Average homeowners insurance cost in May 2023

Your information is kept secure.

We've saved shoppers an average of$350per year on home insurance.

Trustpilot logo with 4.7 green stars indicating an "excellent" ranking for Policygenius.
A mobile phone screen displaying home insurance carrier prices

Compare top insurers

MetLife logoChubb logoSage Sure logoTravelers logoHippo logoNationwide logo
Headshot of Pat Howard
Headshot of Kara McGinley

By

Pat HowardManaging Editor & Licensed Home Insurance ExpertPat Howard is a managing editor and licensed home insurance expert at Policygenius, where he specializes in homeowners insurance. His work and expertise has been featured in MarketWatch, Real Simple, Fox Business, VentureBeat, This Old House, Investopedia, Fatherly, Lifehacker, Better Homes & Garden, Property Casualty 360, and elsewhere.&Kara McGinleySenior Editor & Licensed Home Insurance ExpertKara McGinley is a former senior editor and licensed home insurance expert at Policygenius, where she specialized in homeowners and renters insurance. As a journalist and as an insurance expert, her work and insights have been featured in Forbes Advisor, Kiplinger, Lifehacker, MSN, WRAL.com, and elsewhere.

Edited by

Jennifer GimbelJennifer GimbelSenior Managing Editor & Home Insurance ExpertJennifer Gimbel is a senior managing editor and home insurance expert at Policygenius, where she oversees our homeowners insurance coverage. Previously, she was the managing editor at Finder.com and a content strategist at Babble.com.
|

Reviewed by

Fabio Faschi, PLCS, SBCS, CLCSFabio Faschi, PLCS, SBCS, CLCSLicensed Property & Casualty Insurance ExpertFabio Faschi is a licensed property and casualty insurance agent. His expertise on home and auto insurance has been featured on Forbes, Consumer Affairs, Realtor.com, Apartment Therapy, SFGATE, Bankrate, and Lifehacker.

Updated

Expert reviewedExpert reviewedThis article has been reviewed by a member of ourFinancial Review Council to ensure all sources, statistics, and claims meet the highest standard for accurate and unbiased advice.Learn more about oureditorial review process.

Policygenius content follows strict guidelines for editorial accuracy and integrity. Learn about our editorial standards and how we make money.

How much is homeowners insurance?

Homeowners insurance costs an average of $1,899 per year, or around $158 a month, for a policy with $300,000 in dwelling coverage, according to Policygenius' analysis of home insurance rates in every U.S. state and ZIP code.

But keep in mind that this is just the national average and that your own home insurance rates could vary significantly based on where you live, how much coverage you need, and individual factors like your credit and claims history.

Compare rates and shop affordable home insurance today

We don't sell your information to third parties.

Average homeowners insurance cost by state

The average price for homeowners insurance can differ by hundreds, even thousands of dollars depending on where you live. Hover over your state on the map below to see the average annual cost of home insurance for a home with $300,000 in dwelling coverage.

While home insurance prices are going up virtually everywhere, homeowners in areas of the country with a low risk of natural disasters — like Vermont and New Hampshire — likely haven't felt as much of an impact. Depending on where you live, you can expect to pay anywhere from $500 a year to over $4,000 a year — a $3,500 difference.

Below is the average cost of home insurance per month and annually by state, and how it compares to the national average.

State

Average monthly cost

Average annual cost

Difference from national average (%)

