The American Association of Insurance Services has filed updated insurance loss costs in Virginia, proposing a decrease for homeowners coverage and an increase for renters and condo coverage.

Its actuarial memorandum proposes a 28.7% decrease for homeowners policy forms and a 31.9% increase for renters and condo forms. Loss costs estimate what insurers will spend on claims and claim handling, before adding other expenses and profit.

The filing uses insurers’ claims experience for everyday losses and catastrophe models for major events. Its figures differ on the combined impact: the actuarial memorandum reports a 20.3% decrease, while the filing summary lists a 21.9% decrease.

These changes would not automatically produce equivalent premium changes for customers. Insurers using AAIS materials would determine their own rates.

Submitted October 13, the filing requests a May 1, 2027 effective date for new and renewal business.