Homeowners Insurance

States Where It Costs the Most to Insure Expensive Homes

States Where It Costs the Most to Insure Expensive Homes

Researchers compare the average cost of homeowners insurance in each state to the average cost of a policy with at least $500,000 in dwelling coverage. Here are the findings.
A couple dances in their new kitchen.
A couple dances in their new kitchen. Source: Getty Images

According to an August 2021 LendingTree survey, 88% of Americans would rather own a home than rent one. But homes can be expensive — especially larger ones.

As some Americans consider moving to get more office space, larger kitchens or other amenities, ValuePenguin took a state-by-state look at how much it costs to insure expensive homes. To do so, researchers compared the average cost of homeowners insurance in each state to the average cost of a policy with at least $500,000 in dwelling coverage.

The most expensive state for insurance on this type of home relative to the typical cost of home insurance is South Carolina, where the difference is 139%.

Key findings

  • It costs 72% more — on average — to get at least $500,000 in dwelling coverage compared to the typical cost of homeowners insurance. The average homeowner spends $1,249 a year on home insurance, versus an average of $2,148 for a policy with at least $500,000 in dwelling coverage.
  • In South Carolina, it costs 139% more to get at least $500,000 in dwelling coverage relative to the average cost of homeowners insurance — the most of any state. South Dakota and Louisiana (both 123%) rank second and third.
  • In Hawaii and New Jersey, it costs 47% more to insure an expensive home relative to the typical cost of home insurance — the least among U.S. states. The two are the only states where it costs less than 50% more.
  • Louisiana and Florida, two states at high risk for natural disasters, are where home insurance on expensive homes costs the most (independent of the state average). Having at least $500,000 in dwelling coverage in Louisiana and Florida costs an average of $4,427 and $4,332 a year, respectively.

Moving into a larger — and more expensive — home? Here’s what your homeowners insurance bill might look like now

A homeowners policy with at least $500,000 in dwelling coverage — the largest range tracked by the National Association of Insurance Commissioners (NAIC) — costs $2,148 a year, on average. That amount is 72% more than the average cost of home insurance of $1,249.

ValuePenguin used data from HO-3 insurance policies — the most common type of home insurance. With an HO-3, your dwelling is covered against all perils, unless exclusions are specifically noted. But the primary purpose of this insurance is to cover your dwelling.

The largest percentage difference between a typical HO-3 policy and one for an expensive home with at least $500,000 in dwelling coverage can be found in South Carolina. A ValuePenguin analysis shows a 139% difference between the average cost of home insurance in the state ($1,284) and the average cost to get $500,000-plus in coverage ($3,074).

A 2020 ValuePenguin study that looked at hurricane-prone states found that South Carolina experienced the most disaster declarations per county of any state examined. Palmetto State residents who own homes worth $500,000 or more and need additional coverage should pay especially close attention to their home insurance’s covered and excluded perils. With median home values in the state at just $189,500, it’s easier to see why home insurance costs would be so much higher for a more expensive home.

Up next are South Dakota and Louisiana, where the cost of the higher policy is 123% more than average. Median home values — $188,900 in South Dakota and $174,000 in Louisiana — also help explain the large differences compared to the states where home values may already require a higher level of coverage.

Where it costs the most to insure expensive homes relative to average

Rank
State
Average cost of homeowners insurance
Policy with at least $500,000 in coverage
Percentage difference
1South Carolina$1,284$3,074139%
2South Dakota$1,280$2,856123%
3Louisiana$1,987$4,427123%
4Oklahoma$1,944$4,324122%
5Florida$1,960$4,332121%
6Arkansas$1,419$3,132121%
7Mississippi$1,578$3,466120%
8Idaho$772$1,678117%
9West Virginia$970$2,090115%
10Kentucky$1,152$2,394108%
11Nebraska$1,569$3,230106%
12Alabama$1,409$2,885105%
Show All Rows

Source: ValuePenguin analysis of National Association of Insurance Commissioners (NAIC) data.

The states with the lowest percentage difference between the cost of at least $500,000 in dwelling coverage and the average cost of home insurance are among the most expensive in which to live.

In Hawaii (highest cost of living in the U.S.) and New Jersey (10th-highest), it costs 47% more, on average, to go from paying the typical cost of home insurance to a policy that covers at least $500,000 in dwelling coverage. These are the only two states where the increase is less than 50%.

High median home values — $648,000 in Hawaii and $364,300 in New Jersey — mean homeowners are already likely closer to needing higher levels of coverage, explaining why they came in at the bottom of the list.

While residents in the Aloha State also deal with hurricanes, they have another challenge: volcanoes. There are six active volcanoes on the islands of Hawaii. And while the fire portion of your homeowners policy may cover some damage, damage from earth movements or a rupture wouldn’t be covered.

The different scenarios in South Carolina (top of the list) and Hawaii (bottom of the list) show that factors beyond homeowners insurance rates are important to monitor to ensure you have the best coverage for your needs.

Where it costs the most to insure expensive homes

It’s in two states at high risk for natural disasters — Louisiana and Florida — that home insurance on expensive homes costs the most. (This is regardless of the average cost of home insurance in any given state.)

At least $500,000 in dwelling coverage costs $4,427, on average, in Louisiana and an average of $4,332 in Florida. A 2020 ValuePenguin study found Louisiana and Florida as the No. 2 and No. 3 states most at risk for natural disasters. Because many disaster types aren’t covered under a typical home insurance policy, you must know your options. Not only are rates higher in these states, but you’ll likely need supplemental coverage to best shield your home.

Where it costs the most to insure expensive homes

Rank
State
Policy with at least $500,000 in coverage
Rank
State
Policy with at least $500,000 in coverage
1Louisiana$4,42726West Virginia$2,090
2Florida$4,33227New Mexico$2,086
3Oklahoma$4,32428Michigan$1,971
4Texas$3,52729Indiana$1,967
5Mississippi$3,46630Pennsylvania$1,884
6Nebraska$3,23031Illinois$1,884
7Arkansas$3,13232Maryland$1,845
8South Carolina$3,07433Iowa$1,830
9Rhode Island$3,02534New Jersey$1,808
10Alabama$2,88535Maine$1,798
11South Dakota$2,85636Virginia$1,731
12Kansas$2,83937New Hampshire$1,703
Show All Rows

Source: National Association of Insurance Commissioners (NAIC) data.

