2018 Base Annual Assessment Rate increased to 25%.
Our operating and investment results for 2018 were again mixed. Despite economic uncertainties, the stock market has been solid, resulting in good investment performance for our portfolio. This increase in market value helped to offset significant losses from several severe storms during 2018. A severe winter freeze event in January, significant wind/hail events in March and April, heavy rains in May, Hurricane Florence and Hurricane Michael, all contributed to an overall loss from weather-related events of more than $7M.
Fortunately, the Society remains financially strong, and therefore we are able to continue charging an annual assessment that is only a small portion of your policy premium. For 2019, the Base Annual Assessment rate will be 25%. An additional assessment of 25% applies to secondary residences, and an additional assessment of 12% applies to coastal properties located in designated territories. Annual assessments may be paid by credit card either from the Member Login section of our website, www.mutual-assurance.com or by calling the office. The minimum annual assessment per homeowner policy is being increased to $150.