The New Jersey Insurance Underwriting Association
has received approval from the Department of Banking and Insurance to implement an overall rate increase
of 6.2% effective January 5, 2009 for new business and March 5, 2009 for renewal business.
The specifics of the increase include an 11 % increase for owner occupied dwellings and 3% for tenant
occupied buildings. There are no changes to extended coverage or vandalism rates. This rate change applies
to DP 1 and DP 2 dwelling fire policies and does not affect commercial policies or crime policies. Producers
who use the EIO rating program should be receiving the update shortly.
The Association strives to provide excellent customer service and does everything it can to keep rates
in check. This will be the first increase since 2005.
If you have any questions about this bulletin, please contact your underwriter or customer service representative.
