State Farm, California's largest insurance provider, has requested regulators to approve a 22% rate hike for homeowners following significant losses from recent wildfires, totaling over $1 billion. They also propose 15% raises for renters and 33% for rental owners. This request underscores the increasing insurance costs due to heightened wildfire risks from climate change. The California Department of Insurance will review the request for justifiable rates and respond promptly. Meanwhile, other insurers have similarly halted new policies amid escalating risks, leaving many homeowners reliant on California's costly FAIR Plan.
State Farm has requested immediate approval for steep rate hikes averaging 22% for homeowners in California amid significant financial losses from recent wildfires.
The insurer covered over $1 billion in wildfire losses, asserting that increased rates are needed to sustain their financial ability to pay claims.
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