US home and commercial insurance rates increased in March, figures from insurance exchange MarketScout show.

Commercial insurance rates increased by an average of 3%. Property and workers’ compensation rates led the way, with 4% increases.

Accounts with premiums under $US1 million ($964,320) were up 3% and those with premiums of more than $US1 million rose 2%.

MarketScout CEO Richard Kerr says the results “continue to show a slow and steady path towards rate increases in all segments, be it by line of coverage, industry group or account size.”

Owners of homes valued at more than $US1 million generally pay a lower rate because the houses are considered more attractive from an underwriting point of view.

The rates for such homes rose 1%, whereas cover for homes worth less than $US1 million rose 3%. Car and personal articles rates rose 2%.