How Much Is Homeowners Insurance?

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On average, homeowners insurance costs between $300 and $1,000 per year, with a median cost of around $700 per year. That said, cost varies widely depending on your home's location, its age and condition, the value of your home and personal property, and the amount of coverage you want.

We recommend shopping around and comparing insurance company rates to find the best policy for your needs. Want to lower your cost? Having a home security system can often lower your homeowners insurance rate. We dive into more rate-lowering tips below.

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Home location

Your home’s location plays a big role in homeowners insurance cost. The higher the risk associated with protecting your home and personal property, the higher your rate will be. Homes in high-crime areas can see spikes in insurance costs. Homes in areas prone to natural disasters, such as floods, hurricanes, tornadoes, or earthquakes, will also have higher insurance rates—and may require special policies to cover the risk.

Home age and condition

Older homes can be more expensive to insure than newer homes because they can be more prone to damages or require extensive repairs. Newer homes tend to have lower insurance rates, as their construction is often more resilient in the event of a disaster.

Have you had your electrical, plumbing, or heating system updated recently? Homes that are in good condition (or recently remodeled) can also help you score a lower insurance rate.

Value of home and personal property

If you shelled out for a pricier home, you can expect higher insurance rates to protect it—that’s probably no surprise. Higher insurance aligns with the higher cost needed to repair or rebuild in the event of a disaster.

And don’t forget personal property when choosing homeowners insurance. Insuring big-ticket items like jewelry, art, or expensive electronics will hike up your rate.

Amount of coverage needed

A basic policy typically covers the cost of repairing or rebuilding the home in the event of a disaster and provides coverage for personal property. Additional coverage, such as liability coverage or coverage for additional living expenses, will increase your policy’s cost.

To get an accurate estimate of the cost of homeowners insurance for your home, it’s best to contact an insurance agent or company directly. They can provide you with a quote based on your home’s details and the coverage you desire.

How to lower your homeowners insurance rate

Want to cut costs up front for homeowners insurance? Here are some common sources of discounts to ask your insurance agent about:

  • Having a high credit score
  • Being a senior or a veteran
  • Installing a home security system
  • Installing other safety features in the home
  • Bundling multiple policies with the same insurance company

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This article was assisted by an AI engine. All content was fact-checked and edited by our editorial staff.

SafeWise Team
Written by
SafeWise Team
The SafeWise Team is here to help you keep your home and family safe. Whether you’re looking to pick a security system or identify and remove common risks in your home, we’re here to help you find the best products and well-researched answers. At SafeWise we combine our years of experience in home safety and security with user reviews and feedback to help take the guesswork out of living safe.

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