The average home insurance cost is determined by a lot of factors, including the value of the home, the location, as well as the level of risk associated with things within and around the home.  But you should be expected to spend about $1,080 on an average basis.

If you are looking for the most ideal policy for your home insurance, we at General.com have done a lot of research to come up with the best plans for you. Find out below what you may pay when looking for average home insurance cost.

Average home insurance cost

The average home insurance cost differs from state to state. For instance, in Hawaii, the monthly average cost is estimated to be around $85 while that of Florida is $170.  Other states include Delaware ($95), Connecticut ($110), Georgia ($91), and Alaska ($81). Different average home insurance costs are obtainable in different states, so it’s vital to know what’s obtainable in your state before seeking out an insurance company.

Which states have the highest cost?

Obviously, the state with the high cost of home insurance are those states with more likelihood of natural disaster occurrence.   States such as Texas and Florida have the highest rate. Other states like Mississippi, Oklahoma, and Louisiana also have high average home insurance costs.

Which states have the lowest average home insurance cost?

These places with the cheapest insurance cost for homeowners have a low risk of natural disasters like tornadoes, hurricanes, and earthquake.

Major causes of insurance losses for homeowners

There are a number of cases that have been more frequent than others within the past 5 years. From the lowest to the highest risk, these include fight and lightning, theft, other property damage, water freezing, and damage, as well as wind and hail.

Theft is also included in property damage by some insurance companies. And in almost all types of cover, lost jewelry is always included because it’s one of the most commonly claimed items based on statistics.

Impact of your home’s value on average home insurance cost

The value of your house is definitely a major factor companies will bear in mind when determining the rates for your home insurance. The higher the value of the home, the higher it will be insured. The location of the home is also another thing to consider. If your home is located in disaster-prone area or areas where there is known cases of theft attack, the insurance cost may climb a little further.

Security measures on your home will reduce rates

If you have well structures security measures in your home, it can go a long way to reduce the amount of money you pay for home insurance. If you have smart apps and CCTV camera installed in your home, this will wade off thieves and help to apprehend anyone who succeeds to break into your house. The main consideration of insurance companies is a risk. So anything that significantly reduces the insured risk will reflect on the insurance rate.  If you have security measures at your home, the insurance company will certainly reduce your insurance rates according to the extent of security you have.

Conclusion

There are lots of options for you when looking for the most ideal company for the average home insurance cost. But you have to know what is required of you to reduce the cost of premium you pay to insure your home. We at General Insurance understand the different types of home insurance and we can help you get the best insurance quote for your home.

Published: 2018-08-25 19:19:52