In a step seen to indicate further stabilization of the Mississippi insurance market, Commissioner of Insurance George Dale announced that he has approved two rate filing reduction requests filed by Mississippi Farm Bureau Casualty Co.
Through its Homeowner Program, the company will institute a 3 percent premium reduction. A Dwelling Program will see an up to 4.3 percent reduction in premiums. Both premium reductions go
into effect Nov. 1.
The new reductions will carry some restrictions in the six coastal
counties; however, the company will continue to allow wind coverage to be added to existing business in George and Stone counties if certain underwriting criteria are met.
Mississippi Farm Bureau Casualty policyholders are urged to contact their agent for the specifics of the new premium rates and how those changes will affect their individual policy.
“I see Mississippi Farm Bureau Casualty’s filings as another positive sign of the beginnings of the slow stabilization of insurance rates in the state that I have predicted. As we continue to have a relatively quiet hurricane season and move further away from Katrina, I expect to see more and more companies filing for rate reductions. While the premium rates and the market are far from where I would like them to be, this is an excellent first step,” said Dale.
Source: Mississippi Insurance Department
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