A new report on home insurance premiums is good news for the most of the nation and excellent news for Mississippians.
According to the HomeInsurance.com RateReport, average 12-month U.S. home insurance premiums fell from December 2012 to December 2013. The average annual premium in December 2013 was about $823, down 9.5 percent from the $900 average at the end of 2012. Premiums had increased for three years in a row before that.
The average price of home insurance fell despite an increase in the median price paid for existing homes, according to the National Association of Realtors. The organization says the national median for existing homes in November 2013 was $196,300, up 9.4 percent from the same month in 2012.
The average 12-month cost of home insurance has fallen every month since March 2013. “We think policyholders benefit greatly by knowing where premiums stand in their states,” said Jana Bell, vice president of HomeInsurance.com.
“New homebuyers can sometimes face sticker shock when they start quoting home insurance after they have gone into contract,” said Bell. “Home buyers should not only research the average costs in their specific area but also get comparative quotes as premiums can vary greatly from home to home.”
According to the RateReport, Oklahoma policy holders paid the highest average annual premium in December – nearly $1,491. Contrast that with homeowners in Oregon, who paid $454.
Rates fell in 28 states. The largest year-over-year declines in premiums came in Tennessee, where costs fell 34.2 percent; Mississippi, where they dropped 26.9 percent; and Kansas, down 22.3 percent. The largest year-over-year increases occurred in Delaware, where average 12-month premiums were up 19.2 percent, New Jersey, where they rose 8.4 percent; and Nevada, up 6.7 percent.