Homeowners from North to South and East to West are seeing their insurance rates increase. Home repair and replacement costs have also risen significantly in the past few years. (©digitalfoto105/Adobe Stock)
While 2020 was a disruptive year — to say the least — for property & casualty insurance, one thing remained constant: It marked the continuation of a hardening market.
Personal lines customers were not immune. A report from MarketScout, for example, indicated that the composite rate for personal lines insurance increased 6.3% in the fourth quarter of 2020. Most impacted? High-net-worth homeowners with property valued at over $1 million. According to the same report, they saw their rates increase an average of 8.2%.
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