Citing inflation and future concerns for wildfires, several of California’s biggest insurance companies have been given permission by state leaders to substantially raise rates.
“I thought it was a typo,” said Tony Obregon, who lives in a two bedroom condo in Mission Valley.
Obregon showed CBS 8 his homeowner’s insurance bill from 2023. He paid $383 dollars year. His bill for 2024? $2,108. An increase of more than 400%.
“I was shocked. I couldn't believe it," Obregon said. Turns out, Obregon is not alone.
Working for You, we went through state documents and discovered several big insurance companies have applied for and been granted increases well above the rate of inflation.
“The insurance industry is taking advantage of unique circumstances in the market today,” said Carmen Balber, Executive Director at Consumer Watchdog.
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