Home insurance rates for hundreds of thousands of Californians are set to increase, following recent approval from state insurance regulators.
The California Department of Insurance has greenlit significant rate hikes for USAA’s two largest subsidiaries, affecting homeowners and condo owners.
USAA, the sixth-largest home insurer in California, will raise rates by 16% for homeowners insurance policies and 31% for condo owners policies. These increases are expected to take effect in February.
Additionally, USAA Casualty Insurance Company has been approved for rate hikes of 25% for homeowners and 40% for condo owners insurance policies. These new rates will appear on customers’ December renewal notices.
In total, the rate hikes will impact over 234,000 home insurance policyholders and 31,000 condo owners in California. USAA and its subsidiaries cover about 5.61% of the state’s population.
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