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Personal Lines Rates Up 6.6% in Third Quarter 2021

Catastrophe Exposed Homeowners Up Over 25% in Some Areas


Across the US, the average rate increase in the third quarter of 2021 for personal lines was 6.6 percent as compared to up 4.75 percent in the second quarter. “We always expect more aggressive homeowners pricing in the third quarter of any given year as insurers begin to incur losses from wind and wildfire claims,” said Richard Kerr, CEO of MarketScout. The average homeowners rate increase is 4 percent for homes under $1,000,000 in coverage A value and 7 percent for homes over $1,000,000. Kerr pointed out, “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 percent. California homes $20M and above with high wildfire exposures may not even be able to secure full coverage. Rate increases of 40% are not unusual.” 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. A summary of the third quarter 2021 personal lines rates is set forth below.
Personal Lines
Homeowners under $1,000,000 value Up 4.6%
Homeowners over $1,000,000 value Up 7%
Automobile Up 4.7%
Personal Articles Up 4%

About MarketScout

Founded in 2000, MarketScout is an insurance distribution and underwriting company headquartered in Dallas, Texas. The company is a Lloyd’s Coverholder and MGA for US insurers with specialty expertise in workers’ compensation, private client solutions, energy, healthcare, fine art, equine, jewelry, professional liability, and many specialty programs. The company owns and operates the MarketScout Exchange, as well as over 40 other online and traditional underwriting and distribution venues. MarketScout is the founder of the Council for Insuring Private Clients (CIPC) and administers the Certified Personal Risk Manager (CPRM) designation in partnership with The National Alliance for Insurance Education & Research. MarketScout is the only insurance organization to receive The National Alliance’s exclusive partnership and endorsement. The company founded the Entrepreneurial Insurance Alliance (EIA) in 2007 to support insurance entrepreneurs and in 2017 founded the MarketScout InsurTech (MIT) venture fund. In January 2018, it launched an Incubator to accelerate start-up MGAs and assume operational functions for existing MGAs and insurers. MarketScout’s company culture and sense of community encourages growth, learning and collaboration. The company has been named as one of the Best Places to Work in Insurance by Business Insurance for nine consecutive years from 2012 to 2020. The company has offices in Alabama, Arkansas, Florida, Illinois, Nebraska, Pennsylvania, South Carolina, Tennessee, Texas, and Washington, DC. California license #0D60423.