Property owners along the coastlines of the United States are watching their premiums soar. A trend is being observed by homeowners insurance customers who reside along coastlines across the country, which is making it more challenging for them to be able to keep their homes because it is becoming too expensive for many of them to afford the cost of coverage. Within the last couple of decades rates have grown ever skyward for these coastal customers. While many have tightened their belts and have managed to keep up with the…
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Homeowners insurance rates at State Farm to decrease in California
It is estimated that the average premiums will drop by 12.6 percent across the state, starting April 15. The largest homeowners insurance company in California has just announced that it will be reducing its rates across the state by an average of 12.6 percent for over one million customers, as of halfway through April. The average customer should expect to see an annual reduction in premiums of about $100 in 2013. The actual drop that will be seen in the rates paid by consumers will vary from one area to…
Read MoreHomeowners insurance in Colorado among 10 most expensive states
Catastrophe claims have caused the claims in the state to be among the most costly. According to recently released homeowners insurance news data, Colorado is now among the top ten states with the highest claims payouts resulting from catastrophes and natural disasters. This news was based on information from an analysis performed by the Insurance Research Council (IRC). The council’s analysis revealed that from the years 1997 through 2006, 26 percent of the homeowners insurance claims that were made in the state were the result of damage from catastrophes. However,…
Read MoreHomeowners insurance impact of hurricanes like Sandy
The importance of coverage in these storms is clear, but many wonder how they affect premiums. Aside from emergency supplies and a safe place to stay throughout a hurricane, homeowners insurance is one of the most important things that a family can have to protect them against the potential devastation of a storm. But what is not as clearly understood, is if weather like Sandy will drive premiums skyward. Some estimates have said that the damage that hurricane Sandy could cause throughout its time after making landfall could reach as…
Read MoreHomeowners insurance makes it tougher to purchase a house in Florida
The coverage industry in the state is having a large impact on real estate. Though buyers are returning to the real estate market as they start to lose their hesitation to buy a property and regain the means with which to do so, but the homeowners insurance prices in Florida are making those same consumers balk. In some cases, it is leading buyers to decide against a purchase, in others, they are swamped after they’ve bought. Depending on the neighborhood in Florida, the homeowners insurance premiums can be prohibitive for…
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