Commissioner of Insurance Jim Donelon says homeowners in the Ward 4-5 Fire District/Ringgold and Jamestown areas can expect significant rate reductions in their fire insurance premiums, effective Aug. 11.
Donelon recognized firefighters and local officials in Ward 4-5 Fire District for the improvement of their fire protection grading from Class 5 to Class 4.
Donelon said, "The improved fire protection grading will bring about insurance rate reductions for many policyholders but perhaps more importantly, the new grading means that the protection of residents has been significantly enhanced. I commend the community for their successful efforts to improve safety."
Fire insurance for a home valued at $150,000 was costing residents in Ward 4-5 Fire District about $1,132 a year. That cost is likely to drop to about $1,015 under the new grading, saving homeowners about $117 in annual premiums.
The amount of the premium rate reduction will vary, depending on the value of the property, the fire district where the property is located and the rate schedule of the company insuring the property.
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