Personal Lines insurance rates going lower! According to The National Alliance for Insurance Education and Research Center it’s been 47 months since the personal lines insurance rates went lower.
Good news came in November when personal lines insurance rates went 1 percent down nationwide. Not only the absence of wind driven events played major factor in lowering the rates but also the growing economy and the number jobs created had an impact on insurance rates.
All homeowner and auto insurance placements, regardless of size, were down 1 percent in November 2015 as compared to flat in October 2015.
It’s important to underline that personal insurance cost has been going dramatically high since 1989, approximately 43% higher, which also has to do with high inflation rate, however California has always been among the states that have lowest personal insurance rates. According to the Consumer Federation of America California auto insurance buyers are paying less for coverage than they were two decades ago while rates rose substantially for the rest of the country.