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Palmetto State residents who own homes worth $500,000 or more and need additional coverage should pay especially close attention to their home insurance\u2019s covered and excluded perils. With median home values in the state at just $189,500, it\u2019s easier to see why home insurance costs would be so much higher for a more expensive home.\u003C\/p\u003E\n\n\u003Cp\u003EUp next are South Dakota and Louisiana, where the cost of the higher policy is 123% more than average. Median home values \u2014 $188,900 in South Dakota and $174,000 in Louisiana \u2014 also help explain the large differences compared to the states where home values may already require a higher level of coverage.\u003C\/p\u003E\n\n\u003Ch3\u003EWhere it costs the most to insure expensive homes relative to average\u003C\/h3\u003E\n\n\u003Cp\u003E\u003Cdiv class=\"ReactComponent--root\"\u003E\n \u003Cdiv class=\"js-react-component-rendered js-react-component-SortableTable\" data-component-name=\"SortableTable\"\u003E\n \u003Cdiv class=\"StyledRootWrapper-sc-3qeib4 jYHfZo\"\u003E\u003Cdiv class=\"StyledTableWrapper-sc-5nmmx9 fesmOM\"\u003E\u003Cdiv class=\"StyledTableOverflowWrapper-sc-hixhp9 gVbnK\"\u003E\u003Ctable class=\"StyledTable-sc-ujzn9t jVpJxq\"\u003E\u003Cthead class=\"StyledHeaderRow-sc-1m1b8dn hCELBb\"\u003E\u003Ctr\u003E\u003Cth colSpan=\"1\" width=\"10%\" class=\"StyledHeaderCell-sc-nsptsd eWikhN\"\u003E\u003Cdiv class=\"StyledColumnHeaderWrapper-sc-12xyb2r gPTwhA\"\u003E\u003Cspan\u003ERank\u003C\/span\u003E\u003C\/div\u003E\u003C\/th\u003E\u003Cth colSpan=\"1\" width=\"22.5%\" class=\"StyledHeaderCell-sc-nsptsd kihVzf\"\u003E\u003Cdiv class=\"StyledColumnHeaderWrapper-sc-12xyb2r gPTwhA\"\u003E\u003Cspan\u003EState\u003C\/span\u003E\u003C\/div\u003E\u003C\/th\u003E\u003Cth colSpan=\"1\" width=\"22.5%\" class=\"StyledHeaderCell-sc-nsptsd kihVzf\"\u003E\u003Cdiv class=\"StyledColumnHeaderWrapper-sc-12xyb2r glLrYA\"\u003E\u003Cspan\u003EAverage cost of homeowners insurance\u003C\/span\u003E\u003C\/div\u003E\u003C\/th\u003E\u003Cth colSpan=\"1\" width=\"22.5%\" class=\"StyledHeaderCell-sc-nsptsd kihVzf\"\u003E\u003Cdiv class=\"StyledColumnHeaderWrapper-sc-12xyb2r glLrYA\"\u003E\u003Cspan\u003EPolicy with at least $500,000 in coverage\u003C\/span\u003E\u003C\/div\u003E\u003C\/th\u003E\u003Cth colSpan=\"1\" width=\"22.5%\" class=\"StyledHeaderCell-sc-nsptsd kihVzf\"\u003E\u003Cdiv class=\"StyledColumnHeaderWrapper-sc-12xyb2r glLrYA\"\u003E\u003Cspan\u003EPercentage difference\u003C\/span\u003E\u003C\/div\u003E\u003C\/th\u003E\u003C\/tr\u003E\u003C\/thead\u003E\u003Ctbody class=\"StyledBody-sc-14y8oc0 dcdMVT\"\u003E\u003Ctr\u003E\u003Ctd colSpan=\"1\" rowspan=\"1\" width=\"10%\" class=\"StyledBodyCell-sc-5cu9ee bEfFUh\"\u003E1\u003C\/td\u003E\u003Ctd colSpan=\"1\" rowspan=\"1\" width=\"22.5%\" class=\"StyledBodyCell-sc-5cu9ee bEfFUh\"\u003ESouth Carolina\u003C\/td\u003E\u003Ctd colSpan=\"1\" rowspan=\"1\" width=\"22.5%\" class=\"StyledBodyCell-sc-5cu9ee bGuMza\"\u003E$1,284\u003C\/td\u003E\u003Ctd colSpan=\"1\" rowspan=\"1\" width=\"22.5%\" class=\"StyledBodyCell-sc-5cu9ee bGuMza\"\u003E$3,074\u003C\/td\u003E\u003Ctd colSpan=\"1\" rowspan=\"1\" width=\"22.5%\" class=\"StyledBodyCell-sc-5cu9ee bGuMza\"\u003E139%\u003C\/td\u003E\u003C\/tr\u003E\u003Ctr\u003E\u003Ctd colSpan=\"1\" rowspan=\"1\" width=\"10%\" class=\"StyledBodyCell-sc-5cu9ee bEfFUh\"\u003E2\u003C\/td\u003E\u003Ctd colSpan=\"1\" rowspan=\"1\" width=\"22.5%\" class=\"StyledBodyCell-sc-5cu9ee bEfFUh\"\u003ESouth Dakota\u003C\/td\u003E\u003Ctd colSpan=\"1\" rowspan=\"1\" width=\"22.5%\" class=\"StyledBodyCell-sc-5cu9ee bGuMza\"\u003E$1,280\u003C\/td\u003E\u003Ctd colSpan=\"1\" rowspan=\"1\" width=\"22.5%\" class=\"StyledBodyCell-sc-5cu9ee bGuMza\"\u003E$2,856\u003C\/td\u003E\u003Ctd colSpan=\"1\" rowspan=\"1\" width=\"22.5%\" class=\"StyledBodyCell-sc-5cu9ee bGuMza\"\u003E123%\u003C\/td\u003E\u003C\/tr\u003E\u003Ctr\u003E\u003Ctd colSpan=\"1\" rowspan=\"1\" width=\"10%\" class=\"StyledBodyCell-sc-5cu9ee bEfFUh\"\u003E3\u003C\/td\u003E\u003Ctd colSpan=\"1\" rowspan=\"1\" width=\"22.5%\" class=\"StyledBodyCell-sc-5cu9ee bEfFUh\"\u003ELouisiana\u003C\/td\u003E\u003Ctd colSpan=\"1\" rowspan=\"1\" width=\"22.5%\" class=\"StyledBodyCell-sc-5cu9ee bGuMza\"\u003E$1,987\u003C\/td\u003E\u003Ctd colSpan=\"1\" rowspan=\"1\" width=\"22.5%\" class=\"StyledBodyCell-sc-5cu9ee bGuMza\"\u003E$4,427\u003C\/td\u003E\u003Ctd colSpan=\"1\" rowspan=\"1\" width=\"22.5%\" class=\"StyledBodyCell-sc-5cu9ee bGuMza\"\u003E123%\u003C\/td\u003E\u003C\/tr\u003E\u003Ctr\u003E\u003Ctd colSpan=\"1\" rowspan=\"1\" width=\"10%\" class=\"StyledBodyCell-sc-5cu9ee bEfFUh\"\u003E4\u003C\/td\u003E\u003Ctd colSpan=\"1\" rowspan=\"1\" width=\"22.5%\" class=\"StyledBodyCell-sc-5cu9ee bEfFUh\"\u003EOklahoma\u003C\/td\u003E\u003Ctd colSpan=\"1\" rowspan=\"1\" width=\"22.5%\" class=\"StyledBodyCell-sc-5cu9ee bGuMza\"\u003E$1,944\u003C\/td\u003E\u003Ctd colSpan=\"1\" rowspan=\"1\" width=\"22.5%\" class=\"StyledBodyCell-sc-5cu9ee bGuMza\"\u003E$4,324\u003C\/td\u003E\u003Ctd