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WDAY: The News Leader

Published January 04, 2012, 05:42 PM

Home insurance rates on the rise

Fargo, ND (WDAY TV) - Home insurance rates are on the rise, about 4 to 5 percent nationally. Here in the Red River Valley, Farmers Insurance Group agent Nate Rust says it's a typical trend to see rates rise each year.

By: WDAY Staff Reports, WDAY

Home insurance rates are on the rise, about 4 to 5 percent nationally. Here in the Red River Valley, Farmers Insurance Group agent Nate Rust says it's a typical trend to see rates rise each year. He says home insurance premiums are usually adjusted after inflation and home values increase. So no matter what, you will likely pay more each year. National figures show the average increase over the last 3 years has been about $50.

Nate Rust – Farmers Insurance Group: "That doesn't sound like a huge difference because a lot of times, on your home rate, depending on of course, but let's say you are paying a thousand dollars a year, for home insurance, you know that breaks down to less than $100 a month.”

Rust says it's a smart investment to make sure your insurance covers your current home value. So it's a good idea to adjust it each year.

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