Homeowners insurance rates are rising across the country, but prices are spiking higher in some states more than others.
Nationally, the average cost of homeowners insurance is about $190 per month or $2,285 per year on a $300,000 coverage limit, according to Bankrate. However, insurance prices in some states are soaring due to a number of factors, including the cost of building materials and extreme weather events such as flooding, severe storms, hurricanes, and wildfires.
Where Home Insurance Costs the Most
Of all states in the US, Nebraska had the highest-priced home insurance policies. On average, homeowners in the state are paying $471 on insurance premiums for a policy with a $300,000 dwelling coverage, which totals $5,652 a year. That is $3,367 or 147.3% higher than the national average.
One major factor in Nebraska's skyrocketing insurance cost is its risk of natural disasters, particularly winds and tornados. In fact, the state is known as the "Tornado Alley" and was impacted by five of the 10 costliest US catastrophes involving tornadoes, per data from the Insurance Information Institute.
READ ALSO: One of California's Largest Home Insurers Plans To Raise Insurance Rates by More Than 30%
10 States With the Highest-Priced Home Insurance
Nebraska
Average annual insurance premium: $5,652
Average monthly insurance premium: $471
Difference from the national average: +147.3%
Florida
Average annual insurance premium: $5,527
Average monthly insurance premium: $461
Difference from the national average: +141.8%
Oklahoma
Average annual insurance premium: $4,833
Average monthly insurance premium: $403
Difference from the national average: +111.5%
Louisiana
Average annual insurance premium: $4,296
Average monthly insurance premium: $358
Difference from the national average: +88.0%
Kansas
Average annual insurance premium: $4,241
Average monthly insurance premium: $353
Difference from the national average: +85.6%
Texas
Average annual insurance premium: $3,916
Average monthly insurance premium: $326
Difference from the national average: +71.3%
Kentucky
Average annual insurance premium: $3,277
Average monthly insurance premium: $273
Difference from the national average: +43.4%
Colorado
Average annual insurance premium: $3,222
Average monthly insurance premium: $268
Difference from the national average: +41.0%
Arkansas
Average annual insurance premium: $2,913
Average monthly insurance premium: $243
Difference from the national average: +27.4%
South Dakota
Average annual insurance premium: $2,838
Average monthly insurance premium: $236
Difference from the national average: +24.2%
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