MA insurance agents: The Commissioner wants your input on homeowners insurance rates
Massachusetts insurance agents, Daniel Judson, Commissioner of Insurance would like your input in the MA Division of Insurance's first-ever public hearings related to homeowners’ insurance rates. Three hearings have already been held and three more are pending. Julia Ybarra of Agency Checklists says the hearings are a response to a public outcry after the Division's approval of homeowners insurance rate increases for 13 carriers.
"In explaining why he would like agent input, the commissioner said that he would “love to have” agents attend the remaining informational hearings because “you’re the ones that can explain how the policies work, how these products work…” As “the face of the industry” agents can provide him with direct information as to what issues there are in the homeowners insurance market and in the homeowners insurance policy forms. Ultimately, as the Commissioner explained to Hampden County Agents Association is its agents customers who become the consumers that he has been charged to serve as the Commissioner of Insurance."
For background on the public backlash to the homeowners insurance rate increases, see the Boston Globe: Amid anger over rate hikes, a push for explanations.
"Insurance companies said they needed higher premiums to recoup losses after paying significant amounts in claims after this year’s record snowfall and previous storms, including tornadoes that hit Central and Western Massachusetts in 2012 and the early snowstorm in October 2011.
State insurance regulators said they did their job reviewing rate requests, making sure they were not excessive, inadequate, unreasonable, or discriminatory. They have reviewed nearly 40 rate filings so far this year and have approved increases in 13 cases, a spokesman said."
The following are the remaining hearing dates, as well as other options for submitting commentary.
November 17, 2015, 6:00 p.m. – Offices of the Division of Insurance, Hearing Room 1-E, First Floor 1000 Washington St., Boston Massachusetts 02118
December 2, 2015, 11:00 a.m. – New Bedford City Hall, Room 314, 51 Elm St., New Bedford, Massachusetts 02740
December 8, 2015, 11:00 a.m. – Barnstable Town Hall, 367 Main St., Second Floor Hearing Room, Hyannis, Massachusetts 02601
The Division of Insurance advises comments should be sent to HOI.email@example.com or via US Mail to the Division’s office at 1000 Washington Street, Boston MA 02118.