Personal Lines Marketplace Challenges
“The price of staying where you are could be much greater than the price of change.”
After a discussion at KMRD Partners about how we are in the worst Personal Lines market since the early 1990’s the following was brought to light:
- Geico, in New Jersey, states that we can expect personal auto rates to go up by a max of 26% starting in February 2024.
- Progressive marketing has confirmed up to 25% premium increases on renewals.
Our Personal Lines account manager, Carol Mosteller, added…
“the market is getting very tight. Most carriers will no longer write any Monoline business. We are seeing rate increases for Auto from 11-49% and Homeowner rate increases between 17-60%. We are also seeing much tighter Underwriting requirements for updates to Roof & Heating and must be LOSS FREE for 3 years on the Auto and up to 5 years on ANY owned property. It is going to be a bumpy ride for the next 2-3 years and will be even worse if the storms and wildfires continue.”
If you have any questions about your current polices or wish to explore alternatives please contact KMRD for assistance with your personal insurance needs.