Insurance Commissioner John Garamendi said yesterday he will approve an 18 percent decrease in homeowner and renter insurance premium rates for The Hartford Insurance Company.
The announcement comes after Wednesday's action when he ordered four other major insurers to justify apparent excessive rates, the commissioner noted.
Citing an extraordinarily low percentage of premium dollars used to settle policyholder claims, Mr. Garamendi ordered State Farm, Allstate, Farmers and Safeco to prove that their current rates were not excessive.
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