California State Automobile Association Inter-Insurance Bureau (CSAA-IIB, or AAA of Northern California) customers in Nothern California will see a 10.6 percent rate cut, a total savings of $50 million, including more than $28 million in savings for Bay Area homeowners, the California Insurance Commissioner announced.
AAA of Northern California initially filed for a 7.7 percent decrease in its homeowners insurance rates. After reviewing their rate filing application, Commissioner Steve Poizner approved a 10.6 percent decrease in rates. As a result of the reduction, AAA of Northern California customers will save an average of about $130 per year, per policy. An average policy is about $1,200.
The savings will go into effect on Aug. 1, 2008, and will apply to renewing policyholders and new customers. AAA of Northern California is the fourth-largest homeowners insurer in California, with about 400,000 policyholders and 6.7 percent market share, the Department of Insurance indicated.
Source: CDI
Topics California Homeowners
Was this article valuable?
Here are more articles you may enjoy.
Oaktree’s Deal to Buy A-Cap Insurer Crumbles, Spawning New Talks 
Alabama Pharmacy, Not Agent, at Fault for Not Reading Policy Before $5M Judgment 
Chubb Q3 Net Income Down Slightly on More Catastrophe Losses 
Former Trident Reciprocal CEO Ordered to Pay $468K in Attorney and Arbitrator Fees 
