Buying a home is a major investment, so it’s important to protect it. One of the ways to do this is to purchase home insurance. But how much does it cost? Let’s take a look at the average house insurance cost.
Average House Insurance Cost
The average cost of homeowners insurance in the United States is $1,211 per year. However, this number can vary greatly depending on where you live and the type of coverage you get. For example, in Florida, the average cost of home insurance is $2,055 per year, while in Hawaii it is $1,118 per year.
Factors That Affect House Insurance Cost
There are several factors that can affect the cost of your home insurance. These include the following:
- The age and condition of your home
- The type of coverage you choose
- The value of your home and its contents
- The location of your home
- The crime rate in your area
Age and Condition of Your Home
The age and condition of your home can have a big impact on the cost of your home insurance. Older homes tend to cost more to insure because they may need more repairs and maintenance. Also, homes that are in good condition will typically cost less to insure than homes that are in poor condition.
Type of Coverage
The type of coverage you choose will also affect the cost of your home insurance. Basic coverage, which typically includes liability and property damage, will cost less than comprehensive coverage, which includes additional coverage for things like natural disasters and personal belongings.
Location of Your Home
The location of your home can also affect the cost of your home insurance. Homes in high-risk areas, such as areas prone to flooding or earthquakes, will cost more to insure than homes in low-risk areas.
Crime Rate in Your Area
The crime rate in your area can also affect the cost of your home insurance. Homes in areas with higher crime rates tend to cost more to insure than homes in areas with lower crime rates.
Conclusion
The cost of home insurance can vary greatly depending on where you live and the type of coverage you choose. Generally, the average cost of homeowners insurance in the United States is $1,211 per year. However, this number can be higher or lower depending on the factors discussed above.