How Much Does Homeowners Insurance Cost

Just like the need for a health insurance, it is also important to acquire a homeowners insurance for emergency situations. SFGate says that it comes in handy if your house would be destroyed by a natural calamity or an unexpected circumstance, and you need money to help you repair or rebuild your residential property.

Although the benefits are truly rewarding, it is no surprise that the homeowners insurance cost is making consumers cry foul, especially now that the expenses continue to increase drastically.

Average Cost of Homeowners Insurance

Apparently, the average cost of homeowners insurance in the US for 2017 is $952. Consequently, the monthly contribution ranges from $44.47 to $165.91, while the yearly contribution runs from $534 to $1,991. These figures are based on the findings of ValuePenguin.

First of all, there are many factors that affect the home insurance price, and one of them is your current location. Second, besides where you live, below is a list (in random order) of other considerations that insurers calculate before giving you the insurance plan for your house. Don’t

– House Remodeling – Constructions of Pools and Trampolines

– Age of the House, Roof, and Materials – Wood-Burning Stoves

– Businesses at Home – Security and Safety of the House

– Dog Bites – Previous Claims

– Square Footage of the House – Number of Residents

– Pets – Owner’s Credit and Insurance Scores

– Replacement Costs – Fire Protection

– Deadbolt Locks – Crime History in the Neighborhood

To make sure that you are insured properly, an article published in Wells Fargo suggests that you review your plans regularly. If you don’t keep track, then you would incur higher premiums, considering that the contributions increase every now then.

“It’s highly important to review your insurance coverage on a regular basis so you can be sure your coverage keeps pace with the cost to repair or rebuild your home and replace its contents, including any upgrades you might make over time,” as stated in the article.

Reasons Behind Major Homeowners Insurance Losses

Property damage is the main reason behind the claims of home insurance. With that said, what are the major causes that damage the properties of the consumers? These are the following:

– Strong Winds and Hail

– Water Damage and Freezing

– Occurrences of Theft

– Debris, Fire, and Lighting

Where is the Highest Homeowners Insurance?

If you only have a limited budget to spare for your insurance plans, then it’s best not to live in Oklahoma, Mississippi, Texas, Louisiana, and especially Florida because these five states have the most expensive annual homeowners insurance contributions. These areas are highly visited by disastrous natural calamities, hence, the costly insurance plans.

Occurrences of large hurricanes, oftentimes, hit Florida, Louisiana, Mississippi, and Texas. Meanwhile, Oklahoma has more tornadoes for every square mile than in other states.

States with the Cheapest Homeowners Insurance

You can get away from a lot of hurricanes, earthquakes, tornadoes, flooding, drought, and other natural hazards if you live in Washington, Wisconsin, Utah, Oregon, and Idaho. You can take a look at the infographic provided by The New York Times.

And the best part of it all is that the costs of homeowners insurance in these states are the cheapest across the United States. In fact, the annual contribution is below average, with Idaho having the lowest at $534 per year.