ThompsonBaker Agency would like to inform consumers of increased personal line rates in the fourth quarter of 2020. The composite rate for these personal lines increased by 6.3 percent, topping out at 4.5 percent.
Although the overall rate increase for personal lines has increased by 6.3 percent, homeowners with home replacement values over $1,000,000 saw much higher growth than the average, coming in around 8.2 percent. With more homeowners purchasing new homes or renovating their current homes, the number of homes that fall within this category has risen in the past year. In addition to a higher spike for higher-value homes, those in high-risk areas, such as those affected by wildfires in California and hurricanes in Florida, saw increases of 20 to 30 percent.
As homeowners consider their insurance needs, it’s essential to stay on top of the latest trends to better grasp what they could see with their insurance and other personal lines. ThompsonBaker Agency is dedicated to providing this valuable information to their customers to help them make more informed decisions.
Anyone interested in learning about the current personal line rates can find out more by visiting the ThompsonBaker Agency website or by calling 1-904-824-1631.
About ThompsonBaker Agency: ThompsonBaker Agency is an insurance and financial services firm that offers services to residential and commercial customers. They help their customers find the right insurance policies and financial products to meet their needs, including home insurance, health insurance, auto insurance, employee benefits and more. They take great pride in providing custom solutions at the most affordable prices.
Company: ThompsonBaker Agency
Address: 61 Cordova Street
City: St. Augustine
Zip code: 32084
Telephone number: 1-904-824-1631