California's 5th largest insurer files for a 6.9% rate increase: 'It's pretty insane'
Briefly

California's 5th largest insurer files for a 6.9% rate increase: 'It's pretty insane'
"The California State Automobile Association, an insurance group affiliated with AAA, has officially filed for a homeowners' insurance rate increase. "It's pretty insane to me that, you know, when it comes to their turn to pay out, they're not doing it as they should be," CSAA Insurance customer Jesse Kramasz said. Kramasz has had an open claim with CSAA since 2020. MORE: State Farm requests another rate hike, 1 week after CA approved the last one "The day after Christmas, actually," she said. "So, we noticed a leak under our sink, which turned into this big old thing, and we just had problem after problem and delays from the insurance company and just haven't been able to get our claim settled.""
"CSAA Insurance Group is the second insurer to file for a 6.9% increase in the last month. In a statement, CSAA said they are requesting this "..to reflect the rising costs associated with inflation and the increasing frequency and severity of wildfires and other natural disasters..." If the increase is 7% or higher, a consumer advocacy group could then require a hearing before the department of insurance, something that could be a lengthy process."
""If an insurer comes in with a request, just under 7%, there's no obligation to take it to hearing," said Joel Laucher with United Policyholders. "There still is a process of going through the filing and making sure it's justified, but it just isn't as drawn out as a hearing process." Laucher says this increase shows the insurance company is committed to continuing coverage in California at a time when many have left, but he also hopes for a limit."
CSAA, an insurance group affiliated with AAA, has filed for a homeowners' insurance rate increase in California. The filing follows other carriers that have raised premiums recently. CSAA stated the request seeks to reflect rising costs associated with inflation and the increasing frequency and severity of wildfires and other natural disasters. CSAA is the second insurer in the past month to request a 6.9% increase. If a requested increase reaches 7% or higher, a consumer advocacy group can require a hearing before the department of insurance. Consumers report claim delays and unresolved claims, and advocates note the filing shows commitment to continue coverage while urging limits.
Read at ABC7 San Francisco
Unable to calculate read time
[
|
]