Yet, U.S. Homes, Autos and Fine Arts were up 3% last month
Overall, personal lines rates have not moved much over the summer months says MarketScout CEO Richard Kerr, with insurers adjusting rates to plus 3 percent versus the plus 4 percent they implemented for June.
“Generally speaking, personal lines insurers are having a pretty good 2013. Of course, we have the wind season upon us, followed by possible brush fires in the West or even an earthquake at any time so the possibility of catastrophic events still looms on the horizon. However, if there are no huge storms or brush fires by late October, this could end up a good year for the personal lines insurance industry. If so, rates will adjust downward a bit.”
Last month, high value homeowners, those valued at over $1 million fluctuated by one percent while rates for homes under the $1m mark remained unchanged. Auto and personal policy items rates also saw rates moderated by one percent.
An in-depth look at the numbers
|Personal Lines||Rate Change|
|Homeowners under $1,000,000 value||Up 4%|
|Homeowners over $1,000,000 value||Up 3%|
|Personal Articles||Up 1%|