Live Insurance News

California Rejects State Farm’s Emergency 22% Home Insurance Rate Hike Request

February 18, 2025February 17, 2025 Angela Linders

California Insurance Commissioner Rejects Rate Hike Amid Consumer Concern California Insurance Commissioner Ricardo Lara has rejected a proposed 22% emergency rate hike for home insurance requested by State Farm General Insurance Company. The decision came after the company failed to provide evidence proving the increase was necessary and could not explain how the additional revenue would address its prior decisions to stop writing new policies in the state and not renew existing ones. Lara’s letter to State Farm underscored his commitment to protecting policyholders from unnecessary financial burdens while voicing…

State Farm Sounds the Alarm with Emergency Rate Hike—Here’s What Homeowners Need to Know

February 5, 2025February 5, 2025 Live Insurance News

State Farm’s Financial Struggles Amid Wildfire Claims California is no stranger to devastating wildfires, and the recent Palisades and Eaton fires in Los Angeles have once again highlighted the financial strain these natural disasters impose. This time, the repercussions are driving California’s largest homeowner insurance provider, State Farm General, to seek an emergency interim rate hike of 22%. The company says the increase is necessary to stabilize its finances after paying over $1 billion in claims related to the destruction caused by the fires. State Farm’s request, submitted to California’s…