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James Surrey
James SurreyChief Editor of Review Home Warranties
Jade Plummer
Jade PlummerInsurance Broker
Nate Sanchez
Nate SanchezOwner at Sanchez Insurance Group
David Miller
David MillerVice President, Client Executive at Plexus Groupe
Phil Lane
Phil LaneAssociate Professor of Economics, Fairfield University
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Comparing prices and coverage levels between plans is an important part of shopping for homeowners insurance. The cost of an insurance policy can vary widely from company to company, even for policies with the same basic coverage. While price is important, it's not the only factor you should consider when choosing homeowners insurance. It's possible to find policies from different insurance carriers that are about the same price but have vastly different coverage levels, which is why it is so important to compare home insurance quotes from multiple companies before making a purchase.

Get Free Home Insurance Quotes

Price matters when it comes to homeowners insurance, but the most critical part of choosing an insurance policy is determining what coverages you need. It is vital to balance the price of your policy with your actual coverage to guarantee you are prepared if disaster strikes. Getting home insurance quotes from multiple companies is critical, not only because you can find the best rate but also because you can find the coverage that best suits your needs.

Although home insurance is important for homeowners, renters aren't relieved of the responsibility of choosing an insurance policy. Renters insurance is necessary to protect your personal property from damage or theft.

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State

Florida

Dwelling Coverage

$250,000

Deductible

$500

Liability

$300,000

Personal Property

$150,000

Credit Score

Excellent
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Your home's location, it's amenities, and other factors impact pricing.

Information You Need to Get a Home Insurance Quote

To get the most accurate quote, you'll need to provide detailed information about your home, including:

  • The type of home, including whether it's a single- or two-story home, its architectural style (bungalow, ranch, colonial, etc.) and what type of foundation it's on.
  • Physical details such as square footage; the age of the house and roof; type, size and condition of attached structures such as decks; the number of bathrooms; materials used in the construction of the roof and outer walls; and whether the home is located on flat or sloped ground.
  • Its current market value.
  • The amount of your home loan (many lenders require that your insurance cover at least the full loan amount).
  • The general condition of the home's interior and exterior, as well as whether any of it is currently damaged or in need of repair.
  • How many people live in the home.
  • Whether any business is conducted in the home (especially if it's child care).
  • The number and type of pets that you have.
  • The presence of safety features, such as burglar alarms or sprinkler systems.
  • The presence of recreational items such as swimming pools, hot tubs or trampolines on the property.
  • Whether the home is located in a designated flood plain.
  • An inspection report from a professional inspector.

The insurance company will also review the CLUE (Comprehensive Loss Underwriting Exchange) report for your property that details the history of insurance claims filed by all previous homeowners. Many insurance carriers require this report in order to see what types of damage the house may already have suffered, such as water damage. This document enables the carrier to deny coverage in some cases.

You will also need the information about your desired insurance coverage, including:

  • The amount of liability coverage you require.
  • Whether you own any valuable items for which you would like to purchase separate coverage.
  • The total value of all of your other possessions.
  • Where you currently hold existing insurance policies. You may be eligible for discounts for bundling homeowners and auto policies, for example.

The insurance company will also want personal information about you, such as your credit score, to determine exactly how much your policy will cost.

How Much Does Home Insurance Cost?

While insurance prices vary wildly from person to person and place to place, the average home insurance policy in the United States costs $1,979 per year, which breaks down to $165 per month, for $250,000 in dwelling coverage. There are a variety of factors that impact the cost of your home insurance, such as:

  • Deductible level
  • Coverage limits
  • Endorsements and extra coverages
  • Replacement cost
  • Claims history
  • Credit score
  • Laws and regulations in your state
  • Common disasters in your area (wildfires, hurricanes, etc.)

Comparing homeowners insurance quotes is an excellent way to get the lowest rates available in your area.

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Average Cost of Home Insurance by State

Home insurance costs vary significantly from state to state. This is for various reasons, including property values, local laws and regulations and the likelihood of a home's exposure to natural disasters. It is essential to get quotes based on your location, including your zip code, to get the most accurate possible quote.

