Next Insurance filed a rate and rule update for its commercial property program in Virginia, with new rates effective June 5, 2026, and renewals effective July 30, 2026.

The filing updates base rates and replaces prior rule manuals at both the countrywide and Virginia levels. While the indicated rate change is +11.3%, the selected impact is just +0.1%, resulting in a largely neutral pricing move across a book of 648 policyholders and ~$507K in premium.

Real estate (excluding habitational) sees a +10% increase, driven by competitive positioning rather than loss experience, with the company noting its rates are significantly below peers and aiming to expand in lessors’ risk.

Individual rate changes range from -1.1% to +12.8%, reflecting targeted adjustments. The program continues to rely on granular underwriting inputs, including building characteristics, location, protection class, and proprietary risk scores.

Errra: Next is looking to expand its footprint in lessors’ risk.