The composite rate for personal lines insurance placed across the United States held steady at plus 1 percent, making June the third consecutive month with a rate increase.
“Homeowners coverage for homes valued at under $1,000,000 were assessed an average rate increase of 2 percent,” noted Richard Kerr, CEO of MarketScout. “Homes over $1,000,000 and all automobile rates remained at plus 1 percent in June. Personal articles rates were slightly more competitive than in June at flat or no rate increase as compared to up 1 percent in May.”
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.
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