A state program created after a special legislative meeting on property insurance is to pass savings to consumers.
State law requires insurers to submit the possibility of savings to the regulations of the Insurance Department by June 30.
Bronson and Elizabeth Collins said the recent increase in their property insurance premiums is staggering.
“We were shocked and angry at such an increase,” said Elizabeth Collins.
“We have updated the premium,” said Bronson Collins. “And it increased by 46%.”
An 88-year-old woman said she went from $ 1,640 to $ 2,473 a year.
“It seemed unreasonable to see so many at once,” Bronson Collins said.
A couple is never alone.
After the special legislative session, lawmakers passed SB-2D..
According to the law, “insurance companies participating in reinsurance or” RAP “programs to assist policyholders” will be “insurance companies participating in the” RAP “program this year to reflect the cost savings realized by participating in the program. Reduce the price. “
According to the insurance company, reinsurance is basically the insurance of the insurance company, and like all other cases, the cost is increasing.
The idea behind the law is that if an insurer gets reinsurance from a state that it doesn’t have to pay, the savings will be returned to the consumer.
By law, insurers were required by law to submit these rate reductions “by June 30”.
“Unless we get some relief from the state, I don’t think any insurance company will get better,” Bronson Collins said.
News 6 learned that 69 insurers have submitted these rate reductions to the Office of Insurance Regulation.
We randomly selected the companies to analyze.
Safepoint Insurance proposes to reduce premiums by 1.3%.
The National Specialty Insurance Company is proposing a 2.6% reduction.
Slide Insurance Company — 5.7% reduction.
American Reliable Insurance is proposing a 1.3% reduction in premiums.
There are highs and lows, but most companies seem to be in the 1-2% range.
Paul Handerhan is Chairman of the Federal Insurance Reform Association.
“If the benefit of the price was a 1% reduction in cost, that doesn’t really make sense,” says Handerhan.
According to Handerhan, these rate cuts will not reduce premium payments.
“You’re not going to go to the mailbox, pull out your latest insurance renewal, and see your rate go down.
For example, the Collins company has not applied for a rate cut this year, but the latest increase in premiums is 46%, and his insurance company has demanded a 48% increase from the Insurance Regulatory Authority next year. % Does not actually move the needle.
“If the goal was to lower consumer prices, that certainly wouldn’t happen,” said Handerhan.
“How much money did they waste in a special session? I don’t think anything was achieved,” Bronson said.
Republicans who drafted and supported the bill said people should start seeing a decline in property insurance premiums in 12-18 months.
In the meantime, if you want to see if the insurance company has applied for a rate cut, click here Follow these steps:
Click the Advanced Search tab at the top of the page.
Select “Property and Damage”
[キーワード]Type SB2D: RAP Filing in the box and press Search.
The company is displayed below the Results tab.
Find the company and click the arrow on the far left of the company name.
The next click will display the document symbol under Filing Actions.
Request an explanatory memorandum or actuarial memorandum. You need to enter your email address and answer numerical questions to prove that you are not a robot. The document will then be emailed to you.
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