AlabamaAverage annual cost of home insurance in AL is $1,436

AlaskaAverage annual cost of home insurance in AK is $1,117

ArizonaAverage annual cost of home insurance in AZ is $1,982

ArkansasAverage annual cost of home insurance in AR is $2,039

CaliforniaAverage annual cost of home insurance in CA is $2,002

ColoradoAverage annual cost of home insurance in CO is $3,156

ConnecticutAverage annual cost of home insurance in CT is $1,649

DelawareAverage annual cost of home insurance in DE is $717

District Of ColumbiaAverage annual cost of home insurance in DC is $1,713

FloridaAverage annual cost of home insurance in FL is $2,359

GeorgiaAverage annual cost of home insurance in GA is $2,147

HawaiiAverage annual cost of home insurance in HI is $764

IdahoAverage annual cost of home insurance in ID is $1,051

IllinoisAverage annual cost of home insurance in IL is $1,751

IndianaAverage annual cost of home insurance in IN is $954

IowaAverage annual cost of home insurance in IA is $1,242

KansasAverage annual cost of home insurance in KS is $2,878
KentuckyAverage annual cost of home insurance in KY is $1,120

LouisianaAverage annual cost of home insurance in LA is $1,625

MaineAverage annual cost of home insurance in ME is $1,046

MarylandAverage annual cost of home insurance in MD is $1,671

MassachusettsAverage annual cost of home insurance in MA is $2,864

MichiganAverage annual cost of home insurance in MI is $2,341

MinnesotaAverage annual cost of home insurance in MN is $2,735

MississippiAverage annual cost of home insurance in MS is $1,377

MissouriAverage annual cost of home insurance in MO is $2,710

MontanaAverage annual cost of home insurance in MT is $2,595

NebraskaAverage annual cost of home insurance in NE is $2,972

NevadaAverage annual cost of home insurance in NV is $906

New HampshireAverage annual cost of home insurance in NH is $898

New JerseyAverage annual cost of home insurance in NJ is $1,228

New MexicoAverage annual cost of home insurance in NM is $1,408

New YorkAverage annual cost of home insurance in NY is $1,402

North CarolinaAverage annual cost of home insurance in NC is $1,498

North DakotaAverage annual cost of home insurance in ND is $2,270
OhioAverage annual cost of home insurance in OH is $938

OklahomaAverage annual cost of home insurance in OK is $2,520

OregonAverage annual cost of home insurance in OR is $811

PennsylvaniaAverage annual cost of home insurance in PA is $1,348

Rhode IslandAverage annual cost of home insurance in RI is $1,321

South CarolinaAverage annual cost of home insurance in SC is $3,377

South DakotaAverage annual cost of home insurance in SD is $2,545

TennesseeAverage annual cost of home insurance in TN is $3,466

TexasAverage annual cost of home insurance in TX is $3,390

UtahAverage annual cost of home insurance in UT is $1,081

VermontAverage annual cost of home insurance in VT is $1,197

VirginiaAverage annual cost of home insurance in VA is $2,058

WashingtonAverage annual cost of home insurance in WA is $1,106

West VirginiaAverage annual cost of home insurance in WV is $843

WisconsinAverage annual cost of home insurance in WI is $1,257

WyomingAverage annual cost of home insurance in WY is $1,965
AlabamaAverage annual cost of home insurance in AL is $1,436

