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

LOS ANGELES (KABC) — Farmers Insurance Group is set to hike its overall policy rate starting this fall.

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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.

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

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