Alabama

$165

$1,982

4%

Alaska

$117

$1,398

-26%

Arizona

$147

$1,762

-7%

Arkansas

$244

$2,924

54%

California

$120

$1,436

-24%

Colorado

$206

$2,472

30%

Connecticut

$113

$1,359

-28%

Delaware

$77

$928

-51%

District of Columbia

$96

$1,154

-39%

Florida

$204

$2,442

29%

Georgia

$163

$1,956

3%

Hawaii

$41

$486

-74%

Idaho

$113

$1,352

-29%

Illinois

$148

$1,775

-7%

Indiana

$143

$1,719

-9%

Iowa

$143

$1,714

-10%

Kansas

$258

$3,094

63%

Kentucky

$219

$2,622

38%

Louisiana

$209

$2,507

32%

Maine

$90

$1,076

-43%

Maryland

$131

$1,575

-17%

Massachusetts

$107

$1,285

-32%

Michigan

$129

$1,550

-18%

Minnesota

$161

$1,937

2%

Mississippi

$221

$2,655

40%

Missouri

$219

$2,627

38%

Montana

$184

$2,213

17%

Nebraska

$312

$3,741

97%

Nevada

$101

$1,209

-36%

New Hampshire

$81

$967

-49%

New Jersey

$75

$904

-52%

New Mexico

$141

$1,686

-11%

New York

$95

$1,139

-40%

North Carolina

$132

$1,580

-17%

North Dakota

$158

$1,890

0%

Ohio

$108

$1,297

-32%

Oklahoma

$353

$4,230

123%

Oregon

$75

$905

-52%

Pennsylvania

$97

$1,162

-39%

Rhode Island

$113

$1,358

-28%

South Carolina

$141

$1,696

-11%

South Dakota

$202

$2,418

27%

Tennessee

$187

$2,242

18%

Texas

$252

$3,027

59%

Utah

$77

$923

-51%

Vermont

$75

$900

-53%

Virginia

$111

$1,329

-30%

Washington

$101

$1,216

-36%

West Virginia

$122

$1,464

-23%

Wisconsin

$98

$1,177

-38%

Wyoming

$133

$1,599

-16%

Collapse table
Why you can trust our rates

At Policygenius, our educational guides are written and fact-checked by licensed home insurance experts and reviewed by our Financial Review Council to ensure autonomy, expertise, and accuracy.

Our rates were determined by analyzing home insurance rates provided by Quadrant Information Services for over 120 insurance carriers from across the country in March 2022. You can view our full methodology below.

Top 5 cheapest states for home insurance

The states with the cheapest typical home insurance costs in 2023 are Hawaii, Vermont, New Jersey, Oregon, and Utah. All of these states have average home insurance prices of under $1,000 a year for a home with $300,000 in dwelling coverage. However, the typical cost of homeowners insurance in Oregon is going up due to a brutal wildfire season.

Here are the most affordable states for homeowners insurance.

Home

1. Hawaii: $486 per year

2. Vermont: $900 per year

3. New Jersey: $904 per year

4. Oregon: $905 per year

5. Utah: $923 per year

Top 5 most expensive states for home insurance

On the flip side, the states with the most expensive average home insurance costs in 2023 are Oklahoma, Nebraska, Kansas, Texas, and Arkansas. One thing all of these states have in common? They're all located in Tornado Alley — a region of the country that sees frequent tornadoes and hailstorms throughout much of the year.

Here are the most expensive states for homeowners insurance.

Home

1. Oklahoma: $4,230 per year 

2. Nebraska: $3,741 per year

3. Kansas: $3,094 per year

4. Texas: $3,027 per year

5. Arkansas: $2,924 per year

Average homeowners insurance cost by city

The table below provides a look into the average cost of home insurance per month and annually in different cities across the U.S. and how each compares to its respective state's average.

Cities that face a high risk of tornadoes or hurricanes — such as Kansas City, Houston, and Miami — see higher typical home insurance costs than cities located in more mild climates.

City

Average monthly cost

Average annual cost

Difference from state average (%)

