California Insurance Commissioner John Garamendi on Thursday said he will review and consider approving an average 22 percent homeowners' insurance rate cut for policyholders of United Services Automobile Association. The $55 million in proposed rate cuts by the state's fifth-largest homeowners' insurer would impact 182,000 households, according to the Insurance Department. The USAA rate cuts would mean customers would see average savings of around $244 to $381 annually, with the decreases likely taking effect on October 1. Garamendi applauded USAA's rate filing and proposed cut in premiums and urged other insurers to follow suit. A report commissioned by the California Insurance Department released in May charged that state homeowners' insurance companies may be making "excess profits...
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