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State Farm Proposes Major Insurance Rate Hike Following California Wildfires

  • State Farm General has requested an emergency interim rate hike averaging 22% for homeowners, citing a dire financial situation after destructive wildfires in Los Angeles last month.
  • The company has received over 8,700 claims and paid more than $1 billion to customers following the wildfires.
  • State Farm's surplus for claims has been depleted, and it has three pending applications for rate increases, making the interim increase necessary to preserve its claims-paying capacity.
  • Consumer protection advocate Carmen Balber questioned the necessity of the rate increase, stating that it takes advantage of disaster for profit.
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Business InsiderBusiness Insider

California's largest home insurer wants to hike rates by 22% for homeowners to help pay for LA's wildfires

The remains of beachside homes that burned along the Pacific Coast Highway during the Palisades Fire in Malibu.Jeff Gritchen/Getty ImagesState Farm wants to hike insurance premiums in California to help pay for LA wildfire damage.Insurance affordability has deteriorated with intensifying disasters and home-repair inflation.This hurts housing affordability and long-term property values.The aftermath of the Los Angeles wildfires could exacerbate a…

·United States
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Hawaii Tribune-HeraldHawaii Tribune-Herald

State Farm seeks rate hikes in California to offset wildfire payouts - Hawaii Tribune-Herald

California’s largest private insurer, State Farm, on Monday urged the state’s insurance regulator to approve an emergency hike in rates to help offset the hefty payouts the company is making after devastating wildfires in Los Angeles last month.

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CBS NewsCBS News

State Farm asks for approval to increase California home insurance rates by an average of 22%

State Farm General also had a blunt warning to Californians about the future of insurance in the state.

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California GlobeCalifornia Globe

State Farm Seeks 22% Home Insurance Rate Increase After Wildfires – California Globe

State Farm Insurance announced on Monday that they have asked the California Department of Insurance to approve an emergency interim rate increase for rental homes, non-rental homes, rental units, and condos to help pay for the massive increase of claims filed in the state following the Southern California wildfires last month. For over two years, insurance companies have been limiting policies, ending new policies, or generally reducing their p…

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Hot AirHot Air

State Farm Asking CA for Emergency Rate Increase

·Arlington, United States
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The IndependentThe Independent

State Farm wants to hike insurance rates by 22% just weeks after California fires

Climate-fueled wildfires have led many insurers to pull out of the Golden State in recent years

·London, United Kingdom
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abc10 News broke the news in Poway, United States on Monday, February 3, 2025.
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