20th Century Insurance Seeks Home Rate Hike
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20th Century Industries has asked the California Department of Insurance to approve a 21.8% rate increase for homeowner insurance policies issued by the company. Woodland Hills-based 20th Century Insurance Co., a subsidiary of 20th Century Industries, insisted in a written statement that the increase is not due to the claims it has paid out after the Northridge earthquake last month.
20th Century said it was the first time that it has asked for permission to raise premiums on homeowner policies since the company began offering homeowner insurance in 1982.
Last week the company said its damage claims for the earthquake would probably amount to $160 million.
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