What are property insurance rates

The insurance premium rate is the ratio of the insurance premium to the insurance amount, also known as the insurance price, is the price paid by the insured to the insurer in order to obtain the insurance obstacle, usually expressed in terms of the insurance premium per hundred dollars or per thousand dollars of the insurance amount. But as the insurance price of the insurance rate is different from the price of other commodities, because the insurer to develop the rate is mainly based on past losses and costs of statistical records, rather than the loss of the insured insurance subject matter information.