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Homeowners Insurance Costs Up Modestly.(Brief Article)
The cost of insuring homes is expected to rise by 2.8% in 2004, the smallest increase in five years, according to the Insurance Information Institute.
The projected increase represents a substantial slowdown from 2003, when homeowners insurance costs rose by an estimated 7.4%, according to the institute. The average cost for homeowners insurance this year is estimated at $608, up $17 from the 2003 average. Despite the small increase, the average broke the $600 mark for the first time.
"Small decreases in the frequency and cost of claims have helped improve insurer financial performance, resulting in a significant moderation in the cost of homeowners insurance in 2004," said Robert Hartwig, senior vice president and chief economist for the Insurance Information Institute.
Mr. Hartwig said that some of the increase reflects choices ...
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Source: HighBeam Research, Homeowners Insurance Costs Up Modestly.(Brief Article)