The Janesville Fire Department’s improved insurance rating could draw businesses to town and make residents feel safer, Fire Chief Ernie Rhodes said.
The national Insurance Services Office last week bumped Janesville’s fire services rating from Class 3 to Class 2, which Rhodes said is a significant change.
Ratings are used by insurance carriers to determine rates for commercial and residential properties.
The change from Class 3 to 2 likely will lower commercial property insurance rates by a noticeable amount, Rhodes said.
Residential rates are less likely to change. Changes in rates are determined by insurance carriers, Rhodes said. Low insurance rates draw business owners to plant roots in Janesville, Rhodes said. Insurance Services Office ratings range from 1 to 10, with 1 being the best rating.