The MA Commissioner of Insurance is considering approval of recently requested increases of up to 7% in the FAIR Plan, on which nearly half of Outer Cape residents rely for homeowner’s insurance. The Commissioner of Insurance is accepting public comments until February 29th. Along with others individuals and organizations who are part of the coalition for Homeowners Insurance Reform, TNRTA has filed the following letter opposing this increase and urges all those who may be concerned about this increase to write to the Division of Insurance to express your views before the deadline, February 29th. Please make sure to reference Docket No. R2011-02.
We have made progress, finally, in getting the underlying problem in establishing reasonable FAIR Plan insurance rates in MA addressed: the hurricane and “wind event” models which insurers use are not related to what actually happens on the Cape or elsewhere in Massachusetts. With the energetic assistance of State A.G. Martha Coakley, this is now getting attention and action. So it is a good time to let the Division of Insurance know your views. If inclined, send your comments before Feb. 29, 2012 to:
Jean Farrington and/or Stephen Sumner
Presiding Officer, Hearings and Appeals
Division of Insurance
1000 Washington St., Suite 810
Boston MA 02118-6200
RE: Docket No. R2011-02
Click here for a copy of TNRTA’s letter to the Division of Insurance. Our Cape legislative delegation is also supporting our position, and will file their own joint opposition with the Division of Insurance.