California regulators approved a request by MAPFRE Insurance Company, a relatively small insurer in the state, to increase home insurance rates by 6.5%. The approval means policyholders whose contracts with the insurer renew after April 4, 2025, can expect their premiums to increase.
The higher rates will also apply to new business underwritten after the effective date.
Premium increases range as high as $693
More than 100 homeowners in Coto de Caza, Trabuco Canyon, Rancho Santa Margarita, and Lake Forest will see an annual increase of $693, according to MAPFRE’s filing with the California Department of Insurance.
More than 250 homeowners with MAPRFE HO-3 and HO-5 policies will see their annual premiums rise between $500 and $667. A handful of policyholders in Roseville, Orangevale, Morro Bay, Elverta, and parts of Sacramento, Placer, and Sutter counties will see annual increases between $30 and $40.
Approximately 879 renters and condo policyholders will face annual rate increases ranging from $1 to $240. Under MAPFRE’s filing, 547 policyholders could actually see annual premium decreases as high as $24.
What’s next?
The approved rate increases take effect on April 4, 2025. If an insurer decides not to renew a policy, California law requires them to give policyholders written notice at least 75 days before the policy expires. The written notice must include the insurer’s reasons for not renewing the policy.
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