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Cheapest Homeowners Insurance – Cheapest Homeowners Insurance. Keeping your home safe and sound comes with a price. But in some states, you may be out of luck with the cost of your home insurance premium.

Finding the perfect home is more than just buying the perfect home. Most homeowners who want to protect their personal property from disasters such as theft or damage from weather events know how important it is to find quality home insurance. However, insuring your home isn’t always cheap. According to the National Association of Insurance Commissioners, homeowner insurance rates rose 1.6% between 2016 and 2017, reflecting an upward trend in homeowner insurance costs. Despite this upward trend, some states have managed to keep their premiums relatively low.

Cheapest Homeowners Insurance

Cheapest Homeowners Insurance

Insurance companies determine your home insurance policy using a variety of variables. Determining a home’s liability based on its occupants and surroundings means that homeowners insurance rates can vary based on general weather conditions in the area, theft or other property damage such as vandalism. To further analyze homeowners insurance rates and geographic demographics, the data science team studied homeowners insurance data to identify the ten states with the cheapest homeowners insurance rates.

Homeowners Insurance For A New Construction Home

The data science and research team at Homeowners Insurance Comparison Site studied homeowners data from the Insurance Information Institute to determine which states offer the cheapest homeowners insurance. HO-3 data on homeowners insurance policies (for owner-occupied dwellings of one to four family units) published by the National Association of Insurance Commissioners (NAIC) were used as the basis for measuring average policy costs of homeowners insurance by state.

State median home values ​​are determined by the most recent measure of the Zillow Home Value Index (ZHVI), a sensitive, seasonally adjusted measure of typical home value and market changes in an area and home type. Burglary rates at the national and state levels estimated by the FBI’s Uniform Crime Reporting Program were extracted from data taken from their Summary Reporting System (SRS).

Bring on the dancing lobsters, because Maine has some of the cheapest homeowners insurance premiums in the country. The average annual homeowner’s premium and median home value are lower than the national average, at 28 and 4 percent, respectively. Maine also has a low number of burglaries per capita, with a burglary rate 47% below average. Although Maine does not follow the overall national trend of lower median home values ​​being correlated with lower burglary rates, Maine’s relatively low number of burglaries can be attributed to its rural population – according to the United States Census Bureau, Maine has the highest proportion of rural areas among the fifty states, but is also the most dense and congested. Thefts are common in these areas.

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Helps you compare home insurance quotes. Find the best price for you.

States With The Least & Most Expensive Homeowners Insurance

Ohio ranks ninth in the nation for the most affordable home insurance premiums. With an average rate of $862, homeowners insurance in Ohio is 29% lower than the national average premium. Additionally, following the general trend that home value and the foreclosure rate are negatively correlated, Ohio’s median home value is 59% below average, while its foreclosure rate is 8 percent above average. Fortunately, Ohio homeowners are able to protect their assets and insure their homes at a relatively low rate.

Washingtonians looking to take care of their homes are lucky: The average home insurance premium in their state is 30% lower than what the average American pays. Washington’s median home value is the fifth highest in the nation, 39% higher than the national average, meaning you need a lot of greenery to buy a home in the Evergreen State. Because Washington has a surprisingly high foreclosure rate compared to its high median home value (29% above average), homeowners who have secured their modest abode can breathe a sigh of relief knowing that their home insurance costs are much less expensive.

Your home deserves the best protection at the best price. Find home insurance quotes that fit your budget.

Cheapest Homeowners Insurance

Despite being the second smallest state in the United States, Delaware homeowners can rest assured that their state offers the seventh cheapest homeowners insurance premiums in the country. Delaware homeowners insurance costs average 32% less than the national average, even though the median home value is nearly equal to the national average. Delaware’s burglary rate is an additional 15% lower than the national average, making Delaware an overall stable and safe state to own a home.

Homeowners Insurance Cost: What You Can Expect To Pay

Arizona ranks sixth among states with the most affordable home insurance premiums. With a slightly higher median home value and foreclosure rate, Arizona homeowner’s insurance costs, 32% lower than average, are a somewhat surprising plus for Arizona homeowners. While Arizona doesn’t necessarily follow the state’s national trend, with foreclosure rates high and consistent with low median home values, Arizona homeowners appear to be fortunate in terms of affordable home insurance.

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Two is better than one! Get the best home and auto insurance packages for you all in one convenient location.

The fifth state on our list, Wisconsin, is a true representation of that famous Midwestern hospitality: America’s dairyland offers relatively affordable insurance rates and home values. On average, Wisconsin homeowners can insure their home for 36% less than the average American. Wisconsin’s median home value is 23 percent below the national average, and its foreclosure rate is below average at 37 percent. Owning a home in Wisconsin seems to check all the boxes with lower housing costs, insurance premiums, and potential for burglaries across the board.

Many people come to Nevada every year to win big in Vegas. Fortunately, Nevada residents are already winning in the area of ​​affordable home insurance premiums. Nevada has the fourth cheapest cost of homeowners insurance in the United States, 38% below the national average. These low premiums are interestingly combined with above-average median home values ​​and burglary rates of 15 and 35 percent, respectively. Nevada is also a fascinating case in that these statistics do not follow a pattern of high foreclosure rates corresponding to low median home values. General home insurance coverage in Nevada protects high value at a low cost, making it one of the cheapest states to insure a home.

How To Get Cheap Homeowners Insurance

While Idaho isn’t known as the Gem State for its mountainous terrain and natural beauty, the third-cheapest state in the nation’s low home insurance premiums are certainly unique. Idaho homeowners can expect to pay about 40% less homeowners insurance costs than the national average. Idaho’s burglary rate is also 27% below average. As in Wisconsin, homeowners in Idaho have low home prices, low insurance premiums and concerns about home burglary.

At first glance, Utah housing isn’t cheap. Utah’s median home value is 28% higher than the national average, making it the eighth highest in the nation. However, insuring your home in Utah is paradoxically affordable. Utah’s average annual homeowners insurance premium of $692 is 43% lower than the national average. Utah’s burglary rate is an additional 18% lower than the national average, supporting the idea that home value and burglary rates are significantly negatively correlated. This low theft rate in the Beehive State helps lower insurance premiums.

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A state with the lowest home insurance premiums in the country, Oregon is also an attractive case. Oregon homeowners pay an average of 45% less on their insurance premiums than the rest of the country, but Oregon homes are particularly expensive: Oregon has the seventh highest median home value in the United States, 29% higher than the national average. Oregon’s burglary rate is about the same as the national average, which doesn’t necessarily follow a significant negative correlation with one’s median home value, but isn’t a huge contrast.

Cheapest Homeowners Insurance

The information, statistics and data visualizations on this page are free to use, we ask that you attribute any use, in whole or in part, to a link to this page. Thank you!

Policygenius Home Insurance Pricing Report Of July 2022

A team of data scientists and content specialists deliver insights, a range of auto, home and health research focused on topics that matter to us all. Using expert analysis of more than 4 million auto insurance claims and an array of leading data sources, the Insights team produces regional and national rankings each week with new data-driven stories, trend analysis, superlatives and more. See insights featured on Forbes, Fox News, USA Today, NPR and more. If you’re using the Galaxy Fold, consider unfolding your phone or displaying it in full screen to best optimize your experience.

Advertiser Disclosure Most of the listings appearing on this site are from companies that are compensated by The Motley Fool. This compensation may affect how and where products appear on this site (including, for example, the order in which they appear), but our reviews and ratings are not affected by the compensation.

Doni Firmansyah
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About Doni Firmansyah

The editor and writer at is a blogger. Writing a blog is an activity to fill your free time, to keep notes and share them with you.

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