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SD home owner insurance increases above average

SANTA MONICA, CALIF. (NPN) — Personal auto insurance rates increased less in South Dakota and the Northern Plains states than they did nationally, according to a news study by RateWatch. However, the same study showed that the region had a higher increase in homeowner insurance than the national average.

Personal auto insurance companies increased their rates by an average of 2.5 percent countrywide in 2013, according to figures compiled from RateWatch. RateWatch says the 2013 increase is in line with a five-year trend of annual average rate increases between 2 percent and 4 percent.

North Dakota recorded no overall increase in car insurance from 2012 to 2013. South Dakota increased 1.1 percent. Michigan had the highest increase at 8.6 percent.

Figures compiled for homeowners show that insurance companies increased their rates by an average of 5.1 percent countrywide in 2013. The group says annual average rate increases have varied between 5 percent and 7 percent for homeowners insurance over the last five years.

South Dakota had the second highest percentage increase in the region at 7.9 percent from 2012 to 2013.