BULLETIN
March 22, 2024
Western National Insurance Home and Auto Revisions - Iowa
Western National recently completed a review of our home and auto programs. We are adjusting our products and rates as outlined below in response to market conditions and to align with our loss experience.
Rate Increase
Although the impact of rate adjustments will vary based on the specific characteristics of the insured exposure, the overall increase to the rate level is 25% in Signature Home and Select Home and 27% in all auto products. These rate adjustments are effective April 1, 2024, for new business and April 25, 2024, for renewals issued in our new policy system. The change is effective May 12, 2024, for auto renewals on our legacy system. Quoting for home and auto has been restored in our new system.
Product Changes
The following changes are being made to Signature Home and Select Home products effective April 15, 2024, for both new and renewal policies.
- Windstorm or hail losses for Form 3 and 5 policies will now be settled under Actual Cash Value Terms if the age of the roof is 10 years or older.
- The cosmetic damage roof exclusion is being modified to specify that this exclusion applies to all metal components of a roof.
- The required notification period for hail losses will now be within one year after the date of loss.
As a reminder, Western National is in the process of automatically transitioning homeowner policies in our legacy system to the Signature Home program as they renew. Personal Auto policies issued in our legacy system are not being converted to our new products or system. We’ve made quoting Penalty-Free policies in the Select Auto and Signature Auto programs easy by starting quotes for every renewal using existing policy information to minimize the additional entry needed for an application. Please contact your Regional Agency Manager with any questions.
Thank you for your continued partnership!
