BULLETIN
February 26, 2021
Western National Iowa Homeowner Program Rate Revision – Eff. 4-1-2021
We recently completed a review of Western National’s Iowa Homeowner program. An increase in rates is indicated due to poor performance resulting primarily from spring and summer storms. While most homeowners will see a modest increase, some policy premiums may increase up to 16%. Western National rating territories in and around Cedar Rapids, Independence, Iowa City, Marion, and Washington will have the highest rate increases.
In addition to rate adjustments, Western National modifies dwelling coverage each year to account for inflationary increases to home rebuilding costs. Our current adjustment averages 5%. If our policyholder believes the Coverage A limit on their policy is too high, please submit a new replacement cost estimator and request to lower coverage. Something to consider before reducing coverage is that current high demand for building materials is driving up construction costs. This trend is not accounted for in building cost estimating tools and the duration of any shortage in building materials is yet unknown.
Some agents are recommending deductible increases to policyholders looking to reduce premium. If you would like a list of current policy deductibles for your customers, or if you have other questions, please contact your Personal Lines Underwriter or your Regional Agency Manager.
Thank you for your continued partnership with Western National.
