Warning: Creating default object from empty value in /home3/inspo77/public_html/wp-includes/ms-load.php on line 113
State rejects insurance rate increase request from FAIR high-risk home …

State rejects insurance rate increase request from FAIR high-risk home …

State rejects insurance rate increase request from FAIR high-risk home
News from MassLive.com:

SPRINGFIELD- Massachusetts regulators have rejected a request from the state’s high-risk property  insurance provider that could have increased  homeowners  insurance premiums by an average of 7 percent.

While most common in flood-and-storm-prone ares of Cape Code and the islands, the  FAIR high risk plan wrote 188,000 policies in 2012, including 2,700 properties in Springfield, said Deputy Commissioner Kevin Beagan of the state Division of Insurance.

Beagan was among the state officials who helped announce the Division of insurance decision Monday.

The name FAIR stands for Fair Access to Insurance Requirements. The insurer is run by the Massachusetts Property Insurance Underwriting Association. All companies writing basic property insurance in Massachusetts are required to participate in the FAIR Plan and share losses in proportion to their market share, Beagan said.

Those 188,000 FAIR policies accounted for 12.7 percent of the total homeowners  market  and made FAIR the state’s largest insurance-like entity, Beagan said, careful  to draw a distin…………… continues on MassLive.com

… Read the full article


Related News:

lsp_1383_6 Londons Times Funny Animals Cartoons – Three Little Pigs And Homeowners Insurance – Light Switch Covers – 2 plug outlet cover
Three Little Pigs And Homeowners Insurance Light Switch Cover is made of durable scratch resistant metal that will not fade, chip …
Homeowners Coverage Guide, 4th Edition (Personal Lines)
Homeowners Coverage Guide covers the most important aspects, and provides analysis, of the Insurance Services Office Homeowners fo…