Average Home Owners Insurance By State

Texas Dept. of Insurance Approves State Farm Homeowner Rate Increase

New state insurance regulator Eleanor Kitzman has approved big rate changes for State Farm's line of homeowners insurance.

On Dec. 1, State Farm is now authorized to switch many of its Texas homeowner policies from a $1,000 deductible to a deductible that is 1 percent of the home's insured value.

Kitzman also allowed an average increase in homeowner rates of 10 pecent as well as an increase in minimum wind and hail deductibles from $500 to $1,000.

There is some good news for customers, however.  State Farm also increased auto/home discounts from 20 percent to 25 percent while increasing discount amounts for various hail and wind deductibles.

The insurer also decreased rating factors for frame constructions by 4 percent and increased rating factors for masonry veneer constructions by 1.9 percent.

New customers have paid the higher rates since Oct. 15.  Existing customers will see the new rates go into effect Dec. 1.

The 5 Most Expensive States for Homeowner's Insurance (And the 3 ...

It’s just common sense: Every homeowner needs home insurance. But with an average home insurance cost of $732 per year, that’s easier said than done. Compare home insurance and save with InsuranceProvider.com’s ZIP code search!

Did you know that your geographic area can drastically affect your homeowner’s insurance rates? We’re talking thousands of dollars in premiums. Why are bills so high? There are a few key factors:

- Cost of the property . If you’ve got a lot of house, either in size or in value, that’s a lot of house that can be damaged or destroyed in various ways. The more your house costs, the more it’s going to set your home insurance company back to fix it. That’s reflected in your premiums.

-The weather . As you’ll notice when we get into our top five, they’re all states where the weather is severe, and likely to cause major property damage. For example, Massachusetts, which is at number six, has a high average not just because of storms along its coast, but because the entire state gets pounded with snow on a regular basis. Snow can collapse roofs, rot foundations, break windows … all of which your insurer has to pay for.

- Geography . If you live in a location that floods a lot, has erosion problems, or may have sinkholes, you’ll be paying for the privilege of keeping it insured. Again, take Massachusetts, which has Cape Cod: real estate that not only costs a fortune, but is at risk of essentially being underwater at some point.

So, who are our unlucky five?

#5) Missouri

Average Home Insurance Cost : $942 per year

Missouri is a rich, fertile land of many rivers, including the Missouri River, the Black River, and the Mississippi River. Unfortunately, it’s those many rivers that are precisely the problem to homeowners: Missouri gets flooded … a lot. In fact, in April 2011, there was massive flooding along the Black River that caused millions of dollars in damage … and that came hard on the heels of a tornado. This of course brings the need for flood insurance .

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