State Farm Requests 30% Home Insurance Rate Hike in California
State Farm is seeking to increase home insurance rates by 30% in California, following an approved emergency 17% rate hike earlier this month. The insurer cites claims tied to Los Angeles County firestorms and financial troubles due to expected losses from January’s wildfires.
The California Department of Insurance will hold a public hearing in October to review State Farm’s request. Consumer advocates are urging regulators to scrutinize the data provided by State Farm to justify the additional rate hike, expressing outrage over the sequential rate increases.
State Farm is also seeking rate hikes of 36% for condominiums and 52% for renters. The insurer covers 15% of all homes in California, with over 1 million customers statewide. The California Department of Insurance has emphasized that all rates must be justified to ensure consumers don’t pay more than necessary.
