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Home Insurance Calculator

ByMandy Sleight, Licensed Insurance Agent

MoneyGeeks's home insurance calculator will give you a ballpark estimate of your home insurance cost - it's free, no personal information required, no spam.

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Rates Updated:

Sep, 21, 2023

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California
26-29
Excellent (750-850)
Home
$500,000
$500
$150,000
$100,000
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California
26-29
Excellent (750-850)
Home
$500,000
$500
$150,000
$100,000
Table of Contents

Factors Used to Calculate the Cost of Home Insurance

Insurance providers consider various factors when calculating your home insurance policy premium, such as when and where your home was built, what environmental hazards there are, how much your home is worth and more. For instance, if you live in an area prone to wildfires, you might have to pay more for insurance.

Other factors that affect your home insurance costs include:

Factor
Description

Your Coverage Level

How much home insurance coverage you have plays a significant role in your costs. Getting high dwelling coverage limits or personal property limits can increase how much you pay annually.

Your Deductible

A home insurance policy’s deductible is the cost you pay out of pocket before your insurer steps in to cover repairs and replacements. Increasing your deductible can lead to lower monthly rates, but it also means you need to have enough saved to pay up if an emergency happens.

Your Home’s Location

Insurers consider where you live and the environmental hazards of your area. Living in an area prone to earthquakes, tornados or floods, or in an area with a higher theft rate or population density can affect your rates.

Your Home’s Age

Older homes typically come with higher premiums, as the cost to repair damages may be higher due to outdated materials or systems. Conversely, newer homes are often cheaper to insure due to their modern systems.

Your Credit Score

In most states, insurers will consider your credit score when setting your premium. However, in California, Maryland and Massachusetts, insurers are not allowed to use credit scores as a basis to determine your rates.

Your Claims History

Having a frequent history of claims can affect your rates. Claims typically stay on file for three to five years.

Insurance Rates

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Home Insurance Estimates by Coverage Level

Insurers calculate your home insurance premiums based on the limits of your desired dwelling coverage, which pays to repair your home, and personal property coverage, which replaces your personal belongings. Higher limits often translate to more expenses — $1 million in dwelling coverage, for instance, costs an average of $7,947 per year, $5,333 more than the cost of a policy with $250,000 in coverage.

Understanding how home insurance rates are calculated by coverage level allows you to tailor your policy to both current needs and future contingencies, ensuring you get the best value. Use the table below to see home insurance estimates for different coverage levels.

Coverage Levels
Annual Premium

$100K Dwelling / $50K Personal Property / $100K Liability

$1,518

$250K Dwelling / $125K Personal Property / $200K Liability

$2,614

$500K Dwelling / $250K Personal Property / $300K Liability

$4,373

$750K Dwelling / $375K Personal Property / $500K Liability

$6,139

$1MM Dwelling / $500K Personal Property / $1MM Liability

$7,947

Home Insurance Estimates by State

Aside from your home’s value, location is one of the most significant factors impacting home insurance coverage and costs. This is because your location has a lot to do with how insurance companies calculate potential risks. For example, if you live in an area prone to natural disasters like hurricanes or wildfires, you can expect your premiums to be higher.

Similarly, if you live in an area with a high crime rate or an elevated risk of burglary or vandalism, you’ll likely end up paying more for home insurance. On the flip side, if you live in a safe area with few risk factors, your premiums will typically be lower.

