Homeowners' insurance rates (for homes under $1 million) are up 4% since last September, a National Alliance for Insurance Education and Research pricing survey revealed.
According to the survey, automobile and personal articles overages were up compared to this time last year. While homeowners' rates for homes under a $1 million were up 4%, rates for homes over $1 million in value were up 3%. Similarly, automobile and personal articles rates were up 2% and 1% respectively.
Although rates are up compared to this time last year, the study also revealed that coverages are down when comparing rates from August to September. While automobile rates were up 3% in August, they were only up 2% in September. Similarly, personal articles coverages were up 2% in August, but only 1% in September.
The National Alliance for Insurance Education and Research used MarketScout's analysis of market conditions to conduct pricing surveys. The surveys help to further corroborate MarketScout's actual findings, mathematically driven by new and renewal placements across the country.
"The personal lines market is highly regulated, especially for admitted market insurers. So, year on year rate increases are sometimes more of a reflection of what each state allows as rate increases," said Richard Kerr, CEO of MarketScout.
"These filings may be delayed so the increases may not match market sentiment as respects the timing of the increases. In other words, an insurer may file for rate increases in May and those increases may not be approved until months later."
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