Beat the System How Much is Home Insurance
Factors Influencing Home Insurance Costs
The cost of home insurance can vary significantly based on several factors, including the location of your home, its age and condition, the coverage amount, and the deductible you choose. Homes located in areas prone to natural disasters such as floods or earthquakes may have higher premiums due to increased risk. Similarly, older homes or those with outdated electrical or plumbing systems might also see higher insurance costs.
According to the National Association of Insurance Commissioners, the average annual premium for homeowners insurance in the United States was approximately $1,249 in 20191. However, this figure can vary widely depending on the factors mentioned above.