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By: Ramu Garuda  July, 25, 2019

A Gavop study reveals that home insurance rates in Arizona vary by the amount of dwelling coverage and location. Properties in suburban localities such as Chandler and Ahwatukee have lower insurance premiums compared to homes in central Phoenix. This is because homes in the former are relatively new. Moreover, the suburban areas have much lower crime rates.Gavop’s research also suggests that higher dwelling coverage has resulted in greater homeowners insurance premiums.

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According to the Insurance Information Institute (III), homeowners in Arizona spend an average $803 per annum. State Farm is the largest provider of homeowner insurance provider in the state of Arizona with a market share of 18.3%, followed by Farmers Insurance with a 13.7% market share. Nationwide offers the cheapest homeowners insurance in Arizona at $798 per annum, whereas Farmers provides the highest at $2,056 per annum.

In Phoenix, the largest city in Arizona, Nationwide offers the lowest insurance premium at $876, whereas Farmers reports the highest average homeowner’s premium at $2,235. Homeowners in Phoenix pay an average homeowners premium of $1,435.The following table shows the average insurance premium rates per annum for various dwelling coverage levels across different localities in Phoenix.

LocalitiesPremium for Dwelling $200,000Premium for Dwelling $400,000Premium for Dwelling $600,000
Arcadia$939$1,539$2,151
Central phoenix$985$1,626$2,278
Desert Ridge$803$1,316$1,830
South Scottsdale$906$1,481$2,067
Tempe$796$1,306$1,831
Chandler$761$1,246$1,742
Ahwatukee$785$1,282$1,790

Mesa is the second most expensive city for homeowners insurance in Arizona with an average premium of $1,444. State Farm offers the lowest average homeowner’s premium at $1,006, while Farmers has the highest at $2,386.

Among the 10 largest cities, Surprise has the lowest average homeowner’s premium at $1,074. In this city, Nationwide offers the lowest average home insurance premium of $745 and Farmers provides the highest at $1,674.Benson records the highest average homeowner’s premium at $1,946, while Sedona has the lowest at $690.


ABOUT THE AUTHOR

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Ramu Garuda

Ramu is a research analyst with over 9 years of analytics & research experience. Prior to joining the company, he worked with some of the prominent consulting and market research firms in India, including Pride Technology (Supporting consulting projects to PWC), RR Donnelly, and The Hackett Group. His skills include company profiling, benchmarking, data and trend analysis, industry analysis, and report writing across the industries. Ramu holds a Master’s degree in Finance and Marketing. He also has a bachelor’s degree in Biotechnology.

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