State
Annual Premium

Alabama

$2,896

Alabama

$14,333

Alabama

$4,767

Alabama

$7,575

Alabama

$10,986

Alaska

$944

Alaska

$5,050

Alaska

$1,624

Alaska

$2,885

Alaska

$3,977

Arizona

$1,392

Arizona

$6,600

Arizona

$2,298

Arizona

$3,722

Arizona

$5,139

Arkansas

$2,880

Arkansas

$13,872

Arkansas

$4,679

Arkansas

$7,466

Arkansas

$10,505

California

$502

California

$3,923

California

$1,000

California

$1,951

California

$2,960

Colorado

$2,417

Colorado

$11,078

Colorado

$4,087

Colorado

$7,073

Colorado

$9,138

Connecticut

$1,571

Connecticut

$7,251

Connecticut

$2,434

Connecticut

$3,969

Connecticut

$5,696

Delaware

$515

Delaware

$3,869

Delaware

$911

Delaware

$1,771

Delaware

$2,818

District of Columbia

$656

District of Columbia

$3,622

District of Columbia

$1,174

District of Columbia

$1,938

District of Columbia

$2,758

Florida

$3,202

Florida

$26,742

Florida

$7,257

Florida

$13,854

Florida

$20,431

Georgia

$1,180

Georgia

$7,764

Georgia

$2,107

Georgia

$3,952

Georgia

$5,860

Hawaii

$207

Hawaii

$1,856

Hawaii

$432

Hawaii

$858

Hawaii

$1,308

Idaho

$817

Idaho

$4,907

Idaho

$1,439

Idaho

$2,558

Idaho

$3,562

Illinois

$1,567

Illinois

$6,508

Illinois

$2,406

Illinois

$3,745

Illinois

$5,030

Indiana

$1,677

Indiana

$7,579

Indiana

$2,783

Indiana

$4,379

Indiana

$5,948

Iowa

$1,104

Iowa

$5,459

Iowa

$1,906

Iowa

$3,089

Iowa

$4,240

Kansas

$2,291

Kansas

$12,188

Kansas

$4,234

Kansas

$7,194

Kansas

$9,748

Kentucky

$1,169

Kentucky

$8,139

Kentucky

$2,103

Kentucky

$3,978

Kentucky

$6,043

Louisiana

$1,825

Louisiana

$9,739

Louisiana

$3,169

Louisiana

$5,317

Louisiana

$7,526

Maine

$801

Maine

$4,753

Maine

$1,430

Maine

$2,512

Maine

$3,603

Maryland

$1,395

Maryland

$6,585

Maryland

$2,094

Maryland

$3,516

Maryland

$5,006

Massachusetts

$1,338

Massachusetts

$6,266

Massachusetts

$2,091

Massachusetts

$3,319

Massachusetts

$4,740

Michigan

$943

Michigan

$5,392

Michigan

$1,636

Michigan

$2,917

Michigan

$4,208

Minnesota

$1,220

Minnesota

$5,534

Minnesota

$1,938

Minnesota

$3,305

Minnesota

$4,383

Mississippi

$4,363

Mississippi

$21,033

Mississippi

$7,023

Mississippi

$11,160

Mississippi

$16,065

Missouri

$1,657

Missouri

$8,843

Missouri

$2,993

Missouri

$4,971

Missouri

$6,928

Montana

$3,021

Montana

$12,562

Montana

$5,177

Montana

$7,826

Montana

$10,093

Nebraska

$3,092

Nebraska

$13,897

Nebraska

$5,437

Nebraska

$8,486

Nebraska

$11,096

Nevada

$593

Nevada

$3,627

Nevada

$1,055

Nevada

$1,898

Nevada

$2,728

New Hampshire

$518

New Hampshire

$3,527

New Hampshire

$1,021

New Hampshire

$1,867

New Hampshire

$2,724

New Jersey

$532

New Jersey

$3,273

New Jersey

$1,111

New Jersey

$1,853

New Jersey

$2,544

New Mexico

$1,135

New Mexico

$4,989

New Mexico

$2,064

New Mexico

$3,128

New Mexico

$4,084

New York

$678

New York

$4,956

New York

$1,237

New York

$2,407

New York

$3,593

North Carolina

$1,571

North Carolina

$11,935

North Carolina

$3,352

North Carolina

$5,979

North Carolina

$8,993

North Dakota

$1,058

North Dakota

$7,574

North Dakota

$2,165

North Dakota

$4,043

North Dakota

$5,816

Ohio

$1,286

Ohio

$6,116

Ohio

$2,104

Ohio

$3,367

Ohio

$4,722

Oklahoma

$3,339

Oklahoma

$15,246

Oklahoma

$5,439

Oklahoma

$8,981

Oklahoma

$12,089

Oregon

$641

Oregon

$3,187

Oregon

$1,002

Oregon

$1,694

Oregon

$2,448

Pennsylvania

$1,069

Pennsylvania

$5,492

Pennsylvania

$1,762

Pennsylvania

$2,855

Pennsylvania

$4,081

Rhode Island

$932

Rhode Island

$6,274

Rhode Island

$1,683

Rhode Island

$3,099

Rhode Island

$4,716

South Carolina

$1,679

South Carolina

$9,749

South Carolina

$3,113

South Carolina

$5,219

South Carolina

$7,508

South Dakota

$1,511

South Dakota

$8,139

South Dakota

$2,732

South Dakota

$4,818

South Dakota

$6,484

Tennessee

$2,172

Tennessee

$8,779

Tennessee

$3,434

Tennessee

$5,129

Tennessee

$6,894

Texas

