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Homeowners from North to South and East to West are seeing their insurance rates increase. (©digitalfoto105/Adobe Stock) Homeowners from North to South and East to West are seeing their insurance rates increase. Home repair and replacement costs have also risen significantly in the past few years. (©digitalfoto105/Adobe Stock)

While 2020 was a disruptive year — to say the least — for property & casualty insurance, one thing remained constant: It marked the continuation of a hardening market.

Personal lines customers were not immune. A report from MarketScout, for example, indicated that the composite rate for personal lines insurance increased 6.3% in the fourth quarter of 2020. Most impacted? High-net-worth homeowners with property valued at over $1 million. According to the same report, they saw their rates increase an average of 8.2%.

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