colSpan=\"1\" rowspan=\"1\" width=\"22.5%\" class=\"StyledBodyCell-sc-5cu9ee bGuMza\"\u003E122%\u003C\/td\u003E\u003C\/tr\u003E\u003Ctr\u003E\u003Ctd colSpan=\"1\" rowspan=\"1\" width=\"10%\" class=\"StyledBodyCell-sc-5cu9ee bEfFUh\"\u003E5\u003C\/td\u003E\u003Ctd colSpan=\"1\" rowspan=\"1\" width=\"22.5%\" class=\"StyledBodyCell-sc-5cu9ee bEfFUh\"\u003EFlorida\u003C\/td\u003E\u003Ctd colSpan=\"1\" rowspan=\"1\" width=\"22.5%\" class=\"StyledBodyCell-sc-5cu9ee bGuMza\"\u003E$1,960\u003C\/td\u003E\u003Ctd colSpan=\"1\" rowspan=\"1\" width=\"22.5%\" class=\"StyledBodyCell-sc-5cu9ee bGuMza\"\u003E$4,332\u003C\/td\u003E\u003Ctd colSpan=\"1\" rowspan=\"1\" width=\"22.5%\" class=\"StyledBodyCell-sc-5cu9ee bGuMza\"\u003E121%\u003C\/td\u003E\u003C\/tr\u003E\u003Ctr\u003E\u003Ctd colSpan=\"1\" rowspan=\"1\" width=\"10%\" class=\"StyledBodyCell-sc-5cu9ee bEfFUh\"\u003E6\u003C\/td\u003E\u003Ctd colSpan=\"1\" rowspan=\"1\" width=\"22.5%\" class=\"StyledBodyCell-sc-5cu9ee bEfFUh\"\u003EArkansas\u003C\/td\u003E\u003Ctd colSpan=\"1\" rowspan=\"1\" width=\"22.5%\" class=\"StyledBodyCell-sc-5cu9ee bGuMza\"\u003E$1,419\u003C\/td\u003E\u003Ctd colSpan=\"1\" rowspan=\"1\" width=\"22.5%\" class=\"StyledBodyCell-sc-5cu9ee bGuMza\"\u003E$3,132\u003C\/td\u003E\u003Ctd colSpan=\"1\" rowspan=\"1\" width=\"22.5%\" class=\"StyledBodyCell-sc-5cu9ee bGuMza\"\u003E121%\u003C\/td\u003E\u003C\/tr\u003E\u003Ctr\u003E\u003Ctd colSpan=\"1\" rowspan=\"1\" width=\"10%\" class=\"StyledBodyCell-sc-5cu9ee bEfFUh\"\u003E7\u003C\/td\u003E\u003Ctd colSpan=\"1\" rowspan=\"1\" width=\"22.5%\" class=\"StyledBodyCell-sc-5cu9ee bEfFUh\"\u003EMississippi\u003C\/td\u003E\u003Ctd colSpan=\"1\" rowspan=\"1\" width=\"22.5%\" class=\"StyledBodyCell-sc-5cu9ee bGuMza\"\u003E$1,578\u003C\/td\u003E\u003Ctd colSpan=\"1\" rowspan=\"1\" width=\"22.5%\" class=\"StyledBodyCell-sc-5cu9ee bGuMza\"\u003E$3,466\u003C\/td\u003E\u003Ctd colSpan=\"1\" rowspan=\"1\" width=\"22.5%\" class=\"StyledBodyCell-sc-5cu9ee bGuMza\"\u003E120%\u003C\/td\u003E\u003C\/tr\u003E\u003Ctr\u003E\u003Ctd colSpan=\"1\" rowspan=\"1\" width=\"10%\" class=\"StyledBodyCell-sc-5cu9ee bEfFUh\"\u003E8\u003C\/td\u003E\u003Ctd colSpan=\"1\" rowspan=\"1\" width=\"22.5%\" class=\"StyledBodyCell-sc-5cu9ee bEfFUh\"\u003EIdaho\u003C\/td\u003E\u003Ctd colSpan=\"1\" rowspan=\"1\" width=\"22.5%\" class=\"StyledBodyCell-sc-5cu9ee bGuMza\"\u003E$772\u003C\/td\u003E\u003Ctd colSpan=\"1\" rowspan=\"1\" width=\"22.5%\" class=\"StyledBodyCell-sc-5cu9ee bGuMza\"\u003E$1,678\u003C\/td\u003E\u003Ctd colSpan=\"1\" rowspan=\"1\" width=\"22.5%\" class=\"StyledBodyCell-sc-5cu9ee bGuMza\"\u003E117%\u003C\/td\u003E\u003C\/tr\u003E\u003Ctr\u003E\u003Ctd colSpan=\"1\" rowspan=\"1\" width=\"10%\" class=\"StyledBodyCell-sc-5cu9ee bEfFUh\"\u003E9\u003C\/td\u003E\u003Ctd colSpan=\"1\" rowspan=\"1\" width=\"22.5%\" class=\"StyledBodyCell-sc-5cu9ee bEfFUh\"\u003EWest Virginia\u003C\/td\u003E\u003Ctd colSpan=\"1\" rowspan=\"1\" width=\"22.5%\" class=\"StyledBodyCell-sc-5cu9ee bGuMza\"\u003E$970\u003C\/td\u003E\u003Ctd colSpan=\"1\" rowspan=\"1\" width=\"22.5%\" class=\"StyledBodyCell-sc-5cu9ee bGuMza\"\u003E$2,090\u003C\/td\u003E\u003Ctd colSpan=\"1\" rowspan=\"1\" width=\"22.5%\" class=\"StyledBodyCell-sc-5cu9ee bGuMza\"\u003E115%\u003C\/td\u003E\u003C\/tr\u003E\u003Ctr\u003E\u003Ctd colSpan=\"1\" rowspan=\"1\" width=\"10%\" class=\"StyledBodyCell-sc-5cu9ee bEfFUh\"\u003E10\u003C\/td\u003E\u003Ctd colSpan=\"1\" rowspan=\"1\" width=\"22.5%\" class=\"StyledBodyCell-sc-5cu9ee bEfFUh\"\u003EKentucky\u003C\/td\u003E\u003Ctd colSpan=\"1\" rowspan=\"1\" width=\"22.5%\" class=\"StyledBodyCell-sc-5cu9ee bGuMza\"\u003E$1,152\u003C\/td\u003E\u003Ctd colSpan=\"1\" rowspan=\"1\" width=\"22.5%\" class=\"StyledBodyCell-sc-5cu9ee bGuMza\"\u003E$2,394\u003C\/td\u003E\u003Ctd colSpan=\"1\" rowspan=\"1\" width=\"22.5%\" class=\"StyledBodyCell-sc-5cu9ee bGuMza\"\u003E108%\u003C\/td\u003E\u003C\/tr\u003E\u003Ctr\u003E\u003Ctd colSpan=\"1\" rowspan=\"1\" width=\"10%\" class=\"StyledBodyCell-sc-5cu9ee bEfFUh\"\u003E11\u003C\/td\u003E\u003Ctd colSpan=\"1\" rowspan=\"1\" width=\"22.5%\" class=\"StyledBodyCell-sc-5cu9ee bEfFUh\"\u003ENebraska\u003C\/td\u003E\u003Ctd colSpan=\"1\" rowspan=\"1\" width=\"22.5%\" class=\"StyledBodyCell-sc-5cu9ee bGuMza\"\u003E$1,569\u003C\/td\u003E\u003Ctd colSpan=\"1\" rowspan=\"1\" width=\"22.5%\" class=\"StyledBodyCell-sc-5cu9ee bGuMza\"\u003E$3,230\u003C\/td\u003E\u003Ctd colSpan=\"1\" rowspan=\"1\" width=\"22.5%\" class=\"StyledBodyCell-sc-5cu9ee bGuMza\"\u003E106%\u003C\/td\u003E\u003C\/tr\u003E\u003Ctr\u003E\u003Ctd colSpan=\"1\" rowspan=\"1\" width=\"10%\" class=\"StyledBodyCell-sc-5cu9ee bEfFUh\"\u003E12\u003C\/td\u003E\u003Ctd colSpan=\"1\" rowspan=\"1\" width=\"22.5%\" class=\"StyledBodyCell-sc-5cu9ee bEfFUh\"\u003EAlabama\u003C\/td\u003E\u003Ctd colSpan=\"1\" rowspan=\"1\" width=\"22.5%\" class=\"StyledBodyCell-sc-5cu9ee bGuMza\"\u003E$1,409\u003C\/td\u003E\u003Ctd colSpan=\"1\" rowspan=\"1\" width=\"22.5%\" class=\"StyledBodyCell-sc-5cu9ee bGuMza\"\u003E$2,885\u003C\/td\u003E\u003Ctd colSpan=\"1\" rowspan=\"1\" width=\"22.5%\" class=\"StyledBodyCell-sc-5cu9ee bGuMza\"\u003E105%\u003C\/td\u003E\u003C\/tr\u003E\u003C\/tbody\u003E\u003C\/table\u003E\u003C\/div\u003E\u003C\/div\u003E\u003Cdiv role=\"button\" class=\"StyledExpander-sc-1gnrutu gvWduk\"\u003EShow All Rows\u003C\/div\u003E\u003Cp class=\"SortableTable--footnote\"\u003ESource: ValuePenguin analysis of National Association of Insurance Commissioners (NAIC) data.