RULE 25.6C - AGE OF HOME/MODERNIZATION RATING FACTORS
Applies To: Premier - YES, Premier Plus - YES, Premier Select - YES,
Premier Condo - NO, Premier Renters - NO
The Age of Home/Modernization Rating Factor will be applied to all dwellings depending on the calendar year in which the dwelling was completed or the calendar year in which the modernization was completed. The factor will be applied to the base premium. The year in which the home was completed is the earliest of the following:
1) The year the dwelling was substantially completed;
2) The year the dwelling was occupied; or
3) The effective date of the policy.
The Age of Home Rating Factor will be taken into consideration first. If the year the dwelling is constructed is 9 years or greater, the Modernization Rating Factor will also be taken into consideration if applicable. If the Modernization Rating Factor(s) applies, both the Age of Home Rating Factor and the Modernization Rating Factor(s) will be used in rating the policy. If no Modernization Rating Factor applies, only the Age of Home Rating Factor will be used. The Modernization Rating Factor applies to an electrical or plumbing system that has been completely updated. It also applies if the heating and cooling system has been updated. For any system to be considered completely updated and qualify for the discount, the system must be updated by a qualified contractor with all work conforming to local code requirements. All requests for these discounts must be approved by Underwriting. If more than one Modernization Rating Factor applies, the adjustments will be added together and the total will be applied to the base premium.
The premium is calculated by multiplying the base premium by the appropriate factor listed below:
|
AGE
OF HOME FACTORS
|
MODERNIZATION
FACTORS
|
|||
| DWELLING CONSTRUCTED OR UPDATED: |
PLUMBING
|
HEATING/ COOLING |
ELECTRICAL
|
|
| During the current calendar yr |
.58
|
.96
|
.92
|
.87
|
| 1 year preceding current calendar yr |
.61
|
.96
|
.92
|
.87
|
| 2 years preceding current calendar yr |
.65
|
.96
|
.92
|
.87
|
| 3 years preceding current calendar yr |
.69
|
.96
|
.94
|
.89
|
| 4 years preceding current calendar yr |
.73
|
.97
|
.95
|
.91
|
| 5 years preceding current calendar yr |
.78
|
.98
|
.96
|
.93
|
| 6 years
preceding current calendar yr |
.84
|
.99
|
.97
|
.95
|
| 7 years preceding current calendar yr |
.88
|
1.00
|
.98
|
.97
|
| 8 years preceding current calendar yr |
.93
|
1.00
|
.99
|
.99
|
| 9 years preceding current calendar yr |
1.00
|
1.00
|
1.00
|
1.00
|
| 10 years preceding current calendar yr |
1.02
|
1.00
|
1.00
|
1.00
|
| 11 years preceding current calendar yr |
1.07
|
1.00
|
1.00
|
1.00
|
| 12 years preceding current calendar yr |
1.09
|
1.00
|
1.00
|
1.00
|
| 13 years preceding current calendar yr |
1.13
|
1.00
|
1.00
|
1.00
|
| 14 years preceding current calendar yr |
1.18
|
1.00
|
1.00
|
1.00
|
| 15 years preceding current calendar yr |
1.18
|
1.00
|
1.00
|
1.00
|
| 16 years preceding current calendar yr |
1.15
|
1.00
|
1.00
|
1.00
|
| 17 years preceding current calendar yr |
1.13
|
1.00
|
1.00
|
1.00
|
| 18 years preceding current calendar yr |
1.09
|
1.00
|
1.00
|
1.00
|
| 19 years preceding current calendar yr |
1.08
|
1.00
|
1.00
|
1.00
|
| 20 years preceding current calendar yr |
1.07
|
1.00
|
1.00
|
1.00
|
| 21-29 years preceding current calendar yr |
1.07
|
1.00
|
1.00
|
1.00
|
| 30-49 years preceding current calendar yr |
1.07
|
1.00
|
1.00
|
1.00
|
| 50 or more years preceding current calendar yr |
1.07
|
1.00
|
1.00
|
1.00 |
The Age of Home Rating Factor and the Modernization Discount will be indicated on the Declarations Certificate.
