Comparing the Average Home Owners Insurance Rates By State - Can you Get it Cheaper?  
 
 

Comparing the Average Home Owners Insurance Rates By State - Can You Get It Cheaper?

Homeowners insurance rates vary widely by state. If you are considering moving, the cost of insuring your home may be a factor to consider. Here are some comparisons and interesting facts about homeowners insurance in America.

The most expensive state to insure your home in may surprise you, it's Texas. The average price of homeowners insurance in Texas is about 58% higher than in Florida, which is also one of the higher priced states. According to Forbes magazine the average homeowners insurance in Texas is $1,238. The reason for this is the large amount of claims due to hail and wind damage. You may think, "what about the hurricanes, earthquakes, and floods in other disaster prone states?'. Well, the cost for those things are not factored into the average homeowners insurance policy. People in those areas have to purchase separate insurance policies for those things.

Another expensive state is, as we mentioned before, Florida. Because of the high occurrence of hurricanes and water related damage, Florida is one of the most expensive places to get insurance. In fact, some insurance companies will not even offer homeowners insurance in Florida. One thing to keep in mind though, is your location. If you are directly on the beach or relatively close, your rates are going to be higher. Some people on the coast can pay as much as $10,000 annually. However, if you live inland in say, Orlando or Tampa, your costs could be cut by more than half. As they say, location, location, location!

Louisiana is another expensive state for homeowners insurance. Because of the regular storms that batter the state each year, it can be hard for residents to even get insurance. The average policy is $840 per year. Mississippi also has a number of hurricanes and also tornadoes that make it a high risk state for insurance companies. This is another state that can be difficult to get homeowners insurance in. Oklahoma and Kansas are also high dollar states because they have so many tornadoes and hail storms, that the damage can be astronomical.

Snow is another factor in homeowners insurance rates. New York is one of the more expensive states, because the white stuff does serious damage to rooftops. Throw in the high cost of everything in New York and you come up with top dollar premiums. Alaska has surprisingly high rates also. This is due in part to the amount of snow, but also the amount of rain especially in the coastal areas.

The state with the cheapest homeowners insurance premium is Wisconsin. To determine if your state is one of the cheaper ones, try to think about risk from your insurance company's perspective. If you live in an area with a lot of natural disasters such as hurricanes, tornadoes, high winds, snow or hail damage, or flooding your costs will be higher than someone in say, Ohio who does not face quite so much of Mother Nature's wrath.

Final word, if you live in a high risk area, contact your insurance company to see if there are things that you can do to make your home less of a risk. Many companies offer discounts for upgrades like storm shutters and reinforced walls. It never hurts to ask, and you may save some cash in the process.




 

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