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Show The Cost of Fire Insurance The American public was able to purchase fire insurance at 8 lower figure in 1931 than ever before be-fore in the history of the industry The cost of fire protection averaged aver-aged 81 cents per $100 throughout the country five cents less per $100 than in 1930, and eight cents lower than in 1929. For the 31 years between 1900 and 1931, inclusive, in-clusive, the average rate was one dollar per hundred. Lower-priced fire insurance has resulted largely from the efforts of the industry to encourage fire prevention pre-vention and improve building codes cod-es and fire departments so as to hold down the fire loss. A consistent con-sistent rate reduction is the natural natur-al evolution, and is of tremendous public benefit. Such a reduction, based on sound practices, is quite different from efforts made by agencies outside the industry to force artificially "cheap rates" on the companies. "Cheap" fire insurance is the dearest thing we can buy. Insurance Insur-ance rates must be adequate to build reserves to meet losses, no matter how great, or they are "dear" rates indeed. The public's interest in sound, stable fire insur- ance is a great one. To many of us a policy is our only protection against insolvency in case of disaster. dis-aster. Its safety must not be imperiled im-periled by unfair legislation, or by schemes to force rates down below levels which allow the companies to pay losses, maintain their reserves re-serves and earn a fair profit. |