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WILMINGTON, N.C., July 29, 2014 /PRNewswire/ --Average annual home insurance premiums in Mississippi increased 15.5% during the second quarter of 2014 – the largest hike of any of the 25 states that experienced increases, according to the HomeownersInsurance.com Premium Report. The average there climbed to $1,170 a year.
Nationally, premiums rose to $829 during the quarter, about 2.1% higher than in the first three months of the year. But Mississippi was the only state where the percentage increase hit double digits. The state faces many threats – hurricanes and flooding in the southern half and tornadoes in the north.
"Because of all the factors that go into setting home insurance premiums, it's always difficult to pinpoint the reasons for fluctuations," says Jana Bell, Vice President of HomeInsurance.com – the parent company of HomeownersInsurance.com. "But policyholders in all states should consider ways to reduce how much they pay for coverage without diluting it."
In 2013, Mississippi ranked number 6 in the state for estimated insured catastrophic losses in the United States- likely one of the biggest reasons for the premium increase.
The largest percentage decrease in premiums, according to the Premium Report, came in Montana, where policyholders paid annual average premiums of $690 during the period, nearly 10.3% less than in Q1.
The state with the largest average 12-month premium for the quarter was Oklahoma, where homeowners paid $1,597. The lowest average annual premiums were found in Oregon – about $431.
For more state-specific premiums over the past 12 months, visit the HomeownersInsurance.com Premium Report.
HomeownersInsurance.com is an insurance marketplace offering homeowners in 44 states comparative rates on home and auto insurance from top-rated carriers such as Travelers, The Hartford, Safeco Insurance, Progressive, MetLife, Liberty Mutual, ASI, and Foremost.