- In 2022, the average homeowner spends $1,383 on homeowners insurance per year for a policy with $250,000 in dwelling coverage.
- On average, the most expensive states for homeowners insurance in 2022 are Oklahoma, Nebraska and Kansas, while the least expensive states are Hawaii, Utah and Vermont.
What's the most expensive state for homeowners insurance?
Oklahoma has the highest home insurance rates in the country at $5,317 a year. Hawaii, on the other end of the spectrum, is the cheapest state for home insurance at only $582 a year. Below we'll look at average home insurance rates by state in 2022 and explain why some states are more expensive than others.
Why is homeowners insurance in Florida so expensive?
Because most of Florida is coastal and subtropical, the state is prone to hurricanes and other forms of severe weather. This makes the Florida homeowners insurance market risky for insurers and premiums more expensive for homeowners. I've written more about how location impacts the cost of homeowners insurance here.
Why is homeowners insurance so high in Georgia?
Homeowners rates in Georgia are high because of the state's relatively high risk of hurricanes and other water damage. These risks make business in Georgia more expensive for insurance companies and more expensive for customers.
Is Florida homeowners insurance higher?
Homeowners in Florida pay the highest premiums in the country: nearly three times the national average, according to the Insurance Information Institute, an industry group. And Floridians' premiums are rising much faster — about 33% each year — than the typical American's annual increase of 9%.