liberty mutual insurance company massachusetts
The deregulation of automobile insurance in Massachusetts, USA has issued an unexpected change in consumer satisfaction: a decrease in the ever-increasing insurance prices home.
Insurers competing for auto business for the first time in recent decades are lowering premiums policies on homeowners for consumers who buy both types of coverage of the same company. In recent months, some companies largest insurance in Massachusetts, including Arbella Insurance Group, Commerce Insurance Co., Liberty Mutual Group, and Norfolk & Dedham Group, have shaved 3 to 20 percent premiums outside owners, offering deep discounts on combined com policies.
Massachusetts Insurance Commissioner Nonnie Burnes said the week past he had hoped, in planning for deregulation of the auto insurance system that would "force insurers to pay more attention to their homeowner rates. "She is satisfied with the results so far.
Gregory Donovan, a Quincy real estate lawyer, learned that his automobile insurance company, trade, offers a discount to customers who moved its owner policies for trade. Donovan's Westwood Home was insured by Travelers of Massachusetts, so he asked his agent to see if travelers could equal or better treatment of Commerce.
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Travelers offer the same price on car insurance for Donovan and his wife two Honda. But if the couple gave the company coverage of automobiles, which would get about $ 145 a break on your homeowner's policy, bringing the annual premium to $ 1085. "It's just a matter of course to combine if you can save," Donovan said.
Until now, homeowners insurance premiums have gone anywhere, but to up, increasing 9.2 percent in Massachusetts last year, compared with 3 percent nationally. Since 2000, homeowner premiums have increased 85 percent in Massachusetts, $ 950 on average, compared with an increase of 63 percent nationally, to $ 826.
These premiums exclude 150,000 Homeowners who buy insurance coverage in the state of last resort, the FAIR Plan. FAIR Plan rates increased 25 percent in 2006 and 100 percent since 2000.
For the first time in Massachusetts, the homeowner premiums have exceeded the cost of a single automobile policy. Except for the FAIR Plan, premiums Massachusetts homeowners insurance are not regulated.
Deregulation Order, which came into force on 1 April, brought new competition to the long-dominant the automobile insurance companies such as Commerce. In his defense, the largest auto insurers began offering breaks in coverage So they are reducing homeowners premiums through discounts on combined coverage.
"If trade offers huge savings on the car, which houses will suck away "from competitors, said Stacey Souza, director of the office in GV & Y. Insurance Agency in Westwood
Timothy Hegarty president of the Norfolk and the insurance company of Dedham, said his company increased its ownership discounts last summer by about five percentage points, 10 a 15 percent discount, in anticipation of the deregulation of cars, 15 percent is a savings of $ 150 in a typical policy.
"The catalyst was the change in the auto market – no doubt, "he said.
In October, Arbella also increased its discount on premiums by owners, 15 per percent to 20 percent. Arbella wanted to keep car customers while expanding business of your landlord, said Andrea L. MacKay, vice president. A drop in claims from homeowners in 2006 also paved the way for the reduction, he said.
A larger discount Arbella of reducing homeowner premiums averaged $ 699, $ 730 last year.
Other insurers that include increased rebates Liberty Mutual and Commerce, while Quincy Mutual Fire Insurance is awaiting state approval to do so. Some insurers are also offering discounts for the combines for the first time, officials said.
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