By Staff Writer
May 9, 2012 • Reprints
NU Online News Service, May 9, 2:14 p.m. EDT
Personal-lines insurance rates were up 1 percent in April compared to the same month a year ago, according to MarketScout’s latest Market Barometer.
The rate increase is down from MarketScout’s personal-lines reports for March and February, which both showed 2 percent year-over-year increases.
Rates for homeowners insurance in April were up 1 percent—both for homes valued under $1 million and homes valued over $1 million. Auto rates were up 2 percent, and personal articles rates were up 1 percent.
MarketScout CEO Richard Kerr notes that, for homeowners rates, increases were far greater in wind-exposed areas. “We are carefully monitoring homeowners’ policies in coastal areas as we get closer to hurricane season,” Kerr says.
He adds, “Rates in wind-exposed areas are up 5 to 12 percent as many of the admitted markets are either restricting their capacity or requiring higher deductibles and wind mitigation constructions. The national composite homeowners’ rate is up only 1 percent because it includes millions of homes in locations that do not have catastrophe exposure.”
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