What states have the highest homeowners insurance?

The average cost of homeowners insurance nationwide in 2022 is $2,777 a year, but rates vary by state. Oklahoma is the most expensive state for home insurance at $5,317 a year, while Hawaii has the lowest home insurance rates, averaging $582 a year.

What is the average cost of homeowners insurance in Tennessee?

After all, the average cost of home insurance in the Volunteer State is $1,644 per year for $250,000 in dwelling coverage, or about $137 per month, according to Bankrate's 2021 study of quoted annual premiums.

Why is Oklahoma home insurance so high?

Oklahoma has the highest average annual homeowners premium in the U.S., largely due to its position in Tornado Alley. The average annual premium for homeowners insurance in Oklahoma is $3,593 for $250,000 in dwelling coverage, more than double the national average.

Why are Florida home insurance rates so high?

One of the key reasons for the high cost of Florida homeowners' insurance policies is location. No other state in the contiguous United States has both an East and a West Coast. This means hurricane risks can come from either direction and cause widespread, catastrophic damage.

How much is home insurance in Florida per month?

Although Florida can be appealing to those who enjoy warm weather, living in the Sunshine State has its hazards, too. The average cost of homeowners insurance in Florida is $2,122 a year, or about $177 a month, according to a NerdWallet rate analysis.

Why is home insurance so high in Tennessee?

Why is homeowners insurance so expensive in Tennessee? Homeowners insurance in Tennessee can be more expensive than some states due to it being vulnerable to certain damaging perils. These include wind and hail storms, tornadoes, floods, and wildfires, all of which can be destructive to your property.

Is homeowners insurance expensive in Tennessee?

The average cost of homeowners insurance in Tennessee is $2,526 per year or $211 a month. This is around 25% higher than the national average of $1,899.

What is the 80% rule in homeowners insurance?

The 80% rule means that an insurer will only fully cover the cost of damage to a house if the owner has purchased insurance coverage equal to at least 80% of the house's total replacement value.

What determines the cost of your homeowners insurance?

Two of the biggest factors affecting the price of homeowner insurance are your home's location and the cost to rebuild it. Many other factors play a role, including your credit history, your choice of provider, and whether you bundle multiple types of insurance – say, auto and homeowner.

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