Whidbey Island and Lake Stevens Homeowner’s Insurance Premiums Are Increasing
Whidbey Island and Lake Stevens homeowner’s insurance premiums are increasing. There are a number of reasons for the increases including; fewer new homes (limiting growth), recent losses from natural disasters (especially hurricanes and earthquakes), and the cost to repair or replace (more expensive materials have impacted premiums).
Here Are Some Of The Findings
In 2013, homeowner’s owner-occupied policy exposures accounted for 76.8% of overall exposures countrywide. Tenant and condominium policy exposures accounted for 21.3% of the total, while dwelling fire exposure made up the remaining 1.9%. Approximately 53.2% of policies sold (in large metro areas) in 2013 were tenant or condo/co-op policies, reflecting the high level of urbanization.
These were identified as things that impact homeowner’s premiums the most:
- Construction – The type of residence, the availability of building materials, local climate, and building regulations all affect construction costs
- Degree of exposure to catastrophic losses like flood, earthquake, wind, ice and snow storms.
- Building codes – After major catastrophes like Hurricane Katrina or Superstorm Sandy, many state and local governments enacted stricter building codes in an attempt to minimize damage and losses from future catastrophes.
- Local economic factors such as new job opportunities, local political climate and economic factors as inflation increase the amount of insurance premiums over time.
- Past claims – Those homeowners who have already had claims tend to pay more.
Craven Insurance is a family owned, locally operated independent insurance agent and broker. As an independent insurance agent, we are able to provide the best possible insurance products and prices from a number of different insurance companies. We love our local Washington state communities in Whidbey Island and Lake Stevens, but we’re happy to provide coverage for you no matter where you are