Safeco, a subsidiary of Liberty Mutual, will start charging California policyholders 10.5% more starting Friday.
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The insurer is also dropping customers whose homes were built before 1976 with outdated electrical systems like aluminum, knob, or tube wiring. They’ll no longer write new policies for homeowners with outdated wiring, either.
Safeco received approval two months ago to raise rates for renters and condo owners as well.
A Liberty Mutual spokesperson told the San Francisco Chronicle most policyholders will not see the rate increase until their next renewal date.
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