Homeowners insurance premium rates may drop in Wisconsin community
If homeowners insurance rates go down in Wisconsin, residents may have the fire department to thank.
According to the Wausau Daily Herald, Weston, Wisconsin, officials are gathering data for the ISO - a company that evaluates risk for insurance companies - regarding what improvements have been made to the town's fire department in the past 20 years. If the ISO's analysis finds significant improvements in fire safety in Weston, it could translate to lower homeowners insurance premiums.
According to the paper, insurance companies use the ISO when assessing risk. On a scale of one to 10, one being the best, the ISO's rating system informs insurance companies how comprehensive safety plans are for a community. If the data is compelling enough, the paper says, ISO will visit Weston and re-evaluate the fire department.
The paper says the visit could save residents between $50 and $100 per year on their insurance premiums.
Insurance claims relating to fire are usually extremely high because they cause so much damage. Thus, if the ISO deems fire safety is not what it should be, rates will be high.
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