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, California's largest home insurer, estimates it will pay $7.6 billion to settle its Los Angeles fire ...
State Farm General said it will pay $7.6 billion to settle claims from last month’s firestorms in the Los Angeles area.
In the wake of last month’s Los Angeles fires, California Insurance Commissioner Ricardo Lara rejected State Farm’s ...
State Farm has given Insurance Commissioner Ricardo Lara a stark choice: approve a rate increase consumer advocates say amounts to $600 per household, or run the risk that California’s largest insurer ...
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