Effective November 1, 2023, we will be implementing two rate adjustments for new and renewal business within the Rockingham Farmowners PLUS program. These changes are aimed at ensuring that our coverage remains robust and sustainable, allowing us to continue protecting your client's assets effectively.
Loss history factors are being revised.
Minimum premiums are increasing from $250 to $500 for policies without a Coverage A dwelling, and from $500 to $1000 for policies with a Coverage A dwelling.
Most of the $250 minimum premium policies present a consolidation opportunity. Consolidating accounts will make it easier for you to service going forward, and could result in premium savings for the insured.
If your client would like to reduce their premium, raised deductibles are an option that would offset costs.
The loss history change and minimum premium change combined, result in an overall rate change of 9.39%, although individual policies will vary depending on their other premium development factors.
Our dedicated team is available to address any concerns you may have and to offer guidance on how these changes might impact your client's individual policies. Please direct questions and concerns to farmunderwriting@rockingham.farm.