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Rates for home insurance show Q1 2022 increase

The first quarter growth is a sign of things to come, as MarketScout projects further increases.

Rates for personal articles insurance reached 4% during 2022’s first quarter, compared with 3% during the previous period. Personal auto rates were also up during the most recently closed quarter, increasing 4.3% compared with a small increase seen during the final quarter of 2021. (Credit: Robert Kneschke) Rates for personal articles insurance reached 4% during 2022’s first quarter, compared with 3% during the previous period. Personal auto rates were also up during the most recently closed quarter, increasing 4.3% compared with a small increase seen during the final quarter of 2021. (Credit: Robert Kneschke)

Homes valued under $1 million saw an average insurance rate increase of 5.3% in the first quarter of 2022, while houses valued at more than $1 million saw a 7% increase during the period, according to MarketScout.

Both home insurance rate increases reflect higher rates than the previous quarter, which saw rates for homes valued under $1 million increase of 3.7% and 6.3% for homes valued at more than $1 million.

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Steve Hallo

Steve Hallo

Steve Hallo is managing editor of PropertyCasualty360.com. He can be reached at [email protected].  

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