HomeInsurance.com Releases Average Home Insurance Premiums for Early 2011
WILMINGTON, N.C., May 17, 2011 /PRNewswire/ -- HomeInsurance.com, national home and auto insurance marketplace, recently released average state-by-state premiums as sold by the company through February 2011.
"While our data only accounts for the policies we have written with our carriers - which include Travelers, The Hartford, Safeco, Progressive and ASI/Ark Royal - we feel the trends are indicative of what U.S. homeowners are seeing on a broad-scale across the country," said Carlos Lagomarsino, CEO of HomeInsurance.com.
According to the February 2011 edition of the HomeInsurance.com RateReport, the national average homeowners insurance premium was $710. This was a cumulative average of policies sold by HomeInsurance.com in the 44 states they are currently writing in.
Last year, HomeInsurance.com released their average premium for February 2010 which was approximately $679, illustrating a slight upward trend of 4.5%.
Such trends may be attributed to recent catastrophic events over the past few years. Risk specialist Dr. Erwann Michel-Kerjan of the Wharton Risk Management and Decision Processes Center in Pennsylvania has called recent events "a new era of catastrophes" which will surely reshape the insurance marketplace.
"There has not been a six-month period in the past few years without a major crisis that simultaneously affected several countries or industry sectors," said Michel-Kerjan recently.
The Insurance Information Institute (III) reported a national average home insurance premium of $791 in 2008.
"While our average rates seem to be lower than the III's national average we still encourage homeowners to learn about how they can improve their rates, for example by maintaining a good credit rating; shopping home insurance quotes regularly; and utilizing home protection discounts," said Jana Bell, Co-Chief Executive Officer of HomeInsurance.com.
While HomeInsurance.com's average premiums are hovering around $710 there are some particularly large variances from that figure when looking at the rates from a state scale. For example, average home insurance premiums were above $900/year in Oklahoma, Texas, Missouri, Mississippi, Kansas and Arkansas. Comparatively, average premiums fell below $500/year in states such as Idaho, New Mexico, Oregon and Utah.
For more state-specific premiums over the past 12 months visit the HomeInsurance.com Rate Report.
About HomeInsurance.com: HomeInsurance.com LLC is a BBB A+ rated insurance marketplace offering homeowners across the country comparative rates on home insurance from top-rated carriers such as Travelers, The Hartford, Safeco, Progressive, ASI/Ark Royal and Foremost Insurance.
SOURCE HomeInsurance.com
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