Madison residents and business owners could soon benefit from an updated fire rating from the Mississippi Rating Bureau. Since Madison’s fire rating has improved from a class six to a class five as of January 6, residents and business owners in the city could be paying less for fire insurance as a result.
“This is good news because the city continues its commitment to helping citizens lower their insurance rates,” Fire Chief Derrick Layton said. The state rating bureau’s classification system, which ranges from one as the best and 10 as the worst, ranks a community’s municipal fire protection system for property insurance purposes.
An improved rating could mean lowered premiums for home, property and commercial building insurance depending on the insurance company.
Several variables factor into reductions, which vary depending on the insurance company. The community’s fire rating is only one of the categories that determine an individual’s fire insurance rate.
A municipality’s rating is based on several factors, including fire equipment, manpower and water supply.
