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

https://nypost.com/2026/05/03/real-estate/two-major-california-insurers-
plot-massive-rate-hikes-bringing-misery-for-nearly-1m-homes/

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. 

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 decrease under 
Travelers proposal, while roughly 60% of homeowners would get slapped with 
a bigger bill. 

The two insurance companies combined cover about 760,000 homes in the 
state. 

“As a company founded in California more than a century ago, we believe 
helping to ensure insurance sustainability is the right thing to do for 
our members and for the future of our state,” Mike Mohamed, the Auto 
Club’s senior vice president of insurance operations, told the Chronicle 
in a statement.

Both insurers said they would expand the number of new policies it writes 
if their proposals are approved. 

A handful of other insurance companies have also already filed and saw 
their rate increase proposals approved — including Mercury Insurance, 
USAA, Pacific Specialty Insurance Co., per the outlet. 

The hikes stem from the Sustainable Insurance Strategy reforms that 
changed the method insurers use to set premium rates. 


-- 
November 5, 2024 - Congratulations President Donald Trump.  We look 
forward to America being great again.

We live in a time where intelligent people are being silenced so that 
stupid people won't be offended.

Every day is an IQ test. Some pass, some, not so much.

Thank you for cleaning up the disasters of the 2008-2017, 2020-2024 Obama 
/ Biden / Harris fiascos, President Trump.

Under Barack Obama's leadership, the United States of America became the 
The World According To Garp.  Obama sold out heterosexuals for Hollywood 
queer liberal democrat donors.