Here Are the 10 Most Expensive States for Home Insurance (2024)

FAQs

What state has the most expensive home insurance? ›

Based on homeowners' incurred losses by state data provided by the Insurance Information Institute, California typically sees the highest amount of home insurance claims in terms of monetary losses, totaling almost $16 million.

State Farm is the cheapest home insurance provider in 22% of states and Allstate is the cheapest provider in 18% of states. Oklahoma has the most expensive home insurance with policies averaging $6,325 per year, while Hawaii offers the lowest average annual premium at $782.

State Farm is the largest home and auto insurance company in North America, capturing 17.79 percent of the home market and 18.31 percent of auto. State Farm has an extensive network of 19,000 agents across most of the country and is highly rated for overall customer satisfaction by J.D. Power.

What Is the Average Cost Of Homeowners Insurance in Florida? The average cost of home insurance in Florida is $2,490 per year, or about $208 per month, which is slightly lower than the national average of $2,511.

How much will home insurance rates increase? The firm's Home Insurance Projection Report foresees a 6% rise in annual premiums in 2024. The increase will put the national average at $2,522 at the end of the year.

The average annual cost of homeowners insurance in the U.S. is $2,511 or $209 per month according to Quadrant Information Services. State Farm is the most affordable home insurance provider for most homeowners.

As inflation increases, insurance companies respond by raising rates. That's because the cost of items in your home will cost more than they did last year. As the price for appliances and equipment escalates, rates will adjust as well.

Called a comprehensive policy, an HO-5 policy offers the highest level of insurance coverage for houses and belongings. It covers your house and belongings under all circ*mstances except those listed as exclusions in the policy. The exclusions for HO-5 policies are the same as those under an HO-3.

Why is home insurance so expensive in the US? ›

Inflation: Residential building and construction labor costs have risen in recent years, pushing insurers to raise premiums. A recent Bloomberg Intelligence analysis found that including homeowners insurance in the inflation data could have added about 0.8% to last year's CPI increase of 3.4%.

Travelers is the most expensive homeowners insurance company for $200,000, $350,000, $500,000 and $750,000 dwelling coverage amounts. Rates vary significantly among companies because they each have their own formulas for pricing.

USAA, Nationwide, Travelers, Erie, Geico and Progressive are the cheapest car insurance companies nationwide, according to our analysis.

Inflation and increased claims are joining together to make Florida's homeowners face huge premium jumps. Two of the state's private insurance companies have just applied to increase premiums by over 50%. The carriers, Castle Key and Amica have asked regulators to approve rate rises of 53% and 54% on some policies.

Detroit drivers still spend the most money on car insurance in the country, according to an annual report. Bankrate's True Cost of Auto Insurance report found that drivers in Detroit spend an average of $5,687 per year for full coverage, which equals about 7.98% of the median household income.

The primary reason for inflating insurance prices is the increasing number of claims in recent years. The payouts connected to these claims mean that insurance companies are increasing prices to offset costs. Government data show that 2023 was a record-breaking year for damaging weather and climate events.