R.I. among top five states with highest auto insurance increases

PROVIDENCE – Personal auto insurance companies increased rates by an average of 2.3 percent nationwide last year, and Rhode Island was among the top five states with the highest overall increases, according to a Perr&Knight’s RateWatch.
Perr&Knight released preliminary figures recently showing that at a 4.5 percent increase, Rhode Island trailed only Georgia at an 8.6 percent increase, Michigan at 5.4 percent, Louisiana at 5.1 percent and Utah at 4.7 percent.
Nationwide, the insurance increase average was slightly lower than 2013’s increase of 2.7 percent.
No states experienced an overall reduction in personal auto rates in 2014, according to the study.
Preliminary figures compiled for homeowners show that insurance companies increased rates by an average of 2.9 percent nationwide last year, while renter’s insurance rates rose 2.3 percent and condominium insurance rates rose 2.4 percent. This is a reduction from 2013 increases, which were 5.7 percent for homeowners, 2.9 percent for renters and 3.4 percent for condominiums.
Five states with the highest overall increases in 2014 for homeowner’s insurance were Nebraska at 8.1 percent, Montana at 7.5 percent, Kansas at 6.9 percent, and Oklahoma and Texas at 6.1 percent. California, Florida and Hawaii, experienced overall decreases in homeowner insurance rates in 2014 of -0.3 percent, -0.6 percent and -0.2 percent, respectively.

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