Homeowners Insurance

Property Insurance Rates Leveling Out in 2012

Monday, October 1, 2012

Property insurance rates in the United States are leveling out in 2012, according to a recent study completed by Marsh. (A large property insurance broker)

Even though we didn't see any large natural catastrophes during the start of the year, rates are still slightly increasing due to many factors in a variety of geographic areas.  Rates are seen to be leveling out in 2012 because the increases have been minimal this year.

It looks like one of the reasons why the property insurance rates are still going up in small increments was due to the insured losses that were offered in 2011.  This was according to Marsh's "Global Insurance Market Quarterly Briefing:  First Quarter 2012."

Many of these losses are showing up in risk areas like business interruption, where insurance companies are being very cautious in how they underwrite each individual property case, thus taking on less risk. 

Additionally, many changes offered in 2011 risk models used by insurance companies will probably slow down premium increases in the upcoming months. 

Premiums in the United States for catastrophic-exposed risks increased between 5 and 25 percent, while most of the property insured in non-catastrophic areas only went up 5 to 10 percent. 

“The global commercial property insurance market is continuing to show signs of upwards rate trends, especially for catastrophe-exposed risks,” said Dean Klisura, U.S. Risk Practices Leader, Marsh.

Marsh deals with a variety of insured properties throughout the United States.  Do you fill this report is accurate for your situation.  How much were your home insurance premiums increased this year at time of renewal?  We would like consumers to give us an idea in how they feel about increases of insurance premiums.  Let us know how feel today, comment below. 



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Home Insurance Premiums On The Rise

Wednesday, September 26, 2012

Jacksonville, Florida - Increasing home insurance claims are on the rise due to the simple fact that more people are making claims.  Home insurance claim frequency is through the roof over the past 24 months. 

A new study was conducted by the IRC (Insurance Research Council).  They found that the average claim payment per person in the United States rose above 170% from 1997 to 2011.  The actual costs per insured house increased to nearly 30% in that same time period respectively.

The study concluded that during this period of time the annulated rate of increase was over 7%.

From the study, “Trends in Homeowners Insurance Claims,” the Insurance Research Council reviewed and separated regular claims from catastrophic claims.  These average paid claims for both types had many similarities.  They showed around $8,000 for non-catastrophic claims and $7,500 for catastrophic claims.

Homeowners insurance premiums are on the rise every year.  This is due to many factors that surround certain geographic areas.  We would like to ask you, have your home insurance premiums increased significantly over this same period of time?  What do you think we can do to slow down the rise in house insurance premiums in America?

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Premier Home Insurance Says Rising Premiums are Threat to Florida

A new survey conducted by PremierHomeownersInsurance.com revealed an average home insurance policy in Florida comes with a $2,500 per year deductible, and a premium that amounts to more than $1,101 annually. Floridians are starting to wonder how they will be-able to afford homeowners insurance in the future.
Jacksonville, Florida (PRWEB) August 20, 2012
Individuals who have shopped for Florida Homeowners Insurance know that they are paying more than ever before for their policies. Just when home-buying Floridians began to think it was safe to enter the market again, the threat of unaffordable home insurance premiums has them pulling back. The resulting stall in home sales threatens an incipient real estate recovery that at this point barely qualifies as one. http://www.PremierHomeownersInsurance.com
The culprit is, of course, Mother Nature. Because she blew fiercely and drenched the Sunshine State with enormous amounts of water in previous hurricanes, insurers in the state were driven to distraction. That led to state-run Citizens Property Insurance becoming overstocked with risky properties, which in turn forced state officials to lean on Citizens to divest itself of some risk—that is, to cull the riskiest properties from its portfolio and back into the private sector.
40 percent of Floridians surveyed recently said "they are nervous about having to pay higher homeowners insurance premiums in 2013", while 30 percent were worried about not being able to afford their home insurance premiums in the future.
"The result is ballooning home insurance policy premiums that are hitting homeowners and potential home-buyers alike. The former are wondering if they will be able to hold on, with the insurance premium in some cases having grown larger than the mortgage. Some home-buyers are finding it impossible to close on properties they otherwise qualify to purchase," says Morgan Moran of PremierHomeownersInsurance.com, an online insurance agency that helps consumers find quality home insurance policies.
Moran said, "Florida was hard hit by the subprime housing crisis, as everyone knows. It has more delinquent mortgages per capita than any other state and some of the most expensive insurance premiums. But more is at stake than balanced individual homeowner budgets. For Florida to be hit now with another round of home insurance premium rate increases means beleaguered homeowners will not be able to contribute to the state’s economic recovery".
Because Citizens also pulled out of the program that insured builders against loss during construction of homes, contractors have been forced to find more expensive home insurance elsewhere. That cost is being passed on to home-buyers, which is yet another obstacle to new home sales.
State officials are trying to avoid a post-storm economic crisis that could ensue if Citizens were bankrupted by a storm and officials had to levy taxes to recoup major losses. Yet the preemptive decisions being made by these same officials are producing a similarly negative economic effect.
The great news is that with the help of online insurance agencies like PremierHomeownersInsurance.com, it is possible to find a better quality homeowners insurance policy with cheaper premiums.

If a reasonable middle ground isn’t found that protects Citizens’ long-term financial solvency without driving the economy into the ground in the short term, Floridians are apt to pay now and later. That’s because an economy weakened now won’t be resilient enough to support a post-hurricane recovery of any magnitude. This worst case scenario couldn’t be worse.

Learn more about a professional home insurance agent athttp://www.PremierHomeownersInsurance.com


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