Farmers Insurance Group, California’s 2nd-largest home insurer, to increase rates this fall

LOS ANGELES () — Farmers Insurance Group is set to hike its overall policy rate starting this fall.

The state’s second-largest home insurer will increase rates by 1.5% for nearly 915,000 California homeowners.

The increase comes after a set of regulatory reforms passed last year that altered the way insurance companies price wildfire risk.

The reforms require Farmers to write at least 5,500 new policies over the next two years in designated “distressed” areas.