These 20 States Pay the Most for Home Insurance

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Being a homeowner can be difficult. 2018 was the fourth costliest year since 1980 in insured losses, according according to Munich Re. It is estimated that $160 billion was lost, of which $80 billion was insured.

The largest driver of this was natural disasters, including Hurricanes Michael and Florence. Fifty-eight percent of all losses and 6 percent of insured losses were due to meteorological events, while 20% of all losses and 25% of insured losses were because of climatological factors.

Typically, frozen pipes, broken windows, and siding damage are the major homeowner insurance claims. However, disasters can and do strike. Wildfires, lightning strikes, floods, tornadoes, and ice storms have all impacted the nation last year, with homeowner insurance making the difference in how fast one can recover from these “Acts of God.”

For a homeowner, having to find the money needed to repair or replace a home when the unexpected happens may be an impossible burden. For most, homeowner insurance is a must.

However, the amount a homeowner must pay for peace of mind depends on the risk the insurance companies have calculated for that home. This can be based on location, likelihood of meteorological calamities, crime rate, the insured party’s wealth, and the prevalence of insurance claims in the region.

Sometimes, it is impossible to ascertain why an insurance company may insure one house at one rate, and another at a different rate.

Stacker has looked at home insurance data from Value Penguin to determine which states pay the most in home insurance. For this study, we are looking at the state’s average homeowner insurance cost, based on data accurate as of 2019. Our ranking is based on a national average home insurance annual premium of $1,083.

Per Value Penguin, wind and hail damage is accountable for 33.1% of all homeowner insurance claims. This is followed by water damage and freezing at 29.5% and fire and lightning at 26.8%.

Keep reading to learn how your state ranked and why owning a home in New York will cost you.

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