\u003C\/p\u003E\u003C\/div\u003E\n \u003C\/div\u003E\n\n \u003Cscript type=\"application\/json\" class=\"js-react-component\" data-component-name=\"SortableTable\"\u003E{\"alignsHorizontal\":[\"left\",\"left\",\"right\",\"right\",\"right\"],\"alignsVertical\":[\"top\",\"top\",\"top\",\"top\",\"top\"],\"columnWidths\":[\"10%\",\"22.5%\",\"22.5%\",\"22.5%\",\"22.5%\"],\"data\":[[\"Rank\",\"State\",\"Average cost of homeowners insurance\",\"Policy with at least $500,000 in coverage\",\"Percentage difference\"],[\"1\",\"South Carolina\",\"$1,284\",\"$3,074\",\"139%\"],[\"2\",\"South Dakota\",\"$1,280\",\"$2,856\",\"123%\"],[\"3\",\"Louisiana\",\"$1,987\",\"$4,427\",\"123%\"],[\"4\",\"Oklahoma\",\"$1,944\",\"$4,324\",\"122%\"],[\"5\",\"Florida\",\"$1,960\",\"$4,332\",\"121%\"],[\"6\",\"Arkansas\",\"$1,419\",\"$3,132\",\"121%\"],[\"7\",\"Mississippi\",\"$1,578\",\"$3,466\",\"120%\"],[\"8\",\"Idaho\",\"$772\",\"$1,678\",\"117%\"],[\"9\",\"West Virginia\",\"$970\",\"$2,090\",\"115%\"],[\"10\",\"Kentucky\",\"$1,152\",\"$2,394\",\"108%\"],[\"11\",\"Nebraska\",\"$1,569\",\"$3,230\",\"106%\"],[\"12\",\"Alabama\",\"$1,409\",\"$2,885\",\"105%\"],[\"13\",\"Utah\",\"$730\",\"$1,468\",\"101%\"],[\"14\",\"Michigan\",\"$981\",\"$1,971\",\"101%\"],[\"15\",\"Tennessee\",\"$1,232\",\"$2,468\",\"100%\"],[\"16\",\"Pennsylvania\",\"$943\",\"$1,884\",\"100%\"],[\"17\",\"Montana\",\"$1,237\",\"$2,458\",\"99%\"],[\"18\",\"Maine\",\"$905\",\"$1,798\",\"99%\"],[\"19\",\"North Dakota\",\"$1,293\",\"$2,566\",\"98%\"],[\"20\",\"Wyoming\",\"$1,187\",\"$2,326\",\"96%\"],[\"21\",\"Arizona\",\"$843\",\"$1,635\",\"94%\"],[\"22\",\"Ohio\",\"$874\",\"$1,686\",\"93%\"],[\"23\",\"North Carolina\",\"$1,103\",\"$2,125\",\"93%\"],[\"24\",\"New Mexico\",\"$1,087\",\"$2,086\",\"92%\"],[\"25\",\"Indiana\",\"$1,030\",\"$1,967\",\"91%\"],[\"26\",\"Missouri\",\"$1,383\",\"$2,640\",\"91%\"],[\"27\",\"Georgia\",\"$1,313\",\"$2,500\",\"90%\"],[\"28\",\"New York\",\"$1,321\",\"$2,482\",\"88%\"],[\"29\",\"Rhode Island\",\"$1,630\",\"$3,025\",\"86%\"],[\"30\",\"Iowa\",\"$987\",\"$1,830\",\"85%\"],[\"31\",\"Nevada\",\"$776\",\"$1,419\",\"83%\"],[\"32\",\"Delaware\",\"$873\",\"$1,588\",\"82%\"],[\"33\",\"Vermont\",\"$935\",\"$1,690\",\"81%\"],[\"34\",\"Oregon\",\"$706\",\"$1,275\",\"81%\"],[\"35\",\"Texas\",\"$1,955\",\"$3,527\",\"80%\"],[\"36\",\"Minnesota\",\"$1,400\",\"$2,483\",\"77%\"],[\"37\",\"Wisconsin\",\"$814\",\"$1,440\",\"77%\"],[\"38\",\"Kansas\",\"$1,617\",\"$2,839\",\"76%\"],[\"39\",\"New Hampshire\",\"$984\",\"$1,703\",\"73%\"],[\"40\",\"Maryland\",\"$1,071\",\"$1,845\",\"72%\"],[\"41\",\"Connecticut\",\"$1,494\",\"$2,566\",\"72%\"],[\"42\",\"Illinois\",\"$1,103\",\"$1,884\",\"71%\"],[\"43\",\"Virginia\",\"$1,026\",\"$1,731\",\"69%\"],[\"44\",\"Alaska\",\"$984\",\"$1,638\",\"66%\"],[\"45\",\"Washington\",\"$881\",\"$1,411\",\"60%\"],[\"46\",\"Colorado\",\"$1,616\",\"$2,561\",\"58%\"],[\"47\",\"California\",\"$1,073\",\"$1,689\",\"57%\"],[\"48\",\"Massachusetts\",\"$1,543\",\"$2,407\",\"56%\"],[\"49\",\"New Jersey\",\"$1,227\",\"$1,808\",\"47%\"],[\"50\",\"Hawaii\",\"$1,140\",\"$1,678\",\"47%\"]],\"footnote\":\"Source: ValuePenguin analysis of National Association of Insurance Commissioners (NAIC) data.\",\"hideHeaderRow\":false,\"hasMarginBottom\":true,\"isExpandable\":true,\"isSortable\":false,\"maxWidth\":\"1215\",\"minWidth\":\"100%\",\"showSearch\":false,\"sortColumnIndex\":0,\"sortDirection\":\"asc\"}\u003C\/script\u003E\n\n\u003C\/div\u003E\u003C\/p\u003E\n\n\u003Cp\u003EThe states with the lowest percentage difference between the cost of at least $500,000 in dwelling coverage and the average cost of home insurance are among the most expensive in which to live.\u003C\/p\u003E\n\n\u003Cp\u003EIn Hawaii (highest cost of living in the U.S.) and New Jersey (10th-highest), it costs 47% more, on average, to go from paying the typical cost of home insurance to a policy that covers at least $500,000 in dwelling coverage. These are the only two states where the increase is less than 50%.\u003C\/p\u003E\n\n\u003Cp\u003EHigh median home values \u2014 $648,000 in Hawaii and $364,300 in New Jersey \u2014 mean homeowners are already likely closer to needing higher levels of coverage, explaining why they came in at the bottom of the list.\u003C\/p\u003E\n\n\u003Cp\u003E\u003Cdiv class=\"ShortcodeBorder--root ShortcodeBorder--with-padding\"\u003E\u003C\/p\u003E\n\n\u003Cp\u003EWhile residents in the Aloha State also deal with hurricanes, they have another challenge: volcanoes. There are six active volcanoes on the islands of Hawaii. And while the fire portion of your homeowners policy may cover some damage, damage from earth movements or a rupture wouldn\u2019t be covered.