How much does homeowners insurance cost?
By RealtyCrunch Inc•May, 1st 2020
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.