Homeowners Insurance Rates By Zip Code
The highest homeowners insurance rates by ZIP code are found in 33070, Islamorada Village of Islands, on Plantation Key, Florida. Thats according to Insurance.com’s analysis of the average cost of home insurance for nearly every ZIP code in the country.
ZIP codes in Louise, Texas, and Mobile, Alabama rank second and third, respectively, for the following coverage:
- $300,000 in dwelling coverage
- $1,000 deductible
- $300,000 liability coverage
Rankings for the priciest ZIP codes were determined by identifying the ZIP code with the highest average rate for home insurance in each state and then listing them in descending order. For the cheapest ZIP codes, rankings were determined by identifying the ZIP code with the least expensive average rate for home insurance and then listing them in ascending order. Insurance.com’s analysis showed a national average rate of $2,305 for $300,000 dwelling coverage with a $1,000 deductible and $300,000 in liability.
The top 10 most expensive locations by ZIP code based on 2021 data are:
So, how do you decide the coverage amounts and additional coverage? We’ll explain that next.
Determine How Much Insurance You Need For Your Home’s Structure
Standard homeowners policies provide coverage for disasters such as damage due to fire, lightning, hail and explosions. Those who live in areas where there is risk of flood or earthquake will need coverage for those disasters, as well. In every case, you’ll want the limits on your policy to be high enough to cover the cost of rebuilding your home.
The price you paid for your homeor the current market pricemay be more or less than the cost to rebuild. And if the limit of your insurance policy is based on your mortgage , it may not adequately cover the cost of rebuilding.
While your insurer will provide a recommended coverage limit for the structure of your home, its a good idea to educate yourself as well. To make sure your home has the right amount of structural coverage, consider:
See How Affordable Your Homeowners Insurance Can Be
Homeowners insurance, also known as home insurance, is a property insurance policy that provides coverage for a private residence. A homeowners policy typically covers losses and damages to your personal residence, as well as furnishings and certain other assets within your home. Home insurance may also offer liability coverage against certain types of accidents that occur within your home or on your property. Most mortgage lenders require a homeowners insurance policy.
The GEICO Insurance Agency could help you get the affordable home insurance coverage you need. Combining your home and auto insurance policies could save you time and money. If you currently have homeowners insurance with another company, you could save more by getting a home insurance quote and switching to GEICO. Start a homeowners quote today.
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Avoid Risky Investments If You Can
While you canât pick up your home and move it to a new location, you can opt out of adding things to your home that may raise your premium. For example:
- Swimming pools usually raise the cost of your coverage because they increase your liability exposure.
- Trampolines, while fun, are injuries waiting to happen. Trampolines raise your risk of visitor injuries and so increase your liability coverage needs.
Look At Claims Response
Following a large loss, the burden of paying out-of-pocket to repair your home and waiting for reimbursement from your insurer could place your family in a difficult financial position. A number of insurers are outsourcing core functions, including the handling of claims.
Before purchasing a policy, find out whether licensed adjusters or third-party call centers will be receiving and handling your claims calls. Your agent should be able to provide feedback on his or her experience with a carrier, as well as its market reputation, says , president of field operations for the PURE Group of Insurance Companies. Look for a carrier with a proven track record of fair, timely settlements and make sure to understand your insurers stance on holdback provisions, which is when an insurance company holds back a portion of their payment until a homeowner can prove that they started repairs.
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Why You Can Trust Bankrate
Founded in 1976, Bankrate has a long track record of helping people make smart financial choices. Weve maintained this reputation for over four decades by demystifying the financial decision-making process and giving people confidence in which actions to take next.
Bankrate follows a strict editorial policy, so you can trust that were putting your interests first. All of our content is authored by highly qualified professionals and reviewed by subject matter experts, who ensure everything we publish is objective, accurate and worthy of your trust.
Our insurance team is composed of agents, data analysts, and customers like you. They focus on the points consumers care about most price, customer service, policy features and savings opportunities so you can feel confident about which provider is right for you.
- We guide you throughout your search and help you understand your coverage options.
- We provide up-to-date, reliable market information to help you make confident decisions.
- We reduce industry jargon so you get the clearest form of information possible.
All providers discussed on our site are vetted based on the value they provide. And we constantly review our criteria to ensure were putting accuracy first.
