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How Much Is Insurance On A 500k House

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How Much Is Insurance On A 500k House

how much is homeowners insurance on a $200 000 house, How Much Is Insurance On A 500k House

Welcome to the world of homeownership, where securing your investment is as crucial as finding the perfect home. One of the fundamental aspects of safeguarding your abode is understanding the cost of insurance, particularly for a property valued at $500,000. If you own a home, having home insurance is essential. Although it is required by your mortgage company, you are the one who will actually benefit from the coverage and is in need of it. Your house and possessions are the most valuable assets that are covered by the best homeowners insurance. find details below.

READ ALSO; Home Insurance Quote Near Me

What’s The Insurance Cost For A $500k House?

For a $500,000 house, the average cost of a homeowners policy is $2,212, which is more than twice as much as the average premium for all residences.

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)

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 Top 5 Lowest Rates for Homeowners’ Insurance

The following firms offer the lowest rates for home insurance, according to our analysis of the market:

  • Progressive
  • Westfield
  • Nationwide
  • Erie
  • USAA

What Determines My Rates for Home Insurance?

Home insurance rates are typically determined by several factors used by insurance providers, such as:

  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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