Premiums are the periodic payments made by policyholders to their insurance company in exchange for coverage. These payments are typically made monthly, quarterly, or annually, depending on the terms of the insurance policy. The amount of the premium is determined by various factors, including the type and amount of coverage, the risk profile of the insured individual or property, and any applicable discounts or surcharges.

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Massachusetts Senate Attempts to Increase Accident Surcharge Threshold Limits

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The Massachusetts Senate has successfully incorporated an amendment into the 2016 State Budget, aiming to raise the Property Damage Threshold for both Minor and Major accidents. The proposed thresholds would increase to $1,001 for Minor Accidents and $5,001 for Major Accidents, potentially benefiting Massachusetts drivers by impacting surcharge points added to driving records, which can influence insurance premiums following at-fault accidents.

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New MA Law Requires Use of Headlights Effective April 7, 2015

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A new law passed, effective April 7, 2015, mandating drivers to activate headlights and taillights alongside windshield wipers. Non-compliance with this regulation constitutes ticketable and surchargeable offenses, potentially leading to increased insurance premiums.

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Flood Insurance Reform may Significantly Increase Premiums for Some Property Owners

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As of October 1, 2013, changes to the National Flood Insurance Program (NFIP) under the Biggert-Waters Flood Insurance Reform Act are being phased in. These reforms aim to make the program more financially stable by phasing out subsidized rates and aligning premiums with actual flood risk. Not all policyholders will be affected immediately, but rate increases—especially on secondary homes, businesses, and repeatedly flooded properties—are underway. Be informed and prepared if you own property in a flood-prone area.

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Keep Your Home in Tip-Top Condition

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In recent years, homeowners have grappled with soaring insurance costs and challenges in obtaining coverage, especially those with multiple claims. Yet, by implementing preventive measures, homeowners can mitigate future risks, making insurance more accessible and affordable.

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