Nevada Insurance Commissioner Alice Molasky-Arman has approved the filing of State Farm Fire and Casualty Company for an overall statewide increase of 24.8 percent for manufactured home insurance, or approximately $701,000 in premium.
The individual rates will vary considerably, depending upon the characteristics of the particular manufactured home. With this revision, State Farm will replace protection class rating with the
sub-zone rating used in its homeowners program. The deductible credits for the $1,000 and $2,000 deductibles will decrease, and the minimum premium will increase from $75 to $125. The manufactured home 369 discount is expanded to add a 15 percent discount for State Farm policyholders who have had a manufactured home policy with the company for 9 or more years
State Farm originally requested an overall average increase of 33.1 percent, under which the maximum increase to a policyholder would have been 94.7 percent. After negotiations with the Division’s actuaries, the company agreed to reduce the increase to 24.8 percent and cap the maximum increase to a policyholder at 50 percent.
The new rates became effective on March 1, 2004 for new and renewal policies. Currently, State Farm has 7,180 policies in force.
The last rate change for this program was a 19 percent increase effective Jan. 1, 2003 for new business and March 1, 2003 for renewal business.
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