Average Homeowners Insurance Premiums By Zip Code And City
Its no secret that homeowners insurance premiums vary greatly depending on your ZIP code. But how much can they differ? The least expensive zip code for homeowners insurance is 96859 Honolulu, Hawaii at $490 a year on average. Whereas 33050 Islamorada Village of Islands, Florida,is the most expensive ZIP code for home insurance. Its average annual rate is $6,295 per year, thats $5,805 more expensive than the least expensive ZIP code.
Rankings for the priciest ZIP codes were determined by identifying the ZIP code with the highest average rate for home insurance in each state and then listing them in descending order. For the cheapest, rankings were determined by identifying the neighborhoods with the least expensive average rates for home insurance and then listing them in ascending order, for the following coverage level:
- $300,000 in dwelling coverage
- $300,000 liability coverage
Average Home Insurance Rates By Zip Code
Theres a lot to keep in mind when youre comparing homeowners insurance rates by zip code, and your homes overall value is just part of that equation. Weve leveraged Quadrant Information Services data from insurance.com to get you average homeowners insurance rates by zip code both high and low across the US in the tables below:Heres a list of the 10 most costly places to live, relative to the average cost for home owners insurance:
|Average annual cost|
How To Get Cheaper Massachusetts Home Insurance
Here are some tips to help you save on home insurance in Massachusetts.
Protect your home. Insurers usually offer discounts for installing devices like smoke and burglar alarms, smart-home devices, sprinkler systems and deadbolts.
Bundle with car insurance. You can typically save if you buy more than one policy from the same company. Learn more about how you can save by bundling home and auto insurance.
Shop around. NerdWallet recommends homeowners shop for home insurance quotes once a year to get the best rate. Compare quotes from at least three companies, and be sure youre looking at equal coverage limits and deductibles.
For more ideas, read our article on how to lower homeowners insurance rates.
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Plan Ahead For Renovation
If you plan to build an addition or adjacent structure to your home, consider the materials that will be used. Typically, wood-framed structures will cost more to insure because they are highly flammable. Conversely, cement- or steel-framed structures will cost less because these are less likely to succumb to fire or adverse weather conditions.
Another thing most homeowners should, but often don’t, consider are the insurance costs associated with building a swimming pool. In fact, items such as pools and/or other potentially injurious devices can drive the annual insurance costs up by 10% or more.
Related Topics & Resources
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Programs are subject to change without notice. Specific costs or fees for a banking product or service received from Axos Bank may apply and will be provided in a separate disclosure to you.
Average Home Insurance Cost By Coverage Amount
While the rates above are for home insurance policies with $250,000 in dwelling coverage, not all homes will fit into that level of coverage. Plus, most homes in the U.S. may require more than that right now due to the cost of homes, labor, materials and other factors increasing substantially over the last two years. Some homeowners may need more or less coverage, depending on the size of their home, the features in their home and the cost of living in the area. For example, homeowners insurance for a home needing only $150,000 in dwelling coverage would usually cost significantly less per year than home insurance with $250,000 in dwelling coverage.
Generally, the less dwelling coverage you have, the cheaper your coverage will be. However, theres no need to calculate exactly what your house would cost to rebuild before you shop for coverage. Home insurance companies have their own valuation tools to determine this, although having an idea of the rebuilding cost of your home could help you from over- or under-insuring your dwelling. The table below shows the average annual home insurance premium for five different levels of dwelling coverage.
|Dwelling coverage limit|
Learn more:How much home insurance do you need?
What Affects Homeowners Insurance Costs
There are multiple factors that impact the cost of home insurance in the US, including:
- The value of your home. The more your home would cost to repair or replace, the more itll cost to insure.
- The type of policy you get. HO-1 and HO-2 policies, which cover only specific named events, will cost less than HO-3 policies, which offer more protection.
- Where you live. The location of your home affects your premiums. For example, if you live in a high-crime area or somewhere that commonly suffers severe storms, your premiums will be higher.
- Your homes safety. If you have a top-of-the-line security alarm installed on your property, your insurer may agree to lower your premiums. The materials used in the construction of your home can also have an effect, such as cheaper premiums if you have an impact-resistant roof.
- Your claims history. If youve previously made homeowners insurance claims, you can expect to pay more for cover than a homeowner with a clear claims history.
- How often you pay your premiums. Some insurers will charge a lower rate if you pay yearly instead of monthly.
- Your deductible. By agreeing to pay a higher deductible if you need to make a claim, you can get lower premiums.
