The CT Fair Plan – the state run property insurer of last resort – has received an approval for a rate increase from the CT Insurance Department. It’s 15.4% for residential dwelling and 12.1% for commercial property to be implemented on 10-01-2025. That sounds like a lot, but considering the current market conditions and the fact they their last rate increase was in 2019 it’s actually quite moderate.
The property market is tough right now. We’re seeing a lot of increases and non-renewals. This is just another indication of that.
Good thing you have a pro to go to.
#CTFairPlan #PropertyInsurance #HomeownersInsurance #CTInsurance
