ISO Question

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Permalink Reply by Larry Lasich on February 20, 2009 at 7:23pm

I know that Google has a formula that you can call that will tell you how much more per $100,000 doller per ISO rate drop.

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Permalink Reply by MARK MCLEES on February 20, 2009 at 9:01pm

Joe
Understand the rating system. If you are a 1-4, that is for commercial rating. You are an "A" for homeowners. 5-8 is a "B";
9 = C and 10= D.
So you see, if you go from 3 to 4, you are still an "A" and wont effect the homeowners, only the commercial. You would have to drop 2 classes from 3 to 5 to go to a "B" which would then affect ALL properties, commercial and residential.

It may only be an 8-10% rate increase. Contact the ISO Public Protection Division. It is a straight answer

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Permalink Reply by Brent Sanger on February 21, 2009 at 8:11am

Also, each insurance company may choose to use their own formula for determining the amount charged to the homeowners (i.e. State Farm). Your best bet would be to contact the insurance companies in your district directly, see if they will do you a generic quote on an average sized house. Also see if they make allowances for residential sprinlers in their quotes. If they do, ask for a quote with and without sprinklers. That would be good ammunition to push for local sprinkler ordinances.

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Permalink Reply by Art Zern on February 21, 2009 at 9:09am

Joe,

While conducting a study on a new fire station two years ago, , I researched just that question. Most insurance companies told me that they look at two things; where is the nearest hydrant and how far away is the nearest fire station (manned). The ISO rating is not even considered. You may want to make a few calls to local incurance agents. The commercial rates are effected by the ISO rating.

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Permalink Reply by Kevin Nowicki on February 21, 2009 at 9:39am

Hey Joe,

I'm not sure buddy, but we have said is in the ball park of $200, per household, per year as an average. Now this is for every rating hike. In other words, if a 2 goes to a 3 it is $200. If a 3 goes to a 4......$200. Again, don't quote me on these numbers, but that is what sticks in my head.

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Permalink Reply by Thomas M. Smith on February 21, 2009 at 10:57pm

I remember reading in one of Larry Davis's ISO books that a drop from 3 to 4 usually resulted in nog change however once you went from 4 to 5 or 5 to 6 or beyond it was something like 15%. Of course this all depends on which insurance carrier you deal with and which state you are located in. Best information I oculd say is contact a few indivudual insurance agents in the area. Good Luck

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Permalink Reply by Brad Cordes on February 21, 2009 at 11:15pm

You can check with your state fire marshal office and insurance companies in your town. Are city council was looking at not replacing our ladder truck tell some of the citzens found out how much more ther insurance was going to go up it was looking at any 50 to 100 dollers more a year. . We got a new ladder truck.

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