Increase is plus three percent as compared to last year says MarketScout
As 2013 winds down, rates are posed to relax a bit in 2014 says MarketScout CEO Richard Kerr. “With the hurricane season in the rear view mirror, US personal lines insurers are anticipating strong earnings for 2013. If insurers’ profits are tallied as anticipated, we expect lower rates in 2014.”
As for November, rates saw a plus three percent increase as compared to last year. In the homeowner’s market, rates for dwellings under $1,000,000 in value adjusted downward with the rate increase being plus two percent as compared to plus three percent in October. Rates High values homes, which are those valued over $1,000,000, saw an increase of plus five percent, however.
As for automobile insurance, rates were only slightly up one percentage point from plus two to plus three while personal articles saw neither an increase nor decrease in rates, holding steady at plus two percent.
An in-depth look at the numbers
|Personal Lines||Rate Change|
|Homeowners under $1,000,000 value||Up 2%|
|Homeowners over $1,000,000 value||Up 5%|
|Personal Articles||Up 2%|