Agent Help - bfmic.info
  • Home
  • BriteCore
    • About BriteCore
    • Help Videos >
      • Basics Videos
      • Quoting Submitting New Business Videos >
        • All Lines Videos
        • Agri-Pak Rating Tab Videos
        • Homeowners Rating Tab Videos
        • Dwelling Property Rating Tab Videos
        • Businessowners Rating Tab Videos
        • Inland Marine Rating Tab Videos
      • Existing Policies Videos
      • Claims Videos
      • Policyholder Online & Mobile App
    • Frequently Asked Questions (FAQ) >
      • Basics FAQ
      • Quoting Submitting New Business FAQ >
        • All Lines FAQ
        • Agri-Pak Rating Tab FAQ
        • Homeowners Rating Tab FAQ
        • Dwelling Property Rating Tab FAQ
        • Businessowners Rating Tab FAQ
        • Inland Marine Rating Tab FAQ
      • Existing Policies FAQ
      • Claims FAQ
  • Manuals, Forms, Endorsements
    • General
    • Agri-Pak
    • Homeowners
    • Dwelling Property
    • Businessowners
    • Inland Marine
  • Announcements

Deductible & ACV Changes Effective 3/1/2023

1/10/2023

 
For new and renewal policies effective March 1, 2023 and after, the following changes are being implemented:
​
  • Agri-Pak Policies: The minimum deductible is being changed to $1,000 with a $1,500 Windstorm/Hail deductible*. Also, at renewal, the coverage limit for dwellings with an ACV loss settlement will be increased by 6% and the coverage limit of outbuildings will be increased by 4%.**
  • Homeowners Policies: The minimum deductible is being changed to $1,000 with a $1,500 Windstorm/Hail deductible*. Also, at renewal, the coverage limit for dwellings with an ACV loss settlement will be increased by 6%.**
  • Dwelling Property Policies: The minimum deductible is being changed to $1,000 with a $1,500 Windstorm/Hail deductible*. Also, at renewal, the coverage limit of dwellings with an ACV loss settlement will be increased by 6%.** Last, there will be a 5% rate increase at renewal.
  • Businessowners Policies: At renewal, the coverage limit of buildings will be increased by 6%.**.
  • Inland Marine Policies: No changes.

*Regarding the deductible changes, a notice to the Insured will be included in their next renewal packet. Also, for Agri-Pak and Homeowners policies, the deductible premium credit factors are being adjusted slightly. Please consult the manuals for further information.

​**Regarding ACV changes, due to higher-than-normal inflation, we feel that the value of a dwelling or outbuilding with an ACV loss settlement is increasing. Therefore, we feel it is appropriate to increase the coverage limit of these items to provide adequate protection for the insured.

Comments are closed.

    Notice

    When we make a broadcast announcement to our agency force via email, letter, or otherwise, a copy of the announcement will be placed on this page so you can refer back to it later.

    RSS Feed

    Archives

    January 2023
    August 2022
    July 2022
    April 2022
    March 2022
    January 2022
    September 2021
    July 2021
    January 2021
    September 2019
    August 2019
    April 2018
    December 2017
    September 2017
    August 2017

  • Home
  • BriteCore
    • About BriteCore
    • Help Videos >
      • Basics Videos
      • Quoting Submitting New Business Videos >
        • All Lines Videos
        • Agri-Pak Rating Tab Videos
        • Homeowners Rating Tab Videos
        • Dwelling Property Rating Tab Videos
        • Businessowners Rating Tab Videos
        • Inland Marine Rating Tab Videos
      • Existing Policies Videos
      • Claims Videos
      • Policyholder Online & Mobile App
    • Frequently Asked Questions (FAQ) >
      • Basics FAQ
      • Quoting Submitting New Business FAQ >
        • All Lines FAQ
        • Agri-Pak Rating Tab FAQ
        • Homeowners Rating Tab FAQ
        • Dwelling Property Rating Tab FAQ
        • Businessowners Rating Tab FAQ
        • Inland Marine Rating Tab FAQ
      • Existing Policies FAQ
      • Claims FAQ
  • Manuals, Forms, Endorsements
    • General
    • Agri-Pak
    • Homeowners
    • Dwelling Property
    • Businessowners
    • Inland Marine
  • Announcements