Two Insurance Companies Reach Deals to Remain in California Marketplace

home-insurance-paperwork
home-insurance-paperwork

Two major home insurance companies have struck a deal to maintain coverage in the Golden State after one of them announced it would step back from the California marketplace. Mercury Insurance says it will be transitioning Tokio Marine customers to coverage under Mercury. Last month, two subsidiaries of Tokio Marine Holdings filed to pullout from the California home insurance market, leaving more than 12-thousand customers without coverage. A Mercury spokesperson says not every policyholder will be offered coverage, but a majority will. The amount customers pay may also change when they switch to Mercury rates.