One of California’s largest home insurance companies is raising rates by 15% on average

One of California’s largest home insurers is raising rates for hundreds of thousands of state policyholders by an average of 15.3%, the latest move by a major insurer to boost homeowners’ premiums in the face of growing wildfire risk.

Travelers Insurance, the state’s sixth-largest home insurer as of 2022, plans to update rates for roughly 320,320 homeowners, with some seeing hikes of more than 25% on an annual basis, according to filings with the California Department of Insurance.