SACRAMENTO -- An 8% cut in homeowner insurance rates for customers of Mercury General Corp. is back in play, now that a judge has denied a stay request by the Los Angeles insurer.
California Insurance Commissioner Dave Jones in March ordered the rate decrease, totaling $16.5 million for 270,000 policyholders. But Mercury lawyers asked for a stay in Sacramento Superior Court.
The lower rates are now in force and should show up on coming bills for new policies and renewals. However, Mercury's lawsuit, contesting the commissioner's original order, continues to be active.
"This is a significant legal victory in our fight to ensure insurance rates are not excessive," said Jones in a statement released by his office.