Perhaps, the single biggest investment you’ll ever make in your life is your home. It’s normal to protect your home against damage, that’s why a form of property insurance that covers losses is so important. However, you don’t have to pay a fortune to cover your house and the belongings inside.
According to Insurance.com, the average yearly home insurance premium for a $200,000 home is $1,228. Of course, the costs can vary depending on where you live.
For example, in Florida, where properties are at a higher risk of damage from storms and flooding, premiums are 191% higher; the average annual cost in this state is $3,575. Other states with the highest prices include Louisiana, Oklahoma, Alabama, Mississippi, Arkansas, Texas, and Kansas.
Prices for home insurance are unpredictable, but, if we take a closer look at a report by the Insurance Information Institute between 2013-2014, homeowner’s insurance rates rose by 3%, and, in some years the increases have been as high as 7-8%. So, unfortunately for our pockets, home insurance maintains ascending growth.