Average costs vary state to state, with Idaho at the lowest cost on average, $518 per year, and Florida homeowners paying the most, $1,933 per year.
Weather, a home's size and its neighborhood are all factors when companies price homeowners insurance. But there's an-under-the radar factor that can move homeowners insurance upward: bad credit.
According to InsuranceQuotes.com, homeowners with lousy credit can pay up to 91% more. Even having mediocre credit can hurt you with homeowners insurance — bringing payments 29% more, on average, then those of consumers with excellent credit.
Again, prices vary on a state by state. In West Virginia, for example, people with poor credit pay 208% more than those with stellar credit. Virginia, Ohio and Washington, D.C., also post high rates on homeowners insurance for consumers with bad credit.
Consumers with a toxic credit score catch a break in three states: California, Massachusetts and Maryland. In those states, insurance companies are barred from using credit to calculate homeowners insurance.
In some states, weather trumps credit. For example, in Florida, where homeowners' insurance rates are twice the national average, hurricane risk is a much bigger factor than credit, Adams notes.
To insurers, the equation is all about risk — the less of it the better.
Read More: 3 Tips on Getting a Higher Credit Card Limit