Providence Mutual Fire Insurance Company is seeking a 5% rate increase for its homeowners product in New Jersey through an expedited prior approval filing submitted June 26, 2025. Branded “NJ Home Expedited 2025,” the filing targets an effective date of January 1, 2026, for both new and renewal policies.

The 5% increase applies only to owners’ forms (HO 00 02, HO 00 03, HO 00 05), leaving current rates unchanged for tenants and condo owners. While the actuarial indication calls for a 28.1% hike, the company is capping the proposed increase at 5%—strategically keeping any individual policyholder increase under 15% to qualify for expedited review.

A total of 6,226 policyholders will be affected, with the change expected to add $480K in written premium to a $9.6M book. Providence Mutual holds just 0.23% of the state’s homeowners market and notes the revision is unlikely to cause material disruption.

The company’s last rate change—a 22.1% increase—took effect in October 2024.

The filing leans on ISO, RMS RiskLink v. 23, and Marshall & Swift/Boeckh for modeling and trending, and is backed by in-house actuaries Joseph Muccio (FCAS) and Ryan Nisbet (ACAS).