$2,355

Texas

$11,645

Texas

$3,989

Texas

$6,780

Texas

$9,357

Utah

$514

Utah

$2,858

Utah

$913

Utah

$1,560

Utah

$2,225

Vermont

$778

Vermont

$3,653

Vermont

$1,294

Vermont

$2,031

Vermont

$2,814

Virginia

$1,365

Virginia

$6,807

Virginia

$2,239

Virginia

$3,662

Virginia

$5,232

Washington

$673

Washington

$2,654

Washington

$983

Washington

$1,524

Washington

$2,107

West Virginia

$1,056

West Virginia

$5,867

West Virginia

$1,766

West Virginia

$3,043

West Virginia

$4,398

Wisconsin

$661

Wisconsin

$3,854

Wisconsin

$1,096

Wisconsin

$1,858

Wisconsin

$2,852

Wyoming

$1,065

Wyoming

$8,820

Wyoming

$2,069

Wyoming

$4,200

Wyoming

$6,002

Rates fluctuate because different states have varying risks and regulations. For instance, coastal states might have higher premiums due to the increased risk of hurricanes or flooding, while states in the Midwest might see elevated rates because of tornado threats.

The presence and competition level of insurance companies in a state can also lead to variations in average premiums. Some states might have a plethora of providers, fostering competitive pricing, while others might have limited options, leading to higher average costs. Additionally, the local cost of living and construction can influence repair and replacement expenses, further impacting rates.

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How to Calculate How Much Home Insurance You Need

How much home insurance you’ll need depends on your unique circumstances, including how much your home is worth, what it would cost to rebuild and how much savings you have. When determining how much coverage to purchase, you’ll need to decide what limits are best for you for dwelling, personal property and personality liability coverage. You’ll also need to consider whether or not other coverages — such as flood or earthquake insurance — are appropriate.

Establish Your Dwelling Coverage

Dwelling coverage covers damage to your home’s physical structure. In general, you should aim for your dwelling coverage to equal the cost of replacing your home if a disaster destroys it. For example, if your home would cost approximately $200,000 to rebuild from the ground up, you purchase that same amount of dwelling coverage or a bit more to add some buffer.

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MONEYGEEK EXPERT TIP

If you aren’t sure how much it would cost to rebuild your home, contact a professional prior to purchasing insurance to avoid being under or overinsured.

Determine Your Personal Property Coverage

Personal property coverage covers damage to all personal property and possessions inside your home. This can include everything from valuable furniture items and electronics to jewelry and more.

To determine how much personal property coverage you need, you should make an inventory of your personal belongings and estimate what it would cost to replace them. This number is what you should aim for as a personal property coverage limit. In some cases, your insurer will automatically set your personal property coverage at 50% of your dwelling coverage.

homeInsurance icon
CREATING A HOME INVENTORY

Determining the right amount of personal property coverage is simpler with a comprehensive home inventory. There are several methods for creating home inventories, including:

  • Digital Documentation: Use a smartphone or camera to capture each room. Focus on valuable items — note their serial numbers and unique features. Store these files on cloud storage or an external drive for added security.
  • Mobile Apps: Opt for specialized home inventory apps. They allow for cataloging easily, attaching photos and saving digital receipts, streamlining the entire process.
  • Traditional Approach: Use a spreadsheet or notebook to list items room by room. Include descriptions, purchase dates and estimated values. Pair this with printed photos for a complete record. Store this inventory in a secure location, like a fireproof or safe deposit box.

