State’s homeowners are expressing anger about higher premiums Homeowners in Massachusetts are growing more frustrated with high insurance premiums. The Massachusetts Division of Insurance has taken a step to help consumers better understand why rates are rising so quickly by making the rate review process open to the public. The decision may provide more transparency when it comes to increasing homeowners insurance rates. It is unlikely, however, that this will reduce the frustration that consumers are feeling when it comes to insurance premiums. Division of Insurance will provide more transparency…
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Health insurance rates to go up in Massachusetts
Consumers and businesses will see a modest increase in insurance premiums Health insurance premiums are set to grow in Massachusetts, as regulators have approved rate increases for small groups and individuals. The state will see a modest increase in rates when compared to others in the country. The Massachusetts Division of Insurance has posted information concerning the rate increases, providing consumers with an opportunity to review the rate increases coming from insurers and see how it will affect them and the coverage that they have. 300,000 people to be affected…
Read MoreSenate to investigate growing homeowners insurance premiums in Massachusetts
Senate panel will uncover the necessity of homeowners insurance rate hikes Homeowners insurance premiums are spiking in Massachusetts, and a new Senate panel intends to look into the issue. The Senate’s Post Audit and Oversight Committee will be investigating the Massachusetts Division of Insurance and its approval of costly homeowners insurance rate increases. Senator Michael Barrett will be leading the Senate panel in the investigation. Depending on the findings of the investigation, homeowners in Massachusetts could eventually see some relief to growing homeowners insurance rates. State regulators approve rate increases…
Read MoreState to investigate homeowners insurance rate hikes
Massachusetts launches inquiry into growing homeowners insurance premiums The Massachusetts Senate will be launching an inquiry into “troubling homeowners insurance rate increases.” Several homeowners in the state have been hit by large increases as insurers sought to recover from financial losses due to heavy snowfall last winter. Last year, record snowfall caused significant damage to property and loss of business, which placed more pressure on insurers who now want to recover from these losses. This is somewhat typical for the insurance industry, especially in the wake of significant natural disasters.…
Read MoreHomeowners insurance increases rejected by Massachusetts
The state has shot down the request to hike rates that was made by FAIR for its high risk pool. Regulators in Massachusetts have turned down a request from the high-risk homeowners insurance provider that would have caused premiums for that coverage to rise by an average of 7 percent. The FAIR high risk plan wrote a large number of policies in 2012, according to the Division of Insurance. Though the majority of the areas that have the highest risk of storms and flooding are in the region of Cape…
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