Nevada Insurance Commissioner Alice A. Molasky-Arman has approved the request of State Farm Fire and Casualty Company for an overall statewide average increase of 28.8 percent for rental condominium unitowners insurance, affecting approximately 2,050 Nevada policyholders.
State Farm’s projections indicated that future revenue from rental condominium unitowners insurance premiums will not cover claims costs and administrative expenses. Molasky-Arman’s approval of the rate change is based on the review by the Division’s actuaries of State Farm’s projections, underwriting profit/loss, and actuarial formulas.
The new rates become effective on April 15, 2004 for new and renewal business.
Topics Trends Pricing Trends
Was this article valuable?
Here are more articles you may enjoy.
One Weather Firm Warns New England Could See Big Hurricane This Season 
El Niño Likely Strongest in 75 Years, US Forecasters Say 
Farmers Looks to Make it Easier for Consumers to Understand Insurance 
Robotaxi Riders Are Falling Asleep, Sparking Frantic 911 Calls 
