Oct. 10, 2017 (Foster City, Calif.) – The highest homeowners insurance rates in the nation belong to ZIP code 33050, home to Conch Key, Florida, according to Insurance.com's analysis of average rates for nearly every ZIP code in the country.
ZIP codes in Venice, Louisiana and Pascagoula, Mississippi rank second and third, respectively, behind Conch Key, according to Insurance.com, an independent consumer guide to insurance.
Homeowners can enter a ZIP code in Insurance.com’s average home insurance rates tool to see the average premium for the location, as well as the highest and lowest rates from among six insurers. You can get a customized rate by choosing from among 75 coverage levels, so you know what to expect to pay and can see how much you can save by comparing home insurance companies.
Top 5 most expensive locations for home insurance rates are:
| ZIP code | State | City | Average annual premium |
|---|---|---|---|
| 33050 | Florida | Conch Key | $11,702 |
| 70091 | Louisiana | Venice | $11,151 |
| 39595 | Mississippi | Pascagoula | $7,922 |
| 36561 | Alabama | Gulf Shores | $7,850 |
| 77550 | Texas | Galveston | $7,105 |
The 5 cheapest locations for home insurance are:
| ZIP code | State | City | Average annual premium |
|---|---|---|---|
| 96815 | Hawaii | Honolulu | $333 |
| 07920 | New Jersey | Basking Ridge | $485 |
| 83729 | Idaho | Boise | $498 |
| 05404 | Vermont | Winooski/Burlington | $525 |
| 97003 | Oregon | Beaverton | $532 |
Rankings for the priciest ZIP codes were determined by identifying the ZIP code with the highest average rate for home insurance in each state and then listing them in descending order. For the cheapest ZIP codes, rankings were determined by identifying the ZIP code with the least expensive average rate for home insurance and then listing them in ascending order. Insurance.com's analysis showed a national average rate of $1,228 for $200,000 dwelling coverage with a $1,000 deductible and $100,000 in liability.
“If you don’t compare rates, you can wind up overpaying by hundreds, sometimes thousands, of dollars,” said Megna. “Let’s look at Indianapolis, Indiana, ZIP code 46220 as an example, because it has the same average rate as the nation. The difference between the highest ($1,710) and lowest rate ($848) among six insurers is $862. So if you don’t shop around, and take the policies priced on the higher end of the range, you can be out more than $800. In Conch Key, the most expensive ZIP code in the country, the savings is $17,656. ”
Home insurance companies assess many factors when setting rates. Your home’s location, which reflects its exposure to hazards, such as storm damage, wild fires, burglaries and so on, your home’s value and the cost to rebuild it, as well as your credit history are chief among them.
Rates can fluctuate significantly from state to state, or even neighborhood to neighborhood, depending on how insurers assess the various things they look at to calculate your rate. Generally, homes in areas prone to hail storms, hurricanes and tornados cost more to insure than those that are not.
Read the full article and methodology at https://www.insurance.com/average-home-insurance-rates.
About Insurance.com:
Insurance.com is a trusted online resource dedicated to educating consumers on auto, home, health and life insurance, developing relationships directly with carriers to offer consumers comparison rates from multiple companies. Since 2001, Insurance.com’s industry-first online tools, data-based reporting and experienced experts have helped consumers make informed insurance-related decisions, so they can choose the right insurance for their individual needs.