UmialikXpress

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Agency Bulletin

September 27, 2022

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Umialik Insurance Homeowner Rate Revision - Eff. 11-1-2022

We recently completed a review of Umialik’s Homeowner insurance program. Widely reported economic and environmental factors are having an impact on insurance costs across the country, including inflation, supply chain issues, and the average frequency and severity of catastrophic events, such as wildfires and storms. These factors have resulted in a significant increase in the average cost of claims for our policyholders, and as such, we will be adjusting rates to address the impact of increased costs.

Effective November 1, 2022, homeowner rates will increase slightly. We have also increased the factor that is applied to coverage limits at each renewal to ensure property limits are sufficient to cover the cost to rebuild our insured properties. The exact impact of rate and limit increases will vary based on the specific characteristics of the insured exposure.

Please contact your Personal Lines Underwriter or Sandy Holmes, your Regional Agency Manager with any questions.

Thank you for your continued partnership!