The current report is displaying average rates as recent as May 2009, along with insurance shopping trends during the same period
HomeInsurance.com has released an online report – Rates By State, which gives consumers an inside view to home insurance rate trends across the country.
The report offers average home insurance premium data for 38 US states, based on actual sold policies in each area. The current report is displaying average rates as recent as May 2009, along with insurance shopping trends during the same period.
Jana Bell, Senior Managing Partner, HomeInsurance.com, said: There is a direct correlation between parts of the country where average home sale prices are dropping and where home insurance rates are decreasing. As new homeowners opt to purchase less expensive or smaller homes, average home insurance premiums will drop as less dwelling coverage is needed to cover the replacement of these homes.
HomeInsurance.com intends to begin reporting in all 50 US states by the end of the year. The company has recently begun selling property insurance to Florida, Louisiana, South Dakota, West Virginia, Wyoming and coastal areas of South Carolina. An auto insurance report is in the works as well, said the company.