Rate Trends

by Cole Humphreys in Uncategorized at June 24, 2015

When looking for insurance quotes in Grand Prairie, Insurance agent should be aware of the market trends in pricing. Rates for all lines of Property and casualty insurance across the United States averaged a net rate of zero percent, meaning that, on average, the price of insurance for all businesses remained the same in April this year as it did one year ago. The market continues to be trending downward over the last eight months, from October 2014 at +1.5% to April this year at zero percent increase. From Rich Ker, CEO.
It’s not dramatic but a trend. Coastal property may experience some slight rate increases since we are on the cusp of the wind season, Rates on all other exposures should continue to be quite competitive. When measuring rates by coverage classification, business owners policies, professional liability and D&O coverages decreased in April 2015 by 1 percent, as compared to March. Rates for automobile coverage were up two percent, Rates for all other coverages remained the same. By account size, rates remained the same for all except the jumbo accounts (more than 1 million). The rates for jumbo accounts adjusted to a reduction of 2 percent in April, as compared to March. Industry classifications are all at a zero rate increase in April, with the expectation of transportation, which held steady at a rate increase of 1 percent, and habitational, which increased from a zero percent increase in March to one percent in April. If you have increases in your premium and want to know why or compare it to the industry, you should contact an agent.

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