What Is The Cheapest Homeowners Insurance Company – Keeping your home safe and secure comes at a price. But in some states, you may lose the value of your home insurance premium.

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

What Is The Cheapest Homeowners Insurance Company

Insurance companies determine a homeowners insurance policy using many variables. Determining a home’s liability based on occupants and its environment means that home insurance rates can vary based on typical weather conditions in the area, the likelihood of theft or other property damage such as vandalism. To dive deeper into the analysis of homeowners insurance rates and geographic demographics, the data science team dug into homeowners insurance data to identify the ten states with the cheapest home insurance rates.

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The data science and research team at the homeowner insurance comparison site dug into homeowner data from the Insurance Information Institute to determine the states with the cheapest home insurance. Data on HO-3 homeowners package policies (for owner-occupied dwellings with one to four family units) issued by the National Association of Insurance Commissioners (NAIC) served as the basis for measuring average home insurance policy costs by state.

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

Bring your bi lobs, because Maine has some of the cheapest home insurance premiums in the country. Both the average annual homeowner’s premium and the average home value are below the national average, at 28 and 4 percent, respectively. Maine has a low per capita theft rate, with a theft rate 47 percent below the average. Although Maine does not follow the nationwide trend of low median home values, Maine’s relatively low number of home robberies may be due to its largely rural population—according to the U.S. Census Bureau, Maine has the highest proportion of rural areas of all fifty states, and robberies are more dense in densely populated areas. can happen often.

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Cheapest Homeowners Insurance Companies Of 2023

Ohio ranks ninth in the nation for home insurance premiums. With an average rate of $862, home insurance in Ohio is 29 percent lower than the national average premium. Furthermore, after the general trend of negative correlation between home values ​​and burglary rates, Ohio’s average home value is 59 percent below the average. its robbery rate is 8 percent above average. Fortunately, Ohio homeowners can protect their assets and insure their homes at a relatively low cost.

Washingtonians looking to insure their homes are in luck—the average home insurance premium in their state is 30 percent lower than the average American pays. Washington’s median home value is the fifth highest in the nation, 39 percent higher than the national average, which means you need a green lot to buy a home in the Evergreen State. Given that Washington’s burglary rate is surprisingly high relative to the average home value (more than 29 percent on average), homeowners who have access to modest housing can breathe easy knowing that the cost of homeowners insurance is relatively cheap.

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Despite being the second-smallest state in the United States, Delaware homeowners can rest easy knowing their state has the seventh-lowest home insurance premiums in the nation. Homeowners insurance costs in Delaware are on average 32 percent lower than the national average, even though the average home value is nearly equal to the national average. Delaware’s foreclosure rate is an additional 15 percent below the national average, making Delaware an all-around stable and safe state to own a home.

Homeowners Insurance Facts And Statistics (2023)

Arizona has the sixth most affordable states for home insurance premiums. With a slightly higher than average home value and a burglary rate, Arizona’s 32% below average home insurance costs are a surprising asset for Arizona homeowners. While Arizona doesn’t necessarily follow the nationwide trend of states with high burglary rates commensurate with average home values, Arizona homeowners seem to be in luck in terms of affordable home insurance.

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The fifth state on our list, Wisconsin, is a true representation of the famous Midwestern hospitality—America’s Dairyland State—with relatively affordable insurance rates and home values. On average, Wisconsin homeowners insure their homes for 36 percent less than the average American. Wisconsin’s median home value is 23 percent below the national average, and its burglary rate is 37 percent below the average. Owning a home in Wisconsin seems to check all the boxes, with lower home values, lower insurance premiums, and the potential for burglary.

Many people come to Nevada every year to win big in Vegas. Fortunately, Nevada residents are already winners when it comes to affordable home insurance premiums. Nevada has the fourth lowest cost of home insurance in the US, 38 percent below the national average. These low premiums intersect with higher-than-average home values ​​and burglary rates of 15 and 35 percent, respectively. Nevada is also an interesting case because these statistics don’t follow the pattern of high burglary rates that match the average home values. Nevada’s typical homeowners insurance protects high value at a very low cost, making it one of the cheapest states for home insurance.

Cheap Homeowners Insurance

Idaho isn’t just known as a gem of a state for its mountainous terrain and natural beauty—the state’s low homeowner’s insurance premiums, which are the third cheapest in the nation, are certainly unique. Idaho homeowners can expect home insurance costs to be 40 percent lower than the national average. Idaho also has a 27 percent lower than average burglary rate. Similar to Wisconsin, Idaho homeowners are happy with low home prices, low insurance premiums, and low home burglary concerns.

At first glance, Utah homes don’t come cheap. Utah’s median home value is 28 percent higher than the national average, making it the eighth highest in the nation. However, home insurance in Utah is paradoxically affordable. The average annual homeowners insurance premium in Utah is $692, which is 43 percent lower than the national average. Utah’s burglary rate is an additional 18 percent below the national average, suggesting that home values ​​and burglary rates are significantly negatively correlated. This low rate of thefts may contribute to lower insurance premiums in the Beehive State.

Oregon, the state with the lowest home insurance premiums in the country, is also an interesting case. Homeowners in Oregon pay an average of 45 percent less in insurance premiums than the rest of the country, yet Oregon homes are significantly more expensive: Oregon has the seventh highest average home value in the United States, 29 percent higher than the national average. Oregon’s burglary rate is nearly equal to the national average, which is not necessarily negatively correlated with, but not significantly different from, median home values.

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Compare Cheap Home Insurance (2023)

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