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How Much Is Home Insurance On A 500k House

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How Much Is Home Insurance On A 500k House

how much is homeowners insurance on a $350 000 house, How Much Is Home Insurance On A 500k House

Greetings from the realm of homeownership, where finding the ideal house is not as important as protecting your investment. Knowing how much insurance will cost is one of the most important things when it comes to protecting your home, especially if your house is worth $500,000. It’s important to have home insurance if you own a property. You are the one who needs and will truly benefit from the coverage, even though your mortgage company insists on it. The most valuable assets that are protected by the best homeowners insurance are your home and belongings. Details are provided below.

READ ALSO; How Much Would Homeowners Insurance $100000 Cost

What Is The Average Cost Of Insurance For A $500k Home?

The average homeowners insurance rate for a $500,000 property is $2,212, more than twice the average price for all homes.

Homeowners Insurance Dwelling Coverage Cost

Homeowners Insurance Dwelling Coverage Amount         National Average Cost Per Year

$200,000………………………………………………………………………………………..$1,150

$350,000………………………………………………………………………………………..$1,678

$500,000……………………………………………………………………………………….$2,212

$750,000……………………………………………………………………………………….$3,068

The Average Cost Of A Company’s Home Insurance ($500,000 for dwelling coverage)

on average these are the amounts that the companies mentioned below insurance cost for a year;

Home Insurance Company           Average  Home Insurance Cost Per Year

Progressive……………………………………………………..$975

Westfield……………………………………………………….$1,513

USAA……………………………………………………………$1,591

American Family…………………………………………..$1,652

Allstate………………………………………………………..$1,663

Nationwide………………………………………………….$1,708

Erie……………………………………………………………$1,784

State Farm………………………………………………….$1,987

Auto-Owners………………………………………………$2,519

Chubb……………………………………………………….$2,559

The Best 5 Affordable Homeowners Insurance Companies

Based on our survey of the industry, the following companies provide the cheapest rates for home insurance:

  • Progressive
  • Westfield
  • Nationwide
  • Erie
  • USAA

What Determines My Rates for Home Insurance?

Insurance companies usually utilise several factors to establish home insurance prices, including:

  1. The location of your home has a fire rating that indicates how close it is to a fire hydrant, water source, and fire department.
  2. The claims history at your property.
  3. The cost to rebuild the house.
  4. The coverage and policy limits you choose.
  5. The deductible you select.
  6. The house age.
  7. The materials used to construct the house, such as wood, stone or brick.
  8. Your credit (except in California, Maryland and Massachusetts).
  9. Your home’s location.
  10. Your personal home insurance claims history.

What Is Covered by Home Insurance?

Depending on where you reside, conventional house insurance coverage often assists with the cost of repairing damage brought on by specific risks or hazards, such as the following:

  1. Theft
  2. Fire and smoke
  3. Windstorm or hail
  4. Falling objects
  5. Frozen plumbing
  6. Water damage from plumbing, water heater, appliances and heating or cooling systems

READ ALSO; Online Quote Homeowners Insurance Florida

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