The homeowner insurance marketplace continues to evolve and be impacted by significant loss pressures including continued inflation, severe weather events and contractor labor shortages. Due to these stubborn trends, we will be adjusting rates for new and renewal Homeowner policies.
For Safeco to become your multiline writer of choice as we move through 2024, we will be taking a new business rate change effective January 20th. With this change, we fully expect reductions in our current level of new business declinations and get back to a more normal course of business. We appreciate your patience and partnership as we’ve increased Homeowner declinations and non-renewals over the past 12-18 months. Our auto product is in a good position from a profit perspective and we anticipate that this change will put our Homeowner product on a similar path.
Note: To ensure the best rate please issue any previously quoted property policies prior to January 20th.
Renewal business effective March 2nd, will see an average impact of +17%. This change will overlap with the prior rate revision, creating impacts that may reach upward to +30% on certain renewal policies beginning in March.
We know these changes are difficult and we do not make these decisions lightly, however for Safeco to be here today, and tomorrow we believe they are necessary.
