Nebraska By-Peril Rating

February 27, 2020


MAX Partner Agents in Nebraska: Today the Product Team at MAX received approval from the Nebraska Department of Insurance to convert from Composite Rating to the more accurate By-Peril Rating program.  Many other carriers utilize by-peril rating as it allows companies to target rate adjustments on certain perils that need it, rather than just raising rates generally across an entire book of business in a state.  We are excited about the opportunity this change gives us to provide the most accurate rates possible in Nebraska.  Effective April 1, 2020 rates on Homeowners business in Nebraska will adjust to the new rating program.  In concert with the switch to By-Peril Rating, some of the screens in our quoting system might look a little different too. One thing you may notice is that wind/hail deductibles will move to a percentage of Coverage A.  The program requires this change and our aim is to match the new percentage deductible for wind/hail as close as we can to the member's current flat dollar amount deductible already on the policy. For example, a member currently with a $100,000 Coverage A Dwelling Limit and a $1,000 all perils deductible will be renewed with a $1,000 all other perils deductible and a 1% wind hail ($1,000).  Alternatively, that same member with a $100,000 Coverage A Dwelling Limit and a $1,000 all other perils deductible and a $2,000 wind/hail deductible will renew with the same $1,000 all other perils deductible and the wind/hail deductible will be 2% of the Coverage A Dwelling Limit or $2,000).  To make the split wind/hail percentage deductibles easier to understand for the member, the percentage deductible will be represented in whole dollar amounts on the policy declarations page.  The adjusted rates are live in the system February 27, 2020 for any new business with effective dates of April 1st or after.  Quotes completed prior to February 27th with effective dates on or after April 1st will need to be recalculated for the new rates prior to being bound.  MAX quotes are only valid for 30 days from the time of the quote.  We do our best to ensure that accurate quotes are given to your customers, so please pay attention to these important dates as you quote with MAX this spring. Thanks for selling MAX!

Sincerely, Phil Blount, CIC, CRM Field Sales Director MAX (MutualAid eXchange) MAX Insurance Agency, Inc. 844-629-2468 ext. 169 913-754-3869 direct pblount@maxinsurance.com

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