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Two major California insurers plot massive rate hikes — bringing misery for nearly 1M homes

New York Post·Benjamin Brown·29 days ago
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Two major insurers in California plan on raising rates by double digits for single-family homes, which could cause premiums to skyrocket. The AAA-affiliated Interinsurance Exchange of the Automobile Club applied to raise rates for homeowners by 11.2%, while rates for condos and people renting a home would drop by 20.5% and 27%, respectively, according to the San Francisco Chronicle , citing new filings with the California Department of Insurance.  If approved, the impact would vary , with some seeing a decrease by as much as 80% while others could go from paying around $1,650 a year to $13,100, the outlet reported.  The Interinsurance Exchange of the Automobile Club applied to raise rates for single-family homes by 11.2%.  Getty Images Travelers Insurance is looking to increase its rates by 6.9% for homeowners, and decrease rates by 17% for renters, 22.8% for condo owners, and 19.6% for condo landlords, according to the SF Chronicle.  Only about a quarter of customers would see a rate…

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