Set Your Personal Liability and Medical Payments Coverage

Personal liability insurance is designed to protect homeowners from financial liabilities should they unintentionally cause harm or damage. When deciding on the amount of personal liability coverage for your home insurance, it's essential to consider various factors:

  • Evaluate the assets you wish to protect, such as your home, savings and investments. The more assets you have, the higher the coverage you might need to shield yourself from potential lawsuits.
  • Think about the potential risks associated with your property. Do you have a swimming pool, trampoline or other features that might increase the likelihood of injuries?
  • Consider the area you live in; some regions have higher lawsuit costs than others.

Remember: while it's tempting to opt for the minimum coverage to save on premiums, it's crucial to ensure you're adequately protected to avoid significant financial setbacks in the event of an unforeseen incident.

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MONEYGEEK EXPERT TIP

If you're having trouble determining how much personal liability and medical payments coverage is appropriate for you, consult an insurance agent or financial advisor who can provide insights tailored to your specific situation.

Consider Other Coverages

While the core components of home insurance, such as personal liability and personal property coverage, are essential, there are additional coverages available that homeowners might overlook. These can be crucial depending on individual circumstances:

  • Flood Insurance: Standard policies often exclude flood damage. If you reside in a flood-prone area, this separate policy is invaluable.
  • Earthquake Insurance: Similar to flood coverage, earthquake damage isn't typically covered by standard homeowners insurance policies. Those in seismic zones should consider purchasing this additional coverage.
  • Sewer Backup: This covers damages when sewers or drains back up into your home, a scenario not usually included in basic policies.
  • Valuable Items Endorsement: If you possess high-value items like jewelry or art, standard policies might not offer sufficient coverage. An endorsement ensures these items are fully protected.

By exploring these additional coverages, you can tailor your insurance to your unique needs, ensuring comprehensive protection for every aspect of your home and belongings.

How to Purchase Home Insurance

After carefully evaluating your needs, getting a home insurance quote online is a quick and easy process that can help you find the best home insurance companies for your needs. Understanding the steps to buying a policy ahead of time can expedite the process.

1

Assess Your Requirements

Determine the amount of coverage you need for your dwelling, personal items and potential liabilities.

2

Set Coverage Limits

Opt for limits that would adequately finance the replacement of your assets.

3

Think Beyond the Basics

If your home is located in an area prone to hazards, like floods or earthquakes, you should also consider purchasing additional insurance coverage, including hazard, flood and earthquake insurance.

4

Compile Your Personal Information

In most cases, you can fill out a short form on the insurance company’s website with your personal information to get a quote. You can also provide personal information by phone or in-person to receive sample premiums.

5

Explore Your Options

Every insurer offers something unique. Take a moment to compare home insurance quotes and find what fits with your budget and coverage needs.

6

Choose a Provider

Settle on your preferred policy, payment arrangement and initiation date.

7

Seal the Deal

Complete your application and pay your initial premium.

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MONEYGEEK EXPERT TIP

To get a quote online, in person or by phone, you’ll need to provide some basic information about yourself and your home, including:

  • Personal information (name, date of birth, Social Security number)
  • Your home’s address
  • Recent renovations or repairs
  • The age and condition of your home

Expert Advice on Estimating Home Insurance Costs

MoneyGeek consulted with industry experts to share their insights about the best ways to estimate your home insurance costs.

  1. What's the best way to estimate my home insurance costs?
  2. How do companies calculate home insurance?
  3. Are online home insurance quotes from insurance companies finalized quotes or estimates?
Dr. Daniel Gates
Dr. Daniel Gates

Associate Professor of Business / Director of Assessment at Bryan College

Richard Conde, Ph.D
Richard Conde, Ph.D

Assistant Professor at the University of Houston-Downtown

Anthony Orlando
Anthony Orlando

Department of Finance, Real Estate and Law at Cal Poly Pomona

Heidi Petschauer, CIC
Heidi Petschauer, CIC

President, Petschauer Insurance

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About Mark Fitzpatrick


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Mark Fitzpatrick is a senior content director at MoneyGeek with over five years of experience analyzing the insurance market, conducting original research and creating content that can be personalized for every buyer. He has been quoted on insurance topics in several publications, including CNBC, NBC News and Mashable.

Mark earned a master’s degree in Economics and International Relations from Johns Hopkins University and a bachelor’s degree from Boston College. He is passionate about using his economics and insurance knowledge to bring transparency around financial topics and help others feel confident in their money moves.