Research & Analysis on Homeowners Insurance Cost

Top 5 Companies Offering the Cheapest Homeowners Insurance in Louisiana

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By: Hemanth Ramesh August, 19, 2019

Which insurance firms in Louisiana offer the cheapest homeowners insurance under an HO-3 policy? To answer this question, Gavop analyzed data for brick veneer homes valued between $100,000 and $300,000 with a $500 deductible rate.

United Fire and Indemnity offers the cheapest homeowners insurance in Louisiana. The premium rate for the homeowner with a home valued at $100,000 is $465 per annum under an HO-3 policy. The deductible rate is $500 per annum. Shreveport, in particular, reports the lowest homeowner’s insurance rate offered by United Fire and Indemnity.

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Massachusetts homeowners pay an additional $1,563 for flood insurance

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By: Hemanth Ramesh August, 13, 2019

According to a Gavop analysis, Massachusetts homeowners pay an average flood insurance premium of $1,563 in addition to the average homeowners insurance rate of $1,379.

The National Flood Insurance Program (NFIP) ensures that more than 330 communities in Massachusetts that have agreed to enforce and adopt floodplain management ordinances receive federally backed flood insurance. The Legal Information Institute defines community as a state or political subdivision thereof that has zoning and building code jurisdiction over a particular area with a special flood hazard status.

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Massachusetts homeowners pay an additional $1,200 for hurricane insurance

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By: Ramu Garuda  August, 05, 2019

According to a Gavop study, Massachusetts’ homeowner pay an average homeowners insurance rate of $1,375. Massachusetts is one of the 19 states in the country with a mandatory hurricane deductible. The average premium rate for a hurricane insurance policy in Massachusetts is as much as $1,200 per annum.

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Georgia’s Homeowners Save about $1,774 between the Cheapest and Most Expensive Insurance Rates

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By: Hemanth Ramesh August, 01, 2019

Georgia’s homeowners can save $1,774 if they choose the right insurance firm. A Gavop study shows that Farmers offers the lowest insurance premium of $1,180, while Travelers quotes the highest at $2,954. USAA has the highest market share of 10%.

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Flood Insurance in Florida Costs as Little as $150

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By: Hemanth Ramesh August, 01, 2019

Florida experiences a higher risk of flooding because of its close proximity to the water, both inland and near the coast. Data collected by Gavop suggest that the average flood insurance policy in Florida cost $545 on average per annum. Depending on the location of the property, flood insurance rates vary from $150 to $2,000.  Typical homeowners insurance policies, however, do not cover damages caused by floods. The average homeowners insurance costs $3,575, which is higher than the national average of $1,228.

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Louisiana’s homeowners insurance costs are $1,751 higher than the national average

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By: Hemanth Ramesh July, 26, 2019

Homeowners insurance premium in Louisiana is the second highest in the country at $2,979 on an average per annum. This rate is $1,751 higher than the national average of $1,228. Venice reports the highest average insurance premium in the state at a staggeringly high $11,151 per annum.

The following graph presents the average homeowners premium rates for some of the largest cities in Louisiana, namely New Orleans, Baton Rouge, Lafayette, Lake Charles, Shreveport, and Monroe. According to the US Census Bureau, 79% of Louisiana’s population lives near the coastal areas.

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Pennsylvania’s flood insurance rates are as low as $100

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By: Ramu Garuda  July, 23, 2019

A Gavop analysis reveals that Pennsylvania’s homeowners pay an average homeowners premium of $801, which is $427 lower than the national average of $1,228.

According to the Federal Emergency Management Agency (FEMA) estimates, the average costs for a flood insurance policy is about $700 per annum. However, Pennsylvania’s residents in low- or moderate-risk areas can buy flood insurance policies for as little as $100 per annum. Fortunately, for Pennsylvania’s homeowners residing in even the most high-risk areas, flood insurance costs are at a low rate of $500 per year.

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Home insurance rates in Massachusetts vary by $2,173 between the cheapest and most expensive providers

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By: Hemanth Ramesh July, 22, 2019

West Tisbury, Aquinnah, Siaconset, and Nantucket are the most expensive ZIP codes in Massachusetts. Nantucket has the highest homeowners premium of $2,972, while Housatonic has the lowest average homeowners insurance premium of $799 per annum. The average homeowners insurance in Massachusetts is $1,379.

Progressive provides the lowest homeowners insurance of $1,078, whereas Liberty Mutual offers the highest at $2,349. Boston city has an average homeowners premium of $2,120 and the City of Melrose reports the lowest homeowners insurance premium of $1,236.

Unlike most other states, Massachusetts mainly consists of local or regional companies. Only 5 of the top 10 home insurance firms offer services at a national level, while the rest are regional companies that primarily cover the Northeast region.

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Homeowners insurance in Washington DC costs as little as $766

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By: Hemanth Ramesh July, 18, 2019

According to a Gavop analysis, the average insurance premiums in Washington DC’s 10 largest cities is $909, which is significantly lower than the state average of $1,196 and the national average of $1,228. In the city of Seattle, the average home insurance premium is as low as $766. This is because these cities are relatively safer than the rest of the state, with quicker response times by the fire departments, lower crime rates, and the lower probability of natural calamities occurring.

Washington experiences an annual snowfall of 15.5 inches and is affected by blizzards once in 4-6 years, with the most violent storms affecting large sections of the East Coast.

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Illinois Home Insurance Premium Costs as low as $1038

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By: Ramu Garuda  July.04, 2019

Data collected by Gavop from the homeowners’ guides of Illinois Department of Insurance and Illinois census data shows that the average home insurance premium in Illinois is $1543. Residents of the state on an average pay 9% less than the national average of $1228. State Farm is the largest insurance provider in Illinois with an 18.6% share of the market, with premiums starting at $1240.

Residents of Mcleansboro pay the highest insurance premium ...

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