Homeowners insurance is something that you just can’t go without, but depending on where you live, your premiums could be among the highest or lowest in the nation. According to the Insurance Information Institute, the ten states with the lowest homeowners’ insurance premiums are:
- Idaho, at number 51, with a $538 premium.
- Oregon, at number 50, with a $567 premium.
- Utah, at number 49, with a $580 premium.
- Wisconsin, at number 48, with a $631 premium.
- Washington, at number 47, with a $648 premium
That’s not to say that these states don’t have their own unique hazards, or that homeowners never make claims. It’s just that these states have the lowest rate of catastrophic losses due to weather related claims. It’s possible that you could still live in one of the states and experience an earthquake, flood, or a tornado.
However, the states with the highest insurance premiums are:
- Florida, number one, with an average premium of $2,084. Let’s face it, eight of the 12 most expensive hurricanes in American history have hit Florida. They have the second highest inventory of insured coastal property at risk from hurricanes, and a high number of lightning strikes and sinkholes.
- Louisiana, number two, with a premium of $1,742. Louisiana has had catastrophic losses stemming from hurricanes such as Katrina and other extreme weather events. It is also, according to Investopedia, one of the most litigious states for homeowners’ insurance related claims. Meaning that if the insurance company has to pay for those lawsuits, so do you.
- Texas, at number three, is another Gulf state with high insurance premiums. In addition to hurricanes, hail damage is one reason that Texas is always high on the list, and is consistently one of the states with high rates […]