\u003C\/p\u003E\n\n\u003Cp\u003E\u003C\/div\u003E\u003C\/p\u003E\n\n\u003Cp\u003EThe different scenarios in South Carolina (top of the list) and Hawaii (bottom of the list) show that factors beyond homeowners insurance rates are important to monitor to ensure you have the best coverage for your needs.\u003C\/p\u003E\n\n\u003Ch3\u003EWhere it costs the most to insure expensive homes\u003C\/h3\u003E\n\n\u003Cp\u003EIt\u2019s in two states at high risk for natural disasters \u2014 Louisiana and Florida \u2014 that home insurance on expensive homes costs the most. (This is regardless of the average cost of home insurance in any given state.)\u003C\/p\u003E\n\n\u003Cp\u003EAt least $500,000 in dwelling coverage costs $4,427, on average, in Louisiana and an average of $4,332 in Florida. A 2020 ValuePenguin study found Louisiana and Florida as the No. 2 and No. \u003Cspan\u003E\u003Ca class=\"ShortcodeLink--root ShortcodeLink--black\" title=\"States Most At Risk for Natural Disasters\" href=\"https:\/\/www.valuepenguin.com\/property-insurance\/states-most-at-risk-natural-disasters\"\u003E3 states most at risk for natural disasters\u003C\/a\u003E\u003C\/span\u003E. Because many disaster types aren\u2019t covered under a typical home insurance policy, you must know your options. Not only are rates higher in these states, but you\u2019ll likely need supplemental coverage to best shield your home.\u003C\/p\u003E\n\n\u003Ch3\u003EWhere it costs the most to insure expensive homes\u003C\/h3\u003E\n\n\u003Cp\u003E\u003Cdiv class=\"ReactComponent--root\"\u003E\n \u003Cdiv class=\"js-react-component-rendered js-react-component-SortableTable\" data-component-name=\"SortableTable\"\u003E\n \u003Cdiv class=\"StyledRootWrapper-sc-3qeib4 jYHfZo\"\u003E\u003Cdiv class=\"StyledTableWrapper-sc-5nmmx9 fesmOM\"\u003E\u003Cdiv class=\"StyledTableOverflowWrapper-sc-hixhp9 gVbnK\"\u003E\u003Ctable class=\"StyledTable-sc-ujzn9t jVpJxq\"\u003E\u003Cthead class=\"StyledHeaderRow-sc-1m1b8dn hCELBb\"\u003E\u003Ctr\u003E\u003Cth colSpan=\"1\" width=\"10%\" class=\"StyledHeaderCell-sc-nsptsd eWikhN\"\u003E\u003Cdiv class=\"StyledColumnHeaderWrapper-sc-12xyb2r gPTwhA\"\u003E\u003Cspan\u003ERank\u003C\/span\u003E\u003C\/div\u003E\u003C\/th\u003E\u003Cth colSpan=\"1\" width=\"20%\" class=\"StyledHeaderCell-sc-nsptsd OqbC\"\u003E\u003Cdiv class=\"StyledColumnHeaderWrapper-sc-12xyb2r gPTwhA\"\u003E\u003Cspan\u003EState\u003C\/span\u003E\u003C\/div\u003E\u003C\/th\u003E\u003Cth colSpan=\"1\" width=\"20%\" class=\"StyledHeaderCell-sc-nsptsd OqbC\"\u003E\u003Cdiv class=\"StyledColumnHeaderWrapper-sc-12xyb2r glLrYA\"\u003E\u003Cspan\u003EPolicy with at least $500,000 in coverage\u003C\/span\u003E\u003C\/div\u003E\u003C\/th\u003E\u003Cth colSpan=\"1\" width=\"10%\" class=\"StyledHeaderCell-sc-nsptsd eWikhN\"\u003E\u003Cdiv class=\"StyledColumnHeaderWrapper-sc-12xyb2r gPTwhA\"\u003E\u003Cspan\u003ERank\u003C\/span\u003E\u003C\/div\u003E\u003C\/th\u003E\u003Cth colSpan=\"1\" width=\"20%\" class=\"StyledHeaderCell-sc-nsptsd OqbC\"\u003E\u003Cdiv class=\"StyledColumnHeaderWrapper-sc-12xyb2r gPTwhA\"\u003E\u003Cspan\u003EState\u003C\/span\u003E\u003C\/div\u003E\u003C\/th\u003E\u003Cth colSpan=\"1\" width=\"20%\" class=\"StyledHeaderCell-sc-nsptsd OqbC\"\u003E\u003Cdiv class=\"StyledColumnHeaderWrapper-sc-12xyb2r glLrYA\"\u003E\u003Cspan\u003EPolicy with at least $500,000 in coverage\u003C\/span\u003E\u003C\/div\u003E\u003C\/th\u003E\u003C\/tr\u003E\u003C\/thead\u003E\u003Ctbody class=\"StyledBody-sc-14y8oc0 dcdMVT\"\u003E\u003Ctr\u003E\u003Ctd colSpan=\"1\" rowspan=\"1\" width=\"10%\" class=\"StyledBodyCell-sc-5cu9ee bEfFUh\"\u003E1\u003C\/td\u003E\u003Ctd colSpan=\"1\" rowspan=\"1\" width=\"20%\" class=\"StyledBodyCell-sc-5cu9ee bEfFUh\"\u003ELouisiana\u003C\/td\u003E\u003Ctd colSpan=\"1\" rowspan=\"1\" width=\"20%\" class=\"StyledBodyCell-sc-5cu9ee bGuMza\"\u003E$4,427\u003C\/td\u003E\u003Ctd colSpan=\"1\" rowspan=\"1\" width=\"10%\" class=\"StyledBodyCell-sc-5cu9ee bEfFUh\"\u003E26\u003C\/td\u003E\u003Ctd colSpan=\"1\" rowspan=\"1\" width=\"20%\" class=\"StyledBodyCell-sc-5cu9ee bEfFUh\"\u003EWest Virginia\u003C\/td\u003E\u003Ctd colSpan=\"1\" rowspan=\"1\" width=\"20%\" class=\"StyledBodyCell-sc-5cu9ee bGuMza\"\u003E$2,090\u003C\/td\u003E\u003C\/tr\u003E\u003Ctr\u003E\u003Ctd colSpan=\"1\" rowspan=\"1\" width=\"10%\" class=\"StyledBodyCell-sc-5cu9ee bEfFUh\"\u003E2\u003C\/td\u003E\u003Ctd colSpan=\"1\" rowspan=\"1\" width=\"20%\" class=\"StyledBodyCell-sc-5cu9ee bEfFUh\"\u003EFlorida\u003C\/td\u003E\u003Ctd colSpan=\"1\" rowspan=\"1\" width=\"20%\" class=\"StyledBodyCell-sc-5cu9ee bGuMza\"\u003E$4,332\u003C\/td\u003E\u003Ctd colSpan=\"1\" rowspan=\"1\" width=\"10%\" class=\"StyledBodyCell-sc-5cu9ee bEfFUh\"\u003E27\u003C\/td\u003E\u003Ctd colSpan=\"1\" rowspan=\"1\" width=\"20%\" class=\"StyledBodyCell-sc-5cu9ee bEfFUh\"\u003ENew Mexico\u003C\/td\u003E\u003Ctd colSpan=\"1\" rowspan=\"1\" width=\"20%\" class=\"StyledBodyCell-sc-5cu9ee bGuMza\"\u003E$2,086\u003C\/td\u003E\u003C\/tr\u003E\u003Ctr\u003E\u003Ctd colSpan=\"1\" rowspan=\"1\" width=\"10%\" class=\"StyledBodyCell-sc-5cu9ee