Regulators have given two major insurers the OK to begin raising rates for 660,000 customers starting later this year.
Mercury General , the fifth largest home insurer in the state, will begin raising rates in late March for its 579,300 homeowners, condo owners and dwelling rental policyholders by an average of 12% for homeowners (less for condo and rentals), filings with the California Department of Insurance show. And those who get their homeowners insurance through Safeco, a subsidiary of fourth-largest insurer Liberty Mutual, will see rates rise by an average of 7.2% in May. About 86,700 customers are affected.
Liberty Mutual’s rate increase doesn’t impact condo owners or renters. The insurer told regulators in December that it plans to exit the condo and renters insurance markets in 2026 as it seeks “a sustainable business path forward in California.”…