What States Have the Least and Most Expensive Home Insurance Rates?

Last Updated on March 29, 2023 by Mark Ferguson

We recently published a few lists about property and income tax rates in each state. I am a real estate investor and these statistics can help other investors know what states are landlord friendly and which states are not! Another really interesting metric is the cost of home insurance in each state. Many people think insurance is the same everywhere you go but that is not true. Some states have more natural disasters, more hail, more floods, and some states have very little of anything. This list gives an idea of what the insurance rates are in each state although certain areas within a state can vary greatly. If you live on a river in any state you will most likely have a pretty hefty insurance bill!

Why do home insurance rates change?

Insurance companies are in the business to make money. They insure properties and hope that the claims are less than the money people pay for their insurance minus all the expenses that go into the business. If an area has a high rate of insurance claims the insurance rates will most likely increase in that area. Areas that are prone to flooding, big thunderstorms, earthquakes, and other natural disasters have higher rates. Properties that are in flood zones often have the highest insurance rates since a flood will often cause a total loss and in some cases, you can not even rebuild in a flood zone. 

Insurance rates by state

*Numbers from the Insurance Information Institute – iii.org

wdt_ID Rank State Average Insurance Premium
53 1 Oregon 706
54 2 Utah 730
55 3 Idaho 772
56 4 Nevada 776
57 5 Wisconsin 814
58 6 Arizona 843
59 7 Delaware 873
60 8 Ohio 874
61 9 Washington 881
62 10 Maine 905
Rank State Average Insurance Premium

More state-by-state numbers

The articles below are very similar to this one with state-by-state numbers for the following statistics:

If you want to learn how these can impact real estate investing check out this calculator: Cash flow calculator.

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