Michigan Basic HO Rates Up 4.1 Percent

The Michigan Office of Financial and Insurance Services announced that Michigan Basic Property Insurance Association homeowners premiums are increasing 4.1 percent, effective Oct. 1, 2000.

“Consumers that are affected by this rate increase are experiencing increases comparable to the voluntary market,” commented Commissioner Frank M. Fitzgerald. “Individuals who are interested in obtaining more details about Michigan Basic should contact their insurance agent.”

Michigan Basic provides an alternative market for homeowners and commercial property insurance to qualified buyers. Rates for Michigan Basic homeowner policies are determined by a weighted average of the rates in effect for the top ten homeowner insurers in Michigan.