It is neither easy nor straightforward to tell the average cost of home insurance.
In United States, the average cost of home insurance has been found to be around $1,100. This is quite a reasonable cost, considering the value it provides. In case of total loss an insured homeowners get back almost the full replacement cost of the house.
Factors that affect the cost of insurance
For the very same house, insurance costs may differ widely depending on a lot of factors such the state in which the house is located, the prevailing climate of the region, the neighborhood, location of the house, number and types of occupants, the hazards against which he house is to be insured, and many more such factors.
The location of the house
Where the house is located affects the insurance costs the most. There are insurance rates and taxes that differ from state to state.
Moreover, if the location is around an area that comes in a seismic zone, or in coastal areas affected by hurricanes, then the additional coverage required will push the insurance rates up.
Neighborhood of the house
Houses which are located in unsafe localities or in areas which are theft or riot-prone may attract higher insurance costs, whereas those near a police or fire station may attract a discount.
Present condition of the house
The home insurance premium depends a lot on the age of the house, and older buildings are more expensive to insure.
Other factors that kick in are the type of structure, roofing material, security features installed etc, also plays a role in deciding the premium.
Personal credit and claims record
Credit history and past insurance records and claims also play a part in the quotes you may get for home insurance.
If you had been claiming homeowner insurance quite frequently earlier, then you are likely to get an adverse rating and consequently need to pay a higher insurance premium.