AlaskaAverage annual cost of home insurance in AK is $1,117

ArizonaAverage annual cost of home insurance in AZ is $1,982

ArkansasAverage annual cost of home insurance in AR is $2,039

CaliforniaAverage annual cost of home insurance in CA is $2,002

ColoradoAverage annual cost of home insurance in CO is $3,156

ConnecticutAverage annual cost of home insurance in CT is $1,649

DelawareAverage annual cost of home insurance in DE is $717

District Of ColumbiaAverage annual cost of home insurance in DC is $1,713

FloridaAverage annual cost of home insurance in FL is $2,359

GeorgiaAverage annual cost of home insurance in GA is $2,147

HawaiiAverage annual cost of home insurance in HI is $764

IdahoAverage annual cost of home insurance in ID is $1,051

IllinoisAverage annual cost of home insurance in IL is $1,751

IndianaAverage annual cost of home insurance in IN is $954

IowaAverage annual cost of home insurance in IA is $1,242

KansasAverage annual cost of home insurance in KS is $2,878

KentuckyAverage annual cost of home insurance in KY is $1,120

LouisianaAverage annual cost of home insurance in LA is $1,625

MaineAverage annual cost of home insurance in ME is $1,046

MarylandAverage annual cost of home insurance in MD is $1,671

MassachusettsAverage annual cost of home insurance in MA is $2,864

MichiganAverage annual cost of home insurance in MI is $2,341

MinnesotaAverage annual cost of home insurance in MN is $2,735

MississippiAverage annual cost of home insurance in MS is $1,377

MissouriAverage annual cost of home insurance in MO is $2,710
MontanaAverage annual cost of home insurance in MT is $2,595

NebraskaAverage annual cost of home insurance in NE is $2,972

NevadaAverage annual cost of home insurance in NV is $906

New HampshireAverage annual cost of home insurance in NH is $898

New JerseyAverage annual cost of home insurance in NJ is $1,228

New MexicoAverage annual cost of home insurance in NM is $1,408

New YorkAverage annual cost of home insurance in NY is $1,402

North CarolinaAverage annual cost of home insurance in NC is $1,498

North DakotaAverage annual cost of home insurance in ND is $2,270

OhioAverage annual cost of home insurance in OH is $938

OklahomaAverage annual cost of home insurance in OK is $2,520

OregonAverage annual cost of home insurance in OR is $811

PennsylvaniaAverage annual cost of home insurance in PA is $1,348

Rhode IslandAverage annual cost of home insurance in RI is $1,321

South CarolinaAverage annual cost of home insurance in SC is $3,377

South DakotaAverage annual cost of home insurance in SD is $2,545

TennesseeAverage annual cost of home insurance in TN is $3,466

TexasAverage annual cost of home insurance in TX is $3,390

UtahAverage annual cost of home insurance in UT is $1,081

VermontAverage annual cost of home insurance in VT is $1,197

VirginiaAverage annual cost of home insurance in VA is $2,058

WashingtonAverage annual cost of home insurance in WA is $1,106

West VirginiaAverage annual cost of home insurance in WV is $843

WisconsinAverage annual cost of home insurance in WI is $1,257

WyomingAverage annual cost of home insurance in WY is $1,965
AlabamaAverage annual cost of home insurance in AL is $1,436

AlaskaAverage annual cost of home insurance in AK is $1,117

ArizonaAverage annual cost of home insurance in AZ is $1,982

ArkansasAverage annual cost of home insurance in AR is $2,039

CaliforniaAverage annual cost of home insurance in CA is $2,002

ColoradoAverage annual cost of home insurance in CO is $3,156

ConnecticutAverage annual cost of home insurance in CT is $1,649

DelawareAverage annual cost of home insurance in DE is $717

District Of ColumbiaAverage annual cost of home insurance in DC is $1,713

FloridaAverage annual cost of home insurance in FL is $2,359

How to Compare Home Insurance Quotes

While there are many parts of purchasing insurance that can be confusing, getting a quote for coverage doesn’t have to be one of them. People looking for home insurance comparisons can follow a few easy steps to find the best policy for their needs.

1

Get Quotes From Multiple Companies

Get multiple quotes to be clear on which company has the best coverage and prices for you. As with any consumer good or service, prices for basically the same insurance coverage can vary. You would get multiple estimates from contractors if you were looking to have work done on your home, and you should do the same with homeowners insurance.