bEfFUh\"\u003E3\u003C\/td\u003E\u003Ctd colSpan=\"1\" rowspan=\"1\" width=\"20%\" class=\"StyledBodyCell-sc-5cu9ee bEfFUh\"\u003EOklahoma\u003C\/td\u003E\u003Ctd colSpan=\"1\" rowspan=\"1\" width=\"20%\" class=\"StyledBodyCell-sc-5cu9ee bGuMza\"\u003E$4,324\u003C\/td\u003E\u003Ctd colSpan=\"1\" rowspan=\"1\" width=\"10%\" class=\"StyledBodyCell-sc-5cu9ee bEfFUh\"\u003E28\u003C\/td\u003E\u003Ctd colSpan=\"1\" rowspan=\"1\" width=\"20%\" class=\"StyledBodyCell-sc-5cu9ee bEfFUh\"\u003EMichigan\u003C\/td\u003E\u003Ctd colSpan=\"1\" rowspan=\"1\" width=\"20%\" class=\"StyledBodyCell-sc-5cu9ee bGuMza\"\u003E$1,971\u003C\/td\u003E\u003C\/tr\u003E\u003Ctr\u003E\u003Ctd colSpan=\"1\" rowspan=\"1\" width=\"10%\" class=\"StyledBodyCell-sc-5cu9ee bEfFUh\"\u003E4\u003C\/td\u003E\u003Ctd colSpan=\"1\" rowspan=\"1\" width=\"20%\" class=\"StyledBodyCell-sc-5cu9ee bEfFUh\"\u003ETexas\u003C\/td\u003E\u003Ctd colSpan=\"1\" rowspan=\"1\" width=\"20%\" class=\"StyledBodyCell-sc-5cu9ee bGuMza\"\u003E$3,527\u003C\/td\u003E\u003Ctd colSpan=\"1\" rowspan=\"1\" width=\"10%\" class=\"StyledBodyCell-sc-5cu9ee bEfFUh\"\u003E29\u003C\/td\u003E\u003Ctd colSpan=\"1\" rowspan=\"1\" width=\"20%\" class=\"StyledBodyCell-sc-5cu9ee bEfFUh\"\u003EIndiana\u003C\/td\u003E\u003Ctd colSpan=\"1\" rowspan=\"1\" width=\"20%\" class=\"StyledBodyCell-sc-5cu9ee bGuMza\"\u003E$1,967\u003C\/td\u003E\u003C\/tr\u003E\u003Ctr\u003E\u003Ctd colSpan=\"1\" rowspan=\"1\" width=\"10%\" class=\"StyledBodyCell-sc-5cu9ee bEfFUh\"\u003E5\u003C\/td\u003E\u003Ctd colSpan=\"1\" rowspan=\"1\" width=\"20%\" class=\"StyledBodyCell-sc-5cu9ee bEfFUh\"\u003EMississippi\u003C\/td\u003E\u003Ctd colSpan=\"1\" rowspan=\"1\" width=\"20%\" class=\"StyledBodyCell-sc-5cu9ee bGuMza\"\u003E$3,466\u003C\/td\u003E\u003Ctd colSpan=\"1\" rowspan=\"1\" width=\"10%\" class=\"StyledBodyCell-sc-5cu9ee bEfFUh\"\u003E30\u003C\/td\u003E\u003Ctd colSpan=\"1\" rowspan=\"1\" width=\"20%\" class=\"StyledBodyCell-sc-5cu9ee bEfFUh\"\u003EPennsylvania\u003C\/td\u003E\u003Ctd colSpan=\"1\" rowspan=\"1\" width=\"20%\" class=\"StyledBodyCell-sc-5cu9ee bGuMza\"\u003E$1,884\u003C\/td\u003E\u003C\/tr\u003E\u003Ctr\u003E\u003Ctd colSpan=\"1\" rowspan=\"1\" width=\"10%\" class=\"StyledBodyCell-sc-5cu9ee bEfFUh\"\u003E6\u003C\/td\u003E\u003Ctd colSpan=\"1\" rowspan=\"1\" width=\"20%\" class=\"StyledBodyCell-sc-5cu9ee bEfFUh\"\u003ENebraska\u003C\/td\u003E\u003Ctd colSpan=\"1\" rowspan=\"1\" width=\"20%\" class=\"StyledBodyCell-sc-5cu9ee bGuMza\"\u003E$3,230\u003C\/td\u003E\u003Ctd colSpan=\"1\" rowspan=\"1\" width=\"10%\" class=\"StyledBodyCell-sc-5cu9ee bEfFUh\"\u003E31\u003C\/td\u003E\u003Ctd colSpan=\"1\" rowspan=\"1\" width=\"20%\" class=\"StyledBodyCell-sc-5cu9ee bEfFUh\"\u003EIllinois\u003C\/td\u003E\u003Ctd colSpan=\"1\" rowspan=\"1\" width=\"20%\" class=\"StyledBodyCell-sc-5cu9ee bGuMza\"\u003E$1,884\u003C\/td\u003E\u003C\/tr\u003E\u003Ctr\u003E\u003Ctd colSpan=\"1\" rowspan=\"1\" width=\"10%\" class=\"StyledBodyCell-sc-5cu9ee bEfFUh\"\u003E7\u003C\/td\u003E\u003Ctd colSpan=\"1\" rowspan=\"1\" width=\"20%\" class=\"StyledBodyCell-sc-5cu9ee bEfFUh\"\u003EArkansas\u003C\/td\u003E\u003Ctd colSpan=\"1\" rowspan=\"1\" width=\"20%\" class=\"StyledBodyCell-sc-5cu9ee bGuMza\"\u003E$3,132\u003C\/td\u003E\u003Ctd colSpan=\"1\" rowspan=\"1\" width=\"10%\" class=\"StyledBodyCell-sc-5cu9ee bEfFUh\"\u003E32\u003C\/td\u003E\u003Ctd colSpan=\"1\" rowspan=\"1\" width=\"20%\" class=\"StyledBodyCell-sc-5cu9ee bEfFUh\"\u003EMaryland\u003C\/td\u003E\u003Ctd colSpan=\"1\" rowspan=\"1\" width=\"20%\" class=\"StyledBodyCell-sc-5cu9ee bGuMza\"\u003E$1,845\u003C\/td\u003E\u003C\/tr\u003E\u003Ctr\u003E\u003Ctd colSpan=\"1\" rowspan=\"1\" width=\"10%\" class=\"StyledBodyCell-sc-5cu9ee bEfFUh\"\u003E8\u003C\/td\u003E\u003Ctd colSpan=\"1\" rowspan=\"1\" width=\"20%\" class=\"StyledBodyCell-sc-5cu9ee bEfFUh\"\u003ESouth Carolina\u003C\/td\u003E\u003Ctd colSpan=\"1\" rowspan=\"1\" width=\"20%\" class=\"StyledBodyCell-sc-5cu9ee bGuMza\"\u003E$3,074\u003C\/td\u003E\u003Ctd colSpan=\"1\" rowspan=\"1\" width=\"10%\" class=\"StyledBodyCell-sc-5cu9ee bEfFUh\"\u003E33\u003C\/td\u003E\u003Ctd colSpan=\"1\" rowspan=\"1\" width=\"20%\" class=\"StyledBodyCell-sc-5cu9ee bEfFUh\"\u003EIowa\u003C\/td\u003E\u003Ctd colSpan=\"1\" rowspan=\"1\" width=\"20%\" class=\"StyledBodyCell-sc-5cu9ee bGuMza\"\u003E$1,830\u003C\/td\u003E\u003C\/tr\u003E\u003Ctr\u003E\u003Ctd colSpan=\"1\" rowspan=\"1\" width=\"10%\" class=\"StyledBodyCell-sc-5cu9ee bEfFUh\"\u003E9\u003C\/td\u003E\u003Ctd colSpan=\"1\" rowspan=\"1\" width=\"20%\" class=\"StyledBodyCell-sc-5cu9ee bEfFUh\"\u003ERhode Island\u003C\/td\u003E\u003Ctd colSpan=\"1\" rowspan=\"1\" width=\"20%\" class=\"StyledBodyCell-sc-5cu9ee bGuMza\"\u003E$3,025\u003C\/td\u003E\u003Ctd colSpan=\"1\" rowspan=\"1\" width=\"10%\" class=\"StyledBodyCell-sc-5cu9ee bEfFUh\"\u003E34\u003C\/td\u003E\u003Ctd colSpan=\"1\" rowspan=\"1\" width=\"20%\" class=\"StyledBodyCell-sc-5cu9ee bEfFUh\"\u003ENew Jersey\u003C\/td\u003E\u003Ctd colSpan=\"1\" rowspan=\"1\" width=\"20%\" class=\"StyledBodyCell-sc-5cu9ee