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Home insurance rates on rise

Home insurance rates on rise

Home insurance rates on rise
News from Tribune-Review:

By Jason Cato

Published: Saturday, October 27, 2012, 8:54 p.m.
Updated 13 hours ago

Homeowners insurance rates spiked in recent years in Pennsylvania and across the nation, and catastrophic weather and other factors could double the rate of increase this year, according to the state Insurance Department.

Rates across the state climbed 8.94 percent through midyear, nearly doubling last year’s increase of 5.07 percent.

“With two more quarters to go, that number can and will change,” said Insurance Department spokeswoman Melissa Fox. “It is not final. … (But) the department is noticing an upward trend. This trend is not specific to Pennsylvania — all states are experiencing the same thing.”

Thanks to last year’s tornado in Westmoreland County, Richard Stoner, 67, of North Huntingdon had his rates with Erie Insurance increase sharply.

“After the tornado hit, I had to have the roof replaced,” Stoner said. “I’m probably paying about another $ 200 a year now because of it.”

… Read the full article

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