California reconsiders State Farm rate hike as insurer’s losses rise
State Farm General requested a 22% emergency rate hike in California to cover losses from the Los Angeles County wildfires and stop its “financial deterioration.” Lara declined the request, and asked that Krause and other company officials to meet with him to answer questions about why higher rates were needed.
California insurance regulators urge State Farm to expand coverage in exchange for rate hikes
Earlier this month, State Farm — the state’s largest home insurance provider — asked the California Department of Insurance to approve statewide rate increases averaging 22% for homeowners. It also requested a 15% increase for renters and condo owners and a 33% hike for rental owners.
NBC Los Angeles on MSN1d
State Farm estimates $7.6 billion in LA wildfire losses, continues seeking interim rate requestState Farm Insurance Group said this week that it has paid out $1.75 billion on approximately 9,500 claims filed as a result ...
State Farm General said it will pay $7.6 billion to settle claims from last month’s firestorms in the Los Angeles area.
Insurance companies are pulling out of California to dodge wildfire risk. What can you do if it happens to you?
That's helped Los Angeles County and the state notch meaningful gains, even as more than 187,000 people remain homeless in California, including 75,000 people across Los Angeles County ...
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