Encyclopedia Dubuque
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Affiliated with the Local History Network of the State Historical Society of Iowa, and the Iowa Museum Association.
PROPERTY OWNERS FIRE ASSOCIATION
PROPERTY OWNERS FIRE ASSOCIATION. In 1897 an association of "a very large majority of the leading businesses in our city" was organized to work for "greater economy" in fire insurance. The local organization was part of a state-wide movement headquartered in Des Moines.
In 1897 the national loss to fire was estimated at $130 million with a great deal caused by arson. Iowa's loss ratio to premiums paid was under 40% while the average in the United States was just less than 60%. Despite this, the Association found that Iowa's insurance rate was between twenty and twenty-five percent higher than the average rate in the United States. For this reason, the Iowa business community was asking the insurance companies for a reduction in rates.
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Source:
"To Reduce Rates," Dubuque Herald, July 10, 1897, p. 8