California OKs 15% Rate Hike for Liberty Mutual Condo Policies

Some policyholders may see increases as high as $1,200 per year.

Evelyn Pimplaskar
Evelyn PimplaskarEditor-in-Chief, Director of Content
  • 10+ years in insurance and personal finance content

  • 30+ years in media, PR, and content creation

Evelyn leads Insurify’s content team. She’s passionate about creating empowering content to help people transform their financial lives and make sound insurance-buying decisions.

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Chris Schafer
Edited byChris Schafer
Chris Schafer
Chris SchaferSenior Editor
  • 15+ years in content creation

  • 7+ years in business and financial services content

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John Leach
Reviewed byJohn Leach
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John LeachSenior Insurance Copy Editor
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  • 8+ years editing experience

John leads Insurify’s copy desk, helping ensure the accuracy and readability of Insurify’s content. He’s a licensed agent specializing in home and car insurance topics.

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Published September 11, 2024 at 5:00 PM PDT | Reading time: 1 minutes

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Condo insurance rates will increase an average of 15% next month for more than 34,000 Liberty Mutual policyholders. On Sept. 3, the California Department of Insurance approved the company’s request for a rate hike that will see some policyholders’ annual premiums soar by more than $1,000.

The hike is just the latest request from a California insurer as companies seek to recoup past losses.

Losses drive increase

Liberty Mutual is the seventh-largest insurance company in California and accounts for nearly 7% of California’s home insurance market, according to DOI data. The insurer reported losses of more than $612 million for its home insurance lines of business in 2023.

The company said in its rate request filing that the requested increase reflects the losses it has experienced in California.

Impact on condo owners

The rate increases will affect 34,343 condo insurance policies across the state. On average, policyholders will see their annual premiums increase by $146. But 156 policyholders in San Francisco will face premium increases that could be as high as $1,256 annually.

Policyholders in three other ZIP codes could also face increases that top $1,000 per year.

City
Number of Policies Affected
Average Dollar Increase
Maximum Dollar Increase
Los Angeles31$286$1,038
Pacific Palisades33$316$1,105
Newport Beach57$238$1,074

What’s next

The national average cost of condo insurance is $1,782 per year for $200,000 in dwelling coverage, according to Insurify data. Multiple rating factors affect the cost of condo insurance, including location, coverages, and insurer. Condo owners facing significant rate increases may be able to find cheaper options by comparison shopping.

The increases for Liberty Mutual condo insurance policies take effect Oct. 12.

Evelyn Pimplaskar
Evelyn PimplaskarEditor-in-Chief, Director of Content

Evelyn Pimplaskar is Insurify’s director of content. With 30-plus years in content creation – including 10 years specializing in personal finance – Evelyn’s done everything from covering volatile local elections as a beat reporter to building fintech content libraries from the ground up.

Before joining Insurify, she was editor-in-chief at Credible, where she launched and developed the lending marketplace’s media partnership’s content initiative and managed the restructuring of the editorial team to enhance content production efficiency. Formerly, as tax editor for Credit Karma, Evelyn built a library of more than 300 educational articles on federal and state taxes, achieving triple-digit year-over-year growth in e-files from organic search.

Her early career included work as a content marketer, vice president and managing officer of a boutique public relations agency, chief copy editor for 14 weekly Forbes publications, reporting for large and mid-sized daily newspapers, and freelancing for the Associated Press.

Evelyn is passionate about creating personal finance content that distills complex topics into relatable, easy-to-understand stories. She believes great content helps empower readers with the information they need to make important personal finance decisions.

Chris Schafer
Edited byChris SchaferSenior Editor
Chris Schafer
Chris SchaferSenior Editor
  • 15+ years in content creation

  • 7+ years in business and financial services content

Chris is a seasoned writer/editor with past experience across myriad industries, including insurance, SAS, finance, Medicare, logistics, marketing/advertising, and many more.

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John Leach
Reviewed byJohn LeachSenior Insurance Copy Editor
Photo of an Insurify author
John LeachSenior Insurance Copy Editor
  • Licensed property and casualty insurance agent

  • 8+ years editing experience

John leads Insurify’s copy desk, helping ensure the accuracy and readability of Insurify’s content. He’s a licensed agent specializing in home and car insurance topics.

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