Illinois residents face increased insurance rates for home and auto

Illinois insurance rates on the rise According to the March state filings by a number of insurance companies, some residents of Illinois will soon be receiving the unwelcome news that the coverage that they require for their homes and vehicles will soon be rising. For example, Hanover Insurance has filed a proposal to increase their rates for homeowners’ insurance by an average of 4.9 percent. This rise will go into effect for the renewals on July 11, 2012. Similarly, the filing from Unitrin Preferred Insurance Co., has shown that they…

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State Farm sees a drop in auto insu...
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Homeowners’ insurance rates increase as a result of last year’s tornadoes

The tornadoes that struck Joplin, Missouri, and other areas in 2011 will now be increasing the homeowners insurance rates as a whole, regardless of whether or not the area was influenced by any wind storms last year. According to data from the Missouri Department of Insurance, the rates for homeowners insurance in that state will be increasing by just over 5 percent. At the same time, state insurance officials in Illinois – an area also impacted by storms last year – have yet to provide any estimates as to how…

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Homeowners insurance rates continue to skyrocket

Homeowners face increasing struggles as their home values continue to fall and maintenance costs continue to climb, with a new setback consisting of significantly higher insurance payments. Insurance rates for homes have been increasing steadily over the last few years, and the Insurance Information Institute has indicated that this year is expected to continue in that trend, with a rise of about 5 percent to reach an average of $1,004. This will have been the largest annual increase since the start of the recession, and will mark the first time…

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Finding the best homeowners’ insurance rates for 2012 coverage

Following a year of record breaking disasters, many homeowners are wondering how they can find lower and more affordable rates for their insurance policies. Even those with experience in shopping around for the best price for a policy are discovering that the process is becoming much more complex. Many insurance companies have now implemented a number of different types of exemptions for various forms of damage from storms and other natural events. Some are also assigning lower values to a home’s replacement cost. According to the Consumer Federation of America’s…

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Nationwide average for homeowners’ insurance premiums increased in all but two states

According to the most recent HomeInsurance.com RateReport, which shows the average premiums across all of the states in the country over a 12 month period (as of September), all but two states experienced an increase in homeowners’ insurance premiums. The two states that saw a decrease in premiums were Washington D.C. and Vermont. All of the other states in the country saw their average homeowners’ premiums increase from 0.1 percent to 5.8 percent more than what policyholders had been paying during the year beforehand. The average premiums that were used…

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U.S. nationwide survey shows homeowners more concerned about housing market value than natural disasters

An American survey of homeowners across the country which was completed in October 2011 showed that 58 percent of respondents feel that the largest threat to homeownership is the housing market value. This figure was larger than the combined risk perceived about the impact of hurricane (8 percent), tornado (9 percent) and fire (15 percent). When asked whether they felt that homeownership is now the American Dream or the American Nightmare, a shocking 48 percent felt that it was a Nightmare, while only 52 percent clung to the belief that…

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Homeowners insurance increases by 6.5 percent over 2010

Homeownersinsurance.com data has revealed that the average home insurance rate in May 2011 in California was approximately $770. When compared to the same time in 2010, this was an increase of 6.5 percent, as the average premium at that time was $729. HomeownersInsurance.com is a division of HomeInsurance.com LLC, which is marketplace for insurance online and is comprised of a group of more than 125 licensed insurance agents who sell homeowners insurance products across the United States. The CEO of the company, Carlos Lagomarsino, said that the Californian insurance rates…

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