Two of California’s largest home insurers will each raise rates for customers by an average of 6.9% later this year, according to filings with the California Department of Insurance.
CSAA, the AAA-affiliated insurer for northern and central California, will begin implementing the rate increase for nearly 481,800 homeowners starting on March 15.
Rates for more than 650,000 customers with Mercury Insurance, the third-largest home insurer in California, will begin to change in July. Homeowners’ rates are set to rise by an average of 8.2%, while condo owners and home renters’ rates will decrease by averages of 8.3% and 6.3%, respectively…