On average, homeowners in the United States pay $2,242 per year or about $187 per month for insurance, which accounts for $300,000 in dwelling coverage. That cost can jump exponentially for those who own more expensive homes, however, as they come with increased coverage needs.
Bankrate reports that the average insurance premium for a home with $750,000 in dwelling coverage is $4,345 per year, or about $362 per month. Home value is only one part of the equation when writing a homeowners policy, though, so the homeowner’s claim history, policy type, deductible, discounts and location all play a role in determining a policy’s premium.
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Brittney Meredith-Miller
Brittney Meredith-Miller is assistant editor of PropertyCasualty360.com. She can be reached at [email protected].
