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Consumer Watchdog estimates home insurance rates could increase by as much as 40% to 50% as a result. The California Department of Insurance did not respond to Fortune 's request for comment.
Even before the blazes scorched 36,000 acres and counting, advocacy group Consumer Watchdog warned that the state's new regulation could allow insurance companies to hike rates on homeowners by 40 ...
From 2012 to 2021, home insurers in California lost money on underwriting and insurance transactions, while nationwide average profit margins on those deals were 3.6% to 4.2%, respectively.
Between 2020 and 2022, insurance companies declined to renew 2.8 million homeowner policies in the state, according to the most recent data from the California Department of Insurance.
Some 450,000 homes - about 3% of all state residents - were covered through the California Fair Access to Insurance Requirements plan in September, a 40% increase from a year earlier.
(The Center Square) - California homeowners may face noticeable insurance rate hikes under new rules finalized by state regulators that allow property insurers to use complex climate algorithms ...
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