California's second-largest home insurer to increase rates this fall

"Farmers Insurance Group is set to hike its overall policy rate starting this fall. The state's second-largest home insurer will increase rates by 1.5% for nearly 915,000 California homeowners. The increase comes after a set of regulatory reforms passed last year that altered the way insurance companies price wildfire risk."

"The reforms require Farmers to write at least 5,500 new policies over the next two years in designated “distressed” areas."

Farmers Insurance Group will increase its overall policy rate starting this fall. The increase will apply to nearly 915,000 California homeowners and will raise rates by 1.5%. The change follows regulatory reforms passed last year that altered how insurance companies price wildfire risk. The reforms require Farmers to write at least 5,500 new policies over the next two years in designated “distressed” areas. These requirements connect wildfire-risk pricing adjustments with an obligation to expand coverage in areas identified as distressed.

Read at ABC7 Los Angeles