| There has been a gradual increase in the premium | | | | in their polices. Two of them are no longer in |
| for insurance over the past two decades. In a | | | | business. |
| published report it was stated that the premium in | | | | The cost of home insurance is a complex setup. |
| the year 1989 was equal to $2,375,000 whereas | | | | The homeowners' policy may cost you $200,000. |
| in the year 2007 it this premium had increased by | | | | However if you reside somewhere near a fire |
| one digit and was $15,817,000. However the | | | | station the premium increases about 60%, and if |
| number of insurers over these years did not | | | | you are not close to a fire station but it's in the |
| experience a sharp rise as it increase from fifty | | | | vicinity the premium increases about 35%. |
| insures in year 1989 to sixty-two in 2007. | | | | Premium increase is 30% if a fire station is more |
| Coming to home and property insurance in | | | | than 12 kilo meters away. |
| Alaska, the premium in 1989 for home insurance | | | | Insurers nowadays are also trying to build models |
| was $35,614,000 and in 2007 had reached to | | | | and make assumptions which may show the |
| $126,147,000. The interesting fact here is that | | | | effects in case of earthquakes and other natural |
| although the premium increased in such abundance | | | | disasters to better prepare them to meet their |
| the number of home insurers only experienced a | | | | customer needs. These models use information |
| rise of two, which are 51 insurers in 1989 and 53 | | | | on the location, the structural features of land and |
| in 2007. As for property insurance the premium | | | | other relevant scientific findings to determine how |
| increased from $10,918,000 to $20,073,000 over | | | | disastrous an earthquake or other natural disaster |
| the years and the number of insurers rose from | | | | could be and then set their insurance rates |
| 86 to 113. | | | | accordingly. However different models give |
| Taking the twenty best home insurers in 1998, | | | | different results so nothing is predictable and it is |
| eleven of them even included earthquakes in their | | | | debatable whether the models are built using |
| policies, whereas three of them continued serving | | | | appropriate data such as the geologic and seismic |
| as home or property insurance companies but did | | | | structure or not. |
| not include earthquake damages as part of cover | | | | |