- Any discounts that may apply. You can reduce the cost of coverage by taking advantage of homeowners insurance discounts you may be eligible for based on your home, location or personal risk factor.
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Consider Your Zip Code
Simply providing your zip code can offer a lot of information about the potential cost of your home insurance. Your location helps insurance companies gather information about things like the average value of homes in your area, local building costs, as well as how many claims are placed in that zip code each of which helps them better determine the cost of your home insurance.
Customize Your Coverage With Endorsements
You probably dont think about your sewer or drains backing up and swamping your home that is until it happens. Thats why its important to consider additional coverages such as sewer & drain backup coverage along with coverage for high-value belongings. There are two more endorsements to consider: Identity Recovery coverage in the event you become a victim of identity theft and earthquake coverage to make sure you are prepared for the truly unexpected.
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What Does Homeowners Insurance Cover
Having a home insurance policy will protect you from paying out of pocket to either replace or repair your home should an accident occur. Insurance policies also cover the cost of replacing your personal belongings inside of your home.
The cost of an annual home insurance premium is worth the peace of mind knowing you will be able to afford to replace your home in the event of an accident. Insurance will also cover the costs of legal fees associated with lawsuits stemming from injuries sustained on your property, regardless of if its your fault or not. This includes protecting you against any injuries caused by family members, pets, or yourself. They will also pay for any medical costs associated with a lawsuit.
Details That Can Impact Home Rebuilding Costs
- The type of exterior wall constructionframe, masonry or veneer
- The style of the house, for example, ranch or colonial
- The number of bathrooms and other rooms
- The type of roof and materials used
- Other structures on the premises such as garages, sheds
- Special features such as fireplaces, exterior trim or arched windows
- Whether the houseor a part of itwas custom built
- Improvements you’ve made that have added value to your home, such as the addition of second bathroom, or a kitchen renovation
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How To Compare Homeowners Insurance Quotes
A home insurance quote provides an estimate of how much you would pay for home insurance from a particular company. To get a home insurance quote, you may need to provide information on how old your house is, where your house is located, your claim history and what home insurance limits you need.
Home insurance companies determine your quote using many factors. The price in the quote you receive is the result of multiple coverage limits and policy details. That means you should consider more than the final price on the quote. One company may have higher monthly premiums, but you may also get more coverage for the price.
For example, a quote has a dwelling coverage amount, which is the maximum reimbursement a home insurance company will provide if your home must be rebuilt. One company may quote you $150,000, while another quotes you $180,000. When comparing the final quote price between these two companies, remember that one provides more dwelling coverage than the other.
Because homeowners insurance policies are standardized, coverage won’t vary much between companies. Still, some parts of a quote may change greatly between companies. For example:
- Coverage limits
- Type of replacement
- Deductible amounts
- Additional coverages and endorsements
|$5,000||Medical expenses if a guest is injured on your property|
Five Tips To Lower Home Insurance Costs
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What Is The Cheapest Home Insurance Company
Before you buy home insurance, shop around to see which home insurance company has the most affordable rate.
Heres a list of the most affordable home insurance companies in the United States:
- Plymouth Rock $97/month
State Farm is the leading company in home insurance and car insurance.
In addition to State Farm, some insurance companies who appear as auto insurance leaders also have a sizable market share in the home insurance market.
Lowest Homeowners Insurance Rates By Zip Code
Hawaii ZIP 96859 has the lowest average homeowners insurance cost in the nation, but dozens of other Hawaii ZIP codes are also among the cheapest in the country. So, why does Hawaii have such low home insurance rates? It may be that standard home policies in Hawaii do not absorb high claims costs for hurricane damage. After Hurricane Iniki in 1992, homeowners in Hawaii have to buy separate hurricane damage policies, said Michael Barry spokesman for the Insurance Information Institute.
Hawaii is also one of the few states that does not allow insurance companies to use credit ratings when pricing policies. Other locations on the cheapest list are low compared to the rest of the country, in part, because of the following factors:
- Few major weather related losses.
- A low crime rate.
- Relatively few major liability lawsuits filed.
Typically rural areas and cities with low population density will have lower home insurance rates. Thats because the cost to rebuild tends to be more affordable and insurers consider that when setting rates.
The top 10 least expensive locations for home insurance are:
|ZIP code||Average annual premium|
|14445 East Rochester, New York||$1,319|
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