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Homeowners insurance rates to climb in some states

Property owners in Florida and Illinois may find their insurance comes at a new premium

Floridians know the importance of homeowners insurance, especially given the state’s susceptibility to hurricane damage.

But according to an article in the Miami Herald, higher homeowners insurance rates are likely, given some of the new insurance legislation passed last month.

The news source reports that the large state run insurance company which has held rates constant since 2007 is set to hike rates by 10 percent next year and by some amount in following years until it has raised enough money to offset future losses.

Residents of Illinois may be paying more for homeowners insurance too, according to a report in the Chicago Sun-Times.

At least two large insurers have raised rates citing increasing costs and bad weather.

“The Midwest has been particularly hard hit by catastrophic losses,” Insurance Institute president and economist Bob Hartwig is quoted as saying in the article. “Record thunderstorms, hail, tornadoes, have produced billions in losses for insurers in the Midwest.”

The Sun-Times said that the rate increases in the state were higher than the average rate hike forecast nationally by the Insurance Information Institute.

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Posted: May 27, 2009

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