bGuMza\"\u003E$1,808\u003C\/td\u003E\u003C\/tr\u003E\u003Ctr\u003E\u003Ctd colSpan=\"1\" rowspan=\"1\" width=\"10%\" class=\"StyledBodyCell-sc-5cu9ee bEfFUh\"\u003E10\u003C\/td\u003E\u003Ctd colSpan=\"1\" rowspan=\"1\" width=\"20%\" class=\"StyledBodyCell-sc-5cu9ee bEfFUh\"\u003EAlabama\u003C\/td\u003E\u003Ctd colSpan=\"1\" rowspan=\"1\" width=\"20%\" class=\"StyledBodyCell-sc-5cu9ee bGuMza\"\u003E$2,885\u003C\/td\u003E\u003Ctd colSpan=\"1\" rowspan=\"1\" width=\"10%\" class=\"StyledBodyCell-sc-5cu9ee bEfFUh\"\u003E35\u003C\/td\u003E\u003Ctd colSpan=\"1\" rowspan=\"1\" width=\"20%\" class=\"StyledBodyCell-sc-5cu9ee bEfFUh\"\u003EMaine\u003C\/td\u003E\u003Ctd colSpan=\"1\" rowspan=\"1\" width=\"20%\" class=\"StyledBodyCell-sc-5cu9ee bGuMza\"\u003E$1,798\u003C\/td\u003E\u003C\/tr\u003E\u003Ctr\u003E\u003Ctd colSpan=\"1\" rowspan=\"1\" width=\"10%\" class=\"StyledBodyCell-sc-5cu9ee bEfFUh\"\u003E11\u003C\/td\u003E\u003Ctd colSpan=\"1\" rowspan=\"1\" width=\"20%\" class=\"StyledBodyCell-sc-5cu9ee bEfFUh\"\u003ESouth Dakota\u003C\/td\u003E\u003Ctd colSpan=\"1\" rowspan=\"1\" width=\"20%\" class=\"StyledBodyCell-sc-5cu9ee bGuMza\"\u003E$2,856\u003C\/td\u003E\u003Ctd colSpan=\"1\" rowspan=\"1\" width=\"10%\" class=\"StyledBodyCell-sc-5cu9ee bEfFUh\"\u003E36\u003C\/td\u003E\u003Ctd colSpan=\"1\" rowspan=\"1\" width=\"20%\" class=\"StyledBodyCell-sc-5cu9ee bEfFUh\"\u003EVirginia\u003C\/td\u003E\u003Ctd colSpan=\"1\" rowspan=\"1\" width=\"20%\" class=\"StyledBodyCell-sc-5cu9ee bGuMza\"\u003E$1,731\u003C\/td\u003E\u003C\/tr\u003E\u003Ctr\u003E\u003Ctd colSpan=\"1\" rowspan=\"1\" width=\"10%\" class=\"StyledBodyCell-sc-5cu9ee bEfFUh\"\u003E12\u003C\/td\u003E\u003Ctd colSpan=\"1\" rowspan=\"1\" width=\"20%\" class=\"StyledBodyCell-sc-5cu9ee bEfFUh\"\u003EKansas\u003C\/td\u003E\u003Ctd colSpan=\"1\" rowspan=\"1\" width=\"20%\" class=\"StyledBodyCell-sc-5cu9ee bGuMza\"\u003E$2,839\u003C\/td\u003E\u003Ctd colSpan=\"1\" rowspan=\"1\" width=\"10%\" class=\"StyledBodyCell-sc-5cu9ee bEfFUh\"\u003E37\u003C\/td\u003E\u003Ctd colSpan=\"1\" rowspan=\"1\" width=\"20%\" class=\"StyledBodyCell-sc-5cu9ee bEfFUh\"\u003ENew Hampshire\u003C\/td\u003E\u003Ctd colSpan=\"1\" rowspan=\"1\" width=\"20%\" class=\"StyledBodyCell-sc-5cu9ee bGuMza\"\u003E$1,703\u003C\/td\u003E\u003C\/tr\u003E\u003C\/tbody\u003E\u003C\/table\u003E\u003C\/div\u003E\u003C\/div\u003E\u003Cdiv role=\"button\" class=\"StyledExpander-sc-1gnrutu gvWduk\"\u003EShow All Rows\u003C\/div\u003E\u003Cp class=\"SortableTable--footnote\"\u003ESource: National Association of Insurance Commissioners (NAIC) data.\u003C\/p\u003E\u003C\/div\u003E\n \u003C\/div\u003E\n\n \u003Cscript type=\"application\/json\" class=\"js-react-component\" data-component-name=\"SortableTable\"\u003E{\"alignsHorizontal\":[\"left\",\"left\",\"right\",\"left\",\"left\",\"right\"],\"alignsVertical\":[\"top\",\"top\",\"top\",\"top\",\"top\",\"top\"],\"columnWidths\":[\"10%\",\"20%\",\"20%\",\"10%\",\"20%\",\"20%\"],\"data\":[[\"Rank\",\"State\",\"Policy with at least $500,000 in coverage\",\"Rank\",\"State\",\"Policy with at least $500,000 in coverage\"],[\"1\",\"Louisiana\",\"$4,427\",\"26\",\"West Virginia\",\"$2,090\"],[\"2\",\"Florida\",\"$4,332\",\"27\",\"New Mexico\",\"$2,086\"],[\"3\",\"Oklahoma\",\"$4,324\",\"28\",\"Michigan\",\"$1,971\"],[\"4\",\"Texas\",\"$3,527\",\"29\",\"Indiana\",\"$1,967\"],[\"5\",\"Mississippi\",\"$3,466\",\"30\",\"Pennsylvania\",\"$1,884\"],[\"6\",\"Nebraska\",\"$3,230\",\"31\",\"Illinois\",\"$1,884\"],[\"7\",\"Arkansas\",\"$3,132\",\"32\",\"Maryland\",\"$1,845\"],[\"8\",\"South Carolina\",\"$3,074\",\"33\",\"Iowa\",\"$1,830\"],[\"9\",\"Rhode Island\",\"$3,025\",\"34\",\"New Jersey\",\"$1,808\"],[\"10\",\"Alabama\",\"$2,885\",\"35\",\"Maine\",\"$1,798\"],[\"11\",\"South Dakota\",\"$2,856\",\"36\",\"Virginia\",\"$1,731\"],[\"12\",\"Kansas\",\"$2,839\",\"37\",\"New Hampshire\",\"$1,703\"],[\"13\",\"Missouri\",\"$2,640\",\"38\",\"Vermont\",\"$1,690\"],[\"14\",\"North Dakota\",\"$2,566\",\"39\",\"California\",\"$1,689\"],[\"15\",\"Connecticut\",\"$2,566\",\"40\",\"Ohio\",\"$1,686\"],[\"16\",\"Colorado\",\"$2,561\",\"41\",\"Idaho\",\"$1,678\"],[\"17\",\"Georgia\",\"$2,500\",\"42\",\"Hawaii\",\"$1,678\"],[\"18\",\"Minnesota\",\"$2,483\",\"43\",\"Alaska\",\"$1,638\"],[\"19\",\"New York\",\"$2,482\",\"44\",\"Arizona\",\"$1,635\"],[\"20\",\"Tennessee\",\"$2,468\",\"45\",\"Delaware\",\"$1,588\"],[\"21\",\"Montana\",\"$2,458\",\"46\",\"Utah\",\"$1,468\"],[\"22\",\"Massachusetts\",\"$2,407\",\"47\",\"Wisconsin\",\"$1,440\"],[\"23\",\"Kentucky\",\"$2,394\",\"48\",\"Nevada\",\"$1,419\"],[\"24\",\"Wyoming\",\"$2,326\",\"49\",\"Washington\",\"$1,411\"],[\"25\",\"North Carolina\",\"$2,125\",\"50\",\"Oregon\",\"$1,275\"]],\"footnote\":\"Source: National Association of Insurance Commissioners (NAIC) data.\",\"hideHeaderRow\":false,\"hasMarginBottom\":true,\"isExpandable\":true,\"isSortable\":false,\"maxWidth\":\"1215\",\"minWidth\":\"100%\",\"showSearch\":false,\"sortColumnIndex\":0,\"sortDirection\":\"asc\"}\u003C\/script\u003E\n\n\u003C\/div\u003E\u003C\/p\u003E\n\n\u003Cp\u003E","padding":"double"}

