Streak of violent weather shines light on homeowners insurance
Due to the prevalence of storms this year, many of them destructive, some homeowners are having trouble purchasing the right homeowners insurance policy, according to CNBC.
Because of this, Don Griffin, vice president of Property Casualty Insurers Association of America, says property owners should shop around and consider all the plans available to them.
"Given the variability, it is worthwhile to do comparison shopping from time to time to make sure the premium you are paying and the coverages provided are appropriate," said Griffin.
Citing statistics from the PCI, the source says homeowners insurance premiums can vary greatly, with policyholders paying as little as $400 to as much as $1,400 annually.
Much of what homeowners pay depends upon the region in which they live, as some regions are more prone to environmental disasters, the source states. Further, what's included in a standard policy may also vary by region. However, as CNBC indicates, protection against events such as floods and earthquakes must generally be purchased separately.
According to the latest statistics available, the PCI says Florida homeowners insurance premiums are the steepest, averaging $1,399 annually. Texas, Louisiana, Massachusetts and Oklahoma round out the top five.
Related Home Insurance Articles:
- Homes destroyed by Nevada wildfire May 23, 2012
- Researchers hope to better understand tornado damage May 22, 2012
- Total costs from Minneapolis tornado reach $80 million May 21, 2012
- Analysis shows more than $2B of insurance claims from Joplin tornado May 18, 2012
- Recovery continues for Michigan tornado victims May 17, 2012
