Personal lines insurance rates rose an average of 3% in July, according to a report issued by Dallas-based electronic insurance exchange MarketScout on Tuesday.
Homeowners insurance rates regardless of the value of the home rose an average of 3%, as did personal automobile rates. Rates for personal articles such as jewelry and art rose 2%.
“Homes of all values experienced a price increase of plus 3% in July,” said MarketScout CEO Richard Kerr in a statement accompanying the report. “This includes all geographic areas of the US. Rates for homes in coastal areas tend to pull the rest of the market upwards.”