Half a million California homeowners to see second insurance rate hike in a year

More than half a million Californians will face home insurance rate increases for the second time this year. The Auto Club of Southern California has been approved to raise rates by an average of 6.2% for homeowners and 11.6% for condo owners, effective at their first renewal in 2025. Earlier in March, rates increased by 16.2% for homeowners and 55% for condo owners. The insurer has non-renewed over 9,200 customers due to wildfire risk, representing about 5% of its total policies. Wildfire risk remains a significant concern for insurers.