While Home Prices May Be Falling,Insurance Premiums Are on the Rise
By CHAD TERHUNE And ANNAMARIA ANDRIOTIS
Already plagued by stubbornly low home prices, homeowners soon may be facing another blow: rising insurance premiums.
After five years of relatively stable premiums, some of the country’s biggest insurers have raised rates—or say they plan to. Premiums vary by state, but last year, State Farm Mutual Automobile Insurance Co. says it increased homeowners rates 7.3% on average and, this year, has raised them in 18 states, including a few by more than 7%. By contrast, it cut rates in just two states.