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In July 2014, personal insurance rates were down slightly for a composite rate of plus 3 percent as compared to plus 4 percent in June 2014.
Richard Kerr, CEO of MarketScout noted, “Homes of all values experienced a price increase of plus 3 percent in July. This includes all geographic areas of the US. Rates for homes in coastal areas tend to pull the rest of the market upwards.”
Personal articles floaters (jewelry, art, etc.) were unchanged at plus 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 July 2014 personal lines rates is set forth below.
Homeowners under $1,000,000 value
Homeowners over $1,000,000 value