From the start of this year, it is clear that the direction rates are taking overall is downward.
According to a recent rate report that has been released, homeowners insurance premiums are among the forms of coverage that are experiencing declines as of the start of 2014.
This report took into account the 12-month premiums that are paid by consumers in the United States.
By the close of 2013, the average annual homeowners insurance premium in the United States had fallen to $822, when compared to where it had been at the same time the year before, which was about $900. This represents a drop of approximately 9.5 percent in that span of one year. Furthermore, from the third to the fourth quarter of the year, the average annual premium dropped by about $26. Since March 2013, there the average premiums have fallen every month. This, according to the vice president of HomeInsurance.com, Jana Bell, and the report the website had issued.
There are many reasons that homeowners insurance rates have fallen, on average.
According to the authors of the report, there are a vast number of different factors that are all worked into the calculation of the amount that is paid by any individual customer. For that reason, Bell pointed out that “It’s difficult to find one reason that costs have fallen, but we’re happy that policyholders have gotten more educated about finding good prices for coverage.”
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It is also notable to point out that according to the Standard & Poor’s/Case-Shiller home price index, the cost of homes is actually on its way up. Therefore, it is good to know that while consumers may be paying more to actually buy the property, it doesn’t mean that they will necessarily need to fork out as much to obtain home insurance to cover this purchase.
Despite the fact that the average price of a homeowners insurance policy for a year has fallen, there were 28 individual states that saw decreases, 10 that saw increases, and 12 that essentially remained the same. Delaware was the state that experienced the greatest increase, according to the report data, with New Jersey in a distant second place. Tennessee saw the greatest decreases, with Mississippi coming in second.