Understanding the average cost of home insurance

by Monica Delaporta 07/24/2022

A budget for your home expenses will need to include the average cost of home insurance. The amount you’ll pay for homeowners insurance is based on a combination of factors concerning the insurance type, home characteristics and your personal insurance history.

To help you get a better understanding of what goes into the average cost of home insurance, here are the basics:

Home variables

Several aspects of your home can determine the cost of your homeowners insurance. Some examples of these factors include location, age and condition. Houses in certain areas prone to extreme weather or other potentially damaging conditions pose more risk to the insurer and may incur a higher premium. Similarly, older homes may be more expensive to repair if damaged.

Insurance details

Even among standard insurance policies, you often have choices that can determine your overall cost. These options include:

  • Dwelling coverage amount - The portion of your policy that protects the physical structure of your home
  • Personal property coverage amount - Protection for the value of your personal belongings, such as clothing, furniture and appliances
  • Deductible amount - The deductible amount can determine how much you pay monthly and how much you may need to pay out of pocket for a claim. For example, a higher deductible means a lower premium cost, but a more expensive claim if your home is damaged.

    Other factors to consider

    There are more factors that can go into your average home insurance cost, such as your credit score and personal claims history. Other factors related to your home and location may have an impact as well. Some examples include home security systems, pools, roof type and proximity to the local fire department.

    Discussing with a provider is the best way to find out the exact amount you’ll need to pay in home insurance. The more you learn about your insurance coverage, the better financial decisions you can make in budgeting for your new home.

About the Author
Author

Monica Delaporta

About Me

Everybody deserves a home they love, whether it is for one year or 30 years. And the process of buying your dream home should be exciting. That's where I come in, from selling your current home to finding that perfect place. My family and I have moved 8 times in 15 years, across oceans and across country - ask me about the passport story. I know how daunting it all might seem, but I am here to help you successfully navigate through the home sale and buying process. I have been able to call Metro West and Central Massachusetts home for almost two decades now, so whether you move into, out of, or within Massachusetts, I know my market and I love what I am doing. So let's make sure some of that love rubs off on you. 

My Experience

-16+ years of sales experience

-Full time, which allows me to be very flexible

-Experience with buying and selling Single Family Homes, Multi-Family homes, Condos, New Construction, Short Sales, Land

-Master's degree in business from the University of Oregon

My Community Involvement

- President of the Friends of the Butler Farm Bark Park