Personal-lines insurance rates are up 4 percent in March as catastrophe modeling adjustments are having an effect on homeowners premiums, says MarketScout.
The Dallas-based electronic insurance exchange's monthly market barometer indicates insurance rates on homes valued under $1 million went up 4 percent in March, compared to the same month a year ago. Home valued at more than $1 million saw rates go up 5 percent.
MarketScout CEO Richard Kerr says “some underwriting companies feel the modeling is questionable,” but a trend has surfaced as modelers, as Kerr puts it, “widen the areas that may be impacted by huge storms.”
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