During the third quarter of 2021, U.S. personal line rates increased an average of 6.6%, according to MarketScout, with home insurance rates growing around 4%.
The average cost of home insurance in the U.S. is $1,312 annually for a policy with $250,000 in dwelling coverage, Bankrate.com reported.
More aggressive home insurance pricing is common for the quarter, according to Richard Kerr, MarketScout CEO, who explained this is because insurers typically start seeing losses from wildfire claims during the period.
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Steve Hallo
Steve Hallo is managing editor of PropertyCasualty360.com. He can be reached at [email protected]
