According to the Insurance Information Institute, or III, “the average cost of insuring noncoastal residences in 2008 is expected to be up just 2% to 4% in many areas and flat or even falling in others.” The reason is because the property and casualty insurance industry is experiencing the down-trend of their market cycle and and increase competition. Competition is heating up in every insurance area, including car, business, and homeowners, except for those in hurricane-exposed areas. The losses in those areas in 2006 and 2007 were a fraction of the $62B lost in 2005 (mostly because of Hurricane Katrina).
So, shop around and you might be able to find a better deal.
Source: TheStreet.com
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