When it comes to homeowners insurance, one of the most influential variables affecting premium price is the value of a home.
According to a 2019 report from the National Association of Insurance Commissioners (NAIC), real estate values and construction costs tend to be higher in densely populated areas. As a result, homeowners in these communities can expect to pay more for insurance.
In 2017 (the most recent data available), the average cost of homeowners insurance was $1,211 — up from $1,192 the year prior, says the NAIC. In general, homeowners insurance premiums have been increasing over the past decade. Consider how the average home insurance cost was just $830 in 2008.
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