Safeco, part of Liberty Mutual, has filed for a 2% rate increase to its Maryland homeowners insurance program. The filing was submitted on June 4, 2026, with proposed effective dates of July 15, 2026, for new business and September 15, 2026, for renewals.
The rate change would affect approximately 10,572 policyholders and increase written premium by an estimated $601,715 on a book of business generating nearly $29.7 million in annual premium. Safeco’s actuarial analysis indicated a need for a 6.5% increase, though the company is seeking a smaller 2% adjustment.
According to the filing, the changes are driven by updates to base rates and coverage-level rating factors. Safeco noted that its Maryland homeowners business has experienced elevated catastrophe-related costs, particularly from severe storms. The company’s actuarial justification includes a projected severe storm loss provision of 21.9% of premium, compared to 1.3% each for hurricane and other non-modeled catastrophe losses.
The filing relies on Liberty Mutual’s catastrophe modeling framework, which uses the AIR Touchstone 13.0 hurricane model and current exposure data to estimate expected annual hurricane losses. Safeco stated that storm surge losses are excluded from the model because the company does not insure those losses.
Maryland homeowners rates have increased significantly in recent years. Safeco’s filing history shows rate increases of 12.1% in 2023, 7.6% in late 2023, and 20% in 2024 for certain legacy homeowners programs.
