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Average Home Insurance Cost Atlanta

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  • Nov 19, 2023

Average Home Insurance Cost Atlanta – Keeping your home safe and sound comes at a price. But in some states, you may be out of luck with the cost of your home insurance premium.

Finding the perfect home is more than just buying the perfect home. Many homeowners who want to protect their property against accidents such as theft or damage from weather-related events know the importance of finding quality home insurance. However, home insurance isn’t always cheap. According to the National Association of Insurance Commissioners, homeowner insurance rates increased 1.6% in 2016-2017, reflecting a trend of rising home insurance costs. Despite this upward trend, there are a few states that have managed to keep premium costs relatively low.

Average Home Insurance Cost Atlanta

Average Home Insurance Cost Atlanta

Insurance companies determine your homeowners insurance policy using many variables. Determining home liability based on occupants and environment means that home insurance rates can vary based on typical weather conditions in the area, the likelihood of theft or other property damage such as vandalism. To dig deeper into the analysis of homeowners insurance rates and geographic demographics, the data science team pored over homeowners insurance data to identify the ten states with the cheapest home insurance rates.

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The data science and research team at Homeowners Insurance Comparison Site analyzed homeowner data from the Insurance Information Institute to determine the states with the cheapest home insurance. Data from the HO-3 Homeowner Package Policy (for owner-occupied homes) published by the National Association of Insurance Commissioners (NAIC) served as the basis for measuring the average cost of a homeowner’s insurance policy. House by State.

State median home values ​​were determined by the Zillow Home Value Index (ZHVI), a smoothed, seasonally adjusted measure of typical home value and market changes in a given region and housing type. Burglary figures were compiled from the FBI’s Uniform Crime Reporting Program’s estimated state and national data obtained from their Summary Reporting System (SRS).

Bring on the dancing lobsters, because Maine has some of the cheapest home insurance premiums in the country. Both the average annual homeowner’s premium and the average homeowner’s cost are below the national average, at 28 percent and 4 percent, respectively. Maine also has a low per capita theft rate, with a theft rate that is 47 percent below the average. Although Maine does not follow the overall national trend of low median home values ​​associated with low burglary rates, Maine’s relatively low burglary rate can be attributed to its largely rural population – according to the US Census Bureau, Maine has the most rural areas. areas in all fifty states, while robberies may occur more frequently in denser, more populated areas.

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Ohio has the ninth most affordable home insurance premiums in the nation. With an average rate of $862, home insurance in Ohio costs 29 percent less than the national average premium. Additionally, following the general trend of a negative correlation between home value and burglary rates, the average home value in Ohio is 59 percent below the average. , and its theft rate is 8 percent higher than average. Fortunately, Ohio homeowners can protect their assets and insure their homes at a relatively low cost.

Washingtonians looking to insure their home are in luck—the average home insurance premium in their state is 30 percent lower than what the average American pays. Washington’s median home value is the fifth highest in the nation, a significant 39 percent above the national average, meaning you need the green light to buy a home in the evergreen state. Because Washington has a surprisingly high burglary rate (29 percent higher than average) compared to its high median value, homeowners who insure their modest residences can breathe a sigh of relief knowing that the cost of their homeowners insurance is relatively inexpensive.

Your home deserves the best protection at the best price. Find home insurance quotes that fit your budget.

Average Home Insurance Cost Atlanta

Although Delaware is the second smallest state in the United States, Delaware homeowners can rest assured that their state has the seventh cheapest home insurance premiums in the country. Homeowners insurance costs in Delaware average 32 percent below the national average, even though the average home value is nearly equal to the national average. Delaware’s burglary rate is an additional 15 percent below the national average, making Delaware an overall stable and safe state for home ownership.

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Arizona ranks sixth in the ranking of states with the most affordable home insurance premiums. With slightly higher than average home values ​​and burglary rates, the 32 percent lower average cost of home insurance in Arizona is a somewhat surprising advantage for Arizona homeowners. While Arizona doesn’t necessarily follow the national trend of states with higher burglary rates that correspond with lower median home values, Arizona homeowners seem to be in luck when it comes to affordability of home insurance.

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The fifth state on our list, Wisconsin, is a true representation of the Midwest’s famous hospitality – America’s dairy country has both relatively affordable insurance rates and home values. On average, Wisconsin homeowners can insure their homes for 36 percent less than the average American. Wisconsin’s median home value is 23 percent below the national median, and its burglary rate is below average at 37 percent. Owning a home in Wisconsin seems to check all the boxes, with low home costs, insurance premiums and the likelihood of theft on all sides.

Many people come to Nevada every year to win big in Vegas. Fortunately, Nevadans are already winners when it comes to affordable home insurance premiums. Nevada has the fourth cheapest home insurance costs in the US, 38 percent below the national average. These low premiums contrast interestingly with higher-than-average home values ​​and robbery rates of 15 percent and 35 percent, respectively. Nevada is also a fascinating case because these statistics do not follow a pattern of higher burglary rates corresponding to lower median home values. A typical Nevada homeowner’s insurance protects a high cost for a low rate, making it one of the cheapest states for home insurance.

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Idaho isn’t just known as a gem of a state for its mountainous terrain and natural beauty—the state’s low homeowner’s insurance premiums, which are the third cheapest in the nation, are certainly special. Idaho homeowners can pay home insurance costs 40 percent lower than the national average. Idaho also experiences a 27 percent lower burglary rate. Like Wisconsin, Idaho homeowners are fortunate to have low home prices, insurance premiums, and home burglary problems.

At first glance, Utah homes are not cheap. Utah’s median home value is 28 percent above the national average, ranking it eighth in the nation. However, home insurance in Utah is paradoxically affordable. Utah’s average annual homeowners insurance premium of $692 is 43 percent below the national average. Utah’s burglary rate is an additional 18 percent below the national average, given that home value and burglary rates are significantly negatively correlated. This low theft rate may help lower insurance premiums for beekeepers in the state.

The state with the lowest home insurance premiums in the country, Oregon, is also a fascinating case in point. Oregon homeowners pay an average of 45 percent less in insurance premiums than the rest of the country, but Oregon homes are particularly expensive: Oregon has the seventh highest average home value in the United States, 29 percent higher than the national average. Oregon’s burglary rate is nearly equal to the national median, which is not necessarily negative after a significant correlation with its median home value, but also not greatly out of step with it.

Average Home Insurance Cost Atlanta

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A team of data scientists and content specialists present Insights, a series of automotive, home and health research focused on the topics that affect us. Through expert analysis of more than 4 million auto insurance applications and a range of leading data sources, the Insights team produces new data-driven articles, trend analysis, regional superlatives and national rankings every week. See Insights presented by Forbes, Fox News, USA Today, NPR and more. Looking for your dream home? If you live in one of these states, you may also have to factor in higher home insurance premiums.

Buying a home, whether it’s a starter home or a place for the whole family, is a significant investment for every homeowner. And while your home may be in a perfectly “safe” location, there’s always the possibility that disaster will strike in the form of theft, fire, or even a natural disaster that’s robbed or vandalized.

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