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Premium costs are some of the important factors when shopping for homeowners insurance. To help you find the best rates, MoneyGeek researched average premiums for various dwelling coverages costs and individual home insurance needs. Insurance rates vary from company to company and state to state, so it is important to compare quotes to find the best rates for your needs.

Cheap Homeowners Insurance: Which Companies Are Cheapest in 2020?

MoneyGeek collected the average home insurance premium for several national insurance companies. To ensure apples-to-apples comparisons, these rates are based on dwelling coverage of $250,000 and personal property coverage of $100,000.

In this research, MoneyGeek found that Allstate has the lowest average insurance rates based on the chosen criteria, coming in at $1,748 annually. However, it is important to note that your insurance rates could vary significantly from the average premiums listed. Insurers determine pricing for each policy based on various factors, including the location and age of your home.

Average Annual Home Insurance Costs
Company
Dwelling Coverage $250K and Personal Property $100K
1. Allstate
$1,748
2. Chubb
$1,761
3. Nationwide
$1,782
4. MetLife
$1,813
5. USAA
$1,834
6. Travelers
$1,887
7. State Farm
$2,027
8. Farmers
$2,046
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Cheap Homeowners Insurance in Your State

When it comes to insurance costs, location is one of the most significant factors impacting your rates. Weather events and associated issues are the cause of many home insurance claims, which means that the wildfires that ravage California each year and the hurricanes that hit Florida drive up insurance costs in those states. Weather doesn’t have to be directly responsible for damage to cause your rates to increase. For example, areas that are prone to humidity are likely to see higher rates because of potential mold damage.

One of the best ways to find cheap home insurance is to compare quotes from multiple insurance companies. The data below shows the most affordable insurance company in each state. However, please note that USAA is excluded from this data because they only provide coverage for veterans, members of the military and their families.

Cheapest by State: $100K Dwelling Coverage
State & Company
Annual Premium
1. AK - Country Financial
$521
2. AK - State Farm
$618
3. AK - USAA
$697
4. AK - Allstate
$846
5. AL - Farmers
$357
Cheapest by State: $250K Dwelling Coverage
State & Company
Annual Premium
1. AK - Country Financial
$1,006
2. AK - USAA
$1,022
3. AK - State Farm
$1,134
4. AK - Allstate
$1,306
5. AL - Farmers
$605
Cheapest by State: $500K Dwelling Coverage
State & Company
Annual Premium
1. AK - USAA
$1,471
2. AK - Country Financial
$1,879
3. AK - State Farm
$1,902
4. AK - Allstate
$2,520
5. AL - Farmers
$1,116