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Member, Beacon International Group, Ltd.
Personal lines insurance rates edged up an average 2% in February, according to Dallas-based electronic insurance exchange MarketScout.
Personal automobile, personal items and homeowners policies for houses valued under $1 million all experienced 2% increases, MarketScout found. Rates for policies covering homes worth more than $1 million rose 3%.
“Winter storms created some losses but none significant enough to move the market,” said MarketScout CEO Richard Kerr in a statement.
“There will be spring storms but the hurricane season remains the real market mover for personal lines insurers,” he said. “So, for the next several months, we expect steady results and no significant rate movement.”