How much does homeowners insurance cost?

By RealtyCrunch IncMay, 1st 2020
How much does homeowners insurance cost?

Homeowner insurance costs on an average $1,200 a year, but prices can vary depending on:

  • your location
  • amount of coverage you buy
  • credit score
  • home’s value

How is the home insurance price determined?

There are a few factors insurers typically consider:

  • What it would cost to rebuild your home
  • Your home’s age, condition and other characteristics
  • Distance from your home to the nearest fire hydrant
  • Your city’s fire protection rating
  • Your claims history and the claims history of others in your neighborhood
  • Your coverage limits and deductible
  • Items that pose major injury risk, such as pools or trampolines

Homeowners insurance deductibles

Homeowners insurance typically includes a deductible for property damage. The deductible can be:

  • A flat dollar amount, such as $1,000.
  • A percentage, such as 1% or 2% of the home’s insured value.

The deductible is what you owe before your insurance pays for any damages.