The average annual cost of U.S. home insurance increased to $829 during the second quarter of 2014, according to an evaluation of premiums for policies sold by HomeInsurance.com throughout 37 states during the quarter. That was up about 2.1% from the previous quarter but down about 5.6% from the same Q2 2013.
Who paid the most for coverage? According to HomeInsurance.com’s data, homeowners in Oklahoma, where premiums averaged $1,578; followed by those in Florida, where they averaged $1,191.
The remainder of the top five:
•Mississippi, $1,170.
•Arkansas, $1,149.
•Texas, $1,107.
All five of those states either have coastal exposure, which could put them in the path of hurricanes and other storms, or they are vulnerable to tornadoes or other severe weather. Such potential threats could result in more expensive premiums in those states.
"When looking at the cost of home insurance premiums, it's important to remember every coverage that's included," says Jana Bell, Vice President of HomeInsurance.com. "Standard policies typically cover the physical structure of a policyholder's house, other buildings on the property and the policyholder's possessions, among other protection. Policies also usually include liability coverage if someone is accidentally injured and the homeowner is found legally responsible.."
HomeInsurance.com policyholders who have the lowest second-quarter premiums, on average, lived in Oregon. Homeowners who bought coverage in the state during that period pay an average of $431 for protection from such perils as fire, wind, hail, and theft.
Other states with the lowest Q2 premiums are:
•Idaho, $495.
•Utah, $515.
•Washington, $570.
•New York, also $570.
Homeowners who experience premium increases should always shop their policies an compare home insurance quotes to make sure they are still getting the best price on the best coverage.
The data represented in the HomeInsurance.com review is based on policies sold by HomeInsurance.com over the past 12 months. Premiums reflect policies sold by HomeInsurance.com with various providers, including Travelers, The Hartford, Safeco Insurance, Liberty Mutual, MetLife, Progressive, ASI/Ark Royal and Foremost. These premiums may not be typical for all customers.
Other state-specific premiums for the quarter and the most recent month appear on the HomeInsurance.com RateReport.
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