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Top 5 States for Auto, Home Insurance Rate Hikes in 2013: Perr – Knight #car #insurances


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Top 5 States for Auto, Home Insurance Rate Hikes in 2013: Perr Knight

March 12, 2014

Personal auto insurance companies increased their rates by an average of 2.5 percent countrywide in 2013, while home insurers increased their rates by an average of 5.1 percent, according to figures compiled from Perr Knight s RateWatch.

In addition, renters insurance rates were up 2.6 percent and condominium insurance rates rose 2.9 percent. Annual average rate increases have varied between 5 percent and 7 percent for homeowners insurance, 2 percent to 4 percent for renters insurance and 2.5 percent to 6 percent for condominium insurance over the last five years, according to Perr Knight.

The report found that the five states with the highest overall increases in 2013 for homeowners insurance were Oklahoma at 12.1 percent, Florida at 11.0 percent, Kentucky at 10.9 percent, Kansas at 10.3 percent and North Carolina at 10.1 percent. The only state experiencing a double digit increase in renters or condominium rates was North Carolina where rates increased 18.7 percent for each. Two states, California and Hawaii, experienced overall decreases in homeowner insurance rates in 2013 of -3.4 percent and -0.7 percent, respectively. Insurers in California also decreased their overall renters rates by -1.8 percent and condominium rates by -1.4 percent in 2013.

The 2013 auto insurance increase is in line with a five year trend of annual average rate increases between 2 percent and 4 percent, and was lower than the 2012 countrywide rate increase of 3.7 percent, the consulting firm said.

The five states with the highest overall auto insurance increases in 2013 were Michigan at 8.6 percent, Georgia at 5.2 percent, New York and Delaware at 4.3 percent, and Nevada at 4.1 percent. No states experienced an overall reduction in rates between 2012 and 2013; however, 2013 rates in North Dakota remained at 2012 levels overall, according to the analysis.

Perr Knight s RateWatch product extracts data from the public rate filings of companies representing about 80 percent of the personal insurance premiums written, according to Tim Perr, CEO of Perr Knight.

Perr Knight, based in Santa Monica, Calif. provides insurance consulting services for insurance companies, including actuarial, data, technology, regulatory compliance, product design and risk services.


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