Nationwide Mutual Insurance Co. increased homeowners insurance rates in nine states during the month of May, which could result in the largest premium increase for any insurance group for the month.
The new rates could boost Nationwide's homeowners premiums written by $33.9 million. Of that total, more than $20 million stands to come from rate increases in Maryland and Illinois.
The most notable homeowners increase for The Allstate Corp. during the month looks to be the 2.7% rate increase in Georgia for the company's Allstate Vehicle and Property Insurance Co. subsidiary. That rate hike alone could account for 39.3% of the total premium increase for the Allstate group during the month.
Heritage Insurance Holdings Inc. subsidiary Narragansett Bay Insurance Co. secured only one rate hike in May but the 8% increase approved by New York regulators may be the most impactful single rate increase for the month. That increase, which affects nearly 88,000 policyholders, could boost the group's calculated premiums by $16 million.
On the flip side, Wolverine Mutual Insurance Co. secured approval for the most significant homeowners rate cut during the month. The 4.5% rate reduction approved in Michigan took effect June 15 for new business and is effective starting July 1 for renewal business. The insurer could see premiums fall by more than $380,000 as a result of that rate cut.
This S&P Global Market Intelligence analysis covers 357 homeowners rate change requests approved during May. Out of these, 183 were expected to result in premium increases, 35 could lead to rate decrease, and the rest stand to have no effect on calculated premiums.