State Farm, LA and Los Angeles County
LOS ANGELES — California's insurance commissioner turned down a request by State Farm General for an emergency 22% hike of its home insurance rates due to the Los Angeles wildfires,
After the Los Angeles fires, State Farm asked for an “emergency” premium increase of 22% on average for California homeowners.
In the wake of the Los Angeles wildfires, State Farm asked for an “emergency” premium increase of 22% on average for California homeowners. Lara today denied the request pending more information.
Firefighters had barely achieved full containment of the blazes that leveled whole neighborhoods in Los Angeles before State Farm General asked the California Department of Insurance on Feb. 3 to grant it massive rate hikes for policyholders,
13don MSN
Insurance Commissioner Ricardo Lara said State Farm must answer more questions about its finances before the company can be approved for an emergency rate increase in response to the devastating fires in the Los Angeles area.
California's insurance commissioner met with State Farm executives Wednesday to discuss the emergency request for a rate hike.
4hon MSN
State Farm has given Insurance Commissioner Ricardo Lara a stark choice: approve a rate increase consumer advocates say amount to $600 per household, or run the risk that California’s largest insurer may drop even more policies across the state.
State Farm is asking the state of California if it can temporarily raise its homeowner insurance rates because the company says that paying out claims for the Los Angeles wildfires is hurting its finances.
Ricardo Lara said he will look at information provided by State Farm before revisiting his previous decision to reject the company’s emergency rate hike.
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.
Insurance Commissioner Ricardo Lara on Friday rejected State Farm General's request for an emergency 22% home insurance rate hike due to the Los Angeles fires unless the insurer can provide more evidence it is warranted.
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