Vermont, Ohio net top grades on homeowners insurance
Residents in Vermont and Ohio may have the best experience nationwide when it comes to buying homeowners insurance, according to a new report.
The Heartland Institute released its annual Property & Casualty Insurance Report Card, grading states based on the freedom of their insurance markets. The institute weighs how free consumers are to shop for homeowners insurance in their state along with how much liberty property insurers are given to provide consumers coverage. According to the report, Vermont and Ohio had the country's best insurance markets, with both states obtaining an A+. Illinois and Maine were the only two other states to obtain a letter grade in the A range, while Wisconsin, Arizona and North Dakota were among the states to fall in the B range.
Those shopping for homeowners insurance in Florida notice significant struggles, the report said. That state was one of four - along with Hawaii, Texas and California - to receive an F, though it also netted the country's lowest cumulative score, at -35.
The report noted legislation that would have improved Florida's insurance market was vetoed by Governor Charlie Crist.
That bill, proposed last summer, would have instituted new regulatory tools, but Crist argued it made it too easy for Florida insurers to raise premiums on residents.
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