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Contact Us: info@illinoisfairplan.com 312.861.0385 |
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Producer Summary
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News Quick Jump: click on the topic to jump to the article >>MAY 2010 - Homeowners Rate Change.
>>JUNE 2009 - Inflation Guard on HO8 Renewals and All Dwelling Property.
>>MAY 2009 - Insurance to Value on HO2/3 renewals.
>>MARCH 2009 - Dwelling Property Rate Change.
>>DECEMBER 2008 - Producers and Insureds Encouraged to Communicate by Email.
>>JUNE 2008 - Payment Inquiry Now Includes Current Mortgagee
>>JUNE 2008 - Producer Copy of Renewal Premium Notice Eliminated
>>MAY 2008 - Earthquake Coverage Moratorium Lifted
>>APRIL 2008 - Earthquake Coverage Moratorium
>>NOVEMBER 2007 - Online Payments
>>AUGUST 2007 - Homeowner Rate Change
>>FEBRUARY 2007 - Dwelling Property Rate Change
>>OCTOBER 2006 - Dwelling Property 2002 Program
>>JULY 2006 - Updated Earthquake Program
>>MAY 2006 - Insurance to Value on HO2/3 Policies
>> MAY 2006 - Payment Inquiry Enhancement
>> FEBRUARY 2006 - Payment Inquiry for Producers
>> JANUARY 2006 - Insurance to Value on Commercial Policies
The Illinois Department of Insurance has granted the Illinois FAIR Plan a rate change for Homeowners policies. The overall increase is 7.0% and will be effective May 1, 2010.
Inflation Guard on HO8 Renewals and All Dwelling Property In order to keep up with the increased cost of construction and minimize any penalties for an insured in the event of a loss, effective July, 2009 the Illinois FAIR Plan is adding Inflation Guard to HO8 renewals and all Dwelling Property policies. This is in addition to the Homeowner's Replacement Cost HO2/3 policies and new Homeowner's Repair Cost HO8 policy. As a result, all Homeowner's and Dwelling Property policies will now include Inflation Guard. This is an option enhancement to the HO8 and Dwelling Property policies and may be removed at the insured's written request.
Insurance to Value on HO2/3 Policies The Illinois FAIR Plan is asking producers for their help in reviewing Homeowner's Replacement Cost HO2/3 policies that have been renewed more than three times to confirm proper Insurance to Value. Producers are being requested to provide an updated replacement cost calculation along with confirmation of the policy limits desired. The FAIR Plan will then endorse HO2 policies to a minimum of 80% (or higher if requested) and HO3 policies to 100% of the estimated replacement cost indicated.
The Illinois Division of Insurance has granted the Illinois FAIR Plan a rate change for Dwelling Property policies. The overall increase is 5.4% and will be effective May 1, 2009.
Producers and Insureds Encouraged to Communicate by Email To assure a quick response and written documentation, producers are encouraged to forward their inquiries or requests by email to info@illinoisfairplan.com. Endorsements can also be requested by clicking on "Request Policy Change" on the Home Page. A list of specific email addresses is available on the Contact Us page.
Payment Inquiry Now Includes Building Limit and Current Mortgagee The Producer Payment and Claims Inquiry feature on the website has been enhanced to include policyholder building limits and current mortgagee. Producer Copy of Renewal Premium Notice Eliminated While producers will no longer receive a copy of the renewal premium notice for their policyholders, they will continue to receive a copy of the Past Due Notice if the renewal premium is not paid and a client's renewal status can be accessed at any time through the Payment and Claim Inquiry function of the website. Earthquake Coverage Moratorium Lifted Effective May 19, 2008, the Illinois FAIR Plan no longer has a moratorium on new Earthquake Coverage. Earthquake coverage is available as an endorsement to the Homeowners and Dwelling Property policies. Earthquake Coverage Moratorium Effective immediately, as a result of the April 18, 2008 5.2 magnitude West Salem, IL earthquake, the Illinois FAIR Plan has declared a minimum of a 30 day moratorium on new Earthquake Coverage for the entire state of Illinois. Current FAIR Plan policyholders can now make renewal and installment payments on-line, on-line payments are currently not available for new applicants. To learn more, click on the "Payment" tab.
The Illinois Division of Insurance has granted the Illinois FAIR Plan a Homeowner policy rate change effective September 1, 2007. The overall rate increase is 3%.
The Illinois Division of Insurance has granted the Illinois FAIR Plan a rate change for Dwelling Property policies. The overall increase is 7.7% and will be effective March 1, 2007.
Dwelling Property 2002 Program The Illinois FAIR Plan is pleased to announce that it is adapting the Dwelling Property 2002 Program effective October 1, 2006. Follow this link for a description of program changes..... DF 2002 Program
The Illinois FAIR Plan is adapting the most recent ISO Earthquake Program effective July1, 2006. This includes the revised rates located in the Rates section of the website and an increase in the minimum deductible from 2% to 5%. More details are available in the Notice to Policyholders accompanying all renewals.
Insurance to Value on HO2/3 Policies Effective with May 2006 renewals, the Illinois FAIR Plan is reviewing all Homeowner's Replacement Cost form HO2/3 renewals to confirm Insurance to Value. If the policyholder is not carrying Insurance to Value and has the potential of being penalized in the event of a loss, the Illinois FAIR Plan is offering the option of insuring to the proper values or selecting a Repair Cost HO8 policy without the Insurance to Value requirement.
Payment Inquiry Now Includes Claim History We are pleased to announce that, as a result of producer feedback, the Payment Inquiry feature on our website has been enhanced to include three years of policyholder claim history. We hope you find this enhancement to be useful!
We are very pleased to announce that on-line payment inquiry is available for producers. This will allow you to view payment activity and history for your FAIR Plan clients without having to call our office! To access this feature, you need to utilize your FAIR Plan producer number and password, which is the last 4 digits of your social security or tax ID number. While FAIR Plan staff is able to provide your producer number, we cannot provide your social security number information. You do have the option to change your password using the change password feature. Please keep a record of your password as we will be unable to provide it for you. If you forget your password after changing it, the default is the last 4 digits of your social security number or tax ID number.
Insurance to Value on Commercial Effective January 2006, the Illinois FAIR Plan is reviewing all renewals to confirm they are insured to the 80% coinsurance requirement and not subject to a penalty in the event of a loss. If the policyholder is underinsured, the Illinois FAIR Plan is offering the option of meeting the coinsurance value requirements on renewal or renewing without coinsurance at a higher rate.
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