Most affordable U.S. states in terms of homeowners insurance premium 2024

In 2024, the western island state of Hawaii offered the most affordable homeowners' insurance in the United States. Homeowners in Hawaii paid an annual average of 515 U.S. dollars for insurance coverage. On the other hand, Oklahoma, Texas, and Nebraska were among the least affordable states for homeowners insurance.

Who are the leading providers of homeowners insurance in the United States?

State Farm, headquartered in Bloomington, Illinois, maintained its position as a market leader in home insurance due to its extensive network of agents, strong financial stability, and consistently high customer satisfaction ratings. Other leading providers of homeowners insurance in the United States included Allstate Corporation and Liberty Mutual. These companies dominate the market by offering comprehensive coverage options, competitive pricing, and reliable claims services, making them the preferred choice for millions of homeowners.

How has U.S. homeownership changed since the financial crisis?

Since the global financial crisis, the homeownership rate in the United States has seen a significant decline. Before the crisis, homeownership peaked at approximately 69 percent in the mid-2000s. Following the downturn, it dropped significantly, reaching lows around 64 percent by the mid-2010s. In recent years, homeownership has seen a modest recovery, but levels remain below the pre-crisis peak, as rising costs and market constraints continue to pose challenges for many.