Personal lines rates up againReprints
Personal lines insurance rates rose by an average of 4% in June, according to Dallas-based electronic insurance exchange MarketScout.
MarketScout said Monday that homeowners insurance rates for houses of all values rose an average 4%, as did personal automobile insurance rates. Personal articles coverage rose an average of 2%.
The calendar plays a role in personal lines rates, noted MarketScout CEO Richard Kerr in a statement accompanying the report.
“Even if you are not in a geographical area which is exposed to the potential of a catastrophic wind or flood event, renewing your personal insurance on the cusp of hurricane season can be more expensive,” he said. “Hurricane season heightens insurers' consciousness of catastrophic events including non-wind or flood-related exposures such as quake or brush. The result is higher premiums for all--at least on a temporary basis.”