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Does it matter when your personal lines policies renew? According to Richard Kerr, CEO of Dallas based insurance exchange MarketScout, the answer is, yes. Mr. Kerr noted, “Even if you are not in a geographical area which is exposed to the potential of a catastrophic wind or flood event, renewing your personal insurance on the cusp of hurricane season can be more expensive. Hurricane season heightens insurers’ consciousness of catastrophic events including non-wind or flood related exposures such as quake or brush. The result is higher premiums for all - at least on a temporary basis.”
So, should home and auto owners move their renewal date away from wind season? Mr. Kerr stated, “Perhaps not if you live in the central US but if you are within 100 miles of the Gulf of Mexico or Atlantic Ocean, it is certainly worth considering.”
Homeowners insurance for homes of all values was up 4 percent in June. Automobile insurance was also up 4 percent. Personal articles coverage was up 2 percent.
The National Alliance for Insurance Education and Research conducted pricing surveys used in MarketScout's analysis of market conditions. These surveys help to further corroborate MarketScout's actual findings, mathematically driven by new and renewal placements across the United States.
A summary of the June 2014 personal lines rates is set forth below.
Homeowners under $1,000,000 value
Homeowners over $1,000,000 value
MarketScout is a national MGA and wholesale broker specializing in assisting agents in placing high net worth personal lines business. The firm operates the MarketScout Exchange at marketscout.com as well as over 40 other online and traditional underwriting and distribution venues. MarketScout is the founder of the Council for Insuring Private Clients (CIPC). The CIPC's mission is to provide a venue where agents and insurers may collaborate on how to better serve their private clients. MarketScout has offices in Dallas, California, Connecticut, Florida, Illinois, Indiana, Michigan, Nebraska, New Jersey, Texas, Rhode Island, and Washington, D.C.