The most important factor when buying real estate is location, and as you might expect, it’s a significant factor in establishing rates for homeowners insurance as well. What is the average premium for a house worth $300,000 in Georgia compared to one in neighboring Alabama or Florida? What’s the average nationwide?
Panelists at the Property/Casualty Insurance Joint Industry Forum 2015 on Jan. 13 acknowledged downward pressure on rates, especially for homeowners policies because they aren’t seeing much growth in new home sales. With that trend in mind, if you’re pricing policies and renewals in different locations, it’s helpful to know what the most recent data on the cost of homeowners policies shows.
The National Association of Insurance Commissioners (NAIC) released its 2012 Homeowners Insurance Report on Jan. 20, providing detailed data on market distribution and the average cost by policy form and insurance amount of homeowners insurance across the U.S. The report provides countrywide and state-specific premium and exposure information for standard noncommercial dwelling fire insurance and for homeowners insurance package policies (HO-1, HO-2, HO-3, HO-5 and HO-8), tenant policy HO-4, and condominium/cooperative unit owner’s policy HO-6.
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Rosalie Donlon
Rosalie Donlon is the editor in chief of ALM's insurance and tax publications, including NU Property & Casualty magazine and NU PropertyCasualty360.com. You can contact her at [email protected].
