The average cost of homeowners insurance is $2417.10. However, prices can vary widely depending on a variety of factors, including your location, your credit score, and the coverage and deductibles you choose. Even the homeowners insurance company you choose can affect your rates. That’s why it’s best to get home insurance quotes from multiple insurance companies when considering coverage. Getting multiple quotes will help you find coverage that fits your budget and provides the protection you need.

provider

The insurance company you choose for your home insurance will affect the amount you pay. On average, some companies charge more than others. For example, Hanover’s average home insurance premium is $4,209.68, while State Farm’s average premium is nearly half that at $2,215.28. Additionally, the cheapest homeowners insurance company on average may not be the cheapest for you. Other factors, such as location, can cause your provider to charge more or less than average.

position

The location of your home is one of the most important factors in determining the cost of home insurance. Insurance companies use location data such as weather patterns, crime rates, and the number of natural disasters to determine home insurance rates. Homes located in areas with a higher risk of damage generally have higher premiums. If you live in a particularly dangerous area, you may need to look for a high-risk insurance company to cover your home or get additional coverage, such as flood insurance. For example, the average cost to insure a home in Oklahoma is $5,839.47, and the average cost to insure a home in Texas is $4,851.37. Meanwhile, the average cost of homeowners insurance in California is $1,584.03. You may find it helpful to consult your local agent or insurance agent to learn more about costs in your area.

Use the tool below to compare quotes from the top providers within your zip code.

Choosing coverage and deductibles

Another factor that affects your home insurance premium is the type of coverage you choose, as well as your deductible. Premiums can vary greatly depending on the type and amount of coverage. Choosing higher coverage limits or specialized coverage types will result in higher premiums. Similarly, your deductible (the amount you pay out-of-pocket before your insurance pays a claim) also affects the cost of homeowners insurance. Generally, the higher the deductible, the lower the premium, and the lower the deductible, the higher the premium.

credit score

Although it doesn’t directly affect your insurance premium, your credit score can affect your insurance premium. Insurance companies in most states can use something called a “credit-based insurance score” to calculate your premium. Insurance scores are not exactly the same as credit scores, but are based on information provided by financial institutions, such as banks and credit card companies, on your credit report. Most states have regulations that prevent insurance companies from determining your premium based solely on your credit score. However, depending on your insurance company and location, a higher credit score may help you secure lower premiums.

Billing history

When you file a homeowners insurance claim, your premiums may increase. The more benefits you apply for, the more you will generally pay for home insurance. This may not change even if you switch to another insurance company. Most insurance companies will look at your claim history with previous insurance companies for the past five to seven years. If you file too many claims within a certain period of time, some companies may discontinue your coverage or even refuse to insure your home. Fortunately, some homeowners insurance companies offer claim waivers, so you can make multiple claims before your premiums go up.

Finding home insurance that provides adequate coverage at an affordable price can be difficult, especially when you consider all the factors that affect the price. That’s why it’s so important to compare home insurance quotes from different providers. Compare Home Insurance Quotes allows you to directly compare the best homeowners insurance companies to find the coverage that’s right for you.

Make sure you’re comparing quotes with similar coverage, deductibles, and benefits. Otherwise, the comparison may be inaccurate. When comparing providers to get the right homeowners insurance, consider the following factors:

• coverage: What coverage limits does each company offer? Does the company offer actual cash value or replacement cost value insurance? Be sure to include separate coverage limits for residence, personal property, and personal liability. please confirm.
• Pricing: Do prices vary significantly between carriers for similar coverage options? Do companies offer discounts?
• Deductible amount: What are the deductible options for each carrier? Can I change my deductible to lower my premium?
• Additional benefits: What perks and policy benefits does the carrier offer, such as claim waivers and identity theft protection? Does homeowners insurance cover unique risks through endorsements?

Unfortunately, you cannot control all the factors that go into calculating your home insurance premium. After all, moving your home to a lower risk location to save on insurance premiums is not a practical solution. The good news is that you can save money on homeowners insurance through policy modifications, discounts, and risk mitigation.

Here are some of the best ways to save on home insurance.

• Bundle policy: Most home insurance companies also offer other types of insurance. Most insurance policies offer multi-policy discounts when you bundle other types of coverage with your home insurance policy. The most common bundle is car insurance, but it can also be bundled with life insurance or other types of insurance. Premium savings vary by provider, but many companies will discount your premium by up to 25%.
• Looking for discount: Bundling home insurance and auto insurance together is not the only way to get a home insurance discount. Insurance companies typically offer a variety of homeowners insurance discounts to help policyholders lower their premiums. Not everyone is eligible for all discounts, such as savings to insure the construction of a new home or home insurance discounts for veterans and military personnel. However, other discounts are generally easily available. For example, many insurance companies offer discounts if you switch to paperless policy documents or set your policy to automatic payments. Other common discounts are safety-related. If you have a smart home device that protects against things like burglar alarms, home security systems, or water damage, you may be eligible for a discount.
• Risk mitigation: Reducing the hazards around your home can lower your insurance premiums both directly and indirectly. For example, your home insurance premium will generally be higher if your yard has high-risk items (known as “attractive nuisances”) that could lead to medical claims, such as a pool or trampoline. Become. If you are not using these items, consider removing them to save on insurance premiums. Indirectly, you can also save money by avoiding the need to file a claim. For example, adding a security system can give you peace of mind, deter threats like vandalism, and keep your family safe. There is less chance of property damage, so there is less need to file a claim.
• Improve your credit: While your credit score may make up a small portion of your insurance premium, improving your credit score can potentially make your insurance more affordable over time. Your payment history is the most important factor when calculating your credit score. Paying your accounts, such as your credit cards and mortgage, on time should improve your score.
• compare Insurance company: You’re more likely to find affordable home insurance if you get quotes from at least three different insurance companies. This will ensure you get the coverage you need at the best price.

When purchasing home insurance, many factors will affect the cost, especially the coverage you choose. You can save money with discounts and bundles, or increase your deductible to save on premiums.

Additionally, requesting and comparing home insurance quotes from multiple insurance agencies can help you get the best coverage for your home. Compare home coverage, personal property coverage, and liability coverage on an “apples to apples” basis. Knowing your desired coverage, deductible, budget, and insurance benefits will help you get quotes that are easier to compare.

Use the tool below to request and compare quotes from at least three of the leading home insurance providers in your area to find the best coverage for your space.

Our MarketWatch Guides team used data from Quadrant Information Services to gather provider home insurance quotes for this article. Quadrant is the leading source for property and casualty insurance solutions and data.

The homeowner in our sample is a 40-year-old single man with good credit and no history of insurance claims. Our sample policy included a $1,000 deductible and the following coverages and limits:

• Housing: $350,000
• Other structures: $25,000
• Personal property: $150,000
• Loss in use: $50,000
• Liability: $300,000
• Payment of medical expenses: $1,000

For each provider, we collected estimates for 50% of the ZIP codes in all states in which that provider is licensed. The most populous zip codes were used for the study. We took the average of these individual quotes to calculate the national average premium for each provider. Our sample rates are for informational purposes only. Actual insurance premiums will vary.