NAIC: R.I. owners pay highest premiums

By Rhonda Miller
PBN Staff Writer

KANSAS CITY, Mo. – The National Association of Insurance Commissioners found that Rhode Island homeowners pay the highest average premium in New England at $1,093, according to The Standard: New England’s Insurance Weekly.

The NAIC compiled data from 2010 for its report issued in December 2012.

Homeowners in the Ocean State paid more on average than Connecticut at $1,082 and Massachusetts at $1,060. Those three states, however, all had higher premiums than New York’s average of $1,051 and New Jersey’s average of $874.

The NAIC study found the homeowners’ insurance line experience challenges with rising losses due to natural disasters.