Rate adjustments are part of our business. Storm activity, reinsurance costs and market conditions change, all impacting rate. Our commitment is to make these changes less disruptive for everyone, by giving you a heads up and looking for ways to limit or offset them (enter insurance scoring).
After careful consideration, we implemented a statewide average rate increase of 25% for our home program as follows:
- New business policies effective 5/1/21 and beyond. For new business quoted prior to 5/1/21, we will honor the current rate through 5/21/21.
- Renewal business effective 6/30/21 and beyond. For renewals offered prior to 6/30/21, we will honor the current rate.
- The rate increase of 25% is a statewide average, meaning some policyholders will see smaller or larger increases.
Insurance Scoring is Here
Great news! Swyfft now factors insurance score into rating. This means customers will get their best rate. This change is immediate for new business. We will apply insurance scoring for renewal business using the same schedule listed above for the rate increase.