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An analysis by the financial company Bankrate concluded that the national average cost of insuring a home is US$2,285 per year for a policy limited to US$300,000. That is, The average person must pay around US$190 per month.
Of course, the price varies not only based on the different coverages offered to the owners, but also on the where you live and that could represent greater risks for companies.
Considering the average costs of home insurance, These are the five states that offer the cheapest coverage:
- Vermont: $806 per year, 65 percent below the national average.
- Delaware: $966 per year, 58 percent below the national average
- New Hampshire: $980 per year, 57 percent below the national average.
- Alaska: $986 per year, 57 percent below the national average
- West Virginia: $995 per year, 56 percent below the national average.
On the other hand, on average, The most expensive states for home insurance are Nebraska, Florida, and Oklahoma.
In turn, the report also detailed What are the five cheapest companies to hire home insurance from?
- USAA: on average US$1,448
- Self-Owners: on average US$1,681
- American Family: on average US$1,691
- Nationwide: US$1,699 on average
- Erie: average US$1,871
A tip if you want to access lower prices is, No matter where you live, maintain a good credit history.
How is the cost of insurance calculated?
As already made clear, the cost of home insurance depends on a variety of factors ranging from the type of property you own to where you live. But, according to Bankrate, To calculate the price it is very important to take into account three factors.
- The replacement cost value of your home.
- The replacement cost of any detached structures on your property, such as sheds, fences and garages.
- The cost to replace your personal property, including items not permanently attached to your home such as clothing, furniture, appliances, electronics and more.
So, to calculate the cost of your home insurance you will need to do a Calculating the level of coverage you will need in the event of a total loss and your risk level
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