Nevada Insurance Commissioner Alice A. Molasky-Arman has approved a mobile homeowners insurance rate change for the Foremost Insurance Company Grand Rapids, Michigan (“Foremost Insurance”), American Federation Insurance Company (“American Federation) and Foremost Property and Casualty Insurance Company (“Foremost Property and Casualty”). The Foremost Insurance Group is a member of the Farmers Insurance Group which is part of the Zurich Financial Services Group.
Foremost Insurance policyholders will see an average premium increase of 9.9 percent. No Foremost Insurance policyholder will receive more than a 14.4 percent increase. American Federation policyholders will see an average premium increase of 10.4 percent. No American Federation policyholder will receive more than a 14.0 percent increase. Foremost Property and Casualty policyholders will see an average premium increase of 11.0 percent. No Foremost Property and Casualty policyholder will receive more than an 11.0 percent increase. Foremost Property and Casualty’s program is marketed to members of the American Association of Retired Persons (“AARP”).
The changes will be effective Jan. 1, 2003 for both new and renewal business.
Foremost Insurance Company has 9,915 Nevada policies in force. Foremost Property and Casualty has 3,924 Nevada policies in force. American Federation has 4,144 policies in force. The company cites increased losses as the justification for the increases.
The last rate changes for the mobile homeowner’s program were +1.8 percent effective Sept. 1, 2001 for Foremost Insurance, +6.6 percent effective Sept. 1, 2001 for American Federation and +5.5 percent effective Feb. 1, 2001 for Foremost Property and Casualty.
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