2

Compare Policy Coverages

When weighing policies, make sure you're comparing apples to apples. For example, a quote that is significantly cheaper than the others might have lower levels of coverage or come with a substantially higher deductible. Make sure you review all of the coverages included in a quote, including:

  • Coverage limits: Dwelling coverage is the largest portion of your policy. This is the coverage that pays for damages to the physical structures of your home. You will need to have enough coverage to completely rebuild your home in the event of a fire that completely takes down your home, for example.
  • Deductible: The deductible is the portion of the repair costs you’re responsible for paying out of pocket. The higher your deductible, the lower your premiums.
  • Liability limit: Liability coverage is the portion of your insurance that pays for damages to other people and their property. If your dog bites someone or a tree falls from your yard onto your neighbor’s car, your liability coverage is what would pay for those damages.
  • Medical payments: Medical payments insurance covers injuries suffered by a visitor on your property whether or not you are at fault. This is different than liability coverage, which only covers damage that is your responsibility.
  • Personal property coverage: Also known as content coverage, personal property coverage pays to replace your personal possessions, such as furniture and electronics, in the event of a covered loss.
  • Extra coverage: Also known as hazard insurance, this coverage is typically for natural hazards that are otherwise excluded from your policy, such as earthquakes or flooding.
  • Loss of use: Also known as living expense coverage, this coverage pays for living expenses incurred due to a covered loss, such as hotel costs or boarding fees for your dog or cat.
  • Add-ons: An add-on is additional coverage that is not part of the standard home insurance policy, such as water backup coverage or ordinance/law coverage. Add-ons will increase the cost of your insurance but typically offer very valuable coverages for a relatively low rate.
  • Endorsements: An endorsement alters an insurance policy’s coverage, terms or conditions. For example, you might add additional coverage for jewelry or a valuable art collection.
3

Compare the Type of Replacement

There are two types of replacement coverage you can choose from on your policy — actual cash value and replacement cost.

  • Actual Cash Value: Also known as ACV, this coverage takes depreciation into account. This means that if your 10-year-old television gets destroyed, you will only be given as much money as it is worth rather than enough to buy a new TV.
  • Replacement Value: This coverage is more expensive than ACV, but it values your items at the cost to replace them instead of their actual cash value. If your 10-year-old television gets destroyed in a covered event, the insurance policy will pay enough to buy a new television to replace it.
4

Compare Personal Information

To guarantee you are getting an accurate quote, you'll need to verify your personal information with the insurance company. Your name, date of birth, pet breeds and other personal information will impact your quote. For example, if your name is spelled wrong or your birthday is incorrect in their system, they could end up checking credit or claims history for a completely different person.

5

Compare Premiums

Make sure you are accurately comparing premiums by taking advantage of all available discounts. Most insurance companies offer discounts for bundling your home and auto coverage, for example, but some companies offer discounts for group affiliations or added security features. Make sure all discounts you're eligible for are included in your quote.

6

Compare Companies

You shouldn't just compare insurance companies based on their rates. Customer satisfaction, financial stability, available discounts and word of mouth are important considerations when choosing an insurance company and can help you find the best insurance company for your needs.

Auto Insurance Rates

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Ensure you are getting the best rate for your insurance. Compare quotes from the top insurance companies.

Home Insurance Quotes FAQs

Below are some of the most frequently asked questions about home insurance quotes.


Do I need home insurance?This is an icon

You only need home insurance if you own property, but the flip side to this statement is that everyone who owns property typically needs home insurance. Home insurance protects you from financial harm in the event of a disaster, even if your mortgage has been paid off for years.

What does homeowners insurance cover?This is an icon

The details of your policy may vary, but the bulk of home insurance policies include dwelling coverage, liability, medical payments, personal property damage, loss of use and a deductible of some kind. You will want to review your policy carefully to understand what is and is not covered before signing it.

How can I lower the cost of my home insurance?This is an icon

There are a few easy ways to lower the cost of your home insurance, including raising your deductible and using any applicable discounts, but these aren't the only way to save money on your insurance. For example, if you have poor credit, you could work on improving your credit over time and see your insurance rates go down.

Do I need a separate hazard policy?This is an icon

Many homeowners need separate hazard coverage for events such as floods and earthquakes. While it is possible you may not need additional hazard coverage, it is unlikely, so talk to your insurance agent to make sure you have all the coverage you need to protect your home.

