And you thought your homeowners insurance was expensive!

Thursday, March 15th, 2007

No one likes to over pay for anything, especially not for insurance.While the cost of Auto insurance and Life insurance have fallen in resent years, for most of us the cost of our homeowners Insurance has risen steadily. This is particularly true in the Gulf States. Many insurance companies saw five years worth of profit wiped out in one hurricane season. These losses occurred even after companies had dramatically increased their deductibles and placed restrictions and limitations. In addition to some large losses, scientists are warning that the United States might be in a 20-year cycle of greater storm activity coupled with the global warming. The actuaries at the carriers are looking at warmer seas, higher sea levels combining with new construction being built at a dizzying pace and in ever more dangerous locations. All of this while natural reserves and buffers are being lost, and more and more land is being paved reducing the areas ability to handle flooding. The average cost to insure a U.S. home in 2004 was $729, according to the most recent National Association of Insurance Commissioners (NAIC) data. The cheapest state was Idaho, where the average home insurance premium was $448. In Texas, the most expensive state, it was $1,362, or 2.5% of the average Texans’ household income.
“Every disaster known to man can happen in Texas, even earthquakes,” says Jim Hurley, a spokesman for the Texas Insurance Department, a state organization for insurance agents and consumers. “We’d love to be lower on the list, but our geography and weather patterns won’t allow it.” Any real-estate agent will tell you the three greatest factors that effect the price of property are, location, location and location; that pretty much holds true for property insurance. Below are the 5 Highest States for Homeowners Insurance.

1: TexasAverage Annual Premium: $1,362

2: LouisianaAverage Annual Premium: $1,074

3: OklahomaAverage Annual Premium: $991

4: FloridaAverage Annual Premium: $929

5: MississippiAverage Annual Premium: $907

SR-22 Questions

I have never been insured before, can I still get Car insurance?

Yes! We have no problem finding quality car insurance for people who have let their insurance lapse, or those who have never been insured before. Get a free quote.

What do I do if I have an auto accident?

Make sure your current proof of Insurance is in your glove compartment at all times. (It's also the Law).
It is a good idea to keep an inexpensive disposable camera in your glove compartment to take pictures of the vehicles, the scene, and the people involved. This helps prove who was actually there. Don't be shy about using it! Make sure you get all the pertinent details from the other person, or persons, involved. At the very least you need:
· Their name, address and phone number
· The name of their Insurance Company
· The make, model and year of car
· List of damage to cars involved including your car

You should then file an insurance claim, even if another driver caused the damage. You can do this by clicking on the "Report a Claim" button on this website and contact us by phone at 312-664-8088. Also, you should immediately report the loss to the police if a hit-and-run driver damages your vehicle, or if you suspect vandalism or theft. Without a police report, your company could deny your claim.

Can I start my policy over the phone or Internet?

Yes. While you are welcome to come into an office, we can process your application by phone, fax or Internet. Get a free quote.

I Live in Chicago Is Insurance Required by Law?

Yes! The Illinois Mandatory Insurance Law requires ALL motorists to have auto liability Insurance on their vehicles or face SEVERE PENALTIES.