Home Insurance Calculator
Homeowners Insurance Calculator
You can now get an estimated cost of home insurance with no personal info needed. Try our free home insurance calculator to find the average cost of home insurance based on size and build quality.
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Home Insurance Cost Calculator
1. Home Quality or Style
2. Total Finished Square Feet, Living Area (Slide for Sq. Ft.)
*Subject to underwriting and availability by carrier and state located. This is not a guarantee or offer of coverage. For more information or home insurance quotes call 314-569-1010. All rights reserved Insurance Brokers Group, LLC
What determines the cost of home insurance?
There are many factors that will determine the cost of home insurance. The price you pay for home insurance can differ from one home insurance company to another by as much as 300%.
If an insurance carrier has experienced significant losses in an area, town, city or state, they will be much more reluctant to take on new customers. Consequently, rates will be substantially higher to avoid taking on more potential risk.
Other factors that drive the cost of home insurance include, but not limited to age or home, age of roof, construction type - frame, brick, stucco, any prior losses with the homeowner, credit (in most states) and any companion policies, for the multipolicy discounts.
Third party companies provide home insurance companies with estimated costs associated with labor, material and average time to rebuild in different parts of the country. These calculations combine with the size of the home, build quality, number of bathrooms and any detached property allow insurance agents and brokers the ability to quote with excellent accuracy the replacement amount needed and in-turn the premium needed to cover the cost to rebuild the property.
Because the premium is only a fraction of the full replacement cost, insurance companies must use the average of large numbers of home policies sold in a given area.
If a $200,000 home policy costs $1,000 a year it will take at least 200 other home premiums to support just the one property. If a home insurance company needs to replace just one property the costs can also exceed the initial estimated replacement cost. Most homeowners policies will have an extended dwelling replacement clause, providing 25%, 50% or as much as 100% of the original replacement estimate amount.
This way, if the initial amount of replacement is not satisfactory, you'll have additional protection for cost overruns.
We recommend opting for a minimum of 50% extended dwelling coverage, which has a very small additional premium amount.
Homeowners insurance cost calculator
This can be a great tool to get an estimated cost of home insurance, whether you're looking at buying a $150,000, $300,000 or $1,000,000+ home. Home insurance rates are going to be an ongoing expensive as long as you own a home.