When it comes to homeowners insurance, one of the most influential variables affecting premium price is the value of a home. According to a 2019 report from the National Association of Insurance Commissioners (NAIC), real estate values and construction costs tend to be higher in densely populated areas. As a result, homeowners in these communities can expect to pay more for insurance. In 2017 (the most recent data available), the average cost of homeowners insurance was $1,211 — up from $1,192 the year prior, says the NAIC. In general, homeowners insurance premiums have been increasing over the past decade. Consider how the average home insurance cost was just $830 in 2008. Using data from the NAIC, Business Insider recently listed the average premiums for an HO-3 insurance policy based on 11 home value ranges. According to Esurance, An HO-3 policy is the most common type of homeowners insurance that covers a broad range of perils and insures the home, attached structures, the insured's personal property, and also provides personal liability coverage. In the slideshow above, find out the average costs of an HO-3 insurance policy based on home values, according to Business Insider and the NAIC. Related: |

   

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Heather A. Turner

Heather A. Turner is the managing editor of ALM's NU Property & Casualty Group. She can be reached at [email protected].

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