If you live in Texas, there’s a good chance you’re paying a lot more than other states to insure your home, an analysis of insurance policies revealed.
ValuePenguin said it took a look at data from HO-3 insurance policies — the most common type of homeowners insurance policy — and compared the largest range tracked by the National Association of Insurance Commissioners – a policy with at least $500,000 in dwelling coverage.
On average, those policies run about $2,148 a year — 72% more than the average cost of home insurance at $1,249, the analysis found.
Plenty can factor in to how expensive a homeowners policy is, including the prevalence of natural disasters, home values, and more.
Texas ranked fourth when it comes to how much it costs to insure expensive homes, where a policy providing at least $500,000 in dwelling coverage costs on average about $3,527 a year.