In what states do Americans pay more for home insurance? What is the average cost in 2024?

A house is generally the biggest purchase a person can make in their lifetime, and being a homeowner comes at a literal cost. One expense that needs to be dealt with on a regular basis is home insurance, which is necessary if you want protection in case of unexpected damage or loss, as well as peace of mind.

Many factors figure into how expensive your home insurance would be, such as where you live, the state and age of your home, your mortgage, among other things.

Financial services website Bankrate has come out with the average cost of homeowners insurance for the month of September.

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In what states do Americans pay more for home insurance? What is the average cost in 2024?

Inflation has slowed down since it reached record highs in 2022. However, home insurance rates continue to go up because companies are still trying to recoup the losses they experienced when inflation was its peak.

There’s also the increased possibility of future losses due to extreme weather conditions, which is reflected by the states where insurance is the most expensive. These areas are prone to hurricanes and tornadoes.

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According to Bankrate, the average price of homeowners insurance for September this year is $2,285 per year if you want dwelling coverage worth $300,000. This comes out to approximately $190 in monthly expenses. This amount is considerably lower than the cost paid by the top five states with the most expensive home insurance premiums.

These are the states with the highest cost of homeowners insurance annually, as well as how much they have to pay each month.

The least expensive states in terms of homeowners insurance premiums are Vermont ($806/year, $67/month), Delaware ($966/year, $81/month), and New Hampshire ($980/year, $82/month).