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| | Hefty Homeowner Insurance Rates in the Offing?
By John Millrany - April 19, 2001Attention California homeowners—and homeowner-insurance shoppers: The other shoe may be ready to drop.
21st Century and Farmers Insurance are asking for hefty rate increases in homeowner policies—possibly up to 15 % in Orange County and averaging about 7% overall, reports the state Department of Insurance.
Insurance watchdog wonks are predicting that if the increases are approved, other carriers would be eager to follow suit. They’re also wondering why hikes would be appropriate, considering that there haven’t been any recent widespread events, e.g. the 1994 Northridge earthquake. However, officials at both insurers cited increased construction costs as germane to the issue.
The requests for rate changes were disclosed April 16 by the Department of Insurance, which noted that some areas could actually be in for rate cuts.
21st Century, which teetered near bankruptcy following claims payouts relating to Northridge, restarted quake insurance policies in 1999, when it was granted a 7.5% decrease in rates. The Woodland Hills-based company insures 50,000 homes.
Farmer’s, which insures the most homes in the state, 1.6 million, received a 6.5% increase in 2000.
State DI officials noted that any request for hikes in the 7% range usually set off public hearings, and that remains to be seen. |
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