California Insurance Commissioner Steve Poizner has approved a 17.9 percent reduction in insurance premiums for Fireman’s Fund California homeowners. This reduction will bring a total of $30 million in savings to policyholders.
Under the rate reductions, homeowners will save an average of $505 per year, per policy. Fireman’s Fund is the 9th largest homeowners insurer in California, with 58,740 policyholders, CDI said. San Francisco County Fireman’s Fund customers will enjoy a total of $1.7 million in savings. Los Angeles policyholders will save a total of $5.3 million. The new rates will take effect on Aug. 1, 2008 and apply to renewing policyholders and new customers.
“It is important for us to be competitive in the California marketplace,” said Bruce Petersen, chief operating officer, Fireman’s Fund Personal Insurance.
Source: CDI
Topics California Pricing Trends Homeowners
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