Massachusetts will begin public hearings next week on a request by the state’s property insurer of last resort to raise rates from 1.9 percent to 7 percent.
The hearings are set to begin Dec. 15 on the request by the Massachusetts Property Insurance Underwriting Association (MPIUA), also known as the FAIR Plan. The MPIUA is seeking overall rate increases for Homeowners Multi-Peril of 1.9 percent; for Dwelling Fire and Extended Coverage, 7.0 percent; and for Commercial Fire and Allied Lines 0.0 percent.
The proposed effective date for each filing is Dec. 31, 2009.
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