Do I need home insurance for a condo?This is an icon

Every condo owner will have specific requirements based on their lender and homeowners association, but most condos will require some type of insurance coverage. At a minimum, most condo owners will be required to purchase coverage for their own personal property and liability coverage. Most condo associations will include the cost of insurance for the physical building in your monthly fees, but this isn't a guarantee, so check the details of your purchase carefully before buying.

Should I compare quotes if I already have insurance?This is an icon

Comparing home insurance quotes is something you should do regularly. Each year at your annual renewal is a great time to get quotes from other companies to ensure you are still getting the best available rates.

Expert Insight on Comparing Home Insurance Quotes

MoneyGeek spoke to experts, industry leaders and academics across the country to gain insight on homeowners insurance to help you make an informed purchase.

  1. How can comparing quotes help homeowners save money on expensive endorsements like flood or earthquake insurance?

    By comparing quotes, you can determine which provider offers the most affordable coverage in relation to what the policy covers. Two policies may cover flood damage, for example. However, one may be more comprehensive because it covers both damage from natural floods and a burst pipe, while the other only covers one or the other. How much more — if anything — are you willing to pay for the more comprehensive coverage?

    Comparing quotes on earthquake and flood insurance is important. A lot of people will just accept the earthquake insurance that is offered through their homeowners insurance carrier, but for cost and coverage wise that usually isn’t the best idea. It is best to shop around outside of your home insurance carrier or get with a broker who can quote you many different companies at once so that you save time and money.

    Flood insurance is something most people spend way too much money on. They default to having the National Flood Insurance Program, which is a lot more expensive than private insurance carriers. Savings can be up to 70% a year when people switch from a public to a private carrier for flood insurance.

    Every company rates differently for endorsements such as earthquake insurance and other expensive endorsements, which can vary between insurance companies. However, flood insurance is a nationally underwritten program separate from property and casualty insurance. Flood insurance rates shouldn't vary from agent to agent given the same input data because of it being a National Flood Insurance Program, and rates aren't special for any insurance carrier or agent. An agent can be beneficial in making sure that your property is appropriately classified to ensure the most cost-effective coverage you can get as a consumer.

  2. Is it possible and wise for a homeowner to compare insurance companies based on more than just cost, such as the percentage of claims that are denied?

    Look at what each coverage includes. With some, you may be paying for coverage you may not need. For example, do you need earthquake coverage if you live in, say, North Dakota, which has one of the country's lowest earthquake risks? Plans that bundle coverage may be cheaper overall in relation to what's covered. However, you may end up paying for coverage that you don't need due to the chances of it damaging your home being relatively low risk.

    Cost is important, but it shouldn't be how you shop for insurance, especially homeowners insurance. Your home is usually your biggest asset, and you want it insured properly. Insurance should be shopped for by coverage, company and price. Coverage is not something to cheap out on. If you lose your house to a fire, the whole house and everything inside it is destroyed, so having adequate good coverage is essential.

    Shopping by company is also important. You want to make sure that the company is backed by reinsurance and it has a good rating. Your state department of insurance does have statistics on insurance companies and how many complaints they receive. A lot of complaints usually means a lot of claim denials.

    Yes, definitely look beyond the cost, and don't take the first thing a website offers you, because agents can usually find additional discounts to apply. The cheapest is not always the best option if you want a high-quality product. With that said, price is usually second or third on the list of priorities. Claims paid and claims denied by an insurance carrier are important to consider because this is how the consumer will be taken care of when they need to "cash in" on their insurance and file a claim. At the end of the day, the consumer needs to ask themselves if they have to file a claim and it gets denied, does it really matter that you saved so much money?

  3. Are there any common situations in which people should notify their insurance company of changes that are often forgotten or ignored, for example, taking in a renter, adding solar panels to their home or similar?

    It's good to update your insurance when you retire. Homes of retirees are deemed to be of lower risk since homeowners are home more often and are more likely to spot troubles, such as signs of a fire. Burglars are also less likely to break in since the home is occupied all the time.

