Report Shows Texas Insurance Premiums 6th Highest in U.S. after Major Losses in 2013
WILMINGTON, N.C., April 10, 2014 /PRNewswire/ -- In a report released by HomeownersInsurance.com last week, Texas ranked as the sixth-most expensive state in the U.S. to insure a home in the first quarter of 2014. The news comes soon after the Insurance Information Institute (III) ranked Texas as having the second highest insured catastrophic losses in the U.S. for 2013. New policies in the state are costing homeowners around $1,125, on average, which is 39 percent higher than the national average of $810/year. The data is based on the average policy premium sold by HomeownersInsurance.com in Q1 2014.
According to the report, average Texas homeowners premiums also increased 4% from this time last year.
According to the III, a total of ten catastrophic events were recorded in Texas in 2013- the largest number for any one state. Texas also made its way into the top ten lists of states most prone to wildfires, flood, and hurricanes.
The HomeownersInsurance.com Premium Report shows that Texas was outranked in insurance costs by states such as Oklahoma - where premiums reached an average of $1,564/year. Oklahoma was also the only state that topped Texas for insured catastrophic losses in 2013. Average homeowners insurance premiums in Texas strongly contrast states that are paying the lowest insurance costs; for example, average Q1 premiums in Oregon were $419/year.
HomeownersInsurance.com is an online insurance marketplace representing top-rated insurance carriers such as Safeco Insurance, Liberty Mutual, Travelers, The Hartford, MetLife, Progressive, ASI and Foremost. The homeowners insurance premium report represents more than 60,000 homeowners insurance policies across the U.S. as sold by HomeownersInsurance.com. The full report can be viewed here: http://homeownersinsurance.com/rates. [Catastrophic loss data was cited from the Insurance Information Institute's report, Catastrophes: U.S: http://www.iii.org/facts_statistics/catastrophes-us.html]
SOURCE HomeownersInsurance.com
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