The composite rate for all personal lines coverages increased 5.2% in the fourth quarter of 2022, a rate which held steady for most of the entire year. In the fourth quarter 2022, homes under $1,000,000 in coverage A value were up 7%, while homes over $1,000,000 were up 7.3%.
“We constantly remind our subscribers that the composite rate for homeowners includes homes in all geographic regions,” said Richard Kerr, Founder of MarketScout and CEO of Novatae Risk Group. “Catastrophe-prone areas, such as wildfire zones in California and wind-exposed Florida locations, are being assessed higher rate increases.”
Automobile insurance rates are trending upwards with the fourth quarter composite measuring an increase of 5%.
Personal articles, jewelry and fine art rates have been steadily increasing at a moderate pace. The fourth quarter increase was 4%.
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.