California homeowners insurance writers will soon have to defend their rates before a state insurance commissioner who believes it is time for them to come down.
State Farm, Farmers, Allstate and Safeco are the four carriers under pressure from Insurance Commissioner John Garamendi to lower home insurance policy rates.
The commissioner said in a statement that a recent Department of Insurance study showed homeowners writers paid far less than 50 cents on the dollar to cover policyholder claims, with Safeco coming in the lowest at 26.3 percent.
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