Mobile, AL – Alabamians are paying a lot more for homeowners insurance. Rates in the state jumped by 69.1 percent between 2001 and 2005 - the second-largest rise nationally -despite the fact that Alabamians have lower incomes and are typically insuring less expensive home than in most other states.
According to figures from the National Association of Insurance Commissioners, the rate pushes the state's average premium for the most common kind of homeowners insurance well above the national norm. Only Minnesota was worse with a 70.3 percent increase.
Alabama Insurance Commissioner Walter Bell said the pain for homeowners in Alabama's two coastal counties, Mobile and Baldwin, has continued to worsen since 2005, although there have been signs of improvement in the state's other 65 counties.
No data has been released for 2006 and 2007. Bell said he expects cost to rise at as lower pace beginning next year if there isn't a catastrophe.
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Information From: Press-Register
(Copyright 2008 by The Associated Press. All Rights Reserved.)