Albany, NY

$85

$1,025

-14%

Albuquerque, NM

$124

$1,488

-17%

Atlanta, GA

$171

$2,051

3%

Austin, TX

$183

$2,196

-29%

Baltimore, MD

$171

$2,052

18%

Boston, MA

$130

$1,562

13%

Charlotte, NC

$134

$1,605

-4%

Chicago, IL

$203

$2,432

18%

Cincinnati, OH

$128

$1,534

-3%

Cleveland, OH

$127

$1,526

-4%

Colorado Springs, CO

$259

$3,104

24%

Columbus, OH

$127

$1,523

-4%

Corpus Christi, TX

$229

$2,742

-11%

Dallas, TX

$296

$3,554

16%

Denver, TX

$259

$3,104

24%

Detroit, MI

$315

$3,779

120%

Durham, NC

$146

$1,749

4%

Fort Myers, FL

$191

$2,288

-13%

Fort Worth, TX

$306

$3,673

18%

Hartford, CT

$140

$1,682

10%

Henderson, NV

$106

$1,272

3%

Houston, TX

$262

$3,149

2%

Indianapolis, IN

$179

$2,146

5%

Jacksonville, FL

$157

$1,884

-28%

Jersey City, NJ

$86

$1,029

11%

Kansas City, KS

$267

$3,209

12%

Lakewood, CO

$239

$2,864

15%

Las Vegas, NV

$114

$1,370

11%

Los Angeles, CA

$168

$2,021

29%

Louisville, KY

$201

$2,406

-14%

Memphis, TN

$266

$3,191

26%

Miami, FL

$417

$5,003

89%

Milwaukee, WI

$109

$1,302

8%

Minneapolis, MN

$179

$2,142

9%

Naples, FL

$209

$2,502

-5%

Nashville, TN

$194

$2,326

-8%

Newark, NJ

$93

$1,115

13%

New Orleans, LA

$332

$3,983

38%

New York City

$152

$1,819

49%

Ocala, FL

$162

$1,945

-26%

Odessa, TX

$281

$3,375

9%

Olathe, KS

$200

$2,405

-24%

Orlando, FL

$224

$2,683

2%

Philadelphia, PA

$166

$1,992

53%

Phoenix, AZ

$180

$2,162

13%

Pittsburgh, PA

$103

$1,241

-5%

Portland, OR

$72

$858

-10%

Raleigh, NC

$147

$1,760

4%

Richmond, VA

$122

$1,469

-3%

Sacramento, CA

$117

$1,401

-10%

Salt Lake City, UT

$79

$945

0%

San Antonio, TX

$197

$2,362

51%

San Diego, CA

$111

$1,333

-15%

San Francisco, CA

$128

$1,533

-2%

San Jose, CA

$105

$1,258

-20%

Santa Fe, NM

$120

$1,434

-20%

Savannah, GA

$184

$2,210

11%

Scottsdale, AZ

$163

$1,950

3%

Seattle, WA

$100

$1,195

-7%

Spokane, WA

$101

$1,210

-5%

Springfield, MO

$239

$2,870

0%

St. Louis. MO

$239

$2,871

0%

Tallahassee, FL

$157

$1,888

-28%

Tampa, FL

$217

$2,606

-1%

Tucson, AZ

$136

$1,632

-14%

Tulsa, OK

$311

$3,735

-15%

Virginia Beach, VA

$204

$2,445

62%

Collapse table

Compare rates and shop affordable home insurance today

We don't sell your information to third parties.

Average homeowners insurance cost by company

Home insurance costs vary from company to company, as every company has its own particular way of calculating rates and evaluating risk. Based on our analysis of the cheapest home insurance companies, we found that the price of homeowners insurance with Erie is the lowest, followed by Auto-Owners and USAA.

Top 10 most affordable home insurance companies

Company

Average monthly cost

Average annual cost

Erie

$107

$1,284

Auto-Owners Insurance

$117

$1,404

USAA

$123

$1,476

Travelers

$131

$1,572

Allstate

$137

$1,644

American Family

$143

$1,716

Amica

$146

$1,752

Mercury

$153

$1,836

Farmers

$154

$1,848

State Farm

$157

$1,884

Collapse table

Learn more >> Cheap homeowners insurance companies for 2023

How is homeowners insurance calculated?

Every insurance carrier has its own way of analyzing risk and calculating home insurance rates. But broadly speaking, premiums are based on the claim likelihood and severity of a given property.

Here are just some of the different factors that impact home insurance rates

Location

Home location is one of the biggest factors that insurance companies consider when calculating home insurance premiums. Homes in areas at risk of tornadoes, wildfires, hurricanes, or frequent break-ins will likely see high homeowners insurance rates due to the higher probability of damage and claims.

Home age

Older homes are often constructed with outdated materials that are more expensive to replace. Additionally, many have outdated plumbing, electrical, and home systems that increase the probability of accidental fires or water damage.

Given the increased risk of damage and claims, you'll generally have to pay more for home insurance as your home increases in age. On average, it's roughly $800 cheaper to insure a new home compared to one that's 30 years old.

Average homeowners insurance cost by home age

Age of home

Average monthly cost

Average annual cost

Difference from national average (%)

New

$93

$1,110

-42%

10 years old

$137

$1,645

-13%

20 years old

$157

$1,879

-1%

30 years old

$161

$1,933

2%

100 years old

$163

$1,956

3%

Learn more >> Best home insurance for older homes

Dwelling coverage amount

A home's dwelling coverage limit is based on its replacement cost, or the cost to rebuild the structure from the ground up. Simply put, more dwelling coverage means higher home insurance premiums.

Average homeowners insurance cost by dwelling coverage limit

Dwelling coverage level

Average monthly cost

Average annual cost

$100,000

$79

$946

$200,000

$120

$1,442

$300,000

$158

$1,899

$400,000

$207

$2,481

$500,000

$256

$3,066

Your rates may be higher if you need extra coverage

These rates don’t tell the full story, as they don’t take into account coverage add-ons or separate policies you may need to purchase for protection against earthquakes, wildfires, hurricanes, or windstorms. For example, while rates are extremely low in Hawaii, this doesn’t factor in the cost of separate hurricane insurance you’ll be required to purchase if you have a mortgage.

And homeowners in Oregon who live in areas at high risk of wildfires may be denied coverage from a standard home insurance company altogether. In this case, you’d be forced to find coverage through a specialty insurer or the Oregon FAIR Plan, which are both typically more expensive.

