How Much Is Homeowners Insurance on a $300,000 House? (2024)
The average annual home insurance premium for a $300,000 home is $2,377, but costs can vary based on location, credit history, coverage limits, and more.
Julia Taliesin is an insurance content writer at Insurify. She began her career as a journalist, covering local government and business in Somerville, Mass.
Evelyn PimplaskarEditor-in-Chief, Director of Content
10+ years in insurance and personal finance content
30+ years in media, PR, and content creation
Evelyn leads Insurify’s content team. She’s passionate about creating empowering content to help people transform their financial lives and make sound insurance-buying decisions.
Mark FriedlanderDirector, Corporate Communications, Triple-I
Corporate communications director for Insurance Information Institute
20+ years in insurance and communications
As Director, Corporate Communications for Triple-I, Mark serves as the non-profit’s national spokesperson, sharing information and education on a wide array of insurance issues.
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The national average annual cost of homeowners insurance for a property with a dwelling coverage limit of $300,000 is $2,377. In general, high-value homes have higher rates because they cost more to replace in the event of a covered loss.
Here’s how much home insurance you need for a $300,000 house and how you can lower your home insurance costs.
Cost of insurance on a $300,000 house
The national average cost of homeowners insurance on a $300,000 house is $2,377 per year. But the replacement cost value of your home is just one of the factors that can affect your premium.
Your location, credit history, home’s age, claim history, and proximity to a fire station are some other factors insurance companies use to determine your premium.[1] Additionally, different home insurance companies charge varying rates for the same type and amount of home insurance coverage.
Many homeowners can find home insurance rates well below average. For example, regional insurer Erie’s average annual premium for a $300,000 home is $1,388, and Westfield Insurance’s average premium is $1,080.
In the table below, you can see the average monthly home insurance rates from different national and regional insurers based on a policy with a $300,000 dwelling coverage limit.
Insurance Company
▲▼
Average Annual Premium
▲▼
Westfield
$1,080
Erie
$1,388
American Family
$1,657
Armed Forces Insurance Exchange
$1,733
State Farm
$1,988
Allstate
$1,999
USAA
$2,041
Auto-Owners
$2,165
Travelers
$2,213
Nationwide
$2,223
Foremost
$2,532
Chubb
$2,557
Farmers
$2,623
Allied
$2,781
Encompass
$2,930
COUNTRY Financial
$3,244
Metropolitan
$4,121
Table data sourced from real-time quotes from Insurify’s partner insurance providers and quote estimates from Quadrant Information Services. Actual quotes may vary based on the policy buyer’s unique profile.
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How much coverage do you need for a $300,000 house?
Before you purchase homeowners insurance, it’s important to understand how much coverage is necessary based on your home’s value and other factors.
Here are the types of home insurance you should consider and the amount of coverage you might need for a house with a $300,000 replacement cost value:
Coverage Type
▲▼
Recommended Coverage Amount for $300,000 House
▲▼
Dwelling insurance
At least $240,000
Personal property insurance
At least $150,000
Liability insurance
At least $100,000
Medical payments insurance
$2,000–$5,000
Loss-of-use coverage
At least $60,000
Dwelling insurance
Dwelling insurance covers the cost of repairing or rebuilding the physical structure of your home if it’s damaged by a covered peril. Insurance experts recommend choosing coverage limits of at least 80% of your home’s replacement cost.[2]
Personal property insurance
Personal property insurance pays to replace your personal belongings if they’re damaged or destroyed in a covered loss. Personal property coverage limits are usually 50%–70% of your dwelling coverage limit.
Liability insurance
Liability insurance covers your legal fees and financial responsibility if someone sues you for property damage or injuries they sustain on your property. You should base your coverage limits on the total value of your assets, including cars, real estate, savings, and money in retirement accounts. Most standard homeowner insurance policies include some liability coverage, but you might need higher coverage limits depending on your situation.
Medical payments insurance
Home insurance policies usually include a fixed amount of medical payments coverage, which pays for medical expenses for someone who sustains injuries at your home. You might have the option to choose between several coverage limits.
Loss-of-use coverage
Loss of use is also commonly known as “additional living expenses“ coverage. Your loss-of-use coverage limit should be around 20% of your dwelling insurance policy limit. Loss of use provides coverage for temporary living expenses if damage from a covered peril displaces you from your home. This includes lodging and restaurant meals.
How to lower your homeowners insurance costs
Insurers consider a number of factors when setting premiums, such as whether you have a newer or older home and your credit-based insurance score, which tells insurers about your credit history but doesn’t harm your credit score when it’s checked.
Your location has one of the biggest effects. For instance, Florida’s vulnerability to severe storms, high winds, and water damage in coastal areas means Floridians often face higher home insurance rates than elsewhere in the United States. But you have many ways to find the cheapest homeowners insurance and lowest rate, even in expensive states.
Here are some suggestions for getting enough coverage with the least expensive average rates:
Bundle your policies. Most insurance companies provide significant savings for buying two or more insurance products, such as home and auto.
