The national average cost of home insurance for a policy with a $300,000 dwelling limit is $2,304 per year, according to a recent report from Bankrate.
This comes out to roughly $192 per month, the data showed, with details like location, age and square footage, deductibles, policy limits and the cost of building materials factored into the cost.
“What you pay for your policy will likely be different,” Bankrate said in the report. “Just as coverage needs vary across individual homeowners, so will costs. If you have a loan on your home, your mortgage lender may also get a say in what home insurance coverage is required and whether or not you need a flood policy.”
Other key insights from Bankrate include:
- On average, the most expensive states for homeowners insurance are Nebraska, Florida and Oklahoma.
- The cost of home insurance is still increasing due to the impact of inflation, the elevated cost of building materials and the high likelihood of future extreme weather-related losses.
- On average, homeowners with poor credit histories pay 92% more for home insurance than homeowners with excellent credit.
Rounding out the top five cheapest states are New Hampshire and Alaska at $980 and $986 per year, respectively.
Meanwhile, Bankrate said Lititz Mutual, Selective and Buckeye State Mutual offer some of the lowest average home insurance rates for $300,000 in dwelling coverage.
The slideshow above illustrates steps homeowners can take to fight a non-renewal or find alternative insurance as selected by Consumer Reports.
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