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One of the Major Insurance Providers in California Imposed New Rules to Limit Homeowners’ Business

Garrison Property and Casualty Insurance Company (Photo: NPR)

One major insurance providers in California is proposing new rules for home policies that could make it harder for homeowners and business owners to get coverage.

Major Insurance Providers Imposed New Rules (Photo: The New York Times)

Major Insurance Providers Imposed New Rules

The San Francisco Standard reports that the United Services Automobile Association (USSA), one of the major insurance providers in California, has imposed new rules for wildfire safety for all home business owners.

However, the proposed rules from one of the major insurance providers were vague enough for the homeowners to know what kind of impact might affect them with this sudden change might have.

READ ALSO: Interest On Student Loan Resumes In September: Here’s What You Need To Know About Interest Accrual

New Homeowner Policy by Major Insurance Providers

According to the Insurance Business article, the USAA, one of the major insurance providers, will only issue home business owners policies if the home has a wildfire risk score of 1-32 points on the scale; the higher the number on the scale, the greater the wildfire risk is. The article also stated that this new policy will start in March 2024.

Previously, two of the major insurance providers, USAA Casualty Insurance Company and Garrison Property and Casualty Insurance Company, also stated that they would only accept new applications for home business owners if the customer is replacing an existing policy

This news has filled the latest bad news in business owners in California as major insurance providers have been imposing new rules.

READ ALSO: Am I Paying Too Much For Rent? Recognizing The Telltale Signs Of Overpaying In Rent: A Guide To Saving Money

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