Rates to fall for most USAA home insurance policyholders in California
Most of USAA’s roughly 200,000 home insurance policyholders in California will see their rates drop by an average of nearly 15 percent, state Insurance Commissioner Dave Jones says.
The rate reduction was approved by the California Department of Insurance.
“Given the current economic conditions, we are elated to be able to help consumers keep more of their hard-earned money and benefit from lower insurance premiums,” Jones says in a news release.
Alice Gannon, a senior vice president at USAA, says the rate decrease resulted from “favorable trends” in business expenses and claim costs.
Across the state, the rate cut translates to an annual average of $185 per home. The rate decrease will take effect Nov. 30, 2011.
USAA serves U.S. military personnel and their families. It’s the sixth largest provider of home insurance in California.