State Senate to probe high homeowner insurance hikes

[unhappycamper]

http://www.bostonherald.com/business/real_estate/2015/07/state_senate_to_probe_high_homeowner_insurance_hikes

State Senate to probe high homeowner insurance hikes
Donna Goodison
Tuesday, July 28, 2015

A state Senate committee will investigate “troubling” increases in Massachusetts homeowner insurance rates after a severe winter that produced record snowfall and claims for damage.

Sen. Michael Barrett (D-Lexington), chairman of the Post Audit and Oversight Committee, wants greater transparency in the Division of Insurance’s rate approval process to ensure hikes are justified. A September hearing is planned.

The DOI so far has approved an 8.9 percent rate hike for Mapfre USA, 
9.1 percent for Safety Insurance and 7.8 percent for Bunker Hill Insurance — increases that’ll add $100 or more to homeowners’ bills, according to Barrett. Annual rate hikes usually average 2 percent to 3 percent, he said.

“The public could have been given a seat at the table before these 
homeownership insurance rates became final,” Barrett said. “Rates in past years were supposed to have anticipated the occasional bad winter. We will be asking whether these ... increases will be factored into a permanent base of charges going forward or ... rolled back following this year of extraordinary cost-recovery.”

[Paper Roses]

1. Was told by my Insurance Agent:

Huge costs will bring everyone's insurance rate up.

I have Commerce Insurance, my rate will be going up over 9%. I was told they (Commerce) had over 20,000 claims this past March alone.

[unhappycamper]

2. I insure thru Amica and have not seen anything (yet).

[SamKnause]

3. I live in Ohio.

Last year my home owner's insurance went up $186.00.

This year my home owner's insurance went up $212.00.

I have been with the same company for 13 years.

I had 1 claim 7 years ago.

A 3 day power outage caused my freezer full of food to spoil.

My home owner's insurance is now more than my taxes.

13 years ago $535.00 per year.

To date $1247.00 per year.

We are being sucked dry on every front in this country.