Insurance marketplace reports their average premiums in MS are up 15.5% since Q1
Average premiums in other states climbed to $829 annually, according to the HomeownersInsurance.com Premium Report
31 Jul, 2014, 04:17 ET
WILMINGTON, N.C., July 31, 2014 /PRNewswire/ -- Average annual home insurance premiums in Mississippi increased 15.5% during the second quarter of 2014 – the largest hike of any of the 25 states that experienced increases, according to the HomeownersInsurance.com Premium Report. The report represents new policies sold by HomeInsurance.com to Mississippi homeowners, who experienced an average annual premium increase of $157/year over the prior quarter.
According to the report, the average premium for Mississippi homeowners climbed to $1,170 a year.
Nationally, premiums rose to $829 during the quarter, about 2.1% higher than in the first three months of the year. But Mississippi was the only state where the percentage increase hit double digits. The state faces many threats – hurricanes and flooding in the southern half and tornadoes in the north.
"Because of all the factors that go into setting home insurance premiums, it's always difficult to pinpoint the reasons for fluctuations," says Jana Bell, Vice President of HomeInsurance.com – the parent company of HomeownersInsurance.com. "But policyholders in all states should consider ways to reduce how much they pay for coverage without diluting it."
In 2013, Mississippi ranked number 6 in the state for estimated insured catastrophic losses in the United States.
The largest percentage decrease in premiums, according to the Premium Report, came in Montana, where policyholders paid annual average premiums of $690 during the period, nearly 10.3% less than in Q1.
The state with the largest average 12-month premium for the quarter was Oklahoma, where HomeownersInsurance.com customers paid $1,597. The lowest average annual premiums were reported by HomeownersInsurance.com in Oregon – about $431.
For more state-specific premiums over the past 12 months, visit the HomeownersInsurance.com Premium Report.
HomeownersInsurance.com an insurance marketplace offering homeowners in 44 states comparative rates on home and auto insurance from top-rated carriers such as Travelers, The Hartford, Safeco Insurance, Progressive, MetLife, Liberty Mutual, ASI, and Foremost.
About the HomeownersInsurance.com Premium Report:
The data represented in the HomeownersInsurance.com Premium Report is based on policies sold by HomeInsurance.com over the past 12 months. Premiums reflect policies sold by HomeInsurance.com with various providers including Travelers, The Hartford, Safeco Insurance, Liberty Mutual, MetLife, Progressive, ASI/Ark Royal and Foremost. These rates may not be typical for all customers.
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