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Home Insurance Blue Springs MO

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Home Insurance Blue Springs MO

Homeowners and Renters Insurance


Homeowners and Renters Insurance


The average homeowners insurance premium rose by 7.6 percent in 2011, following a 3.3 percent increase in 2010, according to a December 2013 study by the National Association of Insurance Commissioners. The average renters insurance premium rose by 1.1 percent in 2011, after rising 0.5 percent the previous year. Florida had the highest average homeowners insurance premium in 2011 ($1,933) and Idaho had the lowest ($518). The countrywide average homeowners insurance premium was $978 in 2011. (See tables in EXPENDITURES FOR HOMEOWNERS AND RENTERS INSURANCE section below). home insurance blue springs mo


In 2012, 7.2 percent of insured homes had a claim, according to ISO. Property damage, including theft, accounted for 97.6 percent of those claims. Changes in the percentage of each type of homeowners loss from one year to another are partially influenced by large fluctuations in the number and severity of weather-related events such as hurricanes and winter storms. There are two ways of looking at losses: by the average number of claims filed per 100 policies (frequency) and by the average amount paid for each claim (severity). The loss category “water damage and freezing” includes damage caused by mold, if covered. Every state except Arkansas, New York, North Carolina and Virginia has adopted an ISO mold limitation for homeowners insurance coverage, which allows insurers to exclude the coverage unless the condition results from a covered peril. home insurance blue springs mo

Jewelry was the top claims category under homeowners policies in 2011, based on the dollar value of contents claims of about 300 insurers analyzed and tracked by inventory services firm, Enservio. The firm’s Contents Claims Index (CCI) includes items that are damaged, lost or stolen. Enservio found that jewelry was also the most frequently claimed item. home insurance blue springs mo


Home Insurance Blue Springs MO

Home Insurance Blue Springs MO

On average, over the past eight years about half of homeowners said they prepared an inventory of their possessions to help document losses for their insurers, according to polls conducted for the Insurance Information Institute (I.I.I.). Forty-eight percent of homeowners said they had an inventory in a June 2014 I.I.I. survey. The survey showed that homeowners in the South were more likely to have a home inventory (56 percent), followed by homeowners in the Northeast and Midwest (45 percent and 44 percent, respectively). Only 40 percent of homeowners in the West said they had an inventory. home insurance blue springs mo


In March 2013 an entire house fell into a huge sinkhole in a suburb of Tampa, Florida, garnering national attention. Although such large, sudden and destructive sinkholes are relatively rare, thousands of small sinkholes appear in the U.S. each year. The most damage from sinkholes occurs in Florida, Texas, Alabama, Missouri, Kentucky, Tennessee and Pennsylvania, according to the U.S. Geological Survey. Most homeowners insurance policies exclude coverage for sinkhole damage. However, homeowners insurance companies in Florida and Tennessee are required to offer the coverage. In Florida catastrophic ground cover collapse is mandatory; comprehensive sinkhole coverage is optional. (Note: For information on the Florida law see http://www.insuringflorida.org/articles/sinkholes.html. For statistics on Florida sinkholes see http://www.floir.com/sections/pandc/sinkholepage.aspx). home insurance blue springs mo



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