Kansas among states with highest home insurance rate increases

According to a recent study by QuoteWizard, average home insurance rates have risen as much as $821 in the past decade.

“According to our rankings, a lot of the top states when it comes to increase in home insurance rates do fall in the Midwest, sort of in that Tornado Alley area,” said analyst Adam Johnson. “Oklahoma, Kansas, Colorado, Nebraska and Arkansas round out the top 5 for home insurance rate increases.”

Weather is the main reason why rates have gone up.

“Weather-related events do pose the greatest risk when it comes to home insurance rates,” said Johnson. “Home insurance companies are evaluating tornadoes, hail, floods, other natural disasters that do cause significant losses.”

The National Association of Insurance Commissioners recently released their 2016 report, the latest full-year data available.

“Every year, rates are going up,” said Johnson. “While this is 2016 data, weather events are becoming more severe year-over-year, which are causing greater losses. That ultimately circles back into insurance rates.”

In 2011 alone, Kansas residents filed close to 200,000 claims worth nearly $1.1 billion in damages.