Texas is actually the most expensive state to insure your home in. One of the reasons California didn’t make the top ten is because “earthquake, hurricane and flood insurance policies are sold separately, and not factored into the ranking.”
Don Griffin, a vice president at Property Casualty Insurers Association of America (PCI), spoke about the factors in determining the cost – and cost range – of homeowners’ insurance:
When determining premiums, insurers look at claim trends on a broad basis, such as state and regional levels, and as closely as a ZIP code or even a street. Companies then begin with an average price for premiums, depending on how expensive it has been to fill claims in a location. If you have a wood-framed house in an area without fire coverage, you will pay more than someone who lives in a brick house next to the fire station. But, brick doesn't respond well to earthquakes, tending to crack and crumble, so near the San Andreas Fault the potential damage would be greater.
The article recommends not to flee states in the top ten and head for Wisconsin, the least expensive state for homeowners’ insurance, but to understand that you might not have to pay the higher premiums:
Not every resident has to pay at the top rate. Plenty depends on how elaborate a policy you choose, and even where you live within a particular state. In Oregon, costs are similar whether you're in Portland or Coos Bay, Hunter says. In Maryland, State Farm charges nearly twice as much in Montgomery County, which butts against Washington, D.C., as in Frederick County, which is one county north. Other companies have different premium scales in the same area.
Here is the list of the top ten most expensive states to insure your home in:
- Texas - $1,238
- Louisiana - $840
- Oklahoma - $800
- Florida - $786
- District of Columbia - $697
- Kansas - $684
- Mississippi - $668
- Alaska - $668
- New York - $661
- Colorado - $660
