What better way to kick off the new year than with some good news! Thanks to your efforts in placing quality homeowner business, Frankenmuth Insurance experienced profitable results in Ohio this past year. In fact, we finished the year with a total loss ratio of 51.2%, led by the homeowner line of business with a loss ratio of 44.1%.
The even better news is that these profitable results allow us to lower the homeowner rates, which we hope will help you write and retain more quality business with us.
Effective April 1, 2018, we are making the following changes to the homeowner product:
Overall Rate Change: -1.0%
- HO-3: -0.9%
- HO-4: -1.1%
- HO-6: -1.3%
- HO-9: -0.9%
We are also making the following rate revisions to improve our competitive position:
- Coverage A – Amount of Insurance: Decreased rates for homes with a Coverage A amount between $380,000-$950,000
- Special Personal Property Endorsement (HO-0015): Decreased factor from $0.10 to $0.05
- Age of Home: Slightly increased the age of home rate relativities for age segment 61-80 years old
In addition to the revisions listed above, we have made some group discount changes. The group discount changes are all based on past loss experience. Some of the discounts have improved, while others are lower, so feel free to contact your PL Field Manager or Underwriter for any specific questions in this area.
We’re confident these revisions will provide us with the foundation for improved growth results next year. Thank you for your continued support of Frankenmuth Insurance, and we look forward to working with you again in 2018!
