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Fire Insurance rates for businesses to dip

Fire insurance rates for large businesses in Liberty Lake should dip slightly after recent changes in emergency service.

The change stems from more firefighters and equipment being dedicated to the Liberty Lake area by the Spokane Valley Fire Department. Department officials petitioned two years ago for a lower insurance rating after drafting plans to locate a new ladder truck in the area.

The Washington Survey and Rating Bureau dropped the rate as a result. Insurance providers use the rating to help determine coverage costs.

On a scale of one to 10 with one being the best rating possible, Liberty Lake now has a 3 rating, the same as Spokane Valley.

“Going from a four to a three typically doesn’t have much impact on residential property because most insurance companies take anything that’s one through six and rate it the same way,” said David Bruell, survey and rating bureau vice president. “But it is more likely that it will have an effect on commercial property, the exact percentage I can’t tell you because it’s different from one company to another and they don’t share their information with us.”

Bruell said a 3 rating is pretty good, one shared by Spokane and Tacoma.


 

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