California Insurance Chief Backs 22% State Farm Rate Hike
California Insurance Commissioner Ricardo Lara said he plans to approve a 22% emergency rate increase for State Farm policyholders, pending a public hearing next month, in a move aimed at stabilizing the state’s insurance market after the Los Angeles area’s devastating wildfires.
California insurance regulators approve State Farm’s request for massive homeowner rate hike
California insurance regulators have “provisionally approved” State Farm’s request for a massive rate hike for homeowners following the devasting Los Angeles wildfires.
State Farm can hike rates on California homeowners — if it pauses cancellations and proves need
Under California law, insurance companies that request rate increases of 7% or more must go through a rate hearing if there are objections by intervenors, as there are in the case of State Farm’s requests. Rate hearings are rare; the last one was in 2015 and also involved State Farm.
California Regulator Mulls State Farm's Request for 22% Premium Hike for Homeowners After LA Fires
California's top insurance regulator says he will approve an emergency request from State Farm to raise home insurance rates for roughly a million customers if the company can justify the hike at a pu
California Allows State Farm’s Emergency 22% Hike in Homeowner’s Insurance Rates
California’s insurance commissioner said his approval was conditioned on State Farm justifying its need for the increase by bringing data to a public hearing on April 8.
California insurance commissioner "provisionally" approves State Farm 22% rate increase
California Insurance Commissioner Ricardo Lara announced Friday he has "provisionally" approved State Farm's rate hike of 22% as the company reports dealing with financial struggles stemming from the Los Angeles wildfires.
California Approves State Farm’s Emergency Rate Increase on Homeowners
The approval comes months after devastating wildfires, and will add an average $600 a year to homeowners’ bills.
CA approves 22% rate hike for state’s top property insurer
() - California Insurance Commissioner Ricardo Lara provisionally approved State Farm’s request for a 22% property insurance rate hike, citing a need to stabilize the insurance market.
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