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NEW YORK, March 7 (UPI) -- The New York-based Insurance Information Institute says home insurance rates are expected to rise 2.5 percent this year, the smallest hike in six years.
The industry group said insurance costs will likely average $677 per home this year, compared with the national average of $660 in 2004, the Hartford (Conn.) Courant reported Monday. The 2.5 percent increase follows a 3.8 percent climb last year.
The moderation stems from insurers' rising profits on homeowners' policies, a small decrease in the frequency of claims, and a slight fall in the average cost of a claim in some places, said Robert Hartwig, the institute's chief economist.
Despite the year-to-year moderation, the average expenditure for homeowner's insurance has climbed 62 percent from $418 in 1995.
"Bigger, newer and upgraded homes cost more to insure simply because they're more expensive to rebuild or repair," Hartwig said.
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