States Where Home Insurance Is Most Expensive
Home insurance costs are affected by a number of location-based factors, including natural disaster frequency and fire department proximity. In fact, a high frequency of major natural disasters is a key indicator of high insurance rates. So, states on the Gulf of Mexico (susceptible to hurricanes) and on the plains (tornadoes) have the highest home insurance rates.
Safety also plays a factor, and states with higher property crime rates can have higher costs. But the most frequent claims are due to wind and hail, water damage and freezing, according to the Insurance Information Institute.
Cold winters affect rates, too. That's one reason why Hawaii has the lowest rates in the country.
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Methodology: GOBankingRates calculated average insurance rates for all 50 states and Washington, D.C., using data from Insurance.com based on five levels of coverage. The rates were all for a $1,000 deductible and $300,000 liability policy and dwelling values were either $200,000, $300,000, $400,000, $500,000 or $600,000.
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