Homeowners Insurance Premiums Increased 59% Over The Past Decade, ValuePenguin.com Finds.
Homeowners Insurance Premiums Increased 59% Over The Past Decade, ValuePenguin.com Finds. California, Nebraska, South Dakota, Illinois and Utah will see the sharpest jump in insurance premiums in 2020. |
[04-June-2020] |
NEW YORK, June 4, 2020 /PRNewswire/ -- The cost of homeowners insurance has risen considerably in recent years, and will continue to rise in 2020 according to a new report from ValuePenguin.com by LendingTree (NASDAQ: TREE). In 2010, the average annual cost of homeowners insurance across the country was $909. As of 2020, ValuePenguin analysts estimate that the average cost of home insurance is $1,445 — a total increase of 59% over the last decade. With sustained growth in property values across the country as well as an increase in the impact of natural disasters like hurricanes and wildfire, the growing demand for homeowners insurance is likely to continue driving rates upward.
According to Chris Moon, Insurance Product Manager at ValuePenguin.com, "COVID-19 may mitigate this trend in 2021. The large number of Americans staying home right now has significantly lowered the risk of unattended fires or leaks as well as burglary." He added, "Homeowners may end up filing more claims in the short term as they notice things that they might not have had time for previously, but once that "backlog" is dealt with, the long-term effect of staying at home is less risk of damage." ValuePenguin.com analysts calculated projected home insurance rate increases in 2020, by looking at data and loss ratios from public insurer filings across the country, and rate filings and reported loss ratios from the top 10 insurance groups by market share across all 50 states. To view the full report, visit: https://www.valuepenguin.com/homeowners-insurance#rates-forecast
About ValuePenguin.com: ValuePenguin.com, part of LendingTree (NASDAQ: TREE), is a personal finance website that conducts in-depth research and provides objective analysis to help guide consumers to the best financial decisions. ValuePenguin focuses on value, assessing whether the return of a particular decision is worth the cost or risk of that option, and how this stacks up with the other possible choices they may have. For more information, please visit www.valuepenguin.com, like our Facebook page or follow us on Twitter @ValuePenguin. Additional Information: https://www.valuepenguin.com/average-cost-of-homeowners-insurance Media Contact: View original content to download multimedia:http://www.prnewswire.com/news-releases/homeowners-insurance-premiums-increased-59-over-the-past-decade-valuepenguincom-finds-301070517.html SOURCE ValuePenguin.com | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Company Codes: NASDAQ-NMS:TREE |
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