Woodbridge firefighter Joe Zurilgen passes a burning home as the Kincade Fire rages in Healdsburg, Calif., on Oct. 27, 2019. California Insurance Commissioner Ricardo Lara announced plans on Thursday, Sept. 21, 2023, aimed at keeping home insurers in California amid increasing risks from climate change. One of California’s largest home insurers is raising rates for hundreds of thousands of state policyholders by an average of 15.
California’s insurance rates are tightly regulated and, as a result, far lower than in many other states. The insurance industry, citing a series of destructive wildfire seasons and rising building costs, has for yearsin fire-risk areas, including the Santa Cruz Mountains and Wine Country, and last year paused writing new policies anywhere in the state, even as companies have won approval from regulators for double-digit rate hikes.
“The approved adjustments to our California homeowners insurance rates are necessary to align pricing to the risks that our customers are facing,” the company said in a statement. Initially, Travelers had asked the state to raise homeowners’ rates by an average of 21.7%. But earlier this month, the nonprofit Consumer Watchdog reached an agreement with the company to slash the hikes by more than 6%. According to the consumer advocacy group, that should save policyholders an average of $118 on their premiums, or $37.8 million in total.Despite the settlement, Cassidy expects the company to continue asking for rate adjustments to offset the increased risk across the state.
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