SEATTLE--(BUSINESS WIRE)--QuoteWizard, an online insurance comparison marketplace, today released a report (https://quotewizard.com/news/posts/home-insurance-rate-increase-by-state) detailing average homeowners insurance rate increases in all 50 states, accompanied by factors and tips tied to these increases.
The report cites recently released National Association of Insurance Commissioners (NAIC) data. The data shows that these ten states have seen the biggest jumps in average annual homeowners insurance rates since 2007:
STATES AND AVERAGE RATE INCREASES:
- Oklahoma - $825
- Kansas - $627
- Colorado - $557
- Nebraska - $553
- Arkansas - $550
- Louisiana - $545
- Texas - $543
- Missouri - $527
- Minnesota - $523
- Rhode Island - $496
Data for All 50 States: https://quotewizard.com/news/posts/home-insurance-rate-increase-by-state.
What's causing these substantial increases? The short answer is natural disasters. Data from the National Oceanic and Atmospheric Administration shows that catastrophic weather events such as hurricanes, floods, tornadoes, and wildfires affecting populated areas are increasing in both frequency and severity. In response, insurance companies are raising home insurance rates – especially in states most impacted by severe weather.
This report also touches on what actions homeowners can take to combat these rate increases. "If you live in a state with skyrocketing home insurance rates, you can't completely avoid it," said Adam Johnson, QuoteWizard content manager. "But there are several steps you can take to slow the increasing costs."
- Bundling your insurance policies
- Reassessing your coverage levels
- Shopping around with different insurance companies
- Adding security measures
- Making home improvements
QuoteWizard analyzed annual homeowners insurance reports from the NAIC. This study focuses primarily on two NAIC reports: 2007 and 2015 (data recently released). QuoteWizard compared the findings from both reports to assess rate trends and included additional sources to develop factors and trends.
QuoteWizard (quotewizard.com) is an insurance comparison marketplace for consumers looking to save on insurance. QuoteWizard provides consumers with direct access to thousands of qualified agents in all 50 states, as well as major carriers, who offer personalized quotes and the opportunity to save up to 40% on auto, home, health, and life insurance. Agents and carriers, in turn, benefit from millions of highly qualified leads, calls and traffic to their site. Based in Seattle, QuoteWizard was founded in 2006.