AAA has announced that some of its policyholders will see decreases of 9.3 percent.
California Insurance Commissioner Dave Jones has announced that many homeowners insurance customers will be experiencing a notable lowering of their rates.
This applies to many of the policyholders of AAA Northern California, Nevada and Utah Insurance Exchange.
The reduction will be an average of 9.3 percent. It is likely to be greatly appreciated by homeowners insurance customers, particularly at a time when increases are being experienced throughout the country. The decrease is breaking with a number of insurance news trends that have been witnessed in many other states, but will, nonetheless lead to a number of happy customers who are watching their monthly bills for coverage fall.
In the current economic struggle, lower homeowners insurance premiums are more than welcome.
The decrease is the result of an agreement that has gone through between the homeowners insurance company, and the California Insurance Department. Although it doesn’t apply to the vast majority of customers within the state, there are still almost half a million people who will benefit from it.
Among those residing in Sacramento, there will be approximately 102,000 policyholders who will be affected by this decrease. The total number of affected customers across the state is approximately 423,000.
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For those who are waiting for the reduction to appear on their bills, this rate change will become effective as of December 1, 2012, so it is only the premiums charged after that point that will have the lowered rate. In total, the savings across the state among all of the affected consumers will be around $40 million.
According to AAA, this will bring about an average savings for each homeowners insurance policyholder of almost $100 per year. That is a gift that will certainly help to make the holiday season bright for those who will be seeing it.
Commissioner Jones released a statement about the homeowners insurance rates decrease, saying that explained that “I would like to thank AAA Northern California, Nevada & Utah Insurance Exchange for their cooperation in coming to an agreement that will benefit thousands of California homeowners.”