Rates for personal lines insurance rose 3 percent in August 2012 compared to rates in August 2011, reported the national property/casualty insurance exchange MarketScout.
“Homeowners rates increased by 3 percent on high, moderate and low value homes,” said Richard Kerr, CEO of MarketScout.
Kerr said it is not common to see pricing in line for all three categories of homeowners business.
Auto increased 2 percent and personal articles floaters rose 3 percent.
In summary, August 2012 personal lines rates movements were:
- Homeowners rates for homes under $1 million in value were up 3 percent
- Homeowners rates for homes over $1 million in value were up 3 percent
- Automobile rates were up 2 percent
- Personal articles were up 3 percent
The National Alliance for Insurance Education and Research conducted pricing surveys used in MarketScout’s analysis of market conditions. These surveys help to further corroborate MarketScout’s actual findings, mathematically driven by new and renewal placements across the United States.