Frequently Asked Questions
What's the average cost of homeowners insurance?
NAIC reports the U.S. average is $1,428/year for HO-3 policies. III data shows wide variation: Oklahoma ($4,500+), Florida ($6,000+ post-2023), and Hawaii ($1,100). 2023-2024 saw the largest rate increases in 20 years due to climate losses.
How is replacement cost calculated?
Replacement cost = square footage × local construction cost per sq ft, adjusted for quality, features, and code upgrades. Verisk's 360Value tool shows reconstruction costs run $150-$500/sq ft. Don't confuse with market value - land doesn't need rebuilding.
Should I get HO-3 or HO-5 coverage?
HO-3 (most common) covers your home for all perils except exclusions, but personal property only for named perils. HO-5 covers both on an open-perils basis and typically uses replacement cost for contents - the upgrade costs 10-15% more and is worth it for most homeowners.
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This calculator provides estimates based on general assumptions. Actual insurance costs and coverage vary by insurer, location, and individual risk factors. Not a quote or binding offer. Contact insurance providers directly for accurate quotes and coverage options.