Our latest program filing in Alabama is loaded with good stuff. But first, let’s talk about the rate increase. After careful consideration, we will be implementing a statewide average rate increase of 22.5% as follows:
- New business policies effective 12/21/20 and beyond. For new business quoted prior to 12/21/20, we will honor the current rate for policies bound by 1/4/21.
- Renewal business effective 2/16/21 and beyond. For renewals offered prior to 2/16/21 we will honor the current rate.
- The rate increase of 22.5% is a statewide average, meaning some policyholders will see smaller or larger increases.
Many factors impact this rate increase from an unprecedented number of storms to reinsurance pricing. It’s a necessary part of the industry we work in. We appreciate your support and understanding.
THE GOOD NEWS
These program enhancements were also approved:
- Insurance scoring will now be used in quoting. This means a better rate for your customers. Starts for new business on 12/21/20. Will be included with renewals effective 2/16/21 and beyond.
- New purchase discount is now available. Policyholders will receive 10% off non-wind premiums at home purchase. Discount phases out over three years: Year 1 = 10%; Year 2 = 7%; Year 3 = 3%. Applies to both new and renewal business.
- Annual self-pay discount is now available. Policyholders will receive 20% off non-wind premiums when they pay in full by credit card or check. Available for all business on 12/21/20, when selected.
AND THERE’S MORE
Sneak Peek: Swyfft’s E&S Home Program Is Live.
New in 2021, you’ll now have another market for those coastal risks south of I-10 and located on barrier islands. If it’s not eligible for our admitted program, it could be eligible for non-admitted/E&S program. If that’s the case, try quoting it.
The program is live staring 12/21. Just know we’re still making updates to the quoting system, so you will see some changes. Training dates will be announced in January when the program officially launches. For now, check out page 2 of our updated Quick Reference Guide for more details.