First Community Insurance Company has received approval from the Office of Insurance Regulation (OIR) for a rate and rule change to our Homeowners program.
Territories: Now determined by ZIP code
The system will assign the territory, which means your agency no longer has to figure out which territory to select.
Dwelling Premises – Maximum Acres
Dwelling must be located on five (5) acres or less
Homeowners Base Rate
Statewide average of 21.1% rate increase
The rate change indicated above is a state-wide average. Each policy will be affected differently; the exact dollar amount of the impact is explained on the Consumer Information Notice located on the back of the Assessment Fee Detail Notice, which is sent to every policyholder.
Dog Liability
Every Homeowners policy currently includes a $25,000 sublimit for dog liability. We have taken the cost for this coverage out of our base rates. Dog Liability will now be shown as a separate coverage. In the very near future dog liability will be an optional coverage. We have submitted a separate dog liability form to the FL OIR for approval. In the interim, Renewal policies and New Business quotes will continue to include dog liability coverage. Once our form is approved, the policyholder will have the option to remove or add dog liability.
Coverage C – Personal Property Change
Due to rising inflation over the years and increases in Coverage A, we have found that most people do not require 50% of Coverage A for Contents coverage. With that in mind, we have made the decision to renew all policies with Contents coverage at 30% of Coverage A, provided the policy currently has the standard limit of 50%. The premium credit for this reduction in coverage will be applied automatically.
A Notice to Policyholder will be sent to the insured explaining this change and the option to increase up to 70%, if they indeed require that amount of coverage. In addition, New Business quotes will now default to a limit of 30%, but can be increased if more coverage is needed. Existing quotes with Contents coverage at 50% will not be impacted unless Coverage A is altered. Changes to Coverage A in the quote will cause Contents coverage to recalculate to the new 30% default. You will have the option to increase as necessary.
We hope that these changes will help the policyholder with rising costs in a tough economy, and strengthen our partnership by maintaining a sound book of business.
If you have any questions, please feel welcome to contact your territory underwriter.
Effective:
New Business: May 23, 2011
Renewals: June 12, 20111
Customer Service: 800.627.0000, ext. 4703
As always – we appreciate your business!
First Community Insurance Company | Bankers Insurance Company
11101 Roosevelt Blvd N, St. Petersburg, FL 33716 | Toll-free: 800.627.0000
www.bankersinsurance.com