By Natalie Todoroff, Bankrate Insurance Expert | Writer, Insurance
Home insurance is a growing financial burden for many Americans as extreme weather ramps up and rebuilding costs soar. Bankrate compared average home insurance premiums from Quadrant Information Services and median household incomes from the U.S. Census Bureau to calculate how much homeowners are spending to insure their properties. U.S. households spend an average of $2,470 per year on their home insurance policies, representing 3.18% of median household income.
How much do Americans pay for home insurance?On the whole, average home insurance costs are up. Your exact home insurance costs will likely differ from the rates below, since premiums are customized to each homeowner. Factors like credit history, deductible level and filed claims have an impact on your premium. Getting familiar with average costs in different areas of the country can help you see how your rate compares. Use the interactive map below to view the true cost of homeowners insurance in all 50 states and 34 metropolitan statistical areas (MSAs).
To find the true cost of home insurance in each state and MSA, Bankrate divided the average cost of a home insurance policy with $300K in dwelling coverage by each area’s median annual income. A higher ranking indicates a lower true cost of home insurance, while a lower ranking suggests the opposite. Importantly, home insurance premiums listed here do not include the cost of flood insurance.
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This article originally appeared here and was republished with permission.
