you as someone who is more likely to file a claim than those with better credit.

Your credit score can have a significant impact on premium rates and therefore change the cost of your home insurance. Good credit can be seen as a low risk that can help you reduce costs.

Ancient History

When it comes to determining the amount of home insurance coverage, a history of complaints can indicate a high risk to the homeowner’s insurance company.

When you make your first claim on your homeowner’s policy, you may do so because something unexpected happened that left you with financial responsibility or worse: no way to fix the problem.

Insurance companies often make decisions like this about data processing. However, complainants who have filed multiple complaints in the past may be considered to be at a higher risk than those who have complained only once.


Demographics, such as age, marital status, and gender make a big difference in determining the cost of home insurance.

According to Bankrateinsurance companies pay lower rates to married couples because they think they are in the lower risk category.

There are many insurance companies that like to take advantage of their large customers. According to Quote WizardIf you’re over 55, you may be eligible for the senior discount when purchasing home insurance.


Homeowner’s insurance is the amount the homeowner will pay out of pocket before receiving compensation for repairs to their property. It also determines how much you will save on your monthly payments.

If you make your deductible higher, it can lower your monthly payments. However, if there is a claim for an accident that is very expensive then it can cost more than what is saved in premiums.

The end

Home insurance is very important to protect your home from many types of uncertainties. By knowing about the cost of home insurance and how to get the least amount, we are sure that you will be able to insure your home without any problems.

If you have additional questions about home insurance, feel free to contact us. Agree with a insurance agent today!

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Frequently Asked Questions (FAQs)

{“@context”: “@type”: “FAQPage”, “mainEntity”: [{
“@type”: “Question”,
“name”: “What Are Some Common Exclusions From Home Insurance?”,
“acceptedAnswer”: {
“@type”: “Answer”,
“text”: “Homeowners should be aware that there are some common exclusions from a typical homeowner’s policy. The types of damage not covered by insurance typically include earthquake, flood, war-caused property damage, and wear and tear. Damage caused by mold or termites is also excluded in many cases.”
“@type”: “Question”,
“name”: “Is Home Insurance Policy For Condo Different?”,
“acceptedAnswer”: {
“@type”: “Answer”,
“text”: “Technically, yes. Although a condo is a category of home too, the insurance policy differs. Condo insurance (an HO-6 policy) covers the important areas of personal property and liability. It also provides coverage for some situations specific to condominium unit owners, such as their walls in which means covering their personal liability, property inside a condo unit including its interior – essentially anything excluded from the association’s policy.”

What Are Some Deductibles From Home Insurance?

Homeowners should be aware that there are some exceptions to the homeowner’s policy. Types of damage that are not covered by insurance usually include earthquake, flood, property damage due to war, and damage and destruction. Damage caused by mold or termites is also often not included.

Is Condo Home Insurance Different?

Technically, yes. Although a condo is a group home as well, insurance is different. Condo Insurance (schedule HO-6) covers important aspects of personal property and liability. It also provides assistance in other cases of condominium owners, such as their walls which means they have their debts, the property inside the building including its interior – especially anything that does not have the rules of the association.

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