New research from GOBankingRates.com has found that the median cost of homeowners insurance directly corresponds with the median home values in that particular state. In essence, if you live in Hawaii (median value $578,400) you’ll have the highest rates averaging just over $2k, however if you live in West Virginia (median value $99,700) you’ll experience the lowest with a median rate just under $350. Their entire 50-state list is interesting and worth a look.
“Many factors determine the cost of homeowners insurance, such as the size of the specific property, its condition, age and composition, the cost to replace it and even whether it’s close to a fire hydrant or fire department…”
