California regulators have approved rate increases for two major home insurance companies, impacting about 660,000 homeowners. Mercury General will raise rates by an average of 12% starting in late March, citing rising construction costs and severity of plumbing-related water losses. Safeco, a subsidiary of Liberty Mutual, will raise rates by 7.2% in May, but this increase will not impact condo and renters insurance. The FAIR Plan, which insures high-risk homeowners, requires $1 billion for wildfire claims, underscoring the challenges faced by the insurance industry.
Mercury General, California's fifth largest home insurer, is set to raise premiums by 12% due to rising construction costs and plumbing-related claims.
Safeco, a subsidiary of Liberty Mutual, will increase average rates by 7.2% in May, although this will not affect condo and renter policies.
Collection
[
|
...
]