Homeowners Insurance Calculator

Estimate your homeowners insurance premium based on your home value, coverage level, and deductible. See a breakdown of standard coverage types included in a typical policy.

Property Details

$

80-100% of home value

1.0 = average, higher = riskier area

Enter your property details and click "Calculate" to estimate your homeowners insurance premium.

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Pro Tip

Review your policy annually and update coverage amounts to keep pace with rising construction costs. Being underinsured is one of the biggest risks homeowners face -- if your dwelling coverage is too low, you may not be able to fully rebuild.

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Understanding Homeowners Insurance

Homeowners insurance is a form of property insurance that covers losses and damages to your home and its contents, as well as liability for injuries that occur on your property. Most mortgage lenders require homeowners insurance as a condition of the loan.

A standard homeowners policy (HO-3) covers your dwelling, personal belongings, liability, and additional living expenses if your home is uninhabitable. Dwelling coverage should typically equal the full replacement cost of your home (not the market value, which includes land). Personal property coverage is usually 50-70% of the dwelling amount.

Premiums vary based on your home's value, location, construction type, age, claims history, credit score, and chosen deductible. Higher deductibles lower premiums but mean more out-of-pocket cost when you file a claim. The national average annual premium is approximately $1,500-$2,000, though this varies significantly by state.

Standard policies do not cover flood damage or earthquake damage. These require separate policies. If you live in a flood-prone or seismically active area, supplemental coverage is strongly recommended.

Premium Estimation

Annual Premium ≈ (Dwelling Coverage / $100,000) × $35 × 12 × Risk Factor

Where:

Dwelling Coverage = Replacement cost coverage for your home

$35 = Approximate national average per $100k per month

Risk Factor = Location and property risk multiplier (1.0 = average)

Example

$350,000 home, 100% coverage, $1,000 deductible, average risk:

  • • Base: ($350,000 / $100,000) x $35 x 12 = $1,470/year
  • • Risk factor (1.0): $1,470 x 1.0 = $1,470
  • • Deductible adjustment ($1,000): $1,470 x 0.97 = $1,426
  • • Monthly premium: ~$119/month

Frequently Asked Questions

How much homeowners insurance do I need?
Your dwelling coverage should equal the full replacement cost of your home (what it would cost to rebuild, not the market value). Personal property coverage should be 50-70% of the dwelling amount, or more if you have valuable items.
What does homeowners insurance not cover?
Standard policies exclude flood damage, earthquake damage, sewer backup, mold, termites, and normal wear and tear. War, nuclear hazards, and intentional damage are also excluded. Separate policies or riders are available for some exclusions.
How can I lower my premium?
Increase your deductible, bundle with auto insurance, install security systems, improve your credit score, make your home more disaster-resistant, and shop around for quotes. Claims-free discounts can also reduce premiums over time.
What is the difference between actual cash value and replacement cost?
Actual cash value (ACV) pays the depreciated value of damaged items. Replacement cost pays to replace items at current prices without depreciation. Replacement cost coverage is more expensive but provides better protection.