Effective 7/1/2024, Loudoun Mutual will introduce insurance scoring into the Homeowners rating algorithm. The correlation between fiscal responsibility and profitability was evident in both Loudoun Mutual’s loss experience and industry results. Adding Insurance Score as a Homeowners rating component will better position Loudoun Mutual and your agency to increase production in a risk segment where the financially responsible, in general, have fewer and less costly claims while also achieving rate adequacy for lower score business that exhibits a higher loss ratio and claim frequency.

Homeowners revision effective 7/1/2024:

• Homeowners key premium will be increased 2.0%.
• Territory 9 (Chesterfield), Territory 14 (Danville), and Territory 19 (Martinsville) will receive an additional increase to the territory factor of +3.0%
• Territory 10 (Hampton) and Territory 16 (Fairfax) will receive an additional increase to the territory factor of +1.0%

These changes support targeted growth and retention strategies designed to improve the Homeowners loss experience. If you have any questions, do not hesitate to give me a call.

Regards,
Chuck Good, VP Marketing