Following a year of record breaking disasters, many homeowners are wondering how they can find lower and more affordable rates for their insurance policies. Even those with experience in shopping around for the best price for a policy are discovering that the process is becoming much more complex. Many insurance companies have now implemented a number of different types of exemptions for various forms of damage from storms and other natural events. Some are also assigning lower values to a home’s replacement cost. According to the Consumer Federation of America’s…
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Homeowners insurance increases by 6.5 percent over 2010
Homeownersinsurance.com data has revealed that the average home insurance rate in May 2011 in California was approximately $770. When compared to the same time in 2010, this was an increase of 6.5 percent, as the average premium at that time was $729. HomeownersInsurance.com is a division of HomeInsurance.com LLC, which is marketplace for insurance online and is comprised of a group of more than 125 licensed insurance agents who sell homeowners insurance products across the United States. The CEO of the company, Carlos Lagomarsino, said that the Californian insurance rates…
Read MoreReport calls for more action from consumers to help mitigate the costs of natural disasters
This year has been host to a large number of natural disasters that have born a heavy price tag to the insurance industry. While natural disasters may not be happening more frequently, they are certainly happening in areas of dense population, making the damage they cause astronomical. Consumers often look to the insurance industry to provide protections against natural disasters, but the industry can only do so much. A new report from the University of Pennsylvania’s Wharton School suggests that government policy, as well as consumer initiative, may significantly reduce…
Read MoreGeorgia insurance companies want to increase premiums
Though insurers in Georgia had already increased premiums for homeowners insurance by 9 to 23 percent last year, many are already making requests to obtain permission for another increase. The largest homeowner policy writer in Georgia, State Farm, is asking for an increase of 7 percent next year. According to state officials, this would be in addition to the 20 percent increase that it already put into place at the beginning of 2010. Similarly, the homeowner insurer that is the third largest in the state, Travelers Group, has filed its…
Read MoreDestructive weather and natural disasters makes shopping for homeowners insurance a challenge
The variability of destructive weather forces from one state to the next has meant that homeowners can expect the property insurance marketplace to be quite complex, and they will need to do their homework in order to choose the best policy. According to vice president Don Griffin of the Property Casualty Insurers Association of America (PCI), the variability in severe weather among the states and within the states makes it “worthwhile to do comparison shopping from time to time to make sure the premium you are paying and the coverages…
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