Home Insurance Rates Likely to Rise in Storm-Prone Areas

Homeowners in the South and Midwest may have to pay more for coverage as a result of this year's wild weather.

It’s been a wicked year for weather disasters. Will this year’s unusually high number of storms, floods and tornadoes cause homeowners insurance rates to rise?

It depends on where you live. Homeowners insurance rates rose by about 5% last year, on average, and are likely to rise at the same rate this year in most areas that haven’t been affected by the disasters. Residents of areas where there have been a lot of claims are likely to see their rates rise even more.

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Kimberly Lankford
Contributing Editor, Kiplinger's Personal Finance

As the "Ask Kim" columnist for Kiplinger's Personal Finance, Lankford receives hundreds of personal finance questions from readers every month. She is the author of Rescue Your Financial Life (McGraw-Hill, 2003), The Insurance Maze: How You Can Save Money on Insurance -- and Still Get the Coverage You Need (Kaplan, 2006), Kiplinger's Ask Kim for Money Smart Solutions (Kaplan, 2007) and The Kiplinger/BBB Personal Finance Guide for Military Families. She is frequently featured as a financial expert on television and radio, including NBC's Today Show, CNN, CNBC and National Public Radio.