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Here’s the Average Cost of Homeowner Insurance. Are You Paying Too Much?

Here’s the Average Cost of Homeowner Insurance. Are You Paying Too Much?

Here’s the Average Cost of Homeowner Insurance. Are You Paying Too Much?
News from Motley Fool:

Photo: Win Henderson, Wikimedia Commons

There’s something that you probably use that’s been rising in price faster than inflation lately: homeowners insurance. If you’re feeling pinched by the rates you’re paying, know that you may be able to secure a less expensive policy.

According to a January 2015 study by the National Association of Insurance Commissioners, the average homeowner insurance premium jumped 7.6% in 2011 and then by 5.7% in 2012. That’s enough to push a $ 1,000 policy to $ 1,137 in just two years.

Location, location, location
Where you live makes a big difference in the rates you’ll likely pay. The same study listed average rates for each state, with these results:

The five most expensive states:

  • Florida ($ 2,084)
  • Louisiana (1,742)
  • Texas ($ 1,661)
  • Oklahoma ($ 1,501)
  • Mississippi ($ 1,314)

The five least expensive states:

  • Idaho ($ 538)
  • Oregon ($ 567)
  • Utah ($ 580)
  • Wisconsin ($ 631)
  • Washington ($ 648)

Clearly, regions with frequent hurricanes and sinkholes can be costly, when it comes to home insurance.

… Read the full article


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