Mississippi Insurance Commissioner George Dale has approved rate changes for homeowners policies written by Shelter Insurance Co. and commercial policies written by Brierfield Insurance Co.
The highest increase in some territories will be 35 percent. Shelter’s original rate filing had asked for an overall statewide average increase of 50.4 percent. Shelter does not and did not write homeowner insurance on the Mississippi Gulf Coast.
Over 15,000 homeowner policyholders of Shelter will see an overall statewide average increase of 9 percent increase, while other Shelter policyholders will see a decrease of up to 6 percent.
In the commercial market, Brierfield Insurance Co. is revising rates for policyholders statewide, including on the Mississippi Gulf Coast, a move which will result in overall premium decreases of 8.8 percent and 9.3 percent. Brierfield is a Mississippi domestic insurer that is actively writing in Mississippi, including wind policies, on the Gulf Coast.
Dale said the filings will also offer coastal policyholders options for reducing premiums.
“While rates are still much higher than I would like for those areas that had the greatest damage, some companies can now offer opportunities for policies that are considerably less costly than wind pool policies and that offer better benefits,” Dale said. “I am encouraged that these filings are a sign that the insurance market in much of the state is beginning to stabilize. It is my goal to see the entire state move back towards a normal market with lower rates.”
Source: Mississippi Insurance Department
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