Boston.com says that Boston residents who have homeowners insurance through the state's FAIR plan (insurance of last resort) will see a decrease in premiums this year, while the rest of the state will see relatively flat rate changes for the coming year. The FAIR plan had requested a modest increase, but Joseph Murphy, the state's acting insurance commissioner, said that the rate increases did not appear to be justified.
Insurance rates in coastal states are a difficult nut for insurance carriers to crack. They have to balance the higher risks associated with coastal properties (usually wealthier policyholders) with affordable rates for inland policyholders (everyone else).
(Boston.com apparently will not allow me to include excerpts of the article, so you'll have to follow the link for yourself. Sorry for the inconvenience...)
A. J. Farley runs Farley Home Services of Murfreesboro TN.
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