Look for discounts. The best home insurance companies offer discounts that can reduce your insurance costs. While the discounts vary by insurance company, you can typically find savings for having no claims, getting a quote before your old homeowners policy expires, insuring a new home, living close to a fire station, and having certain safety devices in your home.
Install safety systems. One of the best ways to save money on home insurance is to install safety systems that prevent the risk of a loss. For example, many insurers will give you a lower premium if you install a monitored burglar alarm system, fire alarms, carbon monoxide detectors, or water-leak sensors.
Shop around. Homeowners insurance rates differ among companies, even for the same type and amount of coverage. To find the lowest homeowners insurance rates for your situation, shop around and compare quotes from several insurers.
Average cost of home insurance on a $300,000 house by state
The cost of home insurance is different in every state. Location-specific factors like natural disasters, property theft rates, claims volume, insurance fraud, and litigated claims cause home insurance to be more expensive in certain places.
Based on Insurify’s rate data, Vermont is the cheapest state for home insurance, with an average homeowners insurance rate of $918 per year. Florida is the most expensive state, with an average homeowners insurance premium of $10,996 per year.
Table data sourced from real-time quotes from Insurify’s partner insurance providers and quote estimates from Quadrant Information Services. Actual quotes may vary based on the policy buyer’s unique profile.
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Homeowners insurance on a $300,000 home FAQs
Check out Insurify’s guide on switching home insurance companies. If you still have questions about getting home insurance on a $300,000 house, the following information may help.
What factors affect the cost of home insurance for a $300,000 house?
Many factors affect the cost of home insurance on a $300,000 house. Some of the most influential ones include your location, credit record, the age of the home, the cost of building materials, coverage limits, and deductible. If your home has any potential liabilities, like a pool or trampoline, that can also affect your rate.
How much is homeowners insurance on a $300,000 house in Florida?
The average cost of homeowners insurance on a $300,000 house in Florida is $10,996 per year, largely due to Florida’s vulnerability to severe weather.
Based on Insurify’s proprietary data, Florida has the highest average homeowners insurance costs in the U.S. But you might pay more or less than average based on your home, your policy preferences, and your risk profile.
Can you lower the cost of homeowners insurance for your $300,000 house?
Yes. By making smart insurance decisions, you have plenty of ways to lower the cost of homeowners insurance on a $300,000 house and find the best rates.
You can look for homeowners insurance companies that offer discounts, pay your annual premium in full, bundle your home insurance with another policy, and consider installing safety equipment in your home. You can also talk to an insurance agent about additional ways to save.
What is the 80% rule in homeowners insurance?
The 80% rule in home insurance states that your dwelling insurance coverage limit should be at least 80% of your home’s replacement cost value. The replacement value is the cost of rebuilding your home back to its original condition, which isn’t the same as the market value.
Does the location of your $300,000 house affect the price of homeowners insurance?
Yes. Location is a major factor that affects home insurance prices. Home insurance rates can vary by state, city, and even ZIP code, based on local factors like weather events, theft rates, and the cost of home repairs. To find the most affordable home insurance where you live, it’s a good idea to get quotes from several insurance companies.
Where you live may also influence the additional coverage you need, such as flood or earthquake coverage. If you live in an area designated as high risk by FEMA, you’ll need to buy flood insurance, either through a private flood insurer or the federally backed National Flood Insurance Program. In California, you may need earthquake insurance, which is sold through the California Earthquake Authority.
Methodology
Insurify’s team of data scientists analyzed millions of home insurance quotes and weighed publicly available reviews, claims payout rates, complaint indexes, financial strength scores, company reputations, and proprietary quoting data. Our editorial team applies this insight to inform our unbiased reviews and recommendations.
Julia Taliesin is an insurance content writer at Insurify. She began her career as a journalist, covering local government and business in Somerville, Mass. She reported multiple investigative stories about municipal finances and budget allocation, building development and inspection, and personnel. When the pandemic began she became a de facto public health reporter, writing daily and weekly reports using available data to quickly communicate rates of infection and city response.
She's worked for print and digital outlets, writing everything from quick-hit breaking news to long-form community features. More recently, Julia managed content strategy at a startup creating a social platform for licensed nurses, overseeing a team of nurse freelancers and editing interview transcripts and news articles for publication.
She holds a Bachelor's degree in communications from Simmons University, with a focus in journalism. Outside of work, Julia enjoys working on crafting projects, learning about homesteading, and singing in cover bands.
Evelyn PimplaskarEditor-in-Chief, Director of Content
10+ years in insurance and personal finance content
30+ years in media, PR, and content creation
Evelyn leads Insurify’s content team. She’s passionate about creating empowering content to help people transform their financial lives and make sound insurance-buying decisions.
Mark FriedlanderDirector, Corporate Communications, Triple-I
Corporate communications director for Insurance Information Institute
20+ years in insurance and communications
As Director, Corporate Communications for Triple-I, Mark serves as the non-profit’s national spokesperson, sharing information and education on a wide array of insurance issues.
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