Homeowners Insurance Property Managers

Homeowners urged to weigh in on FAIR Plan insurance hike

Local homeowners who rely on the FAIR Plan, the state's insurer of last resort, could see their rates increase as much as 10 percent if proposed changes are approved.

An Eastham-based association of coastal property owners is encouraging anyone affected by the proposed rate increases to show up at a hearing Thursday.

"Our voices together do make things happen," said Paula Aschettino, chairwoman of Citizens for Homeowners Insurance Reform.

She specifically encouraged more homeowners from SouthCoast to join her group and make their voices heard.

The proposal from the Massachusetts Property Insurance Underwriting Association, better known as the FAIR Plan, calls for a 10 percent increase for New Bedford and Fall River homeowners and 4.2 percent for the rest of Bristol County. The plan would also increase rates in Plymouth County by 10 percent and Cape Cod by 6.7 percent.

The state Division of Insurance is holding a hearing, the first step in the review process, Thursday at 10 a.m. in the agency's offices at 1000 Washington St. in Boston.

Robert Tommasino, general counsel for the FAIR Plan, said two widely-used hurricane modeling systems showed a 25 percent increase in annual predicted hurricane losses.

"That's a big piece of why we're looking at a rate change," Tommasino said.

Its recent history with claims is also a factor in deciding whether to propose increases. The FAIR Plan's needs could have justified even higher rate hikes but the organization chose to cap increases at 10 percent, he said.

The plan was created by state law in 1968 and is supported by required contributions from private insurers who do business in the state.

The owner of a local single-family home, with a replacement value of $250,000, currently pays about $1,500 a year for a standard FAIR policy. A 10 percent hike would mean another $150 a year, said John R. Beauregard, a vice president at Sylvia & Company Insurance Agency Inc.

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