How much does homeowners insurance cost?

What are the factors that affect homeowners insurance premiums?

The amount of dwelling coverage, or Coverage A, on your policy is the main factor that determines how much you pay for homeowners insurance. However, there are other factors that can impact your rate, including location, construction materials used to build your home, coverage selections, and prior claims. Some components affecting pricing for homeowners insurance include:

Location

Homeowners insurance rates typically vary by region, and even by ZIP code. If you reside in a state prone to severe weather issues like tornadoes, hurricanes, and hail, you could pay more for homeowners insurance than homeowners in states that aren't as affected by catastrophic weather. Areas with lower construction costs often enjoy more favorable homeowners insurance rates as well.

More location-based factors that can affect homeowners insurance prices include:

• Coastal properties: Homes in coastal regions are sometimes riskier to insure than inland properties due to a greater chance for natural disasters.
• Crime rates in your ZIP code: Your insurer can use this information to determine how likely you are to file a theft claim for stolen personal property.
• Homes near woods and brush: These properties are susceptible to damage from wildfires and trees falling on your house.
• Proximity to a hydrant and fire department: Easier access to a water source means a fire may be more quickly extinguished.

Type of home

One of the first questions asked by a homeowners insurer is, "What kind of home do you have?" Construction materials and other home features can raise the overall value of your property and increase the cost of your homeowners insurance.

For example, concrete block homes may cost less to insure than wood frame houses because they're less susceptible to fires and strong winds. Your insurer will also likely ask about your siding type, flooring materials, and even how you heat the home to assess the risk of insuring it.

Roof construction

Your roof type, construction, and shape can also be critical when it comes to the cost of your homeowners insurance. If your roof material is asphalt shingles, which are less flammable, you may have a lower home insurance cost than if you had a cedar or wood-shakes roof.

Gable roofs are more common and typically the more affordable roof type to install, but they are more likely to sustain wind damage than hip roofs. Hip roofs (characterized by all sides sloping downward) often cost more to install but are more resistant to wind and may help lower your homeowners insurance cost.

Prior claims and coverage selections

Homeowners insurance companies look at claims you previously have filed. If you had multiple losses, you'd likely pay a higher rate as you're more likely to file or incur another claim.

Your homeowners insurance cost can also depend on the homeowners insurance coverages and homeowners insurance deductibles you select. You may be able to increase your coverage by thousands and your insurance rate might only be minimally impacted.

Home insurance cost FAQs

What if I am running a business out of my home?

If you're running a business out of your home, you may not be eligible for coverage or pay a higher homeowners insurance rate. It often depends on the nature of your business, and your insurer may require you to purchase a separate policy.

Why are you asking questions about dogs when purchasing home insurance?

Because you could be liable if your dog bites someone, coverage for animal liability may increase the cost of your homeowners insurance. It's important to note that some insurers won't cover dog bites regardless of the breed, so you'll want to review your policy to see if you're covered. If not, you may be able to add animal liability coverage to your homeowners insurance or purchase separate insurance to cover dog bite incidents.

Do trampolines and swimming pools raise homeowners insurance?

Due to the potential for injury, insurance companies consider trampolines and swimming pools to be "attractive nuisances", which may raise the cost of your homeowners insurance. However, some companies won't cover trampolines, and many require a fence or locked gate, at least four feet high, around a pool in order to qualify for coverage.

How to get homeowners insurance through Progressive