State Farm Can Hike Rates on California Homeowners, If It Pauses Cancellations and Proves Need
California Insurance Commissioner Ricardo Lara said Friday that he will grant State Farm’s request to raise home insurance premiums by 22% on average if the company agrees to certain conditions -- and wins approval at a public rate hearing next month.
Insurance Commissioner Lara ‘Provisionally’ Agrees to State Farm’s 22% Rate Hike
California Insurance Commissioner Ricardo Lara “provisionally” approved State Farm General’s request for an emergency 22% increase in its homeowners insurance rate Friday — but only if the company can justify it with data in a public hearing scheduled for next month.
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 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.
State Farm will have to justify rate hike for homeowner's insurance at April public hearing
Calif. Insurance Commissioner Ricardo Lara also called on State Farm to halt non-renewals of homeowner coverage policies.
California regulators provisionally approve State Farm steep homeowner rate hike
On Friday, Insurance Commissioner Ricardo Lara signaled his willingness to allow State Farm to raise homeowner rates by an average of 22%. He also granted the state’s largest insurer initial approval to increase premiums by 15% for renters and condo owners and 33% for rental owners.
State Farm’s 22% rate increase gets tentative OK from California insurance chief
Commissioner Ricardo Lara Lara wants the insurance giant to present evidence justifying the increase at a public hearing April 8.
Insurance commissioner 'provisionally' OKs State Farm's 22% hike
California Insurance Commissioner Ricardo Lara on Friday “provisionally” approved a 22% emergency increase for State Farm homeowners
Insurance Commissioner ‘provisionally’ accepts State Farm’s 22% rate hike
California Insurance Commissioner Ricardo Lara has provisionally accepted State Farm General’s request for an emergency 22% rate hike. State Farm, the state’s largest home insurer, made this request due to the company’s “dire” financial situation after the deadly and destructive Los Angeles County wildfires.
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 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.
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