Nevada Rate Increase Updates

[RickyG]

Just a FYI on the state of the State of Nevada:
Below are the latest updates in regard to carrier filings and approvals in Nevada:



NV

PPA:

• Loya filed a +33.84% rate increase, through base rates and multiple factor refreshes, effective 3/4/24.[P]

Recently Approved/Effective

• GEICO is increasing rates +16.78%, through base rates, effective 2/3/24. [P]
  • GEICO’s original proposed rate was 33%, but was brought down after NV DOI review.
  • GEICO recently went effective with a +28.10% rate increase on 8/3/23.
• Allstate F&C is increasing rates +26.9%, through base adjustment factors, and is adding an additional factor table to surcharge Kia/Hyundai’s up to 60% on Comprehensive coverage, effective 1/16/23. [A]

Previously Submitted & Pending

• Progressive is increasing rates +9.61% (Direct) and +14.77% (Agency), through a product refresh, effective 3/29/24. [P]

• Travelers is increasing rates +13%, through a product refresh, effective 5/24/24. [P]

.

• Farmers is increasing rates +23%, with revisions to base rate and rate capping, effective 12/28/23. [P]
  • Rate capping revised to -10.5%/+26%
  • Glass Buyback COMP Deductibles increased +55%
• USAA is increasing base rates +19.96%, effective 10/19/23. [P]
• State Farm is increasing rates +17.7%, with revisions to base and STAR factors, effective 2/19/24. [P]
• Hartford is increasing rates +25%, with revisions to base, citing double-digit pure premium trends for major coverages, effective 1/4/24. [P]
• American Family is introducing two telematics programs, DriveMyWay and MilesMyWay, with a +.78% overall rate increase, effective 2/1/24. [P]

HO:

• State Farm is increasing rates +9.94%, +11.3% for HO3, through a product refresh, effective 4/17/24. [P]
  • CRI (customer rating index) was redesigned with expanded credit characteristics and property risk components.
  • Loyal Customer Discount introduced, returning customers may retain past tenure if lapse < 30 days and policy returns within 3 years with no claims.
• Still Water increased rates +21.88%, through a product refresh, including revisions to AOI, AOC, Limited Loss Settlement Wind/Hail Roof Surfacing, and other factors, effective 1/9/24. [A]

Recently Approved

• USAA is increasing rates +16.23% to their renters programs, through base rates, effective 1/16/24. [A]
• Homesite (American Family) is increasing rates +23.6% for condominium, through rate adjustment factors, effective 1/13/24. [A]

Previously Submitted & Pending

• Progressive filed a +15.35% increase for HO3, through all other peril base rates (xWind/Hail), effective 5/23/24. [P]
• Allstate (2nd Largest book) filed a +10.3% HO3 rate increase, through rate adjustment factors, effective 6/12/24. [P]
• Liberty Mutual filed +14.64% HO3 base rate increase, effective 1/6/24. [P]
• American Family Mutual filed a +24.38%, through base rates effective 5/3/24. [P]
• Travelers is increasing +22.5%, with revisions to NWW age of home factors and wildfire roof covering factors, effective 2/25/24. [P]
• Trumbull is increasing rates +14.2%, with revisions to base rate, effective 12/1/23. [P]