Wednesday, July 8, 2015

Study finds Providence homeowner's insurance among highest in the state

J-E Editor
A recent study of homeowner’s insurance conducted by ValuePenguin in 92 Kentucky cities has found Providence to be in the upper half of the most expensive in the state.

“We studied home insurance rates in the Commonwealth of Kentucky, in order to help potential homeowners to better understand the costs associated with owning a home in the state,” the report said. “To do so we examined home insurance in 95 cities throughout Kentucky, for a single benchmark home, across four different insurers. Out data shows that premiums vary drastically, city-to-city.”

According to the study, Providence residents pay an average yearly homeowner’s insurance premium of $2,847. That places them 56th from the bottom. That is four percent above the state average of $2,750, which just happens to be the average rate in Dawson Springs.
By far the cheapest homeowner’s insurance in the state was in Georgetown, where the average premium was only $1,780 per year. On the opposite end, residents of the town of Grayson pay $3,322.

Madisonville residents ranked 50th on the list, paying slightly less than Providence residents at $2,780 per year. Owensboro residents pay an average of just $2,581, placing them 25th on the list.

The insurance companies used in this study were Allstate, Liberty Mutual, State Farm and Nationwide.

Check out the complete study by clicking HERE!

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