Clearsurance’s full record of the highest 10 most costly states for insuring a $200,000 house and their common charges goes:
- Kansas – $2,615
- Oklahoma – $2,321
- Nebraska – $2,198
- Colorado – $2,157
- Texas – $1,892
- Tennessee – $1,880
- Arkansas – $1,823
- Montana – $1,766
- Missouri – $1,755
- Louisiana – $1,736
By comparability, the highest three least costly US states to insure a $200,000 house are Hawaii ($327), Vermont ($428), and New Hampshire ($607). It was famous that owners in Kansas pay as a lot as seven instances extra for house insurance coverage than Hawaii owners.
According to Clearsurance, the Midwest states have a few of the priciest house insurance coverage charges in America resulting from a number of components. One such issue is the area’s publicity to tornadoes. While commonplace house insurance coverage insurance policies cowl injury brought on by tornadoes, the elevated danger results in increased house insurance coverage charges.
Severe climate occasions and the danger of catastrophes are additionally accountable for driving up charges in different elements of the nation, the report famous. In the southeastern coast, flood injury from hurricanes and tropical storms is accountable for expensive claims, in flip resulting in increased charges. While on the west coast, the specter of earthquakes has saved charges excessive in sure elements. Unfortunately, commonplace owners insurance coverage doesn’t usually cowl flood or earthquake injury.
In phrases of particular person insurance coverage firms and which provides the perfect charges, Clearsurance discovered that Nationwide supplied the perfect common charges throughout the US for a $200,000 home, whereas State Farm had the bottom charges for a $400,000 home.
“Home insurance coverage charges are very aggressive between suppliers. An particular person’s danger profile, together with the place they dwell, has a higher impact on the worth. Comparing charges between a number of firms is the easiest way to search out an insurer with essentially the most reasonably priced premiums,” stated Clearsurance insurance coverage professional Melanie Musson.