State regulators have given two insurance companies approval to raise fees for thousands of customers across California.
Starting in late March, homeowners, condominium owners and homeowners and home insurance policyholders at Mercury General, the state’s fifth largest home insurance company, will see prices rise on average 12%.
Approximately 579,300 customers will be affected.
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Additionally, customers who have household insurance from Safeco, a subsidiary of Liberty Mutural, the fourth-largest insurer, are expected to rise by an average of 7.2% in May. Approximately 86,700 customers will be affected.
Liberty Mutual’s rate hike announced plans to evict the condo and tenants’ insurance market in 2026 as it seeks a “Sustainable California Business Pass” in 2026, so it will not affect condo owners or tenants.
Customers from either insurance company can expect the rate hike to affect individual premiums on the next update following the effective date of the fee.
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The companies filed a rate hike request in June, months before Southern California’s recent deadly and devastating wildfires, according to a filing with the California Department of Insurance.
Insurance companies, including Fairplan, had paid $7.9 billion in wildfire claims as of February 5th, according to the Department of Insurance.
A fair plan is a California plan that provides insurance to homeowners who are unable to obtain personal coverage.
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