More Massachusetts homeowners are seeing higher insurance bills as several smaller companies follow industry leaders in raising rates after last year's damaging winter storms, The Boston Globe reported.
About a dozen home insurance companies have increased average rates between 4% and 10% in recent weeks, or will do so soon, according to filings with the Massachusetts Division of Insurance. This follows increases by two of the state's largest insurers, Webster, Mass.-based Mapfre USA Corp. and Boston-based Safety Insurance Co., which each boosted homeowner premiums by an average of about 9% last year, the newspaper reported.
Average rates for the 154,000 customers of Quincy, Mass.-based Arbella Insurance Group, the state's third-largest home insurer, climbed 8.7% Jan. 1. By mid-January, customers renewing their policies with Andover, Mass.-based Andover Cos., which owns Merrimack Mutual Fire Insurance Co. and Cambridge Mutual Fire Insurance Co., will see premiums rise by an average of almost 10%, the Globe said.
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