Who Has The Cheapest Home Insurance – Keeping your home safe and sound is affordable. But in some states, you may be lucky with the price of your home insurance premium.
Finding that perfect home is more than just buying the perfect house. Many homeowners who want to protect their personal belongings from disasters such as theft or damage from weather-related events know how important it is to get quality home insurance. However, insuring one’s home is not always affordable. According to the National Association of Insurance Commissioners, homeowners insurance rates increased 1.6% between 2016 and 2017, reflecting the rising cost of home insurance. Despite this increase, there are some countries that have managed to keep their premium costs relatively low.
Who Has The Cheapest Home Insurance
Insurance companies determine your homeowners insurance policy using a number of variables. Determining the liability of a house based on its occupants and the environment means that home insurance rates can vary according to the weather conditions common in the area, the possibility of theft, or other property damage such as vandalism. To dive deeper into the analysis of homeowner insurance rates and geography, the data science team at Homeowner Insurance Data studied homeowner insurance data to identify the ten states with the lowest home insurance rates.
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The data scientists and research team at , a homeowner’s insurance comparison site, studied homeowner data from the Insurance Information Institute to determine the states with the cheapest home insurance. HO-3 homeowner package policy data (for single-family dwellings to four-family units) issued by the National Association of Insurance Commissioners (NAIC) served as the basis for estimating the cost of average home insurance by state.
States’ median home prices are determined by the most recent Zillow Home Value Index (ZHVI), a smoothed, adjusted measure of average home value and market changes for a given area and housing type. Burglary rates are derived from the FBI’s Comprehensive Crime Reporting System for state and country-level estimated data derived from the Summary Reporting System (SRS).
Bring the lobsters, because Maine has some of the lowest home insurance premiums in the country. Both the annual homeowner’s premium and median home value are below the national average, at 28 and 4 percent respectively. Maine also has the lowest burglary rate per capita, with a burglary rate of less than 47 percent. While Maine does not follow the national trend of low home values being associated with low burglary rates, the lowest number of burglaries in Maine can be attributed to its largely rural population – according to the US Census Bureau, Maine has the highest number of rural areas of all fifty states, while burglaries may occur more frequently in densely populated areas. , which are dense.
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Ohio is ninth in the nation for the most affordable home insurance premiums. With an average premium of $862, home insurance in Ohio costs 29 percent less than the average premium nationwide. its break rate is 8 percent higher than average. Fortunately, Ohio homeowners are able to protect their assets and insure their homes for less.
Washingtonians are looking to make sure their homes are lucky – the average home insurance premium in their state is 30 percent less than what the average American pays. The median home price in Washington is the fifth highest in the nation at a remarkable 39 percent above the national average, which means you need a lotta green to buy a home in the Evergreen State. Because Washington has a surprisingly high rate of burglary (29 percent above average) relative to its high median home value, homeowners who have secured their modest abode can breathe a sigh of relief knowing that their homeowner’s insurance costs are significantly lower.
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Despite being the second-smallest state in the United States, Delaware homeowners can rest assured that their state has the seventh lowest insurance premiums in the country. The cost of Delaware homeowner’s insurance is an average of 32 percent lower than the rest of the state, even though the median home value is nearly equal to the national average. Delaware’s burglary rate is more than 15 percent below the national average, making Delaware a stable and safe place to own a home.
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Arizona ranks sixth on the list of states with the most affordable home insurance premiums. With a slightly higher than average home price and a break-in rate, Arizona’s 32 percent lower home insurance costs are some amazing assets for Arizona homeowners. While Arizona doesn’t follow the national trend of high foreclosure rates associated with low home values, it appears that Arizona homeowners are fortunate in terms of insuring their homes.
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The fifth state on our list, Wisconsin, is a true reflection of the Midwest’s famous hospitality — America’s Dairyland has affordable insurance rates compared to local rates. On average, Wisconsin homeowners can insure their homes for 36 percent less than the American average. The median home price in Wisconsin is 23 percent below the national average, and the foreclosure rate is below the average at 37 percent. Owning a home in Wisconsin seems to check all the boxes, with low home costs, insurance premiums, and the possibility of burglary across the board.
Many people come to Nevada every year to win big in Vegas. Fortunately, Nevada residents already have access to affordable home insurance premiums. Nevada has the fourth lowest home insurance rates in the US, at 38 percent below the national average. This low rate combines higher than average home values and foreclosure rates, at 15 and 35 percent respectively. Nevada is also an interesting case, as these statistics do not follow the pattern of high burglary rates associated with low median home values. Standard home owner insurance in Nevada offers high value coverage at a low cost, making it one of the cheapest home insurance options.
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Idaho is not only known as the Gem State because of its mountain location and natural beauty – its low homeowner’s insurance premiums, which are the third cheapest in the nation, are exceptional. Homeowners in Idaho can expect to pay a 40 percent reduction in home insurance costs from the national average. Idaho also has a 27 percent lower average burglary rate. Similar to the state of Wisconsin, Idaho homeowners are fortunate to have low home prices, insurance premiums, and concerns about home theft.
At first glance, Utah homes are not cheap. Utah home prices average 28 percent above the national average, making them the eighth-highest in the nation. However, insuring one’s home in Utah is surprisingly affordable. Utah’s average annual homeowner’s insurance premium of $692 is 43 percent lower than the rest of the state. Utah’s burglary rate is more than 18 percent below the national average, acknowledging that home values and burglary rates are very negatively correlated. This lower burglary rate may contribute to lower insurance premiums in the Beehive State.
The state with the lowest home insurance premiums in the country, Oregon, is also an interesting case. Oregon homeowners on average pay 45 percent less in their insurance premiums than the rest of the country, even though Oregon homes are more expensive: Oregon has the seventh highest median home price in the United States, 29 percent higher than the national average. Oregon’s burglary rate is roughly equal to the national average, not following a significant correlation with its median home price, but also not significantly different from it.
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A team of data scientists and content experts provide Insights, a series of auto, home, and health tutorials focused on topics that affect us all. With professional analysis of more than 4 million auto insurance applications and a range of high-quality data sources, the Insights team produces new data-driven articles, trend analyses, regional top spots, and national rankings every week. See Insights as featured on Forbes, Fox News, USA Today, NPR, and more.
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