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…
Read MoreFlorida Governor calls for residents to share insight on Citizens Insurance Group
Florida Governor Rick Scott is looking for input from consumers on what to do with the state-run insurance company Citizens Property Insurance Corp. The company has come upon difficult financial times in recent years, much of which has been at the hands of fraud and natural disasters. The company was recently approved to raise rates on sinkhole coverage for homes as a way to offset the losses seen in years past. The new rates have spurred public outcry, which has led regulators to stagger the rate increase over the course…
Read MoreUnderstanding the basics of condo insurance
Condo owners, similar to owners of houses, can greatly benefit from the coverage provided by insurance that protects them from damage to their property, as well as from liability. Many condo owners do have questions about condo insurance, however, as it is slightly different from the typical homeowners policy. Though they remain quite similar, there are some ways in which they differ due to the nature of the condo itself. In order to find out what types of insurance are available to your condo, speak with an insurance provider. Many…
Read MoreFloridians call for insurance reform to mitigate growing concerns of natural disasters
South Floridians were benefited with leniency earlier in the month when Tropical Storm Emily was weakened by its bout in the Caribbean. Only four months remain in hurricane season – one that was forecasted as being highly active – and no significant storms have yet reached the state. Despite the seemingly benign activity in the Atlantic and Gulf of Mexico, insurers are warning residents of Florida to not be caught off guard, as a powerful storm can make landfall at any time. Spurred by this advice, and the recent disasters…
Read MoreRates for homeowners insurance are on the rise
Homeowners insurance rates are expected to experience a notable increase following a year that has seen significant severe thunderstorms and tornadoes, and where forecasts predict that the 2011 hurricane season will be more active than the average. In fact, in areas where the storms have been the most damaging, policyholders may find themselves paying up to 20 percent more to their insurers. Though some homeowners are counting on a lower increase because the value of their homes have decreased, it is important to recognize that it is not the market…
Read MoreDestructive weather and natural disasters makes shopping for homeowners insurance a challenge
The variability of destructive weather forces from one state to the next has meant that homeowners can expect the property insurance marketplace to be quite complex, and they will need to do their homework in order to choose the best policy. According to vice president Don Griffin of the Property Casualty Insurers Association of America (PCI), the variability in severe weather among the states and within the states makes it “worthwhile to do comparison shopping from time to time to make sure the premium you are paying and the coverages…
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