During the third quarter of 2021, U.S. personal line rates increased an average of 6.6%, according to MarketScout, with home insurance rates growing around 4%. The average cost of home insurance in the U.S. is $1,312 annually for a policy with $250,000 in dwelling coverage, Bankrate.com reported. More aggressive home insurance pricing is common for the quarter, according to Richard Kerr, MarketScout CEO, who explained this is because insurers typically start seeing losses from wildfire claims during the period. "The national average rate increases for homeowners are not horrific; however, for those with homes in California and Florida rates can be up as much as 25%," Kerr said in a release. "California homes $20 million and above with high wildfire exposures may not even be able to secure full coverage. Rate increases of 40% are not unusual." The above slideshow highlights the top-ranked home insurance companies of 2021, according to U.S. News & World Report. Related: |
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Steve Hallo
Steve Hallo is managing editor of PropertyCasualty360.com. He can be reached at [email protected]
