Business Services Industry
West Virginia Homeowners Brace for Big Increase in Insurance Premiums.
Knight Ridder/Tribune Business News, April, 2003
By Martyn Chase, The Charleston Gazette, W.Va. Knight Ridder/Tribune Business News
Apr. 4--Many West Virginia homeowners can expect to pay a whopping 20 percent more for homeowners insurance this year.
That's the average of increases already granted by the state Insurance Commission to West Virginia's four largest providers of homeowners insurance. It's roughly twice the 10 percent increase expected nationally this year and comes on top of some big hikes last year.
State Farm and Allstate, two of the four companies, stopped writing new homeowners policies in the state last summer. Those two firms account for about 36 percent of the homeowners' market in West Virginia, so that means a big decrease in supply.
At least two other...
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