US Personal Lines Composite Rate Increases to Plus 4 Percent in June says MarketScout
U.S. Personal Lines Rates jumped plus four percent last month says the Dallas-based insurance exchange MarketScout in its latest monthly report. As a result, the company’s CEO Richard Kerr says that for insurance consumers knowing when their personal lines policies renew could make a huge difference in the premiums they ultimately pay.
Does it matter when your personal lines policies renew? According to Richard Kerr, CEO of Dallas based insurance exchange MarketScout, the answer is, yes. Mr. Kerr noted, “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. 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.”
So, should home and auto owners move their renewal date away from wind season? Mr. Kerr stated, “Perhaps not if you live in the central US but if you are within 100 miles of the Gulf of Mexico or Atlantic Ocean, it is certainly worth considering.”
An in-depth look at the numbers
Both homeowners insurance and automobile insurance were up four percent in June, while personal articles coverage rates rose 2 percent.
|Homeowners under $1,000,000 value||Up 4%|
|Homeowners over $1,000,000 value||Up 4%|
|Personal Articles||Up 2%|