BOSTON
(MyFoxBoston.com) – The historic winter will soon deliver another punch to some Massachusetts homeowners.
Insurance industry analysts say property premiums will increase by as much as nine percent.
Some homeowners could see a hike, even if they never filed a claim.
The Massachusetts Division of Insurance says four of the state’s 10 property insurance providers have asked for rate increases, and since it’s a pooling system, rate increases affect all customers.
The winter of ice dams has lead to a summer of new shingles and gutters.
Contractors like Declan Hanaphy say the work has been non-stop, much of it coming from insurance claims.
“The ice dams completely ripped off siding shingles, everything, you know,” he said.
Claims are adding up, and now homeowners will be paying up.
“I’m hearing anywhere from five to nine percent rate increases,” said Frank O’Brien, who is with Property Casualty Insurers, an insurance trade group
O’Brien says the insurers have to replace money lost after the historic winter of 2015.
“For a number of those companies, this was the worst winter in their history,” he said.
O’Brien himself filed a claim after ice dams ripped off his gutters and created leaks in his roof.
But he says says the rate hikes will affect all customers, even those who haven’t filed claims.
“Now companies need to replenish their coffers to make sure they’re well prepared for when the next thing happens,” O’Brien said.
Homeowners like Erin McQuaid says she waiting to see what happens when her policy resets.
“What was happening when they’re weren’t paying out claims, what happened to all that money they collected year after year after year?” McQuaid, who lives in West Roxbury, said.
The division of insurance signs off on the rate requests.
“The division of insurance does scrutinize all homeowner’s insurance rate filing changes to ensure they are non-discriminatory, comply with the law, and are adequate to cover claims and losses in order to protect consumers,” officials told FOX25 in an email.
McQuaid says this could be just another inevitable bill.
“You don’t have the option to not have homeowner’s insurance,” she said.
The rate hike is not just based on the last winter, but also potential future losses.
FOX25 asked Governor Baker about the increase – nine percent in just one year – and he says will be asking the insurance division about it.
The state’s largest property insurer, Mapfre, is approved to raise rates 8.9 percent. Safety Insurance will raise rates 9.4 percent, USAA 6.4 percent, and, Arbella 2.9 percent.