Is your MA homeowners policy changing and not sure what to do?

Recently, a couple homeowners insurance carriers announced they would be changing how their policies were managed in the state of Massachusetts. As just a regular old homeowner, this can be cause for a lot of concern!

• What happens to my policy?
• Am I still insured?
• Is this new policy still covered by the State (admitted option)?
• Who is this new company that is taking over and will my rates increase?

If you just want answers to the questions above…look no further!

• During this process, you should be notified by your insurance agent (RogersGray sent a letter to every client along with emails ahead of their renewal dates). This notification should explain that your policy is being underwritten by another carrier through the end of your policy term. It will then renew automatically with that new company unless your agent does something differently in advance of the renewal.
• You are still insured, and your agent should most definitely assure you of that fact.
• You should ask if the policy is an “Admitted Policy”  An admitted insurance company has met regulations set by a state’s department of insurance (DOI), whereas a non-admitted insurance company has not met those requirements.
• Any reputable company should have an at least an A- financial rating from A.M. Best or Demotech. You should be able to find their financial ratings relatively quick online. In terms of rate increases, you should look at your renewal policy or discuss your renewal policy with your agent. In the case of RogersGray, we are reviewing each policy in advance of renewal to make sure we are placing clients with the best option available to them.

The homeowners insurance marketplace can be volatile, however, your agency should be communicating with you to advise you of the current situation and how they are working to ensure your protection. If they are not, then feel free to contact us and we can help!

PS – This article is about a year old, but it does give you some insurance details. You should note that since this was written, HCI has been approved and is operational in MA.