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Member, Beacon International Group, Ltd.
Personal lines property/casualty insurance rates rose an average of 3% in February, compared to those of the same month in 2012, Dallas-based electronic insurance exchange MarketScout reported Tuesday.
Traditional homeowners, personal articles, and automobile coverages were up 3%, according to MarketScout. But rates for high-value homes, those worth over $1 million, rose 4%
.
“The personal lines market adjusted in February with insurers offering slightly more competitive premiums,” said MarketScout CEO Richard Kerr in a statement. “This isn't unusual since we are out of the catastrophe season for most parts of the U.S., except for winter storms of course.”
“Homeowners insurance for the 'private client' sector traditionally garners a higher rate than traditional homeowners because specialty high-net-worth agents representing private clients require broader coverage and more insurer services, all of which are expensive to offer,” said Mr. Kerr in the statement.