[gallery size="full" ids="251954,251955,251956,251957,251958"]
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.
Want to continue reading?
Become a Free PropertyCasualty360 Digital Reader
Your access to unlimited PropertyCasualty360 content isn’t changing.
Once you are an ALM digital member, you’ll receive:
- All PropertyCasualty360.com news coverage, best practices, and in-depth analysis.
- Educational webcasts, resources from industry leaders, and informative newsletters.
- Other award-winning websites including BenefitsPRO.com and ThinkAdvisor.com.
Already have an account? Sign In
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
Brittney Meredith-Miller
Brittney Meredith-Miller is assistant editor of PropertyCasualty360.com. She can be reached at [email protected].
