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Member, Beacon International Group, Ltd.
Personal lines rates continued to rise during October, rising an average 3%, according to a survey released last week by Dallas-based electronic insurance exchange MarketScout.
Rates for homeowners coverage on houses valued at less than $1 million increased 4%, while rates for more expensive houses rose 3%. Personal automobile rates increased 2% while rates for personal articles rates increased only 1%.
“Personal lines insurers are going to have a good 2014, despite a large number of micro storms, which resulted in notable claims activities,” said MarketScout CEO Richard Kerr in a statement accompanying the report. “Rates should remain stable and actually adjust downward a bit more by year end.”