Report: Mississippi sees biggest hike in home insurance premiums in U.S.
by MBJ Staff
Published: July 29,2014
ACROSS MISSISSIPPI — Average annual home insurance premiums in Mississippi increased 15.5 percent during the second quarter of 2014, the largest hike of any of the 25 states that experienced increases, according to the HomeownersInsurance.com Premium Report.
The average climbed to $1,170 a year.
Nationally, premiums rose to $829 during the quarter, about 2.1 percent higher than in the first three months of the year. But Mississippi was the only state where the percentage increase hit double digits. The state faces many threats — hurricanes and flooding in the southern half and tornadoes in the north.
“Because of all the factors that go into setting home insurance premiums, it’s always difficult to pinpoint the reasons for fluctuations,” says Jana Bell, vice president of HomeInsurance.com, the parent company of HomeownersInsurance.com. “But policyholders in all states should consider ways to reduce how much they pay for coverage without diluting it.”
In 2013, Mississippi ranked sixth in the nation for estimated insured catastrophic losses in the United States — likely one of the biggest reasons for the premium increase.
The largest percentage decrease in premiums, according to the Premium Report, came in Montana, where policyholders paid annual average premiums of $690 during the period, nearly 10.3 percent less than in Q1.
The state with the largest average 12-month premium for the quarter was Oklahoma, where homeowners paid $1,597. The lowest average annual premiums were found in Oregon – about $431.
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