Some insurers say they charge less because newer homes are better built, although there is also the perception that wealthier communities are safer.ĭata is limited to renters seeking auto insurance claims related to flooded roads and storm damage. This is double the coverage for the same amount paid to the insurance company. For every $100 in premiums, the agency will cover his $73,575 home value.
The average cost of homeowners insurance in New Hope was $785 for a property valued at $579,000. So for every $100 she spends on insurance, the insurance company promises to cover her $32,969 home value. Look at how much people are paying to insure both modest and luxurious homes.īristol homeowners pay an average of $573 a year to insure a home worth $189,200. Statistically, people who live in older, generally cheaper homes pay more for insurance. Postcodes in Dublin (49%), Levittown (42%) and Telford (37%) have recorded significant increases in insurance premiums, according to the Department of Labor. Department of Labor, the average Bucks County homeowner spent $636 to insure their home in 2020.Īccording to federal estimates, homeowners insurance prices have increased by $96 since 2015, or 19%. Bucks County Insurance PremiumĪccording to the U.S. Special Report:A year after the 2021 floods, the Bucks family recovers for more extreme weather. “This will never go away for me”:Halmville residents tell nightmare of Ida floods on Main Street “With severe weather events, particularly floods and hail, on the rise, the losses can be enormous,” Tolliver said. “Companies are also correcting the reports they write, exposing more risk to consumers.”Īuto insurance premiums are also rising due to increased risk from floods and hail and vehicle technology making replacement and repair more expensive, he added. “The capacity to create compensation is more limited than it used to be because of the increased losses,” Tolliver said. Jim Tollive, insurance counselor at Wooduff Sawyer, one of the largest insurance brokers in the United States. He said some plans now include “very high” deductibles for hail and wind losses. Please check the fine print part of the policy. More:Six months after the Bensalem floods, homes are still being repaired in an effort to prevent future damageĭamage from these stormy events is often not covered by current insurance. Parts of Lafayette Gardens were deemed uninhabitable. In July, a network of unusual thunderstorms classified as a “Medium Connected System” dropped 10 inches of water over parts of Bensalem, Bristol and Levittown in one afternoon. Hurricane Ida in early September, which was downgraded to a tropical storm, brought heavy rainfall to the region, causing flooding in many parts of Bucks County. In 2021, Pennsylvania was her 50th.Īnd when the wind wasn’t blowing, the problem was the water. Historically, the state has about 10 twisters per year.
Twisters reported damage in Buckingham, Bensalem, Bristol Borough, Doylestown, Hilltown, New Hope, Silverdale and Telford. Last summer alone, he had 10 extreme weather events in the area. “Like car insurance, more accidents affect premiums.”Īnd last year there were many “accidents” in Bucks County and the area. Risks have varied according to the frequency and severity of events,” he said. “Prices for labor and materials are rising. Roy Wright, president of the Insurance Association for Home and Business Security, said: “There are two factors driving these price points,” says Wright.
In fact, since 2015, nearly every zip code in Bucks County has seen homeowner premiums increase, according to government records.īoth inflation and natural catastrophes are affecting these insurance costs, it said. Insurance claims for natural disasters near your property can hurt your score, he said. Allstate agent Tom LaCroix, who has an office in Fairless Hills. The insurer is said to use actuaries who study the risks and score each property. Insurance premiums are rising and brokers are reducing the types of insurance offered for apartments, cars and homes, industry analysts say. “Insurance won’t cover you.”Īs flash floods, swollen rivers, tropical storms and tornadoes become more common, more people are turning to their insurance companies. “Everyone renting in Bucks County must have insurance, but it doesn’t cover flooding.
Hours after a flash flood hit Raison’s home in the Poquessing Creek complex, Raison learned the damage would not be covered by her insurance company.
Her insurance company called last July’s devastating floods “an act of God.” Residents of Spencer Drive in the Croydon section of Bristol Township were flooded into their homes during Monday afternoon and evening storms.Īpril Reson remembers the storm that destroyed her apartment and almost all of her possessions. Video: Bristol Township Floods Need Rescue