Laura Adams one of the senior analysts for Insurance Quotes stated that claims history can be a big factor which effects individual insurance premiums. In Minnesota just one claim can result in a hike of over 20% but in Texas home owners will not pay any increased premium for their insurance even if they make a claim.
“The most interesting finding from this study is how widely the increase for home insurance can vary depending on where you live,” according to Adams.
One of the reasons there is such a variance between states is that insurance policies are regulated by individual state departments and the laws in each state also vary.
So how much will your homeowners insurance premium increase if you file a claim?
According to the National Association of Insurance Commissioners the list below shows the % variance between the increases in homeowner’s insurance premiums state by state after a claim is made.
|State||Average Premium||Highest Increases After a Claim:|
|Connecticut||Average premium: $1,052||21 percent|
|Minnesota||Average premium: $981||21 percent|
|Maryland||Average premium: $784||19 percent|
|California||Average premium: $939||18 percent|
|Oregon||Average premium: $535||17 percent|
|State||Average Premium||Lowest Increases After a Claim:|
|Texas||Average premium: $1,560||0 percent|
|New York||Average premium: $1044||1 percent|
|Florida||Average premium: $1,544||2 percent|
|Vermont||Average premium: $730||2 percent|
|Massachusetts||Average premium: $1,050||2 percent|