We have a large volume of auto, home and other personal lines coverage with Mutual Benefit Insurance Company. Mutual Benefit has been recognized as a leading provider of personal lines coverage in the region, earning an overall ranking of 2 or 1 in the Insurance Agents & Brokers Company Satisfaction Index in 2008 and 2006. In the 2010 survey, their overall ranking for Personal Lines was 4.
Mutual Benefit introduced a new auto rate plan in 2008 that helped our clients to save hundreds or thousands of dollars. They have also offered a competitive homeowners program in the Pennsylvania market. Mutual Benefit has recently taken a small rate increase in their auto program which was not uniform in % impact. They have also implemented a rate increase in homeowners insurance that ranged from 10 – 17%. The homeowners rate increase was necessary because of high loss ratios in 2009 and 2010 due in part to severe weather conditions in Pennsylvania.
The Mutual Benefit auto and home program was competitive for a wide range of clients with varying credit scores. With new rates implemented, some clients can get a better rate in another program. We have great preferred rate plans with Penn National, Encompass, Travelers and Hartford. We are rating renewals in other markets and here is what we are finding: For 1 in 3 clients there is clearly a better program. For 1 in 3 clients there is a better rate available, but the difference in the rate is less than 10% and a change is not recommended. For 1 in 3 clients, the new rates, although higher, are as good as it gets and nothing better is available. In some cases in the latter group, changes to deductibles can result in premium savings.
Please call us to discuss your renewal and options. We are committed to a low cost option for your coverage. We appreciate your business!