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Homeowners Premiums Expected to Rise in 2004

Homeowners insurance premiums are expected to increase by eight percent in 2004 compared with the 7 percent average increase in 2003, according to the Insurance...
December 30, 2003

Homeowners insurance premiums are expected to increase by eight percent in 2004 compared with the 7 percent average increase in 2003, according to the Insurance Information Institute. Higher insurance premiums reflect the fact that the average home is increasing in size and value. A record number of homeowners are taking advantage of low interest rates by buying new houses or making additions to their houses. The average annual cost of homeowners insurance is expected to be $615 next year compared to $569 for 2003.

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