5 States That Have the Lowest Homeowners Insurance Rates
Homeowner’s insurance gives you peace of mind and helps protect your home and you know that you need to have it. Still, nobody loves making the payments, even if they aren’t particularly large. While you may not be willing to move just to save some money on your homeowner’s insurance bill, knowing the states that have the lowest homeowners insurance rates can help when you’re relocating or comparing prices.
Lowest Rates in the US
Homeowner’s insurance prices vary, and each state has a different average. The top five in the country are considerably lower than the top five though, all of which are Gulf states like Mississippi and Florida. While these are high, the rates of the bottom five might really surprise you. All rates are median averages for the latest available information, recorded in 2012.
- Idaho. $538 average per household.
- Oregon. $567 average per household.
- Utah. $580 average per household.
- Wisconsin. $631 average per household.
- Washington. $648 average per household.
Why Do Homeowner’s Insurance Rates Vary?
The reason insurance rates vary so dramatically is that some states are just more prone to natural disasters. Gulf states, for example, tend to suffer the most damage because of storms and hurricanes that can wipe out whole neighborhoods in just a few hours.
That doesn’t mean states like Idaho and Oregon don’t have any natural disasters, but when you think about it, when is the last time you heard about a devastating storm in Idaho? It gets cold, it snows and rains heavily, but natural disasters are pretty few and far between.
For that reason, residents tend to pay less each year in homeowner’s insurance because they make fewer claims each year.
Contact Schumacher Insurance Agency to learn more about the states that have the lowest homeowners insurance rates.