Vermont had the fourth highest increase in homeowners insurance in the nation last year (4.4 percent), but the fifth lowest overall premium ($573), and second lowest in the East, behind only Maine ($506). Utah had the lowest average annual premium in the nation at $450. However, according to a national rating service, Vermont's increase trended down toward the end of the year.
The 2011HomeInsurance.comRateReport was released today showing a considerable increase in average 12-month homeowners insurance premiums for new policies inDecember 2011. HomeInsurance.com's data represents approximately 15,000 policies sold acrossthe United Stateswith such top-rated carriers as Travelers, Safeco, TheHartford, and ASI/Ark Royal.
HomeInsurance.com's RateReport shows 12-month home insurance premiums inDecember 2011were$810nationwide, a 19 percent increase fromJanuary 2011at$682. RateReport shows that on a nationwide basis, homeowners are paying, on average,$128more per year for new homeowners insurance policies than they were at the beginning of the year.
State-by-state premium increases were more dramatic in some areas includingMississippi,MontanaandNew Mexicowhere new policies inDecember 2011were carrying roughly 29-39 percent higher premiums than those sold inJanuary 2011.
"Rate fluctuations are normal and can be caused by a variety of factors," said Carlos Lagomarsino Founder of HomeInsurance.com. "The best thing homeowners can do is to comparison shop and ask their agents to qualify them for all eligible discounts, such as a home-auto package, which can provide substantial savings."
With the overwhelming increases in 2011, there were some bright spots where policyholders saw lower rates towards the end of 2011 such asWashington D.C., where homeowners were paying about 7 percent less for new policies. Likewise, new policies sold inDecember 2011inVermont,Virginia,West VirginiaandCaliforniadecreased in price as compared to earlier in the year when they were 1 to 3 percent higher.
About the HomeInsurance.com RateReport
The HomeInsurance.com RateReport is released quarterly and shows average premiums paid by homeowners acrossthe United Statesfor home and auto insurance. For more information on rate trends or rates by state visit theHome RateReportandAuto RateReport.
About HomeInsurance.com, LLC
HomeInsurance.com, LLC operates an online comparison shopping marketplace for home and auto insurance, making shopping for the best insurance rates from multiple insurance companies easy, fast, and efficient. HomeInsurance.com is partneredwith the top-rated home and auto insurance companies in the country- including Travelers, Safeco,Hartford, Liberty Mutual, ASI/Ark Royal, Foremost, and Progressive- and is rated A+ by the Better Business Bureau.
SOURCE WILMINGTON, N.C.,May 16, 2012/PRNewswire/ --(HomeInsurance.com)