Tag: california insurance rate increase

Surging Insurance Costs Drive Record Shopping Rates: Analyzing the Key Trends

Marc
Surging Insurance Costs

Overview of Rising Home and Renters Insurance Costs In a striking revelation from the J.D. Power 2024 US Home Insurance Study, the costs of homeowners and renters insurance have surged beyond the rate of inflation, marking a significant shift in the insurance landscape. This uptick not only surpasses the average rate increases seen in auto insurance but also reflects a broader trend of rising insurance expenses nationwide. As these costs continue to climb, consumers are increasingly prompted to re-evaluate their existing policies, leading to a record high in shopping rates…

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Mercury Insurance to raise rates in California, agitating consumer advocates

S.Vagus

Mercury Insurance is looking to raise rates on homeowners and renters insurance policies in California. The company has plans to raise rates by an average of 8.8% for some 300,000 consumers in the state. If state regulators approve the proposal, the company will be generating an additional $19 million per year in profits. Consumer Watchdog, a non-profit organization concerned with fairness for insurance consumers, claims that the proposal is unreasonable because the insurer is already awash with profit. According to Consumer Watchdog, the company paid less than 50 cents on…

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