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The average homeowner in the U.S. pays $1,754 per year for their home insurance policy, reports Policygenius, though premiums can vary by thousands of dollars depending on the state, the price of the home and the homeowner's claim history.
To demonstrate the effect claims have on insurance rates, a person with a $300,000 dwelling insurance policy and no previous claims will pay an average premium of $1,925 annually, and the cost increases slightly to $2,093 per year for someone with one previous claim. A homeowner's premium will continue to increase with each subsequent claim, as those with three claims pay around $2,902 per year and those with five claims see an average annual rate of $4,339.
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Brittney Meredith-Miller
Brittney Meredith-Miller is assistant editor of PropertyCasualty360.com. She can be reached at [email protected].
