Massachuetts Commissioner of Insurance Joseph G. Murphy announced earlier this week his decision to say no to an increase in rates for the FAIR plan, the insurance of last-resort for Cape homeowners.
The Massachusetts Property Insurance Association made its annual request to increase statewide home insurance rates.
The decision to request the rate hike prevents an increase of nearly seven percent in premiums for FAIR plan policyholders.
The FAIR plan provides home insurance for 40 percent of Cape Cod residences.
