Homeowners Insurance — Rising Rapidly

Homeowners Insurance — Rising Rapidly

Homeowners polled by SafeHome say they’re seeing big increases in their homeowners premiums. The report says 43% have seen those rates rise in the last year and 10% of that 43% say they’ll be switching carriers very soon.

Of those saying they’ve seen an increase, 6% say if they stay with the current carrier (or even going to a new one) they’ll be changing coverage, dropping optional coverages and increasing deductibles.

The national average for a homeowners policy is $1,584 per year.

People in the South have seen the highest hit and their average annual premium is now $1,834. Hurricanes and huge numbers of homeowners with swimming pools are the main reason for the super high rates. Those with swimming pools pay about 40% a year more for their homeowners insurance. Injury and drowning risks are why.

Homeowners in the Northeast have the lowest premiums at $1,301 a year.

Another interesting fact from the survey has to do with housing sizes. In 1970 the average-sized house was 1,800 square feet. In 2010 that average had skyrocketed to a little over 2,400.

The cost of rebuilding larger houses is more. Add to that the current wave of inflation and that goes a long way toward explaining the huge premium increases.

Source link: PropertyCasualty360.com — http://bit.ly/3g2H8lb

About PIA Western Alliance

The Professional Insurance Agents Western Alliance is a membership organization promoting and enhancing the success of independent agencies seeking to grow, learn and be heard within the industry.


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