Nevada Insurance Commissioner Alice Molasky-Arman has approved the request of State Farm Fire and Casualty Company for an overall statewide average increase of 28.8 percent for rental condominium unitowners insurance, affecting approximately 2,050 Nevada policyholders.
State Farm’s projections indicated that future revenue from rental condominium unitowners insurance premiums will not cover claims costs and administrative expenses.
Molasky-Arman’s approval of the rate change is based on the review by the Division’s actuaries of State Farm’s projections, underwriting profit/loss, and actuarial formulas.
The new rates become effective on April 15 for new and renewal business.
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