property insurance rates News

Home, Commercial Rate Hikes Not Enough to Offset Construction Costs: Moody’s

To counteract rising construction material costs that have increased about 26.7% the first four months of 2022, personal and commercial property insurers will continue to gradually increase rates, said Moody’s Investor Service. The rating agency said insurers have been “raising …

Extreme Weather, Repair Woes to Push Property Insurance Higher: Hippo CEO

Extreme weather events and shortage of labor and materials for repairs will push property insurance rates higher in the next several years, the chief executive of U.S. home insurer Hippo said on Tuesday. As homeowners stayed home during the pandemic, …

Widespread Market Firming Unlikely Even as Property Rates Rise: WTW

Commercial property insurers are seeking double-digit rate hikes on catastrophe-exposed insurance programs following 2017’s record catastrophes; however, abundant capacity in the form of traditional and alternative capital is likely to depress widespread market firming, according to global advisor Willis Towers …

Florida’s Citizens Votes to Lower Rates Next Year

The Board of Governors for Florida’s Citizens Property Insurance Corp. approved on Wednesday a 2015 rate package that reflects an overall average 2.9 percent statewide decrease for personal residential policyholders across the state. Citizens said single family homeowners will see …

Some Florida Citizens Customers May See Lower Rates Next Year

Florida’s largest property insurer may be dropping its rates next year. Citizens Property Insurance is considering rate proposals for 2015 that would lower rates by about 3.2 percent for most homeowners. The state-created insurer says the proposal would apply to …

Surplus of Capital Continues to Temper Property Rates: Marsh

The surplus of capital among insurers and reinsurers continued to have an overall softening effect in the U.S. property insurance market through the third quarter of 2013, Marsh said in a report. For the first nine months of 2013, U.S. …