"State Farm's recent drive to increase Californians' home insurance premiums by up to 30% reflects financial strain triggered by significant claim forecasts from recent wildfires."
"In light of mounting wildfire claims, State Farm seeks a significant premium increase, with a public hearing scheduled for October to assess the justification for such hikes."
State Farm has received emergency approval to raise home insurance premiums in California by 17%, with plans to increase this to a total of 30% next year. This decision follows the company's financial distress amid anticipated $7.6 billion in claims from the January wildfires in Los Angeles. The insurer has also requested additional increases for condos and renters, citing concerns about its solvency. A public hearing will take place in October for further scrutiny of these proposed hikes, emphasizing that all rate increases must be justified.
Read at www.mercurynews.com
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