Property insurance costs should drop next year in Denver because the city fire department received a top rating during a recent audit, Chief Eric Tade said.
The Denver Fire Department scored a “1” during the audit conducted by ISO Mitigation, Tade said. The audit evaluated everything from the department’s training program to water supply to emergency communications. The rating is then used by insurance underwriters to set commercial and residential rates in a city.
Typically, a top rating results in a 5 percent reduction in the cost of residential and commercial property insurance, Tade said. If property owners don’t receive a direct discount, the new rating should negate any other increases, he said.
The Denver FD has achieved the distinction of being awarded a Class
1 Public Protection Classification rating by @ISO_Mitigation, who evaluates municipal fire protection efforts in communities throughout the US. We are extremely proud of this tremendous accomplishment! pic.twitter.com/8AXm6iftrP— Denver Fire Dept. (@Denver_Fire) April 13, 2018
The audit is conducted every 10 years, but the Denver Fire Department asked that its audit be moved up by a year because the administration believed it had met its goals to achieve the lower rating.
“It’s something we worked really hard for,” he said.
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