Deductible

A home insurance deductible is the amount you’re required to pay out of pocket on each claim before your insurance kicks in to cover the remainder of the costs.

Opting for a higher deductible — like $2,000 instead of $500 — will lower your homeowners insurance rates, but it also means you'll have to contribute more of your own money to each claim.

Here’s the average annual home insurance rate by deductible level from five different companies.

Average homeowners insurance cost by deductible amount

Company

$500 deductible

$1,000 deductible

$2,000 deductible

Allstate

$1,776

$1,596

$1,104

ASI Progressive

$2,750

$2,618

$1,365

Auto-owners

$1,171

$1,283

$1,010

Erie

$1,446

$1,346

$1,259

State Farm

$2,327

$2,039

$1,551

Claims history

Claims history is another important factor insurance carriers take into account when calculating home insurance rates. If you've filed more than one claim in the past five years, you'll generally pay higher home insurance rates since insurers view you to be at greater risk of filing another one.

Average homeowners insurance cost by claims history

Number of claims

Average monthly cost

Average annual cost

Difference from national average (%)

0 claims

$161

$1,933

2%

1 claim

$175

$2,101

11%

3 claims

$243

$2,916

54%

5 claims

$367

$4,407

132%

Learn more >> Does home insurance go up after a claim?

Compare rates and shop affordable home insurance today

We don't sell your information to third parties.

Inflation has effected the cost of homeowners insurance

Inflation has also played a role in home insurance prices, with the compounding effects of rising construction costs, labor shortages, and record-high claim payouts due to climate disasters.

Around 90% of homeowners saw their home insurance premiums increase over the last year, according to a Policygenius analysis of policy renewals from May 2021 to May 2022. For homeowners whose rates went up, the average increase was $134.

According to our Home Insurance Pricing Report, homeowners insurance costs are rising dramatically in many states throughout the U.S. Homeowners in Arkansas, Washington, and Colorado all saw their home insurance prices rise at more than double the rate of inflation from May 2021 to May 2022. 

8 ways to lower homeowners insurance costs

Homeowners insurance rates are going up everywhere due to higher rebuild costs, more severe natural disasters, and other things beyond our control.

But there are also several actions you can take to reduce your rates and ensure you're not paying more than you should be for homeowners insurance. To save on home insurance, consider the following:

  1. Compare home insurance quotes. It's a good idea to compare home insurance rates from multiple companies at least once each year to ensure you aren't missing out on a better deal elsewhere. In fact, Policygenius saves customers an average of $455 per year when they re-shop their homeowners insurance.

  2. Bundle home & auto insurance policies. One of the most foolproof ways to lower insurance costs is to bundle home and auto insurance — or to purchase both policies through the same company. Policygenius saves customers an average of $1,250 per year compared to what they were paying for home and auto insurance prior to bundling with us.

  3. Install home protective devices or features. When you take steps to make your home safer, such as by installing a home security system or certain wind mitigation features, you may be able to shave a significant amount off of your insurance bill.

  4. Improve your credit score. Making a conscious effort to pay down your credit card debt, make payments on time, and avoid opening up new accounts will help your overall financial health — and give you lower home insurance rates to boot.

  5. Increase your deductible. As we mentioned earlier, opting for a higher deductible can help you pay lower premiums each month. Just make sure you have enough in savings to cover the higher out-of-pocket costs.

  6. Choose accurate coverage amounts. Just 44% of U.S. homeowners reviewed their home insurance policy from January 2022 to January 2023 to see how much coverage they had, according to the Policygenius Home Insurance & Inflation Shopping Survey. While the overriding concern here is homeowners not updating their policies to reflect higher rebuild costs, many also may be missing out on the opportunity to get rid of coverage they don't absolutely need and lower their rates.

  7. Think twice before filing a small claim. Since your claims history directly impacts the cost of your home insurance, avoid filing a claim for smaller incidents that wouldn’t cost you too much to just pay yourself out of pocket.

  8. Reconsider liability risks. Trampolines, tree houses, and other “attractive nuisances” are a liability risk and having one on your property can result in higher premiums. If your kid moved off to college and you don't have any use for these structures anymore, consider removing them and you may just see lower rates.

Learn more >> Home insurance discounts & savings

How real customers lowered their home insurance bill in 2022

With the increase in insurance rates nationwide over the last year, we ran a survey in February 2023 to see what homeowners did last year to offset these high costs and lower their insurance bill.

