How Much Is Homeowners Insurance on a $300K House?
The average home insurance premium for a $300,000 home is $148 per month, but costs can vary based on location, credit score, coverage limits, and more.
5+ years writing insurance and personal finance topics
Auto, home, health, and life insurance expertise
Elizabeth has extensive insurance industry experience, having written for Insureon, Rate Retriever, and Insurify. She’s also finance and insurance editor for Car and Driver.
3+ years producing insurance and personal finance content
Main architect of the Insurify Quality Score
Courtney’s deep personal finance knowledge extends beyond insurance to credit cards, consumer lending, and banking. She thrives on creating actionable content.
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The average annual cost of homeowners insurance for a $300,000 house is $1,770, which is about $148 per month. In general, high-value homes have higher insurance 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 insurance costs.
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How much is home insurance on a $300,000 house?
The average home insurance premium on a $300,000 house is $1,770 per year. However, the value of your home is just one of the factors that can affect your premium.
Your location, credit score, home’s age, and proximity to a fire station are some of the 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 coverage.
In the table below, you can see the average monthly home insurance rate from different home insurance companies.
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.
Average home insurance cost by state
The cost of home insurance is different in every state. Location-specific factors like natural disasters and property theft rates 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 rate of $914 per year. Florida has the highest homeowners insurance rates, with an average premium of $9,213 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.
How to estimate your homeowners insurance costs
Various factors can affect the cost of your homeowners insurance premium. The easiest way to estimate your home insurance costs is to use an online calculator.
You can use Insurify’s home insurance calculator to find the most affordable homeowners insurance premiums based on your location, your home’s specifications, and your personal profile.
Types of homeowners insurance for a $300K home
Several forms of home insurance are available. The main difference is the type of coverage that applies to your dwelling and personal property.
HO-1: This is the most basic form of home insurance, which only covers your dwelling. HO-1 insurance covers the structure of your home against 10 named perils and doesn’t provide any coverage for your personal items or liability.
HO-2: HO-2 insurance is called broad-form coverage. It protects your dwelling and personal items against 16 named perils and also includes liability, medical payments, and loss-of-use insurance.
HO-3: HO-3, or special-form insurance, is the most common form of home insurance. It covers your dwelling against open perils, which means you have coverage against any loss your policy doesn’t specifically exclude. It also covers your personal items against named perils.
HO-4: HO-4 insurance is renters insurance, so it doesn’t apply to homeowners. It covers personal belongings against 16 named perils and includes personal liability, medical payments, and loss-of-use coverage.
HO-5: HO-5 insurance, also called a comprehensive policy, offers more protection than HO-3. It covers your dwelling and personal belongings on an open-perils basis. Additionally, it providesreplacement cost coveragefor your dwelling, rather than actual cash value (ACV), which includes depreciation. HO-5 is usually available for newly built or high-value homes.
HO-6: An HO-6 insurance policy is for condo owners. It usually covers the interior of your condo unit, as well as liability, medical payments, and loss of use.
HO-7: This policy covers mobile homes. It includes open-perils coverage for your dwelling and named-perils coverage for your belongings. Most HO-7 policies cover mobile homes while they’re stationary and don’t cover damage during transit.
HO-8: HO-8 insurance is for older or historic homes where the cost of rebuilding the house would exceed its market value. This home insurance policy typically covers the structure of the house and personal items against 10 named perils. It also includes liability, medical payments, and loss-of-use coverage.
How much coverage do you need for a $300K 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 $300,000 house:
Dwelling insurance
Dwelling insurance covers the cost of repairing or rebuilding the physical structure of your home. It’s recommended to choose coverage limits of at least 80% of your home’s replacement cost value.[3] For a $300,000 home, you should have at least $240,000 in dwelling insurance.
Personal property insurance
Personal property insurance pays to replace your personal items if they’re damaged or destroyed in a covered loss. Personal property coverage limits are usually 50% to 70% of your dwelling coverage limit. For a $300,000 home, you should have at least $75,000 in personal property coverage.
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 policies include at least $100,000 in 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, but the limits tend to be around $5,000 or less.
Loss-of-use coverage
Your loss-of-use coverage limit should be around 20% of your dwelling insurance policy limit. For a $300,000 house, choose a coverage limit of at least $60,000.
Keep in mind that the coverage limits above are just recommendations. You might need more or less coverage based on factors like the age of your home, the square footage, and the total value of your personal items. Choosing higher coverage limits will raise your premium.
In the table below, you can see how much your home insurance might cost with $250,000 and $500,000 in dwelling coverage.
Dwelling Coverage Amount
Average Monthly Cost
$200,000
$111
$500,000
$224
How to lower your homeowners insurance costs
The cost of homeowners insurance is different for everyone, but you have many ways to lower your premium.
Bundle your policies. Most insurance companies provide significant savings for buying two or more insurance products.
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 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 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 most affordable rate for your situation, shop around and compare quotes from several insurers.
Homeowners insurance on a $300K 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, here’s some additional information that may help.
What factors affect the cost of home insurance for a $300K house?
Many factors affect the cost of home insurance on a $300,000 house. Some of the most influential ones include your location, credit score, the age of the home, the 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 home insurance on a $300,000 house in Florida is $9,213 per year.
Based on Insurify’s proprietary data, Florida has the highest average home insurance premiums in the U.S. However, 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 $300K house?
Yes. You have plenty of ways to lower the cost of homeowners insurance on a $300,000 house.
You can look for 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 $300K 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 factors like weather events, theft, 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.
Methodology
Insurify’s team of data scientists analyze millions of home insurance quotes and weigh 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.
Elizabeth Rivelli is a freelance writer covering insurance and personal finance. She has extensive knowledge of various insurance lines, including property and casualty, health, and life insurance. Her byline has been featured in dozens of publications, including Investopedia, Forbes, Bankrate, NextAdvisor, and Insurance.com.
3+ years producing insurance and personal finance content
Main architect of the Insurify Quality Score
Courtney’s deep personal finance knowledge extends beyond insurance to credit cards, consumer lending, and banking. She thrives on creating actionable content.
