Homeowners Insurance Rates

Homeowners Insurance Rates vary from state to state and from provider to provider, within a certain state. It is important for individuals to find a provider that offers the best protection with the most reasonable homeowners insurance rates.

Homeowners Insurance rates – importance

The importance of Homeowners insurance rates is obvious when one looks at the statistics regarding what drives individuals to purchase one homeowners insurance policy over another. The stats report that 51% of of individuals chose their policy because the price was right. This is reflective of the nation's current economic state. The remaining individuals chose their policy for Coverage 33% and customer service 16%. Homeowners insurance rates are the primary driving force for the majority when shopping for a homeowners policy.

Homeowners insurance rates - factors

Factors that drive homeowners insurance rates are related to risk. States that have severe weather have higher rates due to weather associated risk. Hurricane prone states like Louisiana and Florida and states in windy or Tornado risk areas such as Kansas and Oklahoma are a few of the more expensive states to insure a home. Texans, however, are especially hard hit, paying three times the national average for homeowners insurance rates due to multiple threats like hurricanes, tornadoes and even hail.

Homeowners insurance rates- coverage

Homeowners insurance rates vary as well due to the amount of coverage one needs to protect not only the structure, or house, but also their valuables within. Finding competitive homeowners insurance rates that provide adequate total coverage is the goal.

Home insurance rates – increases

Many states have seen increases in homeowners insurance rates over the year. West Virginia leads with a 10.6% increase. Connecticut follows with a 7% increase overall. The average homeowners insurance rates nationwide averaged $695.70 in November 2009.

Homeowners insurance rates – discounts

Homeowners insurance rates can decrease dramatically if you qualify for a discount. In fact, 25% of policyholders look for providers who offer discounts. Discounts include multiple policy (Homeowners/ Auto) discounts and home safety device (Burglar and Fire alarms) discounts. These types of discounts may decrease homeowners insurance rates by up to 35%.

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