Fire Insurance Rating Improves For Myakka Valley

Some Myakka Valley residents will see better fire insurance rates thanks to a change by the issuing insurance rating agency.

Sarasota County Fire Department officials announced this past week that the Insurance Services Office reconsidered its rating methodology and will reinstate the area within five road miles of Sarasota County Fire Department Station 18 to the 8b rating.

What this means is that the change could reduce insurance premiums for residents living in the area, if their premiums were based on the former Insurance Services Office rating of 10, according to the county.

The neighborhoods affected by this change include Myakka Valley Ranches, most of Saddle Oak Estates, Saddle Creek and the Forests of Hi Hat. 

ISO is a private company that provides fire insurance ratings to property insurance agencies. The insurance agencies use these ISO ratings to establish the premiums they charge their customers.

In December 2010, the ISO implemented changes to its rating system that caused an increase in the fire insurance premiums in some rural areas of Sarasota County.