Homeowner Insurance on the Rise

Home insurance premiums rose 19% in 2011.  In an analysis of 15,000 policies sold in the US in 2011, homeowners paid an average of $810 for their monthly home insurance premium in December 2011, up from an average of $682 in January 2011.  On average, homeowners nationwide paid $128 more per year for new homeowners insurance than they did at the begining of 2011.  However, some individual states fared worse.  In Mississippi, Montana and New Mexico, new insurance policies in December 2011 had premiums that were 29% to 39% higher than those sold in January 2011.  Consumers may be able to reduce premiums by shopping around and asking their insurance agent if they are eligible for discounts, such as a home-auto insurance package, which can provide substantial savings.
  • September 20 2012 - Fremont
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Answers (4)

Profile picture for wetdawgs
$810 per month?  holy cow!   Are you sure that isn't per year?

  • September 20 2012
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It depends how the policy is structured with all possible discounts. I see the increase in rates on average 15%
  • December 15 2012
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That is most likely per year, not month for an average home.  Definitely contact an independent insurance agent to shop your rates for you, but make sure you have the proper amount of coverage.  We find many homes are under insured these days, and the last thing you want to discover at the time of a loss is that you don't have enough coverage to rebuild.
  • March 03 2013
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Home Insurance costs are definitely on the rise.  If you live in a state that is prone to wind or hail storms, you will want to be aware of specific changes that may applied to your coverages and deductibles on renewal as a result of the high costs many insurance carriers have paid to replace damaged roofs and siding in you area.  Many carriers are raising deductibles or charging a percentage deductible (this is a percentage of the dwelling coverage) to lower their risk in certain areas. 

It's a good idea to have your agent review your policies with you every year.  This eliminates a situation where you 'thought' you were covered, but instead have a big out of pocket expense.
  • March 25 2013
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