Are Americans souring on larger, more expensive homes?

Whether it’s the cost of home insurance, property taxes, minimalistic housing trends, the coronavirus pandemic or something else, Americans are moving away from larger (and typically more expensive) homes.

U.S. Census Bureau data shows 8% of new single-family homes were at least 4,000 square feet (the largest tracked by the agency) in 2020. Yes, that’s up from 5% in 1999 — when the data was first tracked — but it’s down from a high point of 11% in 2014 through 2016.

Percentage of new single-family homes in U.S. with 4,000 or more square feet

Year
Percentage
Year
Percentage
19995%20107%
20005%20119%
20016%20128%
20026%201310%
20036%201411%
20046%201511%
20057%201611%
20068%201710%
20079%20189%
200810%20198%
20099%20208%

Source: U.S. Census Bureau data.

While this figure is headed downward in the U.S., it remains strong through help from the Northeast. In Northeastern states — Connecticut, Maine, Massachusetts, New Jersey, New Hampshire, New York, Pennsylvania, Rhode Island and Vermont — 13% of new single-family homes in 2020 were at least 4,000 square feet. This Northeast boom is happening despite the cost to build a house being higher than ever.

Another way we can look at the size of homes is by using bedrooms as a proxy. Using this metric, which looks at the states with the most homes with at least five bedrooms, it’s not a Northeast state leading the way.

In the West in Utah, Census Bureau data shows that nearly 21% of homes in the state have at least five bedrooms. (For comparison, the Beehive State came in at No. 13 among the states where it costs the most to insure expensive homes relative to the typical cost of homeowners insurance.) The state has the largest average household size in the U.S. of 3.08 people — above the national average of 2.61 people — which can help explain its ranking.

Percentage of homes with at least 5 bedrooms

Rank
State
Percentage of homes with at least 5 bedrooms
Rank
State
Percentage of homes with at least 5 bedrooms
1Utah21%26Vermont4%
2Colorado9%27South Carolina4%
3South Dakota9%28Arizona4%
4Idaho8%29North Carolina4%
5North Dakota8%30Missouri4%
6Wyoming8%31Tennessee4%
7Maryland8%32Maine4%
8Georgia7%33Kentucky4%
9Virginia7%34Indiana4%
10Montana7%35Michigan4%
11Kansas7%36Alabama4%
12Minnesota7%37Wisconsin4%
Show All Rows

Source: ValuePenguin analysis of U.S. Census Bureau data.

Meanwhile, just 2% of homes in Arkansas, Oklahoma, Louisiana and New Mexico have at least five bedrooms. (For comparison, a policy with at least $500,000 in dwelling coverage is more expensive in Louisiana than in any other state.) Oklahoma — No. 3 — and Arkansas — No. 7 — aren’t far behind.

If you can afford an expensive home, home insurance costs likely won’t do you in

Despite the high cost of homeowners insurance in some states, Census Bureau data shows that people in the market for a more expensive home where they’ll need at least $500,000 in dwelling coverage can manage their housing costs well.

Take Louisiana, where it costs the most to insure an expensive home. According to Census Bureau estimates, just 0.7% of households that earn at least $150,000 annually spend at least 30% of their income on housing.

General rule of thumb: Homeowners should aim to spend less than 30% of their monthly income on housing costs.

In Oklahoma — another state where homeowners insurance can set you back substantially — that figure is just 1%.

Even in states where residents may struggle with housing costs because of high home values and higher mortgage payments, most high-earners are doing fine. In California — where the median home value is $593,400, only behind Hawaii — 6.3% of households making at least $150,000 a year spend 30% or more of their income on housing. That’s the highest percentage on the list, but it still represents far less than 1 in 10 homeowners in the state.

Methodology

ValuePenguin researchers used "Dwelling Fire, Homeowners Owner-Occupied, and Homeowners Tenant and Condominium/Cooperative Unit Owner’s Insurance Report: Data for 2018" — the latest available report, released in 2020 — to determine where it costs the most to insure expensive homes relative to the typical cost of home insurance.

We compared the average cost of HO-3 homeowners insurance to the cost of an HO-3 policy with at least $500,000 in dwelling coverage. We ranked the states from highest to lowest based on the percentage change in cost for a policy of $500,000 or more relative to the typical homeowners policy. We also ranked the states from highest to lowest independent of the average cost.

Researchers used U.S. Census Bureau data for median home values (2020), square feet in new single-family homes (2020), the number of bedrooms within homes (2019) and to determine how many households making at least $150,000 spent at least 30% of their income on housing (2019).

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