According to the Policygenius Home Insurance & Inflation Shopping Survey, 51% of homeowners lowered their home insurance costs last year by switching companies for a cheaper option, followed by 33% who bundled their home and auto insurance policies to get a cheaper rate.

Infogram about ways homeowners lowered their home insurance bill in 2022

What does homeowners insurance cover?

Homeowners insurance provides you with financial protection in case of expensive property damage or lawsuits. Here's a breakdown of each of the six coverages in every standard policy.

  • Dwelling: Helps cover the cost to repair or rebuild your home in case it's damaged by a covered event, like a windstorm or fire.

  • Other structures: Pays for damage to structures on your property that aren't attached to your home, like a detached garage, shed, or fence.

  • Personal property: Covers damage or theft of your personal belongings, including clothes, kitchen appliances, electronics, and more.

  • Loss of use: Also known as additional living expenses, this helps pay for things like hotel stays, restaurant bills, and transportation costs if you're unable to live in your home because of covered damage.

  • Personal liability: Covers medical and legal expenses if you're found legally responsible for another person's injury or damage to someone's property.

  • Medical payments coverage: Pays for medical expenses if someone is injured on your property — regardless of who’s at fault.

Learn more >> What does home insurance cover?

Methodology

Policygenius' home insurance rate analysis is based on sample quotes from Quadrant Information Services from over 120 insurance companies in every state and ZIP code in the United States. Our sample quotes were based on a 40-year-old homeowner with no claims history, good credit, a $1,000 deductible, and the following coverage limits for the home:

  • Dwelling: $300,000

  • Other structures: $30,000

  • Personal property: $150,000

  • Loss of use: $60,000

  • Liability: $300,000

  • Medical: $1,000

When analyzing costs for different coverage levels and risk factors, we changed just one variable at a time to ensure the rates we’re comparing are fair and representative of the factor at hand.

Some carriers may be represented by affiliates or subsidiaries. Rates provided are a sample of costs. Your actual quotes may differ.

Join our millions of happy shoppers

Policygenius has near-perfect ratings on Trustpilot, BBB, and Google. Here's what our customers are saying.

Five white stars with green backgrounds

Amazingly easy process

I had a very good experience using Policygenius. They did most [of] the heavy lifting and made everything super easy. They sent me timely reminders which were helpful. I would 100% recommend using them.

Rahul,December 14thFive white stars with green backgrounds

Five white stars with green backgrounds

Policygenius made the process easy!

Policygenius made the process easy to navigate. The representatives were helpful and attentive to my questions. They were persistent in trying to help me find the best insurance for my current life goals. Once they connected me with insurance agents, the application process was relatively quick and, again, easy to navigate. I'd recommend them to anyone!

Kimberly,February 2ndFive white stars with green backgrounds

Five white stars with green backgrounds

This was an easy and simple process

This was an easy and simple process. It was not stressful at all. All of my questions were answered. I felt seen and listened to throughout the process. If you are on the fence don’t be you will not regret the decision to use this service.

Karen,April 13thFive white stars with green backgrounds

Five white stars with green backgrounds

Knowledgeable, Responsive and Courteous

The team quickly assessed my needs, they were knowledgeable of the products, and articulated a recommendation that was the best fit. The application process was simple, and they were available at each stage of the process to ensure the application was moving along. A great experience!

Mark,April 17thFive white stars with green backgrounds

Rated 4.7 / 5 based on4382 reviews.

See all reviews atTrustpilot logo

Ready to shop for home insurance?

Find the insurance you need and save by shopping from the most trusted insurers.

Get quotes

Authors

Pat Howard is a managing editor and licensed home insurance expert at Policygenius, where he specializes in homeowners insurance. His work and expertise has been featured in MarketWatch, Real Simple, Fox Business, VentureBeat, This Old House, Investopedia, Fatherly, Lifehacker, Better Homes & Garden, Property Casualty 360, and elsewhere.

Kara McGinley is a former senior editor and licensed home insurance expert at Policygenius, where she specialized in homeowners and renters insurance. As a journalist and as an insurance expert, her work and insights have been featured in Forbes Advisor, Kiplinger, Lifehacker, MSN, WRAL.com, and elsewhere.

Editor

Jennifer Gimbel is a senior managing editor and home insurance expert at Policygenius, where she oversees our homeowners insurance coverage. Previously, she was the managing editor at Finder.com and a content strategist at Babble.com.

Expert reviewer

Fabio Faschi is a licensed property and casualty insurance agent. His expertise on home and auto insurance has been featured on Forbes, Consumer Affairs, Realtor.com, Apartment Therapy, SFGATE, Bankrate, and Lifehacker.

Questions about this page? Email us at .