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News
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>>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
Homeowners Rate Change
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.
Dwelling Property Rate Change
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.
On-line
Premium Payments
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.
Homeowner
Rate Change
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%.
Dwelling Property Rate Change
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
Updated Earthquake 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!
Payment Inquiry
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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