Dear Valued Policyholder,
This notice replaces any prior notice you received outlining the impact of a proposed rate filing.
This is to provide notice required pursuant to N.J.S.A. 52:27EE-51 of the combined impacts of recent filings to the New Jersey Department of Banking and Insurance by American Family Home Insurance Company seeking rate increases within a 12-month period.
American Family Home Insurance Company was granted an overall rate increase in the amount of 8.8% effective June 15, 2023 for new business and effective August 15, 2023 for renewal business for Personal Auto Coverage.
American Family Home Insurance Company subsequently filed on October 10, 2023 with the Department of Banking and Insurance a request for an overall rate increase in the amount of 18.6%, which, when combined with the previously approved rate increase(s), could result in an overall rate increase in excess of +7.0%.
If the subsequent filing is approved for the full amount requested, when combined with the previously approved rate increase(s), the average policy will see a rate change of +29.0%. The impact of these filings on your rates may vary substantially, depending on the terms of your policy and your individual circumstances.
The subsequently filed request for a rate increase is subject to review and approval by the Department of Banking and Insurance pursuant to law and the request may not be approved or may be approved for less than the full amount requested. If approved in whole or in part, the rate change will not affect existing policies until they come up for renewal.
If you have any questions, please contact your independent insurance agent/broker or send an email to [email protected].
Thank you again for your business,
American Collectors Insurance"