According to this story in Business Week, the price of homeowners insurance nationwide is dropping, on average. No consolation to those who live in higher risk areas like the Florida coast, I know, but read the story, it’s an excellent analysis. An excerpt I found particularly interesting:
"People have the expectation that insurance is a commodity and should be flatly priced," says Robert Muir-Wood, chief research officer of Risk Management Solutions Inc. But in an actuarially ideal world, he says, the rate for the South Florida beachfront should be perhaps 50 times higher than the rate for an elevated property in northern Florida. "The wealthiest people tend to benefit the most from this aberration," Muir-Wood says.