The more than 100 homeowners insurance carriers that operate in Michigan are already gathering rating information recently requested by the governor and the Michigan Office of Financial Insurance Services (OFIS) Commissioner Linda Watters, a state industry lobbying group said.
The industry’s response to the state’s “data call” primarily means reformatting and resubmitting data already provided to OFIS as part of annual statements and rate filings the industry is required to file by law, the Insurance Institute of Michigan said in a statement.
While homeowners insurance rates have increased 10 to 30 percent during the past few years, rates are not arbitrary. They are a true reflection of insurance losses, the group said.
Industry experts review past trends and changes in the current environment—including increasingly expensive natural disasters, high cost of home repair and emergence of mold claims —that may impact future claims and expenses. Rates are then set to reflect those findings.
Topics Carriers Data Driven Michigan Homeowners
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