As seen at
Insurance Journal:
Rates are going up by as much as 200 percent for The Patrons
Group; 70 percent for Quincy Mutual; and 66 percent for AIG Private Client
Group, one of a few companies that still insures Cape homes with a
replacement cost of more than $1 million, according to a report published
Friday in The Cape Cod Times.[...]The rate increases are coming at about the same time that NGM Insurance
Co., also known as National Grange, is beginning to notify roughly 2,300
Cape and Islands homeowners it will drop their policies.
Naturally, the national carriers still won’t touch Massachusetts Personal
Lines with a 10-foot-pole due to the regulatory climate. I would think that
some homeowners on the Cape and the Islands should feel supportive of the
proposal for national insurance charters because of this situation.