    Unbeknownst to most homeowners, you will have to disclose whether you're a smoker when applying for home insurance. Smokers are riskier to insure because smoking increases the risk of fire. If you've kicked the habit for good, inform your insurer for a possible reduced premium.

    Making an inventory check and shooting a video of it with your cell phone is always a good idea. Doing this at least once per year will help you immensely if there is ever a serious claim and all the insurance adjuster can see is ashes. Any significant purchases and renovations you make is always a good time to inquire with your insurance agent or broker. Getting married or any life or financial change is also a good time to call.

    The most common situation has to do with the contents of your home. Most of us do not have a list of belongings, receipts or even pictures of what we had prior to the loss. That is because most of us do not have mountains of spare time to categorize a lifetime of accumulation. One way to satisfy this at a very minimum level is to take a picture of each room in your home. Alternately, some do a video of walking through the entire home. For items that are special or might need some extra information, pay special attention to high-value items. Most importantly, store this information in a safe digital space like a cloud account that will not be destroyed along with the property in the event of a loss.

  4. What advice would you give for first-time buyers looking for homeowners insurance in your state?

    I would suggest that you make sure that you have at least the coverage that your bank or credit union requires. Consider an umbrella policy for liability that would extend to your house and vehicles. Balance the deductible limits with your cash reserves. Please remember that you can adjust the policy every year. Plus, talk to more than one insurance company and use the Internet for price comparisons, but talk to people.

  5. How do regulations and laws in your state impact the amount or type of coverage a homeowner should buy?

    Most of the regulations in the state have to do with the mortgage. You need to consider the replacement cost of the house plus the contents.

    In every state, an insurance company cannot "give you a break" and cover something that's not covered by the contract no matter how long you've been a customer and no matter how much money you spend with them. This is a very common misconception with clients. Insurance companies are audited by each state's department of insurance (DOI). When there is a DOI audit, the state is looking to ensure an insurance company is following the rules. If a company has a pattern of "giving someone a break," it is a form of illegal discrimination. If a claim is supposed to be paid, it has to be paid for everyone. If a claim is not supposed to be paid, it can't be paid for anyone.

  6. Are there any environmental factors homeowners should consider when selecting a home insurance plan in your state?

    This list might be helpful:

    • Flood region
    • Hazards, especially an oil tank leak
    • Water and sewer pipes
    • Storm/hurricane damage
    • Frozen pipes/roof leaks
    • Lead paint
    • Septic system

    Not everything is required, but I can say from experience that an oil leak is well over $5,000 to clean-up and fix.

    When it comes to wind coverage in Florida, coverage is either provided or not, but the premium charged and the deductibles offered are only part of the story. Where your home is located, when it was built and how it was built will have a huge influence on whether you can get wind coverage at all, so comparing premiums might not even be part of the discussion. Also, there is only one source of coverage for the vast majority of flood insurance policies: the federal government's plan called the National Flood Insurance Program (NFIP). A handful of companies offer their own flood insurance, but you have to buy it combined with their home insurance policy, and coverage is only offered if you are in a "low risk" flood zone.


James Surrey
James SurreyChief Editor of Review Home Warranties
Jade Plummer
Jade PlummerInsurance Broker
Nate Sanchez
Nate SanchezOwner at Sanchez Insurance Group
Phil Lane
Phil LaneAssociate Professor of Economics, Fairfield University
David Miller
David MillerVice President, Client Executive at Plexus Groupe

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About the Author


Rachael Brennan has worked in the insurance industry for more than a decade. She was an auto insurance agent for many years, earning her P&C license in all 50 states. After that, she joined the health insurance industry, earning her life, health and AD&D license. She has since moved on to become a professional writer, using her years of experience in the industry to help consumers better understand their insurance coverage. She has written for Cracked, Glamour, Grok Nation, The Boston Globe and many other publications.

Sources
  • Federal Emergency Management Agency. "Flood Insurance." Accessed November 10, 2020.
  • U.S. Government Services and Information. "Property Insurance." Accessed November 10, 2020.