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How Much Does Home Insurance Cost?

Home Insurance Prices

Typical costs:
  • The cost of home insurance depends on a number of variables. However, homeowners can expect to pay about $500-$1000 per year.

    What's included:

    The cost of homeowner's insurance is configured based upon the following factors.

  • Construction type: framed houses are more expensive than brick to insure because they are prone to greater fire damage. However, earthquake insurance is more expensive for brick homes.
  • Age of the Home: Older homes are more expensive to insure, and some homeowners may have difficulty finding an insurer or have to settle for limited coverage. New home insurance is cheaper.
  • Municipal resources: a highly ranked fire department and a home's proximity to a fire hydrant or other water source affect the home insurance rate.
  • Amount of coverage: including total monetary value of the coverage, as well as whether or not personal belongings and personal property are included.
  • Each home insurance policy also varies on what it covers. Usually, though the following are included:

  • Structural and personal property damage caused by: fire or lightning, wind or hail, explosions, rioting or civil disturbances, planes, vehicles, smoke, theft/vandalism, falling objects, ice, snow and sleet damage, frozen pipes, heating, A/C and similar home systems.
  • Liability: in the case that somebody is injured on your property by your property or by anyone in your family.
  • Additional costs:

  • Flood and earthquake damage aren't always covered, and in that case will cost extra.
  • Other things that may not be covered by a basic policy are: power failures (especially resulting in food spoilage), neglect, intentional loss, and war.
  • If damaged property is being replaced and it is discovered that building codes now require more expensive materials to bring a home up to standard, the difference in price is paid by the homeowner.
  • Most basic properties do not cover all personal items in your home. Certain luxury items such as family antiques or jewels may require additional coverage.
  • Discounts:

  • Buying multiple policies from one company (say home and auto) may entitle you to a discount.
  • Safety features such as an alarm system and dead bolts often result in a discount.
  • Using fire resistant building materials makes your home less of a risk, and therefore cheaper to insure.
  • Senior citizens or retired people may qualify for lower rates.
  • Non-smokers could receive a discount because their home is at less risk of fire damage.