Most Expensive Property Insurance States

When you think of the most expensive places to insure a home, you might think of flood plains or hurricane and earthquake zones. Contrary to popular belief, though, these kinds of disasters take a backseat to two more common, less damaging threats: wind and hail. For homeowners who live in states where high wind speeds are common, insuring a home can be an expensive prospect. The cost will be especially steep for those who live in wood, rather than brick, homes and who live in high-density areas that do not have nearby construction materials. When combined with hail and wind, these factors are the main risks insurers consider when writing a home insurance policy.

 

The Notorious Ten

Here is a list of the ten most expensive states in which to insure a home:

1. Texas. Average Premium: $1,328. Texas' location makes it a perfect crucible for tornadoes, hurricanes, and hail.
2. Louisiana. Average Premium: $975. The combination of many easily-damaged structures and the fact that many buildings are below sea level makes Louisiana a huge risk to home insurers.
3. Oklahoma. Average Premium: $925. Tornadoes and frequent windstorms make this state a nightmare for home insurance companies.
4. Florida. Average Premiums: $810. Premiums are highest for those who live in Hurricane central.
5. Washington, D.C. Average Premium: $806. A dense population and many unstable structures are behind these sky-high premiums.
6. Mississippi. Average Premium: $793. Protecting policyholders from losses related to wind damage and falling trees costs a lot.
7. Kansas. Average Premium: $772. Tornadoes are the primary culprit behind these premiums.
8. Colorado. Average Premium: $762. An explosion of new construction, a rise in property value, and frequent summer hailstorms all raise home insurance rates for the rocky-mountain state.
9. California. Average Premium: $753. California is naturally diaster-prone, and these premiums do not include earthquake coverage.
10. Minnesota. Average Premium: $733. Heavy snows and shoddy building make Minnesota properties prone to collapse.