The record-setting snowfall that plagued New England this winter generated a number of issues for local residents—causing delays in daily commutes and forcing children to stay home for an escalating number of snow days whether you had someone to watch them or not—and now the incessant snow of this winter is also going to cost you with your insurance company.
Insurance premiums are said to be making a huge leap of about 9 percent, which translates to an increase of about $100 on average for Massachusetts residents with premium insurance. The average is already about $1,150.
According to reports, The Massachusetts Division of Insurance has recently approved a general 8.9 percent increase for the state’s largest insurance company, Mapfre USA Corp. The increase will be effective starting on August 1st of this year. Mapfre USA Corp. insures over 214,000 homeowners in Massachusetts and previously only increased their premiums by 2.3 percent last year. Continue reading