California Insurance Rates Coming Down

California Insurance Commissioner John Garamendi announced he will approve an 18% decrease in The Hartford Insurance Company's homeowner and renter premium rates.

This is good news for Santa Clarita residents, as more decreases are planned as the Commissioner reviews the industry's rates in relation to actual claims payment experience.

Also scheduled for review are State Farm, Allstate, Farmers and Safeco. If these insurers fail to prove that their rates are justified, the commissioner will order a mandatory rate cut.

"I will determine why up to 70 percent of the hard-earned dollars that consumers pay end up in corporate bank accounts, instead of being used for policyholder claims," said Commissioner Garamendi. "If the rates are determined to be excessive, immediate reductions will be ordered."